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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
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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 |
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0 | 0 | N/A | 0 |
RNS Number:1806U Alexon Group PLC 02 April 2007 For Immediate Release 2 April 2007 ALEXON GROUP PLC Preliminary Results for the 52 weeks ended 27 January, 2007 Alexon Group plc, the leading retailer of ladieswear and menswear, announces Preliminary Results for the 52 weeks ended 27 January 2007. Key Points * Operating profit, before exceptional items, in line with market expectations; * Turnover from continuing operations of #325.8m (2006: #345.5m); * L-f-l sales for the 52 weeks to 27 January 2007 down 5.5% with gross margins down 1% on prior year; l-f-l sales improved in the current financial year and for the first eight weeks are level, with improved gross margins; * Unchanged final dividend proposed of 6.0p, making a total of 9.0p for the year (2006: 9.0p); * John Osborn, Chief Executive, commented: "The sale of Dolcis and the closure of Mandolin marks the end of a challenging period for the Group. The positive start to the Spring season by Bay Trading, and the product initiatives taken within Menswear and Alexon Brands mean that the Group is well placed to make good progress in 2007. For further information: Alexon Group 020 7597 5000 (today) & John Osborn, Chief Executive 01582 723131 (thereafter) Robin Piggott, Finance Director Buchanan Communications 020 7466 5000 Richard Darby/Nicola Cronk Chief Executive's Report Results Operating profit, from continuing operations, before exceptional items, for the 52 weeks ended 27th January 2007 was #11.8 million as against #21.6 million for the prior year, and is in line with market expectations. The total loss for the period, after tax and exceptional items, was #25.6m compared to a profit of #14.7m for the previous period. Group sales (excluding Dolcis) were 5.5% down on a like-for-like basis, with gross margins 1% down on the prior year. (references to operating profit /loss hereafter refer to operating profit/loss before exceptional items) Alexon Brands Operating profit for the division was #12.9 million against #21.1 million last year. As previously reported, Mandolin launched in October 2005, was discontinued in January 2007. Mandolin losses for the year were #5.1 million compared with a part year loss of #2.0 million in the prior year. Closure costs were #1.9 million and these are reported within exceptional costs. Operating profit for the Alexon Brands, excluding Mandolin, was #18.0 million against #23.1 million last year. Like for like sales for the year were 5.9% down, with margins 1.4% lower, reflecting an increase in markdown activity necessary to keep stocks under control. Whilst Eastex and Dash performed strongly, Alex & Co, Minuet and Kaliko struggled against the prior year. Whilst it was not an easy market place within which to operate, these brands suffered from the diversion of managerial effort and attention into Mandolin and have lost some market share as a result. Bay Trading Operating profit was #1.8 million against #2.8 million last year. Like for like sales were 3% down on margins slightly lower than the prior year. The division, after a difficult first half, showed an encouraging improvement in the second half, reflecting stronger trends in the young fashion market and a better understanding of the target customer. Menswear The operating loss for the year was #2.7 million against a loss of #1.9 million last year. Like for like sales were 7.8% down, on margins 0.8% lower than the prior year. The division, after a poor first half, showed a marked improvement in profitability in the second half, reflecting the work done to re-establish the branded offer within the Envy chain and to develop more commercial ranges on own brand merchandise. A review of the carrying value of goodwill was carried out during the year. As a consequence, a write down of #16.0m has been made and is shown within exceptional items. Dolcis Following a detailed review, the Board concluded that Dolcis had no strategic future within the Group and the business was sold at the end of November 2006 for #2.7 million in cash resulting in a loss on disposal of #10.3m after tax. The operating loss before tax in the year to date, which is shown under discontinued operations, was #4.2 million compared with a full year loss of #0.8 million in the prior year. The total loss for the period, after tax, amounted to #13.4m. Current Trading The emphasis during February has been to clear residual stocks, which are well under control in all divisions. Like for like sales for the first eight weeks of the current financial year are level with improved gross margins. Following the closure of Mandolin and the sale of Dolcis, more managerial attention is now being focussed on Alexon Brands, and we are confident that the measures currently being taken will prove successful as the year progresses. Bay Trading is currently performing strongly in terms of both sales and margin, and we are actively looking to expand the shop portfolio. Menswear is regaining credibility as a brand fashion retailer and continues to show steady improvement. Dividend The Board are recommending a final ordinary dividend of 6.00p per ordinary share be paid on 29 June 2007 to shareholders on the register on 1 June 2007 making a total of 9.00p for the year (2006 : 9.00p) Outlets A breakdown of outlets as at 27th January 2007 is as follows:- UK UK European Total Shops Concessions Concessions Alexon Brands 79 840 142 1,061 Bay Trading 158 47 19 224 Style Menswear 55 72 2 129 Total 292 959 163 1,414 John Osborn Chief Executive 2 April 2007 ALEXON GROUP PLC Consolidated Income Statement For the 52 weeks to 27 January 2007 2007 2006 Pre- Exceptional Pre- Exceptional exceptional items exceptional items items (see notes 5 Total items (see notes 5 Total & 6) & 6) Note #000 #000 #000 #000 #000 #000 Revenue - continuing 2 325,844 - 325,844 345,485 - 345,485 operations Cost of sales (291,534) (6,617) (298,151) (300,153) (1,263) (301,416) Gross profit - continuing 34,310 (6,617) 27,693 45,332 (1,263) 44,069 operations Administrative expenses (8,701) (16,045) (24,746) (9,920) - (9,920) Distribution costs (13,850) - (13,850) (13,779) - (13,779) Operating profit/(loss) - 2 11,759 (22,662) (10,903) 21,633 (1,263) 20,370 continuing operations Finance income 839 - 839 621 - 621 Finance expense (228) - (228) (245) - (245) Profit/(loss) before 2 12,370 (22,662) (10,292) 22,009 (1,263) 20,746 taxation Income tax (expense)/ (3,732) 1,865 (1,867) (5,838) 341 (5,497) credit Profit/(loss) for the financial period from continuing operations attributable to equity holders of the 8,638 (20,797) (12,159) 16,171 (922) 15,249 company Loss from discontinued 6 - (13,398) (13,398) - (532) (532) operations Profit/(loss) for the financial period attributable to equity holders of the 8,638 (34,195) (25,557) 16,171 (1,454) 14,717 company (Losses)/earnings per share from continuing operations attributable to equity holders of the company during the period Basic 3 (21.63) p 26.66p Diluted 3 (21.63) p 26.64p Losses per share from discontinued operations attributable to equity holders of the company during the period Basic 3 (23.83) p (0.93)p Diluted 3 (23.83) p (0.93)p ALEXON GROUP PLC Consolidated Statement of Recognised Income and Expense For the 52 weeks to 27 January 2007 2007 2006 #000 #000 Actuarial gain/(loss) 783 (1,702) arising in defined benefit pension scheme Tax on items taken 152 492 directly to equity (Loss)/gain on cash flow (1,348) 195 hedges Net expense recognised (413) (1,015) directly in equity (Loss)/profit for the (25,557) 14,717 financial period Total recognised (expense) /income for the financial period attributable to equity (25,970) 13,702 holders of the Company ALEXON GROUP PLC Consolidated balance sheet As at 27 January 2007 2007 2006 Note #000 #000 #000 #000 Non current assets Goodwill 17,703 37,174 Property, plant and equipment 10,953 17,930 Deferred tax 2,482 4,214 Pension assets 316 72 31,454 59,390 Current assets Inventory 41,217 58,629 Trade and other receivables 22,479 24,994 Current tax recoverable 2,954 - Cash and cash equivalents 14,851 12,327 81,501 95,950 Current liabilities Trade and other payables (32,522) (36,494) Derivative financial instruments (947) (152) Short term borrowings (1,125) (4,462) Current tax payable - (2,816) (34,594) (43,924) Net current assets 46,907 52,026 Non-current liabilities Long term provisions (6,377) (2,751) Accruals and deferred income (1,767) (2,580) Pension liabilities (2,581) (4,516) Total non-current liabilities (10,725) (9,847) Net assets 67,636 101,569 Equity attributable to equity holders Share capital 5,706 5,820 Share premium 39,372 39,354 Capital redemption reserve 3,131 3,016 Cashflow hedge reserve (1,153) 195 Retained earnings 20,580 53,184 Total equity 67,636 101,569 ALEXON GROUP PLC Consolidated statement of cash flows For the 52 weeks to 27 January 2007 2007 2006 Note #000 #000 #000 #000 Cash flows from operating activities Cash generated from continuing operations 4 20,879 15,736 Interest received (continuing operations) 366 285 Interest paid (continuing operations) (211) (194) Tax paid (continuing operations) (4,606) (6,102) Cash (used)/generated by discontinued 4 (3,228) 1,464 operations Net cash flow from operating activities 13,200 11,189 Investing activities Disposal of subsidiary undertaking 2,158 - Purchase of property, plant and equipment (1,582) (3,867) (continuing operations) Purchase of property, plant and equipment (115) (657) (discontinued operations) Proceeds from disposals of property, plant and 157 167 equipment (continuing operations) Proceeds from disposals of property, plant and 6 - equipment (discontinued operations) Cash flows from investing activities 624 (4,357) Financing activities Proceeds from the issue of shares 32 334 Purchase of own shares (2,942) (2,983) Equity dividends paid (5,053) (4,944) Cash flows from financing activities (7,963) (7,593) Net increase/(decrease) in cash and cash 5,861 (761) equivalents Cash and cash equivalents at the beginning of 7,865 8,626 the period Cash and cash equivalents at the end of the 13,726 7,865 period Cash and cash equivalents 14,851 12,327 Short term borrowings (1,125) (4,462) 13,726 7,865 ALEXON GROUP PLC 52 weeks to 27 January 2007 Notes to the financial statements 1. These financial statements do not constitute the full financial statements within the meaning of Section 240 of the Companies Act 1985. They are extracted from the draft unaudited financial statements for the 52 weeks ended 27 January 2007 which will be delivered to the Registrar of Companies in due course. Statutory accounts for the 52 weeks ended 28 January 2006, which were prepared under IFRS and on which our auditors expressed an unqualified opinion, have been filed with the Registrar of Companies. The directors approved this announcement on 30 March 2007. These financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) and the accounting policies set out in the Group's 2006 Annual Report. In accordance with IFRS5, Non-current Assets Held for Sale and Discontinued Operations, comparative information for the 52 weeks to 28 January 2006 relating to discontinued operations has been restated in the income statement and statement of cash flows. Exceptional items in the comparative information have also been shown separately to aid comparability with the current period. 2. Segmental information Primary reporting format - business segments The Group manages its business activities via three continuing business segments, Alexon Brands, Bay Trading, and Style Menswear. Each business segment has its own executive committee responsible for managing day to day operations through its trading outlets. All revenue is readily identifiable for each segment, as are the majority of costs. Where certain central functions are shared across all segments these costs have been allocated on a reasonable basis. Dolcis was sold during the period and its operating results, together with the loss on disposal, are shown within discontinued operations (see note 6). Segment results for the 52 weeks to 27 January 2007 are as follows : Alexon Bay Brands Trading Menswear Total #000 #000 #000 #000 Segment turnover 191,649 79,536 54,659 325,844 Operating profit/(loss) before 12,896 1,830 (2,708) 12,018 exceptional items Exceptional items (see note (3,664) (900) (18,098) (22,662) 5) Segment result 9,232 930 (20,806) (10,644) Unallocated costs (259) Operating loss - continuing (10,903) operations Finance income 839 Finance expense (228) Loss before taxation (10,292) Income tax expense - (1,867) continuing operations Loss for the period from continuing operations (12,159) Loss from discontinued operations (14,764) Tax on discontinued operations 1,366 Loss for the period attributable to equity holders of the company (25,557) ALEXON GROUP PLC 52 weeks to 27 January 2007 Notes (continued) Segment results for the 52 weeks to 28 January 2006 are as follows : Alexon Bay Brands Trading Menswear Total #000 #000 #000 #000 Segment turnover 201,347 83,970 60,168 345,485 Operating profit/(loss) before 21,142 2,843 (1,919) 22,066 exceptional items Exceptional items (see note (212) (385) (666) (1,263) 5) Segment result 20,930 2,458 (2,585) 20,803 Unallocated costs (433) Operating profit - 20,370 continuing operations Finance income 621 Finance expense (245) Profit before taxation 20,746 Income tax expense - continuing (5,497) operations Profit for the period from 15,249 continuing operations Loss from discontinued operations (760) Tax on discontinued operations 228 Profit for the period attributable to equity holders of the company 14,717 ALEXON GROUP PLC 52 weeks to 27 January 2007 Notes (continued) Other segment information for the 52 weeks to 27 January 2007 is as follows: Alexon Bay Brands Trading Dolcis Menswear Total #000 #000 #000 #000 #000 Capital expenditure 978 414 115 190 1,697 Depreciation 1,607 897 591 1,541 4,636 Impairment of goodwill - - - 16,045 16,045 Impairment of property, plant and 1,038 200 - 1,138 2,376 equipment Other segment information for the 52 weeks to 28 January 2006 is as follows : Alexon Bay Brands Trading Dolcis Menswear Total #000 #000 #000 #000 #000 Capital expenditure 2,824 506 657 537 4,524 Depreciation 1,507 1,015 983 2,001 5,506 Impairment of property plant and 140 112 405 694 1,351 equipment Secondary reporting format - geographic segments The financial operation and assets of the Group are principally located in the United Kingdom. Accordingly no segment analysis by geographical segments is provided. 3. Earnings per share - continuing operations The calculation of basic earnings per ordinary share is based on losses of #12,159,000 (2006: profits of #15,249,000) and on 56,212,969 ordinary shares (2006 : 57,197,319 ) being the weighted average number of ordinary shares in issue. In calculating diluted earnings per share the weighted average number of ordinary shares in issue is adjusted to assume the exercise of all dilutory share options granted to directors and key employees. Reconciliations of the earnings and weighted average number of shares are set out below. 2007 2006 Weighted Weighted average average Losses number Per share Earnings number Per share (#) of shares pence (#) of shares pence Basic (losses)/ (12,159,000) 56,212,969 (21.63) 15,249,000 57,197,319 26.66 earnings Effect of dilutive securities : options - 619 - - 48,201 (0.02) Diluted (losses)/ (12,159,000) 56,213,588 (21.63) 15,249,000 57,245,520 26.64 earnings Earnings per share - discontinued operations The calculation of basic earnings per ordinary share is based on losses of #13,398,000 (2006 : #532,000) and on 56,212,969 ordinary shares (2006 : 57,197,319 ) being the weighted average number of ordinary shares in issue. In calculating diluted earnings per share the weighted average number of ordinary shares in issue is adjusted to assume the exercise of all dilutory share options granted to directors and key employees. Reconciliations of the earnings and weighted average number of shares are set out below. 2007 2006 Weighted Weighted average average Losses number Per share Losses number Per share (#) of shares pence (#) of shares pence Basic (losses)/ (13,398,000) 56,212,969 (23.83) (532,000) 57,197,319 (0.93) earnings Effect of dilutive securities : options - 619 - - 48,201 - Diluted (losses)/ (13,398,000) 56,213,588 (23.83) (532,000) 57,245,520 (0.93) earnings 4. Notes to the statement of cash flows 2007 2006 52 weeks 52 weeks #000 #000 Cash generated from continuing operations Operating (loss)/profit - continuing operations (10,903) 20,370 Adjustments for: Depreciation 4,045 4,523 Impairment of property, plant and equipment 2,376 946 Impairment of goodwill 16,045 - Share based payments - 114 Revaluation gains on financial instruments (20) (60) Loss on disposal of property, plant and equipment 60 418 Changes in working capital: Increase in trade and other receivables (508) (2,794) Decrease/(increase) in inventories 7,244 (2,464) Increase/(decrease) in trade and other payables 694 (2,978) Increase/(decrease) in long term provisions, accruals and deferred income 2,435 (7) Movement in net retirement benefit obligations (589) (2,332) Cash generated from continuing operations 20,879 15,736 2007 2006 52 Weeks 52 Weeks #000's #000's Cash generated from discontinued operations Operating loss - discontinued operations (4,139) (710) Adjustments for: Depreciation 591 983 Impairment of property, plant and equipment - 405 Loss on disposal of property, plant and equipment 6 18 Changes in working capital: Decrease in trade and other receivables 1,553 2,758 Increase in inventories (2,917) (858) Increase/(decrease) in trade and other payables 772 (1,364) Increase in long term provisions, accruals and deferred income 666 14 Movement in net retirement benefit obligations 309 285 Cash generated from discontinued operations (3,159) 1,531 Interest received 1 4 Interest paid (61) (50) Tax paid (9) (21) Cash flows from operating activities - discontinued operations (3,228) 1,464 5. Exceptional items - continuing operations The following exceptional costs were incurred by the Group during the period in relation to continuing operations. 2007 2006 52 weeks 52 weeks #000 #000 Impairment of goodwill 16,045 - Impairment of property, plant & equipment 2,376 946 Provision for onerous lease commitments 3,201 317 Provision for obsolete stock of discontinued brand 1,040 - 22,662 1,263 The impairment of goodwill arises from the annual impairment test and reflects the difference between the value-in-use of the cash generating units (trading divisions) and their carrying value. The impairment relates entirely to Style Menswear. The impairment of property, plant and equipment arises from a comparison of the value-in-use of individual trading outlets with their net book value where circumstances indicate a possible impairment. #0.9m of the charge relates to Mandolin. Onerous lease provisions are made for the estimated cost of exiting those leases which are considered onerous on the basis that the stores to which they relate are expected to generate net cash outflows over the remaining lease term. The provision for obsolete stock relates to stock for the Mandolin brand which was discontinued in January 2007. ALEXON GROUP PLC 52 weeks to 27 January 2007 Notes (continued) 6. Exceptional items - discontinued operations The loss incurred by the Group in relation to the disposal of its wholly owned subsidiary, Dolcis Limited can be analysed as follows : 2007 2006 52 weeks 52 weeks #000 #000 Operating loss : Revenue 48,876 68,145 Expenses (53,015) (68,855) Operating loss (4,139) (710) Net finance expense (60) (50) Loss before taxation (4,199) (760) Tax on operating loss 1,141 228 Loss after taxation (3,058) (532) Loss on disposal : Disposal proceeds 2,700 - Goodwill disposed of (3,426) - Provision for onerous lease commitments (1,354) - Pension scheme curtailment credit 602 - Net assets of subsidiary company disposed (8,345) - Other costs associated with disposal of subsidiary company (742) - Loss before taxation (10,565) - Taxation 225 - Loss after taxation (10,340) - Total loss from discontinued operations (13,398) (532) 7. Statement of changes in equity 2007 2006 52 weeks 52 weeks #000 #000 Profit attributable to equity shareholders (25,557) 14,717 Dividends (5,053) (4,944) Actuarial gain/(loss) arising in defined benefit pension scheme 783 (1,702) Tax on items taken directly to equity 152 492 (Losses)/gains on cash flow hedges (1,348) 195 Arising on share issues 32 1,308 Arising on share purchases (2,942) (2,983) (Decrease)/increase in total equity (33,933) 7,083 Total equity at the beginning of the period 101,569 94,486 Total equity at the end of the period 67,636 101,569 8. Dividends 2007 2006 52 Weeks 52 Weeks #000's #000's - final dividend in respect of 2006 of 6.00p (2006 : 5.67p) per share 3,369 3,225 - interim dividend in respect of 2007 of 3.00p (2006 : 3.00p) per share 1,684 1,719 5,053 4,944 A final dividend in respect of the 52 weeks ended 27 January 2007 of 6.00p per share, amounting to #3,368,000, is to be proposed at the Annual General Meeting on 24 May 2007. These financial statements do not reflect this dividend payable. 9 The Company's AGM will be held on Thursday 24 May 2007 at 3 pm. This information is provided by RNS The company news service from the London Stock Exchange END FR FFLLBDZBLBBQ
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