Preliminary Results

 

TIDMAXN 
 
RNS Number : 5906K 
Alexon Group PLC 
22 April 2010 
 

                                ALEXON GROUP PLC 
                          ("Alexon" or "the Company") 
           Preliminary results for the 52 weeks ended 30 January 2010 
 
Alexon Group plc announces its results for the 52 weeks ended 30 January 2010. 
 
Financial highlights 
 
. Turnover down 13.6% at GBP153.4m (2009: GBP177.6m), like-for-like sales down 
14.6% 
. Gross margin down by 1.9% 
. Pre-tax loss from continuing operations, before exceptional items, of GBP0.9m 
(2009: profit of GBP10.8m) 
. Pre-tax loss from continuing operations, after exceptional items, of GBP14.3m 
(2009: profit of GBP2.3m) 
. Exceptional items from continuing operations of GBP13.4m principally 
comprising onerous lease provisions 
. Year end net debt of GBP9.0m (2009: net cash of GBP5.3m) 
. No dividend proposed for the year (2009: 1.0 p per share) 
 
Strategic and operational highlights 
 
. Review of business now completed with clear turnaround plan established 
. Clear strategy developed for each of the Group's brands 
. Improved buying processes and excess stock eliminated 
. Strengthened operational structures and focus on cost management 
. Legacy issues of manufacturing division, pension scheme and Bay Trading 
addressed 
. Since the year end, successful equity issue raising GBP18.5m (net) to fund the 
Group's property portfolio reorganisation and investment in the Group's systems, 
concessions and stores 
 
 
Current trading and outlook 
 
. Group like-for-like sales for the eleven weeks ended 17 April 2010 were minus 
4%, in line with management's expectations 
. Actions taken provide a strong platform for the Group to improve its financial 
performance going forward 
 
Commenting on the results, Jane McNally, Chief Executive, said: 
 
"This has, without doubt, been a difficult year for the UK retail industry and 
for the Alexon group in particular. Our performance was impacted not only by the 
challenging environment but by the impact of poor product legacy and onerous 
leases.  Despite this, I am pleased to report that the Group made strong and 
sustained progress throughout the year as management focused on turning around 
the business, securing its target market and positioning it for future growth. 
We have now addressed the Group's onerous property leases and secured the 
funding for investment in the business, which will enable us to accelerate our 
turnaround plan and have laid the foundation from which to develop." 
 
 
Enquiries: 
Alexon Group plc 
                                            01582 723131 
Jane McNally, Chief Executive Officer 
John Boyle, Group Finance Director and Company Secretary 
Brunswick Group LLP 
                                        020 7404 5959 
Simon Sporborg / James Olley / Zoe Bird 
 
 
Overview 
 
2009 was a challenging year for Alexon, with the administration of Bay Trading, 
the continuing tough economic environment, combined with a need to recapitalise 
the business in order to drive the turnaround plan forward. 
 
Group sales from continuing operations for the 52 weeks ended 30 January 2010 
were down 14.6% on a like-for-like basis, with gross margins down 1.9% on the 
prior year as a result of larger markdowns required to clear stocks resulting 
from the poor trading over the year.  The pre-tax loss from continuing 
operations, before exceptional items, was in line with management's expectations 
at GBP0.9 million (2009: profit of GBP10.8 million), reflecting the significant 
impact of extreme weather conditions, stock clearance activity and the 
significant disruption caused by the administration of Bay Trading. The pre-tax 
loss from continuing operations, after exceptional items of GBP13.4 million, was 
GBP14.3 million (2009: profit of GBP2.3 million). 
 
The exceptional items in relation to continuing operations principally related 
to further provisions of GBP12.4 million in respect of the Group's onerous 
property leases. This was due to the worsening retail property market, and to 
reflect the cost of the agreements to surrender a significant number of onerous 
leases back to landlords as part of the Group's property portfolio 
reorganisation announced on 5 March 2010.  Discussions with the landlords of the 
remaining properties continue as the Group seeks to reposition its store 
portfolio. Total net charges from exceptional items for the year, including 
those relating to discontinued operations, was GBP5.0 million (2009: loss of 
GBP37.5 million). 
Loss per share from continuing operations and before exceptional items was 1.85p 
(2009: earnings per share of 20.92p). The loss per share from total operations 
was 12.98p (2009: loss per share of 62.92p). No dividends are proposed  (2009: 
1.0p per share). 
 
Overall stock levels remain tightly controlled.  Net debt as at 30 January 2010 
was GBP9.0m (2009: net cash of GBP5.3m), after net cash outflow from continuing 
operations of GBP8.5 million and from discontinued operations of GBP5.8 million. 
 
Turnaround plan 
 
Since the arrival of Jane McNally as Chief Executive Officer in 2008, a detailed 
review of the business has been undertaken. Jane identified the priorities for 
the business and split them into actions for the immediate, medium term and 
longer term.  To re-cap, these were: 
 
Immediate - strengthen the management team and operational structures; improve 
buying and minimise excess aged stock; and clearer direction on brand and 
product design. 
 
Medium term - new branding and product development for key brands; communicate 
change to customers; enhance multi-channel opportunities; drive more business 
through host stores; and reduce costs and put property portfolio on a sound 
footing. 
 
Long term - revive all brands to growth and profitability; sustainable re-fit 
program; and reposition and enhance stand-alone store portfolio. 
 
The immediate priorities have been completed whilst good progress has been made 
on the medium term priorities.  During 2009 the Group made strong progress with 
the turnaround as we developed and implemented a clear strategy for each of our 
portfolio brands; strengthened our operational structures; secured bank, 
supplier and host store support; established a strong web presence and addressed 
legacy issues by taking the difficult decisions to wind down our manufacturing 
division, close our pension scheme to future accrual and put Epcoscan, which 
traded as Bay Trading Company, into administration. 
 
In particular, on the property portfolio, agreements have been reached with a 
significant number of landlords to surrender onerous leases in exchange for a 
one-off payment.  Further agreements have also been reached with landlords to 
renegotiate rental costs on some of the remaining stores where the rent was 
considered to be uneconomic.  All brands are now trading on the web and during 
the year Kaliko started to trade through the John Lewis web site and all brands 
began to trade through the House of Fraser web site. 
The Board believes there is an exciting opportunity to build on the strong 
heritage of the Alexon Brands; developing the Group's brand portfolio, 
exploiting a growing demographic market across the portfolio and capitalising on 
a solid business model with low fixed costs. 
 
 
 
Dividend 
 
In order to conserve the Group's cash resources, the Board has decided not to 
propose a final dividend in respect of the financial year ended 30 January 2010. 
Following the Capital Raising and Property Portfolio Reorganisation, the Group 
intends to adopt a dividend policy which will reflect the earnings and cashflow 
performance of the Group, while maintaining an appropriate level of dividend 
cover. Subject to the Group delivering a satisfactory performance and the 
restrictions on the payment of dividends contained within the new bank 
facilities, the Board will consider the payment of a small dividend in respect 
of the financial year ending 29 January 2011. 
 
Capital Raising and Property Portfolio Reorganisation 
 
On 24 March 2010, the Group completed an equity issue raising GBP18.5 million 
(net) in order to fund a property portfolio reorganisation which will result in 
the Group exiting a significant number of its onerous property leases. As part 
of the turnaround plan, the Group prioritised 63 specific onerous leases on 
account of their unfavourable commercial terms and/or inappropriate locations, 
representing an annualised cash cost to the Group of approximately GBP7.0 
million. As at 21 April 2010 the Group: 
·     has completed the exit or surrender of 36 leases at a total cost of 
GBP5.8m 
·     is in negotiation with landlords with regard to the surrender of a further 
7 leases 
·     is actively marketing 10 leases with a view to securing lease assignments 
·     will surrender one further lease on 23 April 2010 at a cost of GBP0.1m 
 
Action plans are being formulated for the remaining 9 onerous leases. In the 
case of 15 of the surrendered leases, the Group has negotiated terms allowing it 
to continue trading rent free for a specified period ranging from 3 months to 3 
years. 
 
Of the net proceeds of the capital raising, approximately GBP10 million will be 
used to satisfy the consideration payable for the property portfolio 
reorganisation plus costs. The balance of approximately GBP8 million will be 
used to invest in the Group's outdated systems and infrastructure, re-fit the 
Group's existing concessions and invest in new concessions and new store 
openings.  This is a significant step for the business and has provided a strong 
platform for the business to return to growth. 
 
As part of the capital raising, the Group also secured new three year bank 
facilities from Barclays, comprising an GBP9.5 million revolving credit 
facility, a GBP6 million amortising term loan and GBP6m of ancillary facilities, 
which provide the Group with the appropriate flexibility to implement the 
turnaround plan. 
 
Current trading 
 
Group like-for-like sales for the eleven weeks ended 17th April 2010 were minus 
4%. 
However with the exception of Alex & Co, all of the Group's brands are 
performing in line with management's expectations. Dash in particular continues 
to perform well, growing sales year on year through new openings and the launch 
of the 'Pure Dash' sub brand. The new spring summer collections have been well 
received by host store partners and are building on the improvements seen in the 
autumn winter season last year. 
 
Since the beginning of the year the Group has had 53 offers of further outlets 
in existing and new department stores, of which 28 have opened. 
 
 
Outlook 
 
Whilst the outlook for the UK retail sector continues to remain uncertain, we 
have made good progress in implementing our turnaround plan and positioning the 
business for a return to growth. Accordingly, the Board is confident that the 
Group now has a strong foundation from which to develop. 
 
Consolidated Income Statement 
For the 52 weeks to 30 January 2010 
+-------------------+------+-------------+----------+------+------+----------+-----------+----------+-------------+-------------+----------+-----------+ 
|                   |      |                      2010 (52 weeks)                        |          |            2009 (53 weeks) restated              | 
+-------------------+------+-------------------------------------------------------------+----------+--------------------------------------------------+ 
|                   |      |             |          |             |          |           |          |             |             |          |           | 
+-------------------+------+-------------+----------+-------------+----------+-----------+----------+-------------+-------------+----------+-----------+ 
|                   |      |        Pre- |          | Exceptional |          |           |          |        Pre- | Exceptional |          |           | 
+-------------------+------+-------------+----------+-------------+----------+-----------+----------+-------------+-------------+----------+-----------+ 
|                   |      | exceptional |          |       items |          |           |          | exceptional |       items |          |           | 
+-------------------+------+-------------+----------+-------------+----------+-----------+----------+-------------+-------------+----------+-----------+ 
|                   |      |       items |          |        (see |          |     Total |          |       items |        (see |          |     Total | 
|                   |      |             |          |     note 1) |          |           |          |             |        note |          |           | 
|                   |      |             |          |             |          |           |          |             |          1) |          |           | 
+-------------------+------+-------------+----------+-------------+----------+-----------+----------+-------------+-------------+----------+-----------+ 
|                   |Note  |      GBP000 |          |      GBP000 |          |    GBP000 |          |      GBP000 |      GBP000 |          |    GBP000 | 
+-------------------+------+-------------+----------+-------------+----------+-----------+----------+-------------+-------------+----------+-----------+ 
|                   |      |             |          |             |          |           |          |             |             |          |           | 
+-------------------+------+-------------+----------+-------------+----------+-----------+----------+-------------+-------------+----------+-----------+ 
|                   |      |             |          |             |          |           |          |             |             |          |           | 
+-------------------+------+-------------+----------+-------------+----------+-----------+----------+-------------+-------------+----------+-----------+ 
| Revenue -         |      |     153,382 |          |           - |          |   153,382 |          |     177,593 |           - |          |   177,593 | 
| continuing        |      |             |          |             |          |           |          |             |             |          |           | 
| operations        |      |             |          |             |          |           |          |             |             |          |           | 
+-------------------+------+-------------+----------+-------------+----------+-----------+----------+-------------+-------------+----------+-----------+ 
|                   |      |             |          |             |          |           |          |             |             |          |           | 
+-------------------+------+-------------+----------+-------------+----------+-----------+----------+-------------+-------------+----------+-----------+ 
| Cost of sales     |      |   (139,333) |          |    (12,964) |          | (152,297) |          |   (152,945) |     (7,463) |          | (160,408) | 
+-------------------+------+-------------+----------+-------------+----------+-----------+----------+-------------+-------------+----------+-----------+ 
|                   |      |             |          |             |          |           |          |             |             |          |           | 
+-------------------+------+-------------+----------+-------------+----------+-----------+----------+-------------+-------------+----------+-----------+ 
| Gross profit/(loss) -    |      14,049 |          |    (12,964) |          |     1,085 |          |      24,648 |     (7,463) |          |  17,185   | 
| continuing operations    |             |          |             |          |           |          |             |             |          |           | 
+--------------------------+-------------+----------+-------------+----------+-----------+----------+-------------+-------------+----------+-----------+ 
|                   |      |             |          |             |          |           |          |             |             |          |           | 
+-------------------+------+-------------+----------+-------------+----------+-----------+----------+-------------+-------------+----------+-----------+ 
| Administrative    |      |     (7,311) |          |       (395) |          |   (7,706) |          |     (6,869) |     (1,052) |          |   (7,921) | 
| expenses          |      |             |          |             |          |           |          |             |             |          |           | 
+-------------------+------+-------------+----------+-------------+----------+-----------+----------+-------------+-------------+----------+-----------+ 
| Distribution      |      |     (7,102) |          |           - |          |   (7,102) |          |     (7,433) |           - |          |   (7,433) | 
| costs             |      |             |          |             |          |           |          |             |             |          |           | 
+-------------------+------+-------------+----------+-------------+----------+-----------+----------+-------------+-------------+----------+-----------+ 
|                   |      |             |          |             |          |           |          |             |             |          |           | 
+-------------------+------+-------------+----------+-------------+----------+-----------+----------+-------------+-------------+----------+-----------+ 
| Operating         |      |       (364) |          |    (13,359) |          |  (13,723) |          |      10,346 |     (8,515) |          |     1,831 | 
| (loss)/profit -   |      |             |          |             |          |           |          |             |             |          |           | 
| continuing        |      |             |          |             |          |           |          |             |             |          |           | 
| operations        |      |             |          |             |          |           |          |             |             |          |           | 
+-------------------+------+-------------+----------+-------------+----------+-----------+----------+-------------+-------------+----------+-----------+ 
|                   |      |             |          |             |          |           |          |             |             |          |           | 
+-------------------+------+-------------+----------+-------------+----------+-----------+----------+-------------+-------------+----------+-----------+ 
| Finance income    |      |          96 |          |           - |          |        96 |          |         510 |           - |          |       510 | 
+-------------------+------+-------------+----------+-------------+----------+-----------+----------+-------------+-------------+----------+-----------+ 
| Finance expense   |      |       (624) |          |           - |          |     (624) |          |        (85) |           - |          |      (85) | 
+-------------------+------+-------------+----------+-------------+----------+-----------+----------+-------------+-------------+----------+-----------+ 
|                   |      |             |          |             |          |           |          |             |             |          |           | 
+-------------------+------+-------------+----------+-------------+----------+-----------+----------+-------------+-------------+----------+-----------+ 
| (Loss)/profit     |      |       (892) |          |    (13,359) |          |  (14,251) |          |      10,771 |     (8,515) |          |     2,256 | 
| before taxation   |      |             |          |             |          |           |          |             |             |          |           | 
+-------------------+------+-------------+----------+-------------+----------+-----------+----------+-------------+-------------+----------+-----------+ 
|                   |      |             |          |             |          |           |          |             |             |          |           | 
+-------------------+------+-------------+----------+-------------+----------+-----------+----------+-------------+-------------+----------+-----------+ 
| Income tax        |  3   |          67 |          |           - |          |        67 |          |     (1,423) |       1,034 |          |     (389) | 
| credit/(expense)  |      |             |          |             |          |           |          |             |             |          |           | 
+-------------------+------+-------------+----------+-------------+----------+-----------+----------+-------------+-------------+----------+-----------+ 
|                   |      |             |          |             |          |           |          |             |             |          |           | 
+-------------------+------+-------------+----------+-------------+----------+-----------+----------+-------------+-------------+----------+-----------+ 
| (Loss)/profit for the financial        |          |             |          |           |          |             |             |          |           | 
| period from                            |          |             |          |           |          |             |             |          |           | 
+----------------------------------------+----------+-------------+----------+-----------+----------+-------------+-------------+----------+-----------+ 
| continuing operations    |             |          |             |          |           |          |             |             |          |           | 
| attributable             |             |          |             |          |           |          |             |             |          |           | 
+--------------------------+-------------+----------+-------------+----------+-----------+----------+-------------+-------------+----------+-----------+ 
| to equity holders of     |       (825) |          |    (13,359) |          |  (14,184) |          |       9,348 |     (7,481) |          |  1,867    | 
| the company              |             |          |             |          |           |          |             |             |          |           | 
+--------------------------+-------------+----------+-------------+----------+-----------+----------+-------------+-------------+----------+-----------+ 
|                   |      |             |          |             |          |           |          |             |             |          |           | 
+-------------------+------+-------------+----------+-------------+----------+-----------+----------+-------------+-------------+----------+-----------+ 
| Profit/(loss)     |  1b  |           - |          |       8,382 |          |     8,382 |          |           - |    (29,983) |          |  (29,983) | 
| from              |      |             |          |             |          |           |          |             |             |          |           | 
| discontinued      |      |             |          |             |          |           |          |             |             |          |           | 
| operations        |      |             |          |             |          |           |          |             |             |          |           | 
+-------------------+------+-------------+----------+-------------+----------+-----------+----------+-------------+-------------+----------+-----------+ 
|                   |      |             |          |             |          |           |          |             |             |          |           | 
+-------------------+------+-------------+----------+-------------+----------+-----------+----------+-------------+-------------+----------+-----------+ 
| (Loss)/profit for the financial        |          |             |          |           |          |             |             |          |           | 
| period attributable                    |          |             |          |           |          |             |             |          |           | 
+----------------------------------------+----------+-------------+----------+-----------+----------+-------------+-------------+----------+-----------+ 
| to equity holders |      |       (825) |          |     (4,977) |          |   (5,802) |          |       9,348 |    (37,464) |          |  (28,116) | 
| of the company    |      |             |          |             |          |           |          |             |             |          |           | 
+-------------------+------+-------------+----------+-------------+----------+-----------+----------+-------------+-------------+----------+-----------+ 
|                   |      |             |          |             |          |           |          |             |             |          |           | 
+-------------------+------+-------------+----------+-------------+----------+-----------+----------+-------------+-------------+----------+-----------+ 
| (Losses)/earnings per share from continuing                     |          |           |          |             |             |          |           | 
| operations                                                      |          |           |          |             |             |          |           | 
+-----------------------------------------------------------------+----------+-----------+----------+-------------+-------------+----------+-----------+ 
| attributable to equity holders of the company during            |          |           |          |             |             |          |           | 
| the period                                                      |          |           |          |             |             |          |           | 
+-----------------------------------------------------------------+----------+-----------+----------+-------------+-------------+----------+-----------+ 
| Basic and diluted |  4   |             |          |             |          |  (31.74)p |          |             |             |          |     4.18p | 
+-------------------+------+-------------+----------+-------------+----------+-----------+----------+-------------+-------------+----------+-----------+ 
|                   |      |             |          |             |          |           |          |             |             |          |           | 
+-------------------+------+-------------+----------+-------------+----------+-----------+----------+-------------+-------------+----------+-----------+ 
| Earnings/(losses) per share from discontinued                   |          |           |          |             |             |          |           | 
| operations                                                      |          |           |          |             |             |          |           | 
+-----------------------------------------------------------------+----------+-----------+----------+-------------+-------------+----------+-----------+ 
| attributable to equity holders of the company during            |          |           |          |             |             |          |           | 
| the period                                                      |          |           |          |             |             |          |           | 
+-----------------------------------------------------------------+----------+-----------+----------+-------------+-------------+----------+-----------+ 
| Basic and diluted |  4   |             |                 |      |          |    18.76p |          |             |             |          |  (67.10)p | 
+-------------------+------+-------------+-----------------+------+----------+-----------+----------+-------------+-------------+----------+-----------+ 
|                          |             |                 |      |          |           |          |             |             |          |           | 
+--------------------------+-------------+-----------------+------+----------+-----------+----------+-------------+-------------+----------+-----------+ 
| Losses per share from total operations                   |      |          |           |          |             |             |          |           | 
| attributable                                             |      |          |           |          |             |             |          |           | 
+----------------------------------------------------------+------+----------+-----------+----------+-------------+-------------+----------+-----------+ 
| to equity holders of the company during the              |      |          |           |          |             |             |          |           | 
| period                                                   |      |          |           |          |             |             |          |           | 
+----------------------------------------------------------+------+----------+-----------+----------+-------------+-------------+----------+-----------+ 
| Basic and diluted |  4   |             |                 |      |          |  (12.98)p |          |             |             |          |  (62.92)p | 
+-------------------+------+-------------+-----------------+------+----------+-----------+----------+-------------+-------------+----------+-----------+ 
|                   |      |             |                 |      |          |           |          |             |             |          |           | 
+-------------------+------+-------------+-----------------+------+----------+-----------+----------+-------------+-------------+----------+-----------+ 
|                   |      |             |          |      |      |          |           |          |             |             |          |           | 
+-------------------+------+-------------+----------+------+------+----------+-----------+----------+-------------+-------------+----------+-----------+ 
 
 
 
Consolidated Statement of Comprehensive Income 
For the 52 weeks to 30 January 2010 
 
+------------------------------------------------+-+--+----+---------+----------+------------+ 
|                                                | |  |    |    2010 |          |       2009 | 
+------------------------------------------------+-+--+----+---------+----------+------------+ 
|                                                | |  |    |      52 |          |         53 | 
|                                                | |  |    |   weeks |          |      weeks | 
+------------------------------------------------+-+--+----+---------+----------+------------+ 
|                                                | |  |    |         |          | (restated) | 
+------------------------------------------------+-+--+----+---------+----------+------------+ 
|                                                | |  |    |  GBP000 |          |     GBP000 | 
+------------------------------------------------+-+--+----+---------+----------+------------+ 
|                                                | |  |    |         |          |            | 
+------------------------------------------------+-+--+----+---------+----------+------------+ 
| Loss for the financial period                  | |  |    | (5,802) |          |   (28,116) | 
+------------------------------------------------+-+--+----+---------+----------+------------+ 
|                                                | |  |    |         |          |            | 
+------------------------------------------------+-+--+----+---------+----------+------------+ 
| Other comprehensive income:                    | |  |    |         |          |            | 
+------------------------------------------------+-+--+----+---------+----------+------------+ 
| Actuarial gain/(loss) arising in defined       | |  |    |     117 |          |    (2,508) | 
| benefit pension scheme                         | |  |    |         |          |            | 
+------------------------------------------------+-+--+----+---------+----------+------------+ 
| (Loss)/gain on cash flow hedges                | |  |    | (3,635) |          |      3,820 | 
+------------------------------------------------+-+--+----+---------+----------+------------+ 
|                                                | |  |    |         |          |            | 
+------------------------------------------------+-+--+----+---------+----------+------------+ 
| Other comprehensive (expense)/income for the   | |  |    | (3,518) |          |      1,312 | 
| period, net of tax                             | |  |    |         |          |            | 
+------------------------------------------------+-+--+----+---------+----------+------------+ 
|                                                | |  |    |         |          |            | 
+------------------------------------------------+-+--+----+---------+----------+------------+ 
| Total recognised expense for the financial     | |  |    |         |          |            | 
| period                                         | |  |    |         |          |            | 
+------------------------------------------------+-+--+----+---------+----------+------------+ 
| attributable to equity holders of the Company  | |  |    | (9,320) |          |   (26,804) | 
+------------------------------------------------+-+--+----+---------+----------+------------+ 
 
 
Items in the statement above are disclosed net of tax. The income tax relating 
to each component of other comprehensive expense/income is disclosed in note 3. 
 
Consolidated Balance Sheet 
As at 30 January 2010 
+-----------------------------+---+----------+----------+----------+----------+----------+----------+------------+ 
|                             |   |          |          |     2010 |          |          |          |       2009 | 
+-----------------------------+---+----------+----------+----------+----------+----------+----------+------------+ 
|                             |   |          |          |          |          |          |          | (restated) | 
+-----------------------------+---+----------+----------+----------+----------+----------+----------+------------+ 
|                             |   |   GBP000 |          |   GBP000 |          |   GBP000 |          |     GBP000 | 
+-----------------------------+---+----------+----------+----------+----------+----------+----------+------------+ 
|                             |   |          |          |          |          |          |          |            | 
+-----------------------------+---+----------+----------+----------+----------+----------+----------+------------+ 
| Non-current assets          |   |          |          |          |          |          |          |            | 
+-----------------------------+---+----------+----------+----------+----------+----------+----------+------------+ 
| Property, plant and         |   |    5,116 |          |          |          |    6,298 |          |            | 
| equipment                   |   |          |          |          |          |          |          |            | 
+-----------------------------+---+----------+----------+----------+----------+----------+----------+------------+ 
| Deferred tax                |   |    2,343 |          |          |          |      679 |          |            | 
+-----------------------------+---+----------+----------+----------+----------+----------+----------+------------+ 
|                             |   |          |          |          |          |          |          |            | 
+-----------------------------+---+----------+----------+----------+----------+----------+----------+------------+ 
|                             |   |          |          |    7,459 |          |          |          |      6,977 | 
+-----------------------------+---+----------+----------+----------+----------+----------+----------+------------+ 
| Current assets              |   |          |          |          |          |          |          |            | 
+-----------------------------+---+----------+----------+----------+----------+----------+----------+------------+ 
| Inventory                   |   |   27,705 |          |          |          |   29,856 |          |            | 
+-----------------------------+---+----------+----------+----------+----------+----------+----------+------------+ 
| Trade and other receivables |   |   10,917 |          |          |          |   17,705 |          |            | 
+-----------------------------+---+----------+----------+----------+----------+----------+----------+------------+ 
| Derivative financial        |   |      452 |          |          |          |    4,809 |          |            | 
| instruments                 |   |          |          |          |          |          |          |            | 
+-----------------------------+---+----------+----------+----------+----------+----------+----------+------------+ 
| Current tax recoverable     |   |        - |          |          |          |      581 |          |            | 
+-----------------------------+---+----------+----------+----------+----------+----------+----------+------------+ 
| Cash and cash equivalents   |   |      650 |          |          |          |    5,284 |          |            | 
+-----------------------------+---+----------+----------+----------+----------+----------+----------+------------+ 
|                             |   |          |          |          |          |          |          |            | 
+-----------------------------+---+----------+----------+----------+----------+----------+----------+------------+ 
|                             |   |          |          |   39,724 |          |          |          |     58,235 | 
+-----------------------------+---+----------+----------+----------+----------+----------+----------+------------+ 
|                             |   |          |          |          |          |          |          |            | 
+-----------------------------+---+----------+----------+----------+----------+----------+----------+------------+ 
| Current liabilities         |   |          |          |          |          |          |          |            | 
+-----------------------------+---+----------+----------+----------+----------+----------+----------+------------+ 
| Trade and other payables    |   | (25,692) |          |          |          | (30,311) |          |            | 
+-----------------------------+---+----------+----------+----------+----------+----------+----------+------------+ 
| Current tax payable         |   |    (885) |          |          |          |        - |          |            | 
+-----------------------------+---+----------+----------+----------+----------+----------+----------+------------+ 
| Short term borrowings       |   |  (9,649) |          |          |          |        - |          |            | 
+-----------------------------+---+----------+----------+----------+----------+----------+----------+------------+ 
|                             |   |          |          |          |          |          |          |            | 
+-----------------------------+---+----------+----------+----------+----------+----------+----------+------------+ 
|                             |   |          |          | (36,226) |          |          |          |   (30,311) | 
+-----------------------------+---+----------+----------+----------+----------+----------+----------+------------+ 
|                             |   |          |          |          |          |          |          |            | 
+-----------------------------+---+----------+----------+----------+----------+----------+----------+------------+ 
| Net current assets          |   |          |          |    3,498 |          |          |          |     27,924 | 
+-----------------------------+---+----------+----------+----------+----------+----------+----------+------------+ 
|                             |   |          |          |          |          |          |          |            | 
+-----------------------------+---+----------+----------+----------+----------+----------+----------+------------+ 
| Non-current liabilities     |   |          |          |          |          |          |          |            | 
+-----------------------------+---+----------+----------+----------+----------+----------+----------+------------+ 
| Long term provisions        |   | (12,038) |          |          |          | (25,712) |          |            | 
+-----------------------------+---+----------+----------+----------+----------+----------+----------+------------+ 
| Accruals and deferred       |   |    (227) |          |          |          |    (444) |          |            | 
| income                      |   |          |          |          |          |          |          |            | 
+-----------------------------+---+----------+----------+----------+----------+----------+----------+------------+ 
| Pension liabilities         |   |  (3,404) |          |          |          |  (4,137) |          |            | 
+-----------------------------+---+----------+----------+----------+----------+----------+----------+------------+ 
|                             |   |          |          |          |          |          |          |            | 
+-----------------------------+---+----------+----------+----------+----------+----------+----------+------------+ 
| Total non-current           |   |          |          | (15,669) |          |          |          |   (30,293) | 
| liabilities                 |   |          |          |          |          |          |          |            | 
+-----------------------------+---+----------+----------+----------+----------+----------+----------+------------+ 
|                             |   |          |          |          |          |          |          |            | 
+-----------------------------+---+----------+----------+----------+----------+----------+----------+------------+ 
| Net (liabilities)/assets    |   |          |          |  (4,712) |          |          |          |      4,608 | 
+-----------------------------+---+----------+----------+----------+----------+----------+----------+------------+ 
|                             |   |          |          |          |          |          |          |            | 
+-----------------------------+---+----------+----------+----------+----------+----------+----------+------------+ 
| Equity attributable to      |   |          |          |          |          |          |          |            | 
| equity holders              |   |          |          |          |          |          |          |            | 
+-----------------------------+---+----------+----------+----------+----------+----------+----------+------------+ 
|                             |   |          |          |          |          |          |          |            | 
+-----------------------------+---+----------+----------+----------+----------+----------+----------+------------+ 
| Share capital               |   |    5,689 |          |          |          |    5,689 |          |            | 
+-----------------------------+---+----------+----------+----------+----------+----------+----------+------------+ 
| Share premium               |   |   22,066 |          |          |          |   22,066 |          |            | 
+-----------------------------+---+----------+----------+----------+----------+----------+----------+------------+ 
| Capital redemption reserve  |   |   20,215 |          |          |          |   20,215 |          |            | 
+-----------------------------+---+----------+----------+----------+----------+----------+----------+------------+ 
| Cash flow hedge reserve     |   |      336 |          |          |          |    3,971 |          |            | 
+-----------------------------+---+----------+----------+----------+----------+----------+----------+------------+ 
| Retained deficit            |   | (53,018) |          |          |          | (47,333) |          |            | 
+-----------------------------+---+----------+----------+----------+----------+----------+----------+------------+ 
|                             |   |          |          |          |          |          |          |            | 
+-----------------------------+---+----------+----------+----------+----------+----------+----------+------------+ 
|                             |   |          |          |          |          |          |          |            | 
+-----------------------------+---+----------+----------+----------+----------+----------+----------+------------+ 
| Total equity                |   |          |          |  (4,712) |          |          |          |      4,608 | 
+-----------------------------+---+----------+----------+----------+----------+----------+----------+------------+ 
 
 
Consolidated Statement of Changes in Equity 
For the 52 weeks to 30 January 2010 
 
 
+------------------+---------------+----------------+--------------------+---------------------+----------------+----------------+ 
|                  |         Share |          Share |            Capital |                Cash |       Retained |          Total | 
|                  |       capital |        premium |         redemption |                flow |       earnings |                | 
|                  |               |                |            reserve |               hedge |                |                | 
|                  |               |                |                    |             reserve |                |                | 
+------------------+---------------+----------------+--------------------+---------------------+----------------+----------------+ 
|                  |        GBP000 |         GBP000 |             GBP000 |              GBP000 |         GBP000 |         GBP000 | 
+------------------+---------------+----------------+--------------------+---------------------+----------------+----------------+ 
|                  |               |                |                    |                     |                |                | 
+------------------+---------------+----------------+--------------------+---------------------+----------------+----------------+ 
| At 26 January    |       10,902  |        22,189  |            15,002  |                210  |       (13,640) |        34,663  | 
| 2008 as          |               |                |                    |                     |                |                | 
| previously       |               |                |                    |                     |                |                | 
| reported         |               |                |                    |                     |                |                | 
+------------------+---------------+----------------+--------------------+---------------------+----------------+----------------+ 
| Reclassification |               |                |                    |                (59) |             59 |              - | 
|                  |               |                |                    |                     |                |                | 
+------------------+---------------+----------------+--------------------+---------------------+----------------+----------------+ 
| At 26 January    |        10,902 |         22,189 |             15,002 |                 151 |       (13,581) |         34,663 | 
| 2008 as          |               |                |                    |                     |                |                | 
| restated         |               |                |                    |                     |                |                | 
+------------------+---------------+----------------+--------------------+---------------------+----------------+----------------+ 
|                  |               |                |                    |                     |                |                | 
+------------------+---------------+----------------+--------------------+---------------------+----------------+----------------+ 
| Loss for the     |               |                |                    |                     |       (28,116) |       (28,116) | 
| period           |             - |              - |                  - |                   - |                |                | 
+------------------+---------------+----------------+--------------------+---------------------+----------------+----------------+ 
|                  |               |                |                    |                     |                |                | 
+------------------+---------------+----------------+--------------------+---------------------+----------------+----------------+ 
| Other            |               |                |                    |                     |                |                | 
| comprehensive    |               |                |                    |                     |                |                | 
| income:          |               |                |                    |                     |                |                | 
+------------------+---------------+----------------+--------------------+---------------------+----------------+----------------+ 
| Actuarial loss   |               |                |                    |                     |        (2,508) |        (2,508) | 
| arising in       |             - |              - |                  - |                   - |                |                | 
| defined          |               |                |                    |                     |                |                | 
| benefit          |               |                |                    |                     |                |                | 
| pension          |               |                |                    |                     |                |                | 
| scheme, net of   |               |                |                    |                     |                |                | 
| tax              |               |                |                    |                     |                |                | 
+------------------+---------------+----------------+--------------------+---------------------+----------------+----------------+ 
| Gain on cash     |               |                |                    |              3,820  |                |         3,820  | 
| flow hedges,     |             - |              - |                  - |                     |              - |                | 
| net of tax       |               |                |                    |                     |                |                | 
+------------------+---------------+----------------+--------------------+---------------------+----------------+----------------+ 
|                  |               |                |                    |                     |                |                | 
+------------------+---------------+----------------+--------------------+---------------------+----------------+----------------+ 
| Transactions     |               |                |                    |                     |                |                | 
| with owners:     |               |                |                    |                     |                |                | 
+------------------+---------------+----------------+--------------------+---------------------+----------------+----------------+ 
| Costs            |               |          (123) |                    |                     |                |          (123) | 
| associated       |               |                |                    |                     |                |                | 
| with the issue   |               |                |                    |                     |                |                | 
| of shares        |               |                |                    |                     |                |                | 
+------------------+---------------+----------------+--------------------+---------------------+----------------+----------------+ 
| Cancellation     |       (5,213) |                |             5,213  |                     |                |                | 
| of shares        |               |                |                    |                   - |                |              - | 
+------------------+---------------+----------------+--------------------+---------------------+----------------+----------------+ 
| Dividends paid   |               |                |                    |                     |        (3,128) |        (3,128) | 
|                  |             - |              - |                    |                   - |                |                | 
+------------------+---------------+----------------+--------------------+---------------------+----------------+----------------+ 
|                  |               |                |                    |                     |                |                | 
+------------------+---------------+----------------+--------------------+---------------------+----------------+----------------+ 
| At 31 January    |        5,689  |        22,066  |            20,215  |              3,971  |       (47,333) |         4,608  | 
| 2009             |               |                |                    |                     |                |                | 
+------------------+---------------+----------------+--------------------+---------------------+----------------+----------------+ 
|                  |               |                |                    |                     |                |                | 
+------------------+---------------+----------------+--------------------+---------------------+----------------+----------------+ 
| Loss for the     |               |                |                    |                     |        (5,802) |        (5,802) | 
| period           |             - |              - |                  - |                   - |                |                | 
+------------------+---------------+----------------+--------------------+---------------------+----------------+----------------+ 
|                  |               |                |                    |                     |                |                | 
+------------------+---------------+----------------+--------------------+---------------------+----------------+----------------+ 
| Other            |               |                |                    |                     |                |                | 
| comprehensive    |               |                |                    |                     |                |                | 
| income:          |               |                |                    |                     |                |                | 
+------------------+---------------+----------------+--------------------+---------------------+----------------+----------------+ 
| Actuarial gain   |               |                |                    |                     |           117  |           117  | 
| arising in       |             - |              - |                  - |                   - |                |                | 
| defined          |               |                |                    |                     |                |                | 
| benefit          |               |                |                    |                     |                |                | 
| pension          |               |                |                    |                     |                |                | 
| scheme, net of   |               |                |                    |                     |                |                | 
| tax              |               |                |                    |                     |                |                | 
+------------------+---------------+----------------+--------------------+---------------------+----------------+----------------+ 
| Loss on cash     |               |                |                    |             (3,635) |                |        (3,635) | 
| flow hedges,     |             - |              - |                  - |                     |              - |                | 
| net of tax       |               |                |                    |                     |                |                | 
+------------------+---------------+----------------+--------------------+---------------------+----------------+----------------+ 
|                  |               |                |                    |                     |                |                | 
+------------------+---------------+----------------+--------------------+---------------------+----------------+----------------+ 
| At 30 January    |        5,689  |        22,066  |            20,215  |                336  |       (53,018) |        (4,712) | 
| 2010             |               |                |                    |                     |                |                | 
+------------------+---------------+----------------+--------------------+---------------------+----------------+----------------+ 
 
 
 
 
 
Consolidated Statement of Cash Flows 
For the 52 weeks to 30 January 2010 
+----------------------------------------+------+---------+----------+----------+----------+---------+----------+---------+ 
|                                        |      |        2010 (52 weeks)        |          |       2009 (53 weeks)        | 
|                                        |      |                               |          |          restated            | 
+----------------------------------------+------+-------------------------------+----------+------------------------------+ 
|                                        |Note  |  GBP000 |          |   GBP000 |          |  GBP000 |          |  GBP000 | 
+----------------------------------------+------+---------+----------+----------+----------+---------+----------+---------+ 
|                                        |      |         |          |          |          |         |          |         | 
+----------------------------------------+------+---------+----------+----------+----------+---------+----------+---------+ 
| Cash flows from operating activities   |      |         |          |          |          |         |          |         | 
+----------------------------------------+------+---------+----------+----------+----------+---------+----------+---------+ 
|                                        |      |         |          |          |          |         |          |         | 
+----------------------------------------+------+---------+----------+----------+----------+---------+----------+---------+ 
| Cash (used in)/generated from          |  5   | (8,409) |          |          |          |  12,850 |          |         | 
| continuing operations                  |      |         |          |          |          |         |          |         | 
+----------------------------------------+------+---------+----------+----------+----------+---------+----------+---------+ 
| Interest received (continuing          |      |      96 |          |          |          |     498 |          |         | 
| operations)                            |      |         |          |          |          |         |          |         | 
+----------------------------------------+------+---------+----------+----------+----------+---------+----------+---------+ 
| Interest paid (continuing operations)  |      |    (59) |          |          |          |    (56) |          |         | 
+----------------------------------------+------+---------+----------+----------+----------+---------+----------+---------+ 
| Tax received (continuing operations)   |      |   1,616 |          |          |          |     873 |          |         | 
+----------------------------------------+------+---------+----------+----------+----------+---------+----------+---------+ 
| Cash used in discontinued operations   |  5   | (6,100) |          |          |          | (7,104) |          |         | 
+----------------------------------------+------+---------+----------+----------+----------+---------+----------+---------+ 
|                                        |      |         |          |          |          |         |          |         | 
+----------------------------------------+------+---------+----------+----------+----------+---------+----------+---------+ 
| Net cash (used in)/generated from      |      |         |          | (12,856) |          |         |          |   7,061 | 
| operating activities                   |      |         |          |          |          |         |          |         | 
+----------------------------------------+------+---------+----------+----------+----------+---------+----------+---------+ 
|                                        |      |         |          |          |          |         |          |         | 
+----------------------------------------+------+---------+----------+----------+----------+---------+----------+---------+ 
| Investing activities                   |      |         |          |          |          |         |          |         | 
+----------------------------------------+------+---------+----------+----------+----------+---------+----------+---------+ 
| Income/(costs) associated with the     |      |     423 |          |          |          | (1,601) |          |         | 
| disposal of a subsidiary undertaking   |      |         |          |          |          |         |          |         | 
+----------------------------------------+------+---------+----------+----------+----------+---------+----------+---------+ 
| Purchase of property, plant and equipment     | (1,808) |          |          |          | (1,420) |          |         | 
| (continuing operations)                       |         |          |          |          |         |          |         | 
+-----------------------------------------------+---------+----------+----------+----------+---------+----------+---------+ 
| Purchase of property, plant and equipment     |    (99) |          |          |          | (1,008) |          |         | 
| (discontinued operations)                     |         |          |          |          |         |          |         | 
+-----------------------------------------------+---------+----------+----------+----------+---------+----------+---------+ 
| Proceeds from disposals of property,   |      |      57 |          |          |          |      32 |          |         | 
| plant and equipment (continuing        |      |         |          |          |          |         |          |         | 
| operations)                            |      |         |          |          |          |         |          |         | 
+----------------------------------------+------+---------+----------+----------+----------+---------+----------+---------+ 
| Costs from disposals of property,      |      |       - |          |          |          |    (46) |          |         | 
| plant and equipment (discontinued      |      |         |          |          |          |         |          |         | 
| operations)                            |      |         |          |          |          |         |          |         | 
+----------------------------------------+------+---------+----------+----------+----------+---------+----------+---------+ 
|                                        |      |         |          |          |          |         |          |         | 
+----------------------------------------+------+---------+----------+----------+----------+---------+----------+---------+ 
| Net cash used in investing activities  |      |         |          |  (1,427) |          |         |          | (4,043) | 
+----------------------------------------+------+---------+----------+----------+----------+---------+----------+---------+ 
|                                        |      |         |          |          |          |         |          |         | 
+----------------------------------------+------+---------+----------+----------+----------+---------+----------+---------+ 
| Financing activities                   |      |         |          |          |          |         |          |         | 
+----------------------------------------+------+---------+----------+----------+----------+---------+----------+---------+ 
| Costs from the issue of shares         |      |       - |          |          |          |   (123) |          |         | 
+----------------------------------------+------+---------+----------+----------+----------+---------+----------+---------+ 
| Dividends paid to Company's            |      |       - |          |          |          | (3,128) |          |         | 
| shareholders                           |      |         |          |          |          |         |          |         | 
+----------------------------------------+------+---------+----------+----------+----------+---------+----------+---------+ 
|                                        |      |         |          |          |          |         |          |         | 
+----------------------------------------+------+---------+----------+----------+----------+---------+----------+---------+ 
|                                        |      |         |          |          |          |         |          |         | 
+----------------------------------------+------+---------+----------+----------+----------+---------+----------+---------+ 
| Net cash used in financing activities  |      |         |          |        - |          |         |          | (3,251) | 
+----------------------------------------+------+---------+----------+----------+----------+---------+----------+---------+ 
|                                        |      |         |          |          |          |         |          |         | 
+----------------------------------------+------+---------+----------+----------+----------+---------+----------+---------+ 
| Net decrease in cash and cash          |      |         |          | (14,283) |          |         |          |   (233) | 
| equivalents                            |      |         |          |          |          |         |          |         | 
+----------------------------------------+------+---------+----------+----------+----------+---------+----------+---------+ 
|                                        |      |         |          |          |          |         |          |         | 
+----------------------------------------+------+---------+----------+----------+----------+---------+----------+---------+ 
| Cash and cash equivalents at the beginning    |         |          |    5,284 |          |         |          |   5,517 | 
| of the period                                 |         |          |          |          |         |          |         | 
+-----------------------------------------------+---------+----------+----------+----------+---------+----------+---------+ 
|                                        |      |         |          |          |          |         |          |         | 
+----------------------------------------+------+---------+----------+----------+----------+---------+----------+---------+ 
| Cash and cash equivalents at the end   |      |         |          |  (8,999) |          |         |          |   5,284 | 
| of the period                          |      |         |          |          |          |         |          |         | 
+----------------------------------------+------+---------+----------+----------+----------+---------+----------+---------+ 
|                                        |      |         |          |          |          |         |          |         | 
+----------------------------------------+------+---------+----------+----------+----------+---------+----------+---------+ 
 
 
Notes to the financial information 
 
This financial information does not comprise statutory statements for the 
purpose of the Companies Act 2006. Financial information contained in this 
announcement for the 52 weeks ended 30 January 2010 is unaudited and has been 
extracted from the draft financial statements which will be delivered to the 
Registrar of Companies in due course. Financial information for the 53 weeks 
ending 31 January 2009 has been extracted from the statutory accounts for that 
period and restated in accordance with IFRS 5 (Non-current assets held for sale 
and discontinued operations) to reflect the administration of Epcoscan Limited. 
The report of the auditors on those accounts was unqualified but did contain an 
emphasis of matter paragraph concerning the placing into administration 
subsequent to the year end of the Group's material subsidiary undertaking, 
Epcoscan Limited, which operated the Bay Trading business. 
 
The directors approved this announcement on 21 April 2010. 
 
Basis of preparation 
 
Whilst the information included in this preliminary announcement has been 
prepared in accordance with the recognition and measurement criteria of 
International Financial Reporting Standards ("IFRS's) as adopted for use in the 
European Union and as issued by the International accounting Standards Board, 
this announcement does not itself contain sufficient information to comply with 
IFRS's. 
 
The preliminary announcement for the 52 weeks ending 30 January 2010 has been 
prepared on a consistent basis with the financial accounting policies set out in 
the Accounting Policies section of the Alexon Group plc Annual Report and 
Accounts 2009 with the exception of the following standards and amendments which 
have been applied during the period: 
·      IFRS 8, Operating segments; 
·      IAS 1 (Revised), Presentation of financial statements; and 
·      IFRS 7, Financial instruments - disclosures (amendment). 
 
The adoption of the above standards and amendments have only impacted 
presentational aspects of the results for the 52 weeks ending 30 January 2010 
and have had no impact on the Group's reported results. 
 
On 24 April 2009 the Company withdrew its 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 IFRS 5 (Non-current assets held for sale and discontinued 
operations) the results of Epcoscan from the beginning of the period until the 
date of administration have been included within discontinued operations in the 
income statement and statement of cash flows together with the surplus arising 
on disposal.  Comparative information for the 53 weeks ending 31 January 2009 
has been restated.  Further details are provided in note 1b. 
 
On 5 March 2010 the Company announced that it was proposing to raise 
approximately GBP20.3 million (GBP18.5 million net of expenses) by way of a Firm 
Placing and Placing and Open Offer of New Ordinary Shares. The resolutions 
authorising the Directors to allot the New Ordinary Shares were passed at an 
Extraordinary General Meeting of the Company held on 23 March 2010. The proceeds 
of the share issue will be used to satisfy the consideration payable for the 
surrender of a number of leases which the Group considered to be onerous, invest 
in improving the Group's outdated systems and infrastructure, re-fit a number of 
the Group's existing concession outlets and open new concessions and stores in 
locations which match the demographics of the Group's brand portfolio. 
 
Following the share issue the Company also entered into new banking facilities 
with Barclays Bank plc which provided a committed facility expiring in March 
2013. The agreement to provide new banking facilities was conditional upon the 
Company receiving a minimum of GBP15.5 million by way of net proceeds from the 
new share issue. 
 
Prior to negotiating the new banking facilities the directors prepared a 
detailed forecast of future cash flows taking into account the cost savings 
which would be generated by the surrender of the onerous leases and the expected 
impact of the investment in systems and new and existing outlets. As a result of 
these forecasts the Board is of the opinion that, taking into account the net 
proceeds of the Capital Raising and the new bank facilities, the Group has 
sufficient working capital for at least the next twelve months. Consequently, 
the directors have prepared the Group financial statements on a going concern 
basis. 
1.Exceptional items 
1a  Continuing operations 
The following exceptional costs were incurred by the Group during the period in 
relation to continuing operations. 
+-----------------------------------------------+--------------------+----------+----------------------+ 
|                                               |               2010 |          |                 2009 | 
+-----------------------------------------------+--------------------+----------+----------------------+ 
|                                               |           52 weeks |          |                   53 | 
|                                               |                    |          |                weeks | 
+-----------------------------------------------+--------------------+----------+----------------------+ 
|                                               |                    |          |           (restated) | 
+-----------------------------------------------+--------------------+----------+----------------------+ 
|                                               |             GBP000 |          |               GBP000 | 
+-----------------------------------------------+--------------------+----------+----------------------+ 
|                                               |                    |          |                      | 
+-----------------------------------------------+--------------------+----------+----------------------+ 
| Impairment of property, plant & equipment     |               460  |          |                 506  | 
+-----------------------------------------------+--------------------+----------+----------------------+ 
| Costs relating to onerous lease commitments   |            12,388  |          |               6,957  | 
+-----------------------------------------------+--------------------+----------+----------------------+ 
| Redundancy costs                              |               116  |          |                    - | 
+-----------------------------------------------+--------------------+----------+----------------------+ 
|                                               |                    |          |                      | 
+-----------------------------------------------+--------------------+----------+----------------------+ 
| Exceptional items within cost of sales        |             12,964 |          |                7,463 | 
+-----------------------------------------------+--------------------+----------+----------------------+ 
|                                               |                    |          |                      | 
+-----------------------------------------------+--------------------+----------+----------------------+ 
| Pension curtailment gain                      |              (599) |          |                      | 
|                                               |                    |          |                    - | 
+-----------------------------------------------+--------------------+----------+----------------------+ 
| Fees relating to the restructuring of the     |               994  |          |                      | 
| Group's finances                              |                    |          |                    - | 
+-----------------------------------------------+--------------------+----------+----------------------+ 
| Management restructure                        |                    |          |               1,052  | 
|                                               |                  - |          |                      | 
+-----------------------------------------------+--------------------+----------+----------------------+ 
| Exceptional items within administrative       |                395 |          |                1,052 | 
| expenses                                      |                    |          |                      | 
+-----------------------------------------------+--------------------+----------+----------------------+ 
|                                               |                    |          |                      | 
+-----------------------------------------------+--------------------+----------+----------------------+ 
| Total exceptional items                       |             13,359 |          |               8,515  | 
+-----------------------------------------------+--------------------+----------+----------------------+ 
 
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. 
Onerous lease provisions are made in respect of 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 represents the lowest net unavoidable cost of a lease contract. It is 
calculated as either: 
·      the negotiated  exit cost in circumstances where agreement to exit the 
lease has been reached with the landlord, or, 
·      the lower of the forecast trading losses or lease rental costs for the 
remainder of the lease term.. 
 
The results for continuing operations before exceptional items shown in the 
income statement include amounts relating to stores which have been designated 
as onerous leases. Amounts provided for future years are included within 
exceptional items, however, losses of GBP3.4 million incurred in the 52 weeks to 
30 January 2010 have been included in pre-exceptional results. The turnover 
associated with this loss is GBP14.8 million and is also included in 
pre-exceptional results in the income statement. 
 
The pension curtailment gain arises from the reduction in the present value of 
the defined benefit scheme's liabilities resulting from the decision to cease 
future benefit accrual as at 31 July 2009. 
 
Costs relating to the restructure of the Group's finances were professional fees 
incurred in the Group's  capital restructuring and negotiation of new banking 
facilities. 
 
Costs incurred in 2009 in relation to the management restructure relate to the 
retirement and replacement of the Chief Executive Officer and a subsequent 
senior management reorganistion. 
 
 
 
 
 
1b  Discontinued operations 
On 27 April 2009 the Group placed Epcoscan Limited, which operated the Bay 
Trading business, into administration. 
 
The net surplus arising from the beginning of the period to the date of 
administration which is included in discontinued operations within the 
consolidated income statement is analysed below. 
 
+-----------------------------------------------+----------+----------+------------+ 
|                                               |     2010 |          |       2009 | 
+-----------------------------------------------+----------+----------+------------+ 
|                                               |       52 |          |   53 weeks | 
|                                               |    weeks |          |            | 
+-----------------------------------------------+----------+----------+------------+ 
|                                               |          |          | (restated) | 
+-----------------------------------------------+----------+----------+------------+ 
|                                               |   GBP000 |          |     GBP000 | 
+-----------------------------------------------+----------+----------+------------+ 
|                                               |          |          |            | 
+-----------------------------------------------+----------+----------+------------+ 
| Operating loss                                |          |          |            | 
+-----------------------------------------------+----------+----------+------------+ 
| Revenue                                       |   12,339 |          |     72,699 | 
+-----------------------------------------------+----------+----------+------------+ 
| Expenses                                      | (18,202) |          |  (102,659) | 
+-----------------------------------------------+----------+----------+------------+ 
| Operating loss                                |  (5,863) |          |   (29,960) | 
+-----------------------------------------------+----------+----------+------------+ 
| Net finance income/(expense)                  |        2 |          |       (14) | 
+-----------------------------------------------+----------+----------+------------+ 
| Loss before taxation                          |  (5,861) |          |   (29,974) | 
+-----------------------------------------------+----------+----------+------------+ 
| Tax on operating loss                         |        - |          |      (523) | 
+-----------------------------------------------+----------+----------+------------+ 
| Loss after taxation                           |  (5,861) |          |   (30,497) | 
+-----------------------------------------------+----------+----------+------------+ 
|                                               |          |          |            | 
+-----------------------------------------------+----------+----------+------------+ 
| Net liabilities of subsidiary company         |   12,943 |          |          - | 
| disposed                                      |          |          |            | 
+-----------------------------------------------+----------+----------+------------+ 
| Proceeds of disposal                          |    1,300 |          |        514 | 
+-----------------------------------------------+----------+----------+------------+ 
| Profit on disposal                            |   14,243 |          |        514 | 
+-----------------------------------------------+----------+----------+------------+ 
|                                               |          |          |            | 
+-----------------------------------------------+----------+----------+------------+ 
| Total profit/(loss) from discontinued         |    8,382 |          |   (29,983) | 
| operations                                    |          |          |            | 
+-----------------------------------------------+----------+----------+------------+ 
 
Proceeds of disposal of GBP514,000 in 2009 relate to the disposal of Style 
Menswear. 
 
 
 
2.Segmental information 
 
IFRS 8 requires operating segments to be determined based on the Group's 
internal reporting to the Chief Operating Decision Maker ("CODM"). The CODM has 
been determined to be the Chief Executive Officer and Finance Director as they 
are primarily responsible for the allocation of resources to segments and the 
assessment of performance of the segments. Previously, segments were determined 
and presented in accordance with IAS 14 "Segmental Reporting". 
 
Following the administration of Epcoscan Limited on 27 April 2009 the Group 
considers that the continuing operations meet the aggregation criteria included 
within IFRS 8 and consequently only one segment exists. 
 
3.Taxation 
 
+----------+----------------+---+----------------------------+----------+----------+------------+ 
|                                                            |     2010 |          |       2009 | 
+------------------------------------------------------------+----------+----------+------------+ 
|                                                            |       52 |          |   53 weeks | 
|                                                            |    weeks |          |            | 
+------------------------------------------------------------+----------+----------+------------+ 
|                                                            |   GBP000 |          |     GBP000 | 
+------------------------------------------------------------+----------+----------+------------+ 
|                                                            |          |          | (restated) | 
+------------------------------------------------------------+----------+----------+------------+ 
| The taxation (credit)/charge for the period comprises:     |          |          |            | 
|                                                            |          |          |            | 
+------------------------------------------------------------+----------+----------+------------+ 
| Current  | Continuing     | - current period               |      228 |          |        261 | 
| tax      | operations:    |                                |          |          |            | 
+----------+----------------+--------------------------------+----------+----------+------------+ 
|          |                | - adjustment in respect of     |        - |          |        358 | 
|          |                | previous periods               |          |          |            | 
+----------+----------------+--------------------------------+----------+----------+------------+ 
|          | Discontinued   | - current period               |        - |          |         82 | 
|          | operations:    |                                |          |          |            | 
+----------+----------------+--------------------------------+----------+----------+------------+ 
|          |                | - adjustment in respect of     |        - |          |         56 | 
|          |                | previous periods               |          |          |            | 
+----------+----------------+--------------------------------+----------+----------+------------+ 
|          | Total current  |                                |      228 |          |        757 | 
|          | tax            |                                |          |          |            | 
+----------+----------------+--------------------------------+----------+----------+------------+ 
|          |                |                                |          |          |            | 
+----------+----------------+--------------------------------+----------+----------+------------+ 
| Deferred | Continuing     |                                |    (295) |          |      (230) | 
| tax      | operations:    |                                |          |          |            | 
+----------+----------------+--------------------------------+----------+----------+------------+ 
|          | Discontinued   |                                |        - |          |        385 | 
|          | operations:    |                                |          |          |            | 
+----------+----------------+--------------------------------+----------+----------+------------+ 
|          | Total deferred |                                |    (295) |          |        155 | 
|          | tax            |                                |          |          |            | 
+----------+----------------+--------------------------------+----------+----------+------------+ 
|          |                |                                |          |          |            | 
+----------+----------------+--------------------------------+----------+----------+------------+ 
| Total    | Continuing     |                                |     (67) |          |        389 | 
| taxation | operations:    |                                |          |          |            | 
+----------+----------------+--------------------------------+----------+----------+------------+ 
|          | Discontinued   |                                |        - |          |        523 | 
|          | operations:    |                                |          |          |            | 
+----------+----------------+--------------------------------+----------+----------+------------+ 
|          |                |                                |     (67) |          |        912 | 
+----------+----------------+--------------------------------+----------+----------+------------+ 
| Tax on items credited/(charged) to equity:                 |          |          |            | 
+------------------------------------------------------------+----------+----------+------------+ 
| Deferred tax credit/(charge) on hedging instruments        |    1,414 |          |    (1,485) | 
+------------------------------------------------------------+----------+----------+------------+ 
| Deferred tax (charge)/credit on pensions                   |     (45) |          |        975 | 
+------------------------------------------------------------+----------+----------+------------+ 
|                                                            |    1,369 |          |      (510) | 
+------------------------------------------------------------+----------+----------+------------+ 
| The tax for the period is higher (2009: lower) than the    |                                  | 
| standard rate of corporation tax in the UK (28%).  The     |                                  | 
| differences are explained below:                           |                                  | 
+------------------------------------------------------------+----------------------------------+ 
| (Loss)/profit on ordinary activities before taxation       | (14,251) |          |      2,256 | 
+------------------------------------------------------------+----------+----------+------------+ 
| (Loss)/profit on ordinary activities multiplied by the     |          |          |            | 
| standard                                                   |          |          |            | 
+------------------------------------------------------------+----------+----------+------------+ 
| rate of UK corporation tax of 28% (2009: 28.33%)           |  (3,990) |          |        639 | 
+------------------------------------------------------------+----------+----------+------------+ 
| Effects of:                                                |          |          |            | 
+------------------------------------------------------------+----------+----------+------------+ 
| Expenses not deductible for   | non-qualifying             |       65 |          |        137 | 
| tax purposes:                 | depreciation               |          |          |            | 
+-------------------------------+----------------------------+----------+----------+------------+ 
|                               | loss on disposal of        |        - |          |          1 | 
|                               | non-qualifying assets      |          |          |            | 
+-------------------------------+----------------------------+----------+----------+------------+ 
|                               | other disallowables        |    1,297 |          |      1,071 | 
+-------------------------------+----------------------------+----------+----------+------------+ 
|                               | unrelieved foreign tax     |      228 |          |        261 | 
+-------------------------------+----------------------------+----------+----------+------------+ 
|                               | unrelieved trading losses  |    2,610 |          |          - | 
|                               | arising in the period      |          |          |            | 
+-------------------------------+----------------------------+----------+----------+------------+ 
|                               | group relief from          |        - |          |    (1,666) | 
|                               | discontinued operations    |          |          |            | 
+-------------------------------+----------------------------+----------+----------+------------+ 
| Adjustments in respect of     |                            |    (277) |          |       (54) | 
| previous periods              |                            |          |          |            | 
+-------------------------------+----------------------------+----------+----------+------------+ 
| Total tax (credit)/charge from continuing operations for   |     (67) |          |        389 | 
| the period                                                 |          |          |            | 
+------------------------------------------------------------+----------+----------+------------+ 
|          |                |   |                            |          |          |            | 
+----------+----------------+---+----------------------------+----------+----------+------------+ 
 
 
 
 
 
 
 
 
 
4.Earnings per share - continuing operations 
The calculation of basic earnings per ordinary share is based on losses from 
continuing operations of GBP14,184,000 (2009 restated: profit of GBP1,867,000) 
and on 44,686,680 ordinary shares (2009: 44,686,680) being the weighted average 
number of ordinary shares in issue. 
 
+-------------------+--------------+----------+------------+----------+---------+----------+-----------+----------+------------+----------+------------+ 
|                   |              |          |            |          |    2010 |          |           |          |            |          |       2009 | 
|                   |              |          |            |          |         |          |           |          |            |          | (restated) | 
+-------------------+--------------+----------+------------+----------+---------+----------+-----------+----------+------------+----------+------------+ 
|                   |              |          |   Weighted |          |         |          |           |          |   Weighted |          |            | 
+-------------------+--------------+----------+------------+----------+---------+----------+-----------+----------+------------+----------+------------+ 
|                   |              |          |    average |          |         |          |           |          |    average |          |            | 
+-------------------+--------------+----------+------------+----------+---------+----------+-----------+----------+------------+----------+------------+ 
|                   |       Losses |          |     number |          |     Per |          |  Earnings |          |     number |             Per share | 
|                   |              |          |            |          |   share |          |           |          |            |                       | 
+-------------------+--------------+----------+------------+----------+---------+----------+-----------+----------+------------+-----------------------+ 
|                   |        (GBP) |          |         of |          |   pence |          |     (GBP) |          |         of |          |      Pence | 
|                   |              |          |     shares |          |         |          |           |          |     shares |          |            | 
+-------------------+--------------+----------+------------+----------+---------+----------+-----------+----------+------------+----------+------------+ 
|                   |              |          |            |          |         |          |           |          |            |          |            | 
+-------------------+--------------+----------+------------+----------+---------+----------+-----------+----------+------------+----------+------------+ 
| Basic             | (14,184,000) |          | 44,686,680 |          | (31.74) |          | 1,867,000 |          | 44,686,680 |          |       4.18 | 
| (losses)/earnings |              |          |            |          |         |          |           |          |            |          |            | 
+-------------------+--------------+----------+------------+----------+---------+----------+-----------+----------+------------+----------+------------+ 
 
 
Earnings per share - discontinued operations 
 
The calculation of basic earnings per ordinary share is based on profits from 
discontinued operations of GBP8,382,000 (2009 restated: losses of GBP29,983,000) 
and on 44,686,680 ordinary shares (2009: 44,686,680) being the weighted average 
number of ordinary shares in issue. 
 
+-------------------+-----------+----------+------------+----------+-------+----------+--------------+-+------------+-+------------+ 
|                   |           |          |            |          |  2010 |          |              | |            | |       2009 | 
|                   |           |          |            |          |       |          |              | |            | | (restated) | 
+-------------------+-----------+----------+------------+----------+-------+----------+--------------+-+------------+-+------------+ 
|                   |           |          |   Weighted |          |       |          |              | |   Weighted | |            | 
+-------------------+-----------+----------+------------+----------+-------+----------+--------------+-+------------+-+------------+ 
|                   |           |          |    average |          |       |          |              | |    average | |        Per | 
+-------------------+-----------+----------+------------+----------+-------+----------+--------------+-+------------+-+------------+ 
|                   |  Earnings |          |     number |          |   Per |          |       Losses | |     number | |      share | 
|                   |           |          |            |          | share |          |              | |            | |            | 
+-------------------+-----------+----------+------------+----------+-------+----------+--------------+-+------------+-+------------+ 
|                   |     (GBP) |          |         of |          | pence |          |        (GBP) | |         of | |      pence | 
|                   |           |          |     shares |          |       |          |              | |     shares | |            | 
+-------------------+-----------+----------+------------+----------+-------+----------+--------------+-+------------+-+------------+ 
|                   |           |          |            |          |       |          |              | |            | |            | 
+-------------------+-----------+----------+------------+----------+-------+----------+--------------+-+------------+-+------------+ 
| Basic             | 8,382,000 |          | 44,686,680 |          | 18.76 |          | (29,983,000) | | 44,686,680 | |    (67.10) | 
| earnings/(losses) |           |          |            |          |       |          |              | |            | |            | 
+-------------------+-----------+----------+------------+----------+-------+----------+--------------+-+------------+-+------------+ 
 
 
Earnings per share - total operations 
 
The calculation of basic earnings per ordinary share is based on losses from 
total operations of GBP5,802,000          (2009 restated: GBP28,116,000) and on 
44,686,680 ordinary shares (2009: 44,686,680) being the weighted average number 
of ordinary shares in issue. 
 
+------------+-------------+----------+------------+----------+---------+----------+--------------+-+------------+-+------------+ 
|            |             |          |            |          |    2010 |          |              | |            | |       2009 | 
|            |             |          |            |          |         |          |              | |            | | (restated) | 
+------------+-------------+----------+------------+----------+---------+----------+--------------+-+------------+-+------------+ 
|            |             |          |   Weighted |          |         |          |              | |   Weighted | |            | 
+------------+-------------+----------+------------+----------+---------+----------+--------------+-+------------+-+------------+ 
|            |             |          |    average |          |         |          |              | |    average | |        Per | 
+------------+-------------+----------+------------+----------+---------+----------+--------------+-+------------+-+------------+ 
|            |      Losses |          |     number |          |     Per |          |       Losses | |     number | |      share | 
|            |             |          |            |          |   share |          |              | |            | |            | 
+------------+-------------+----------+------------+----------+---------+----------+--------------+-+------------+-+------------+ 
|            |       (GBP) |          |         of |          |   pence |          |        (GBP) | |         of | |      pence | 
|            |             |          |     shares |          |         |          |              | |     shares | |            | 
+------------+-------------+----------+------------+----------+---------+----------+--------------+-+------------+-+------------+ 
|            |             |          |            |          |         |          |              | |            | |            | 
+------------+-------------+----------+------------+----------+---------+----------+--------------+-+------------+-+------------+ 
|            |             |          |            |          |         |          |              | |            | |            | 
+------------+-------------+----------+------------+----------+---------+----------+--------------+-+------------+-+------------+ 
| Basic      | (5,802,000) |          | 44,686,680 |          | (12.98) |          | (28,116,000) | | 44,686,680 | |    (62.92) | 
| losses     |             |          |            |          |         |          |              | |            | |            | 
+------------+-------------+----------+------------+----------+---------+----------+--------------+-+------------+-+------------+ 
 
The dilutive effect of share options is calculated by adjusting the weighted 
average number of ordinary shares outstanding to assume conversion of all 
dilutive potential ordinary shares. However, due to their anti-dilutive nature, 
the options have been excluded from the current and prior period calculation of 
weighted average number of shares. 
 
 
5.Notes to the statement of cash flows 
 
+--------------------------------------------------------+----------+----------+------------+ 
|                                                        |     2010 |          |       2009 | 
+--------------------------------------------------------+----------+----------+------------+ 
|                                                        |       52 |          |         53 | 
|                                                        |    weeks |          |      weeks | 
+--------------------------------------------------------+----------+----------+------------+ 
|                                                        |          |          | (restated) | 
+--------------------------------------------------------+----------+----------+------------+ 
|                                                        |   GBP000 |          |     GBP000 | 
+--------------------------------------------------------+----------+----------+------------+ 
| Cash generated from continuing operations              |          |          |            | 
+--------------------------------------------------------+----------+----------+------------+ 
|                                                        |          |          |            | 
+--------------------------------------------------------+----------+----------+------------+ 
| Operating (loss)/profit - continuing operations        | (13,723) |          |      1,831 | 
+--------------------------------------------------------+----------+----------+------------+ 
| Adjustments for:                                       |          |          |            | 
+--------------------------------------------------------+----------+----------+------------+ 
| Depreciation                                           |    1,127 |          |      1,196 | 
+--------------------------------------------------------+----------+----------+------------+ 
| Impairment of property, plant and equipment            |      460 |          |        506 | 
+--------------------------------------------------------+----------+----------+------------+ 
| Loss on disposal of property, plant and equipment      |       66 |          |         87 | 
+--------------------------------------------------------+----------+----------+------------+ 
| Adjustment in respect of net retirement benefit        |    (999) |          |      (218) | 
| obligations                                            |          |          |            | 
+--------------------------------------------------------+----------+----------+------------+ 
| Changes in working capital:                            |          |          |            | 
+--------------------------------------------------------+----------+----------+------------+ 
| Decrease in trade and other receivables                |    2,478 |          |      2,546 | 
+--------------------------------------------------------+----------+----------+------------+ 
| (Increase)/decrease in inventories                     |    (788) |          |      1,893 | 
+--------------------------------------------------------+----------+----------+------------+ 
| Increase/(decrease) in trade and other payables        |    3,923 |          |    (1,218) | 
+--------------------------------------------------------+----------+----------+------------+ 
| (Decrease)/increase in long term provisions, accruals  |    (953) |          |      6,227 | 
| and deferred income                                    |          |          |            | 
+--------------------------------------------------------+----------+----------+------------+ 
|                                                        |          |          |            | 
+--------------------------------------------------------+----------+----------+------------+ 
| Cash (used in)/generated from continuing operations    |  (8,409) |          |     12,850 | 
+--------------------------------------------------------+----------+----------+------------+ 
 
 
+------------------------------------------------------+---------+----------+------------+ 
|                                                      |    2010 |          |       2009 | 
+------------------------------------------------------+---------+----------+------------+ 
|                                                      |      52 |          |         53 | 
|                                                      |   weeks |          |      weeks | 
+------------------------------------------------------+---------+----------+------------+ 
|                                                      |         |          | (restated) | 
+------------------------------------------------------+---------+----------+------------+ 
|                                                      |  GBP000 |          |     GBP000 | 
+------------------------------------------------------+---------+----------+------------+ 
| Cash generated from discontinued operations          |         |          |            | 
+------------------------------------------------------+---------+----------+------------+ 
| Operating loss - discontinued operations             | (5,863) |          |   (29,960) | 
+------------------------------------------------------+---------+----------+------------+ 
| Adjustments for:                                     |         |          |            | 
+------------------------------------------------------+---------+----------+------------+ 
| Depreciation                                         |     212 |          |        845 | 
+------------------------------------------------------+---------+----------+------------+ 
| Impairment of property, plant and equipment          |       - |          |        759 | 
+------------------------------------------------------+---------+----------+------------+ 
| Impairment of goodwill                               |       - |          |     11,867 | 
+------------------------------------------------------+---------+----------+------------+ 
| Loss on disposal of property, plant and equipment    |       - |          |        170 | 
+------------------------------------------------------+---------+----------+------------+ 
| Changes in working capital:                          |         |          |            | 
+------------------------------------------------------+---------+----------+------------+ 
| Decrease in trade and other receivables              |   1,546 |          |        312 | 
+------------------------------------------------------+---------+----------+------------+ 
| (Increase)/decrease in inventories                   | (1,490) |          |      1,574 | 
+------------------------------------------------------+---------+----------+------------+ 
| Decrease in trade and other payables                 |   (507) |          |    (1,389) | 
+------------------------------------------------------+---------+----------+------------+ 
| Increase in long term provisions, accruals and       |       - |          |      8,698 | 
| deferred income                                      |         |          |            | 
+------------------------------------------------------+---------+----------+------------+ 
|                                                      |         |          |            | 
+------------------------------------------------------+---------+----------+------------+ 
| Cash used in discontinued operations                 | (6,102) |          |    (7,124) | 
+------------------------------------------------------+---------+----------+------------+ 
|                                                      |         |          |            | 
+------------------------------------------------------+---------+----------+------------+ 
| Interest paid                                        |     (1) |          |       (25) | 
+------------------------------------------------------+---------+----------+------------+ 
| Interest received                                    |       3 |          |         11 | 
+------------------------------------------------------+---------+----------+------------+ 
| Tax received                                         |       - |          |         34 | 
+------------------------------------------------------+---------+----------+------------+ 
|                                                      |         |          |            | 
+------------------------------------------------------+---------+----------+------------+ 
| Cash flows from operating activities -  discontinued | (6,100) |          |    (7,104) | 
| operations                                           |         |          |            | 
+------------------------------------------------------+---------+----------+------------+ 
 
 
 
 
 
 
 
 
6.Dividends 
+------------------------------------------------+---------+-+----------+ 
|                                                |         | |     2009 | 
+------------------------------------------------+---------+-+----------+ 
|                                                |         | |       53 | 
|                                                |         | |    Weeks | 
+------------------------------------------------+---------+-+----------+ 
|                                                |         | | GBP000's | 
+------------------------------------------------+---------+-+----------+ 
|                                                |         | |          | 
+------------------------------------------------+---------+-+----------+ 
| Final dividend in respect of 2008 of 6p per    |         | |    2,681 | 
| ordinary share                                 |         | |          | 
+------------------------------------------------+---------+-+----------+ 
| Interim dividend in respect of 2009 of 1p per  |         | |      447 | 
| ordinary share                                 |         | |          | 
+------------------------------------------------+---------+-+----------+ 
|                                                |         | |    3,128 | 
+------------------------------------------------+---------+-+----------+ 
 
The Board has decided not to declare an ordinary dividend for the 52 weeks ended 
30 January 2010. 
 
 
 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
 FR VFLFLBZFFBBK