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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| John Lewis Of Hungerford Plc | LSE:JLH | London | Ordinary Share | GB0004773148 | ORD 0.1P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 1.35 | 1.00 | 1.70 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
From Apr 2019 to Apr 2024
TIDMJLH
RNS Number : 2570E
John Lewis Of Hungerford PLC
05 May 2017
JOHN LEWIS OF HUNGERFORD PLC
("John Lewis of Hungerford" or the "Company")
Interim Results for the Six Months Ended 28 February 2017
Overview
This statement covers the first trading period since the changes in the management and Board structure reported last year.
The improved performance reflects actions taken on cost reduction and renewed focus on improving the customer experience. Implementing these changes against a backdrop of significant management change inevitably creates challenges and was only possible through the strength and commitment of our people, whom remain our most vital asset for the business going forward. We remain committed to returning the business to sustainable profitability and these results are an important milestone in this.
Financial Review
Turnover for the first half year was in line with the previous year at GBP3.6m (2016: GBP3.6m), but from an estate comprising two less showrooms. Adjusting for the closures of Harrogate and Tunbridge Wells during the previous year, the comparable like for like (LFL) sales show a growth of 3%. We are pleased with this sales performance which comes against a mixed economic picture, with the strong confidence levels immediately following the Brexit vote, replaced by weakening consumer spend in the early months of 2017.
The improved sales performance combined with the cost reduction activities contributed to a substantially reduced loss in what is traditionally our weaker trading period. The loss before tax for the first six months of GBP144k (2016: GBP430k) includes a non-recurring charge of GBP15k, including an under accrual of showroom closure costs in the last financial year.
A summary of the financial results show:
Hot Features
Premium
2017 2016 Movement
GBP'000 GBP'000 %
Turnover:
Total Turnover 3,569 3,613
Closed Stores 45 202
Comparable Stores (LFL) 3,524 3,411 3%
Cost of Sales (1,790) (1,795) 0%
Gross Margin 1,779 1,818 (2)%
Overheads/Other (1,887) (2,188) (14)%
Non-recurring Costs (15) (38) (59)%
Operating Loss (before
finance costs) (123) (408) (70)%
Key performance indicators for the first half year, on a like for like basis, are summarised below:
6mths ended 6mths ended Movement
28 Feb 29 Feb 2016 %
2017
Turnover GBP'000 GBP3,524 GBP3,411 +3%
Gross margin% 50% 50% -
Number of kitchens sold 126 136 (7)%
Average Sale Value GBP25.7k GBP23.1k +11%
Number of bedrooms sold 25 25 -
Average Sale Value GBP5k GBP4.6k +7%
Store Investment
The first half year has seen further investment into the showroom portfolio, as the simplicity of our lay-on range continues to grow with renewed appeal. We have installed new displays in our Fulham and Cobham showrooms, together with the further roll out of the contemporary Pure into our Hungerford showroom. It is critical in a competitive retailing environment that the showroom offering remains fresh and inspiring.
The Fitted Wardrobe Collection by John Lewis of Hungerford, was launched in April in our Winchester Showroom and has been very warmly received. We are looking to further showcase this category in several stores, to boost the visibility of the Bedrooms business.
Operational Review
During the first half year we have undertaken a review of the internal processes within the business, which has highlighted several areas which require priority attention. This again relies on the commitment of our staff to embrace and enforce change. Examples of some of the actions being undertaken include: updating the systems operating within the Company, in order to simplify the process between sales and manufacturing. This will assist us in our drive to further improve our customer satisfaction levels from an already high 96%. It will also lead to improved visibility of product costings and range profitability.
In addition, the newly restructured finance department is implementing new reporting processes to provide the Board with greater insight to drive decision making. This will greatly assist the Board to continue to establish opportunities to improve our internal processes, as we embark upon our next programme of growth.
In conclusion, efforts across the business have been redoubled to ensure that the customer experience is paramount in all aspects of our product delivery. From the early engagement with the business, through to a successful conclusion which builds significant referrals, the focus is exclusively on ensuring that the Company delivers on the ambition of our customers to design exceptional and unique home solutions.
Strategic Review
In addition to the operational review, we have commenced work on the previously announced more fundamental review of our strategic positioning. This work has already highlighted areas where we can improve some of the basic customer engagement processes, from the initial marketing, through to an enriched customer experience. Work remains underway and we hope to be in a position to report the conclusions to shareholders by the end of the financial year.
Cash Flow
Cash at bank and in hand at the end of the period was GBP594k (2016: GBP494k), which includes customer deposits and advance payments. Our bank loans at the end of the period were GBP745k (2016: GBP835k) repayable over 10 years. Our overdraft facility of GBP250,000 remained unused throughout the period.
Current Trading
We believe the best measure of current trading to be the aggregate of our dispatched sales and the forward order book, being committed orders for which deposits have been taken. At the end of the period the aggregate of these stood at GBP4.5m (2016: GBP4.5m). This differs from our statutory revenue recognition policy, which is to recognise sales only at the point orders are dispatched.
The second half year is traditionally our stronger trading period and we remain cautiously optimistic that we will achieve sales results broadly in line with the previous year, with a reduced cost and store base. This should return the business to a modest level of profitability for the full year. However, our business remains sensitive to the prevailing market conditions and as such, uncertainty around the election and the Brexit negotiations could still affect consumer confidence. The Board continues to monitor the situation closely and will provide a further update to shareholders in due course.
Board Changes
The Board would like to take this opportunity to acknowledge the great contribution John Lewis has made to the Company over the last 45 years. John steps down from the Board after a long and notable career serving the business which he founded back in 1972. The staff and the management team would like to thank John for his many years of devoted service and dedication to the business. He has guided the business through years of success and many challenges and always remained steadfast in his support of the team at the helm. His creative talents are many and have helped to build a strong and universally loved brand, which customers and employees alike, have always enjoyed being a part of. We all wish him well and thank him most sincerely.
The Directors expect to announce further Board appointments in due course and will update shareholders at the appropriate time.
Kiran Noonan Gary O'Brien
Chief Executive Officer Non-Executive Chairman
Enquiries:
John Lewis of Hungerford plc 01235 774300
Gary O'Brien, Chairman
Smith & Williamson Corporate Finance Limited
0117 376
Martyn Fraser 2213
0207 131
Katy Birkin 4000
INCOME STATEMENT
FOR THE SIX MONTHSED
28 FEBRUARY 2017
Audited
Year
Unaudited 6 ended
months ended
28 February 29 February 31 August
2017 2016 2016
GBP'000 GBP'000 GBP'000
Note
Revenue 3,569 3,613 8,180
Cost of sales (1,790) (1,795) (4,114)
Gross profit 1,779 1,818 4,066
Selling and
distribution
costs (208) (258) (478)
Administration
expenses:
Share based - - -
payments
Other (1,679) (1,930) (3,770)
Other non recurring
items
Restructuring Costs (15) (38) (201)
--------------- ------------ ----------
Total (1,694) (1,930) (3,971)
Loss before share
based payments (123) (408) (383)
----------------------- ------ --------------- ------------ ----------
Loss from operations (123) (408) (383)
Finance expenses (21) (22) (33)
Loss before
tax (144) (430) (416)
Taxation - - 16
Loss after
taxation (144) (430) (400)
=============== ============ ==========
Loss per share
Basic (0.08)p (0.23)p (0.21)p
Fully diluted (0.08)p (0.23)p (0.21)p
STATEMENT OF COMPREHENSIVE
INCOME
FOR THE SIX MONTHS ENDED
28 FEBRUARY 2017
Audited
Year
Unaudited 6 ended
months ended
28 February 29 February 31 August
2017 2016 2016
GBP'000 GBP'000 GBP'000
Loss for the
period (144) (430) (400)
Total Comprehensive
Income (144) (430) (400)
============ ============ ==========
BALANCE SHEET
AS AT 28 FEBRUARY
2017
Unaudited Unaudited Audited
28 February 29 February 31 August
2017 2016 2016
GBP'000 GBP'000 GBP'000
Non-Current
Assets
Intangible
assets 67 86 75
Tangible assets 2,443 2,782 2,590
Trade and other
receivables 57 57 57
------------ ----------
2,567 2,925 2,722
------------ ------------ ----------
Current assets
Inventories 185 195 212
Trade and other
receivables 411 362 362
Cash and cash
equivalents 594 496 1,107
------------ ------------ ----------
1,190 1,053 1,681
Current liabilities (1,722) (1,718) (2,182)
Net current
liabilities (532) (665) (501)
Total assets
less current
liabilities 2,035 2,260 2,221
Non-current
liabilities (651) (746) (693)
Provisions
for liabilities
and charges - (16) -
Net Assets 1,384 1,498 1,528
============ ============ ==========
Equity
Share capital 187 187 187
Other reserves 1 1 1
Share premium
account 1,188 1,188 1,188
Retained Earnings 8 122 152
Total Equity 1,384 1,498 1,528
============ ============ ==========
STATEMENT OF CHANGES IN EQUITY
FOR THE SIX MONTHS ENDED 28 FEBRUARY
2017
Share Share Other Retained
Capital Premium Reserves Earnings Total
---------------------- -------- -------- --------- --------- --------
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
At 31 August 2015
(Audited) 187 1,188 1 552 1,928
Loss for the period - - - (430) (430)
---------------------- -------- -------- --------- --------- --------
At 28 February
2016 (Unaudited) 187 1,188 1 122 1,498
Profit for the
period - - - 30 30
Share based payments - - - - -
---------------------- -------- -------- --------- --------- --------
At 31 August 2016
(Audited) 187 1,188 1 152 1,528
Loss for the period - - - (144) (144)
Share based payments - - - - -
At 29 February
2017 (Unaudited) 187 1,188 1 8 1,384
====================== ======== ======== ========= ========= ========
STATEMENT OF CASH
FLOWS
FOR THE SIX MONTHS ENDED
28 FEBRUARY 2017
Unaudited Unaudited Audited
6 months 6 months Year
ended ended ended
28 February 29 February 31 August
2017 2016 2016
GBP'000 GBP'000 GBP'000
Loss from operations (123) (408) (383)
Depreciation, impairment
and amortisation 130 131 342
Share based - - -
payments
(Increase) / Decrease
in inventories 27 (5) (22)
(Increase) / Decrease
in receivables (49) (55) (55)
Increase / (Decrease)
in payables (339) (176) 144
(Profit) / loss on
disposal of property
plant and equipment 93 1 2
Increase / (Decrease)
in provisions (123) - 123
Net cash from operating
activities (384) (512) 151
Cash flows from
financing activities (61) (74) (118)
Cash flows from
investing activities (68) (124) (132)
Net decrease in cash
and cash equivalents (513) (710) (99)
------------ ------------ ----------
Net cash and cash equivalents
at the start of the
period 1,107 1,206 1,206
Net cash and cash equivalents
at the end of the period 594 496 1,107
============ ============ ==========
NOTES:
1. This interim financial statement has been prepared
on the basis of accounting policies adopted by
the Company and set out in the annual report and
accounts for the year ended 31 August 2016. The
Company does not anticipate any change in these
accounting policies for the year ended 31 August
2017. As permitted, this interim report has been
prepared in accordance with the AIM Rules and not
in accordance with IAS 34 "Interim financial reporting".
2. Basic and fully diluted loss per ordinary
share is calculated as follows:
6 months 6 months Year
ended ended ended
28 February 29 February 31 August
2017 2016 2016
Profit / (loss) attributable
to ordinary shareholders
(GBP'000) (144) (430) (400)
Weighted average number
of shares in issue 186,745,519 186,745,519 186,745,519
------------ ------------ ------------
Shares used to calculate
diluted earnings per
share 186,745,519 186,745,519 186,745,519
Basic earnings per
ordinary share (pence) (0.08)p (0.23)p (0.21)p
Diluted earnings per
ordinary share (pence) (0.08)p (0.23)p (0.21)p
At 28th February 2017 the basic and diluted loss
per share is the same, as the vesting of share
option awards would reduce the loss per share and
is, therefore, anti-dilutive.
3. Copies of the 2017 interim accounts will be
available to shareholders on the Company's website
www.john-lewis.co.uk
This announcement is inside information for the purposes of Article 7 of Regulation 596/2014.
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR BRGDUSGGBGRS
(END) Dow Jones Newswires
May 05, 2017 02:00 ET (06:00 GMT)
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