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CC. Clinton Card

7.00
0.00 (0.00%)
28 May 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Clinton Card LSE:CC. London Ordinary Share GB0002036720 ORD 10P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 7.00 0.00 01:00:00
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
0 0 N/A 0

Interim Results -2-

29/03/2012 7:01am

UK Regulatory


The outlook for the second half of the current year is below our previous expectations. The significant changes we are undertaking within the business, and those we will announce following the completion of the strategic review, will begin to benefit the business from the end of the second half and will position the business for long-term growth.

Darcy Willson-Rymer

Chief Executive Officer, Clinton Cards PLC

 
 
 SUMMARY OF RESULTS                         26 weeks     26 weeks    52 weeks 
                                               ended        ended       ended 
                                          29 January   30 January     31 July 
                                                2012         2011        2011 
---------------------------------------  -----------  -----------  ---------- 
 Continuing operations                       GBP'000      GBP'000     GBP'000 
 Revenue (excluding VAT) 
    Clinton                                  171,699      178,297     312,878 
    Birthdays Retail                          25,450       28,596      51,340 
                                         -----------  -----------  ---------- 
 Group revenue                               197,149      206,893     364,218 
                                         -----------  -----------  ---------- 
 
 Adjusted operating profit/(loss) 
    Clinton                                    3,588       14,703       7,004 
    Birthdays Retail                         (2,845)        (292)     (3,801) 
                                         -----------  -----------  ---------- 
 Group adjusted operating profit                 743       14,411       3,203 
                                         -----------  -----------  ---------- 
 
 Operating profit/(loss) 
    Clinton                                    2,581       13,652         485 
    Birthdays Retail                         (4,361)        (586)     (8,597) 
                                         -----------  -----------  ---------- 
 Group operating (loss)/profit               (1,780)       13,066     (8,112) 
                                         -----------  -----------  ---------- 
 
 (Loss)/Profit before tax                    (3,674)       11,733    (10,662) 
                                         -----------  -----------  ---------- 
 
 Loss for the period from discontinued 
  operations                                       -      (3,643)     (2,943) 
                                         -----------  -----------  ---------- 
 
 Reconciliation of statutory values 
  to adjusted measures 
 Group operating (loss)/profit               (1,780)       13,066     (8,112) 
 Net impairment of property, plant 
  and equipment                                    -            -       5,686 
 Restructuring costs                           1,218            -           - 
 Charges in respect of onerous leases            407            -       4,644 
 Loss on sale of property, plant 
  and equipment                                  898        1,345         985 
                                         -----------  -----------  ---------- 
 Group adjusted operating profit                 743       14,411       3,203 
                                         -----------  -----------  ---------- 
 
 
 

Unaudited Consolidated Statement of Comprehensive Income

 
                                                       26 weeks     26 weeks    52 weeks 
                                                          ended        ended       ended 
                                                     29 January   30 January     31 July 
                                              Note         2012         2011        2011 
 Continuing operations                                  GBP'000      GBP'000     GBP'000 
 Sales (including VAT)                                  236,352      243,371     432,037 
                                                    -----------  -----------  ---------- 
 
 Revenue (excluding VAT)                       4        197,149      206,893     364,218 
 Cost of sales                                        (188,688)    (185,596)   (357,589) 
                                                    -----------  -----------  ---------- 
 Gross profit                                             8,461       21,297       6,629 
 Other operating income                                      42           46          94 
 Profit/(loss) on sale of property, 
  plant and equipment                                     (898)      (1,345)       (985) 
 Administrative expenses                                (9,385)      (6,932)    (13,850) 
                                                    -----------  -----------  ---------- 
 Operating (loss)/profit                       4        (1,780)       13,066     (8,112) 
                                                    -----------  -----------  ---------- 
 
 Analysed as: 
 Operating (loss)/profit before 
  exceptional items                                       (155)       13,066       2,218 
 Net impairment to property, plant 
  and equipment *                                             -            -     (5,686) 
 Charges in respect of onerous leases 
  *                                                       (407)            -     (4,644) 
 Restructuring costs *                                  (1,218)            -           - 
 
 Operating (loss)/profit                                (1,780)       13,066     (8,112) 
 
 Finance income                                              63           48          96 
 Finance costs                                 6        (2,127)      (1,642)     (2,992) 
 Change in fair value of financial 
  instruments                                               218          266         356 
 Unwinding of property provision 
  discount                                                 (48)          (5)        (10) 
                                                    -----------  -----------  ---------- 
 (Loss)/Profit before taxation                          (3,674)       11,733    (10,662) 
 Taxation                                                   166      (3,286)     (1,428) 
                                                    -----------  -----------  ---------- 
 (Loss)/Profit from continuing operations               (3,508)        8,447    (12,090) 
 Loss for the period from discontinued 
  operations                                  5               -      (3,643)     (2,943) 
                                                    -----------  -----------  ---------- 
 (Loss)/Profit for the period attributable 
  to owners of the company                              (3,508)        4,804    (15,033) 
 Other comprehensive expense (net 
  of tax): 
 Currency translation differences                             -            -       (233) 
                                                    -----------  -----------  ---------- 
 Total comprehensive (expenses)/income 
  for the period attributable to 
  owners of the company                                 (3,508)        4,804    (15,266) 
                                                    -----------  -----------  ---------- 
 
 (Loss)/Earnings per share for profit 
  attributable to owners of the company        8 
 From continuing operations: 
 Basic earnings per share (pence)                        (1.70)         4.08      (5.84) 
 Diluted earnings per share (pence)                      (1.70)         4.08      (5.84) 
 From continuing and discontinued 
  operations: 
 Basic earnings per share (pence)                        (1.70)         2.32      (7.26) 
 Diluted earnings per share (pence)                      (1.70)         2.32      (7.26) 
 
 * Exceptional items 
 
 

The notes on pages 10 to 20 are integral to these consolidated condensed financial statements.

Unaudited Consolidated Balance Sheet

 
                                                       As at        As at       As at 
                                                  29 January   30 January     31 July 
                                                        2012         2011        2011 
                                           Note      GBP'000      GBP'000     GBP'000 
 Non current assets 
 Goodwill                                  9          17,326       17,326      17,326 
 Other intangible assets                   9           1,750        1,750       1,750 
 Property, plant and equipment             9          48,003       55,443      48,729 
 Deferred tax asset                                        -          288           - 
                                                 -----------  -----------  ---------- 
                                                      67,079       74,807      67,805 
                                                 -----------  -----------  ---------- 
 Current assets 
 Inventories                                          40,976       42,910      43,202 
 Trade and other receivables               10         16,016       20,270      18,917 
 Current tax asset                                       887            -         886 
 Cash and cash equivalents                             8,582        9,376      19,673 
                                                 -----------  -----------  ---------- 
                                                      66,461       72,556      82,678 
 Assets held by discontinued operations    13              -          180           - 
                                                 -----------  -----------  ---------- 
                                                      66,461       72,736      82,678 
                                                 -----------  -----------  ---------- 
 
 Total assets                                        133,540      147,543     150,483 
                                                 -----------  -----------  ---------- 
 
 Current liabilities 
 Borrowings                                            (151)     (13,559)    (53,527) 
 Trade and other payables                  11       (96,071)     (73,413)    (55,458) 

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