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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
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Kesa Elect. | LSE:KESA | London | Ordinary Share | GB0033040113 | ORD EUR0.30 |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
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0.00 | 0.00% | 42.75 | - | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
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25/11/2004 12:55 | LONDON (AFX) - Third-quarter data from Kesa Electricals PLC, the Anglo-French retail group spun off from Kingfisher PLC last year, has confirmed that 'big-ticket' expenditure on the UK high street is under pressure. In the three months to Oct 31 the group's 249-outlet Comet chain, which sells everything electrical from fridges to flat-screen TVs, delivered like-for-like sales growth of 3.3 pct, down from 4.6 pct in the first half to July 31. Kesa noted that consumer spending slowed down throughout the latter half of the third-quarter period. Its update came a week after rival Dixons Group PLC warned sales growth had slowed in the early weeks of November and said it was cautious about Christmas trading. Dixons also noted a recent outbreak of UK price competition in response to weakening big-ticket demand, pointing the finger at GUS PLC's Argos. Across the English Channel sales growth also slowed at Kesa's Darty chain. Like-for-like growth was up 1.1 pct, down from 4.6 pct in the first half. The retailer blamed the shortfall on strong heatwave-driven comparatives with August last year and subdued sales in September due to a slower 'Back to School' trading period. But it noted an improving sales trend throughout October. Kesa drew encouragement from the third-quarter performance of BUT, its other French chain. Although like-for-like sales were down 0.5 pct this represented an improvement from down 2.8 pct in the first six months. Like-for-like sales for Kesa's 'other' businesses -- Vanden Borre, BCC and Datart, grew 4.1 pct in the third quarter. The group's total sales increased 2.8 pct to 949.7 mln stg. On a local currency basis they were up 5.2 pct. "Given the strength of last year's comparatives, the group's sales in this quarter were solid, particularly in the newer technologies such as digital cameras, flat-screen TVs and multi-media," maintained chief executive Jean-Noel Labroue. "Although the important peak trading period of December and January is still ahead of us, we remain confident that overall the group is well placed to deliver satisfactory results at the year end." However, brokers edged down profit forecasts. Evolution Securities cut its year to end-April 2005 profit before taxation and exceptional items forecast from 194 mln stg to 190 mln stg, while Merrill Lynch reduced its forecast for the following year by 2.5 mln stg to 215 mln stg. The retailer will publish its next trading update on Jan 20. At 12.07 pm shares in the retailer, which debuted at 192 pence in July 2003, were up 4 pence at 276, giving a market capitalisation of 1.46 bln stg. james.davey@afxnews. jdd/ak | maywillow | |
18/11/2004 17:15 | 4:01pm (UK) Christmas Reprieve for Extended Warranties Reform By Graham Hiscott, PA Consumer Affairs Correspondent Retailers have convinced ministers to delay reform of the extended warranties market on electrical goods until after Christmas. The Department of Trade and Industry (DTI) has also agreed to drop clauses relating to the sale of policies following lobbying by the industry. In July this year the DTI published proposals to shake-up the £900 million a year market for extended warranties on households electrical items. Consumer minister Gerry Sutcliffe said at the time: "Recognising the importance of the Christmas period for warranty sales, we intend to introduce the necessary changes by the end of November." The DTI has now agreed to postpone implementing the reforms until next March following consultation with retailers. The new regulations will force shops to show the price of the extended warranty alongside the electrical goods, in store and in adverts. Consumers will be given information about their statutory rights and cancellation rights and a 45-day cooling-off period in which to cancel. In addition, those who do not buy the policy immediately will have up to 30 days to take it up, including any discounts. But the DTI has agreed to drop a clause that required retailers to give the price of the extended warranty "similar prominence" to the price of the electrical product. Businesses argued that displaying the two prices same size could confuse consumers and that prices should be "clearly legible" instead. Retailers will do no longer have to give a leaflet to help guide customers before buying a warranty either. The DTI said many of the changes it proposed had already been adopted by major retail chains. A consultation on the new changes will last until December 20. Mr Sutcliffe said today: "Our proposals have been largely welcomed by businesses but there was concern about the speed of making these reforms before Christmas. "While it is important to protect consumers, we have no desire to place unnecessary burdens on retailers, especially as many already have the proposed changes in place, which is why we have decided to delay implementation until next year." But Tim Young, from the consumer organisation Which?, said: "Retailers have been ripping off their customers through overpriced warranties for far too long already. "The DTI's decision to delay legislation until after the busiest shopping period of the year means it's the retailers who'll be celebrating this Christmas yet again. "Patricia Hewitt announced these rules before last Christmas, so the idea that implementing them a year later will place too much of a burden on retailers is nonsense. "The DTI shouldn't be so tardy and the industry shouldn't be so cynical." Warranty Direct, which sells warranties direct, said today's changes "plunged consumers into uncertainty and confusion". Duncan McClure Fisher, managing director of Warranty Direct, said: "This consultation once again dilutes the protection the consumer was originally offered." A report from the Competition Commission in December last year found high street chains guilty of charging excessive prices for extended warranties on household electrical products. It said policies were up to a third more expensive because the current market favours the retailer. Trade and Industry Secretary Patricia Hewitt backed the Competition Commission's proposals. The report found 80% of policies taken out at the point of sale were supplied by five retailers in the UK the Dixons Group (including Dixons, Currys, PC World and The Link), Comet, Powerhouse, Littlewoods and Argos. The three electrical retailers made typical profit margins of between 8.1% and 9.1% on most products yet for warranties the figure was between 28.3% and 33.6%, it said. The investigation into extended warranty was started by the Office of Fair Trading in October 2001 and referred to the Competition Commission in July 2002. | waldron | |
17/11/2004 12:41 | LONDON (AFX) - Dixons Group PLC added to gloom on the high street with news that sales growth over the last couple of weeks has slowed and cautious comments on the outlook for 'big ticket' expenditure in the run-up to the crucial Christmas period. The downbeat assessment on second half trading offset a solid set of first half sales figures, sending shares in Dixons 6 pct lower. It adds to emerging signs of slowing consumer spending in the UK -- a gloomy October report from the British Retail Consortium, anaemic recent weekly data from John Lewis' department stores and yesterday's profit warning from fashion retailer French Connection PLC and caution from luxury brand Burberry Group PLC. Shares in other general retailers exposed to UK electricals and bigger ticket durables were also under pressure -- GUS PLC, which owns Argos, Kingfisher PLC, which owns B&Q, and Kesa PLC, which owns Comet, were all sporting losses. "Business performance in the year to date has been satisfactory," said Dixons chief executive John Clare. "However, the rate of sales growth has slowed in recent weeks and we are cautious about the outlook for consumer expenditure on high-ticket discretionary purchases across the balance of the year, particularly in the UK." Clare noted that as always, Dixons' full year (to end-April 2005) performance will be significantly affected by trading over the important Christmas trading period. "We are confident in our plans for Christmas and we are prepared for an aggressive trading environment," he said. Dixons' total group retail sales rose 9 pct in the 28 weeks to Nov 13 and grew by 5 pct on a like-for-like basis, which strips out new space. Gross margins across the group were 0.7 percentage points lower than last year, having been down 0.4 points after 18 weeks -- implying a 120 basis points decline in margins over the last 10 weeks. Dixons attributed the margin fall to a higher level of business to business sales, lower credit commissions, and product mix changes. Analysts said Clare was "very gloomy" on the conference call about pricing pressure in the UK and gross margin prospects. They said the CEO pointed to a recent outbreak of UK price competition in response to weakening big-ticket demand. UK sales were up 6 pct on a like-for-like basis. Within this, like-for-like sales were up 9 pct at Currys, 3 pct at PC World, 3 pct at the Dixons chain and 8 pct at The Link. Analysts noted that UK like-for-like sales had been up 7 pct after 18 weeks (reported Sept 8), implying sales growth of around 4 pct in the last 10 weeks. They reckon like-for-like sales at PC World, the biggest ticket retailer in the group, were flat over the last 10 weeks. They pointed out the decline in growth has come despite a 10 pct increase in advertising expenditure and noted that comparatives get much tougher from here with like-for-like sales up 4 pct in the second half last year. International sales in sterling, which included eight weeks of trading from Greek retailer Kotsovolos, grew 14 pct in the first half, and 1 pct on a like-for-like basis. In local currencies, sales grew 19 pct. Like-for-like sales were up 2 pct at Elkjop (Scandinavia), down 2 pct at UniEuro (Italy), and up 6 pct in Ireland. Across the group, costs as a percentage of sales improved 0.5 pct. "Management's cautious commentary confirms the slowdown in sales momentum highlighted elsewhere," noted Citigroup Smith Barney. "As a result, downside risks to forecasts now look to be a serious issue for the shares." The US broker downgraded its recommendation to 'hold' from 'buy' and cut its target price to 170 pence from 190 pence. It reckons brokers' year to end-April 2005 pretax profit consensus will fall by around 15 mln stg to about 345 mln stg, versus 332 mln stg last year. Meanwhile Panmure Gordon downgraded its stance to 'sell' from 'hold', Teather & Greenwood shifted to 'hold' from 'buy' and Evolution Securities cut to 'weak add' from 'buy'. At 12.00 midday Dixons shares were down 9-1/4 pence at 157-1/2 pence, valuing the group at 3.03 bln stg. james.davey@afxnews. jdd/ra | grupo guitarlumber | |
07/11/2004 16:10 | its always tough at the top | waldron | |
07/11/2004 14:18 | I can see this reaching new highs soon - could be lonely up there by myself. RT | billdaly | |
02/11/2004 23:17 | Moving up nicely today - why so little interest in this stock? RT | billdaly | |
01/11/2004 15:53 | 3.1m O buy - £8.5m trade what is going on? The start of an MBO??? | rex taurus | |
26/10/2004 08:24 | Comet owner leaves bid trail Neil Hume Tuesday October 26, 2004 The Guardian Could there be something corporate on the cards at Kesa, Europe's number three electrical retailer? That is what City professionals were wondering yesterday as the owner of Comet chalked up its fifth consecutive session of gains. Since hitting an eight-month low of 262p last Tuesday, Kesa has risen 4.5% - a move which has fuelled speculation that the company, spun out of Kingfisher in July 2003, might soon be on the receiving end of a takeover approach. There seems to be a consensus among brokers that Kesa is cheap. Having underperformed the market by 13% over the past three months, Kesa trades on a prospective price to earnings ratio of just 10 - a 20% discount to its sector. Indeed, last week Swiss investment bank UBS, the company's joint broker, upgraded its rating on Kesa to buy, citing valuation. UBS also noted that Kesa, which makes most of its money in France through its BUT and Darty chains, could be a takeover target for a private equity firm. Noting that Kesa's chief executive, Jean-Noel Labroue, was involved in the buyout of BUT in the late 1980s, UBS said the company's management team - with venture capital backing - could take advantage of Kesa's poor valuation and strong cashflow to launch an offer. Bucking the weak market trend, Kesa shares closed 1.75p higher at 273.75p. | ariane | |
22/10/2004 07:07 | Q3 Trading Statement 2004/5 25 November | waldron | |
22/10/2004 07:06 | Market Position Stores m sq of selling space Employees Darty No. 1 in France 200 250,800 11,236 Comet No. 2 in the UK 250 243,300 10,637 BUT No. 2 in France for furniture 102* 315,800* 3,981* BCC Leading player in Netherlands 34 41,000 930 VandenBorre No. 1 in Belgium 51 43,200 712 Datart No. 1 in the Czech Republic/Slovakia 22 25,000 816 * Excluding franchises As at 31st January 2004 | waldron | |
22/10/2004 07:03 | LONDON, October 21 (newratings.com) - Analyst Andrew Hughes of UBS upgrades Kesa (KE4.ETR) from "neutral" to "buy." The target price is set to 310p. | waldron | |
22/7/2004 08:13 | LONDON (AFX) - Kesa Electricals plc said it expects results for the first half to be ahead of last year despite sterling strength and extra demerger costs. Kesa said UK sales in the 24 weeks to July 17 were up 7.8 pct and up 5.5 pct on a like-for-like basis. Darty sales in the same period were up 6.7 pct to 911.5 mln eur, up 4.9 pct like-for-like. Sales from BUT were up 6.9 pct to 316.4 mln eur. The group said growth has principally been in digital products, flat-screen TVs and multimedia, in contrast to the decline in traditional analogue products. BUT is estimated to have increased its share of the declining furniture market, with total store turnover in local currency growing by 2.3 pct, although down 3.2 pct on a like for like basis. Turnover at BCC, Vanden Borre and Datart grew by 15.3 pct in local currency and 9.9 pct on a like for like basis. Chief executive Jean-Noel Labroue said that, to date, turnover in the second quarter has confirmed the encouraging start to the year. However, he said the on-going weakness of the French furniture market has meant that the performance of the BUT stores continues to be disappointing, and the group is focussed on mitigating this trend during the second half. Despite the strengthening of sterling against the euro and the impact of the additional central costs arising from the demerger, the group anticipates that overall it will deliver half-year results ahead of last year. newsdesk@afxnews.com slm/ | grupo guitarlumber | |
08/7/2004 07:32 | RNS Number:6222A Dixons Group PLC 08 July 2004 PR 41/2004 For release after 07.00 hours BST 8 July 2004 DIXONS GROUP AGREES TO ACQUIRE CONTROLLING STAKE IN P KOTSOVOLOS SA Dixons Group plc, Europe's leading electrical retailer, announces today that it has agreed to acquire 38.7% of the issued share capital of P Kotsovolos SA ("Kotsovolos"), the leading electrical retailer in Greece, for cash consideration of Euro53.7 million. This equates to Euro6.50 per share, which represents a 28% premium over the last month's average trading price. This purchase (the "Acquisition") will take Dixons Group's stake in Kotsovolos from 13.6% of the issued share capital to a controlling 52.3% stake. Kotsovolos trades in Greece under the Kotsovolos, Radio Athinai and One Way brands. The acquisition of Kotsovolos adds a complementary business with growth potential to the Dixons Group. Dixons Group will purchase these shares from Fourlis Holding SA and Fourlis Trade SA (together "Fourlis") and Paravalos Marinos Group SA. For a transitional period, Fourlis will retain a 20% stake in Kotsovolos, which (i) Dixons Group will have the right to acquire after five years, and (ii) Fourlis will have the right to sell to Dixons Group only in two equal tranches after two and four years respectively. The Acquisition is subject to certain conditions, including clearance by the relevant competition authorities. Following completion of the Acquisition, Dixons Group will be required to make a mandatory public tender for the remaining shares in Kotsovolos at Euro6.50 per share in cash (the "Offer"), in accordance with Greek regulations. If the offer is accepted in full, the aggregate consideration of the Acquisition and the Offer will be Euro92.2 million. As reported in the most recent audited consolidated financial statements for the year ended 31 December 2003, prepared under Greek generally accepted accounting principles, Kotsovolos' consolidated sales were Euro367.2 million and profit before tax was Euro3.4 million. Net assets at 31 December 2003 were Euro88.9 million. - Ends - More information: Kevin O'Byrne Retail Finance Director 01727 203201 Hamish Thompson Head of Press and PR 01727 203195 Jeremy Darroch Group Finance Director 01727 203201 About Dixons Group plc Dixons Group is Europe's largest specialist retailer of consumer electronics. It has more than 1,350 stores across the UK, the Republic of Ireland, the Nordic countries, France, Spain, Italy, the Czech Republic, and Hungary. It trades as Dixons, Currys, PC World and The Link in the UK and Ireland; Elkjop in the Nordic countries; PC City in Spain, France, Italy and Sweden, and Electro World in the Czech Republic and Hungary. Business to business operations include PC World Business, Genesis Communications and Micro Warehouse. The Group specialises in the sale of high technology consumer electronics, personal computers, domestic appliances, photographic equipment, communication products and related financial and after sales services. This information is provided by RNS The company news service from the London Stock Exchange END ACQKGGGNVRKGDZG Dixons GRP(DXNS) | waldron | |
26/5/2004 10:57 | LONDON (AFX) - Kesa Electricals PLC, the Anglo-French retail group spun-off from Kingfisher PLC last year, said it has made an encouraging start to the year, driven by accelerating sales of new technology products. For the three months to April 30 the group, which operates Darty and BUT in France and Comet in the UK, made turnover of 825.2 mln stg, a rise of 5.2 pct against weak comparatives in the same period last year. On a local currency basis the increase in turnover was 7.4 pct, reflecting the negative impact of translation. "Taken as a whole, the group has performed in line with our expectations," said chief executive Jean-Noel Labroue. Darty saw turnover grow 6.8 pct in local currency or 4.3 pct on a like-for-like basis -- a performance in line with analysts' expectations and which reflected continued growth in sales of multimedia and digital products. In the UK, Comet's turnover increased by 6.5 pct or 4.4 pct like-for-like -- in line with analysts' hopes. The business continued to benefit from its ongoing repositioning of products and ranges. The one area of disappointment in Kesa's statement was the performance of BUT, the home furniture chain. Total turnover at BUT grew 8.4 pct in local currency, mainly due to increases in its direct supply business. Its total store turnover grew by 3.5 pct but was down 3.0 pct on a like-for-like basis compared to analyst expectations of a positive like-for-like outcome. Better performances at Kesa's other businesses, BCC, Vanden Borre, and Datart, saw combined turnover grow 12.5 pct in local currency and 7.4 pct like-for-like. "It has been an encouraging start to the year for sales for the group as a whole, despite a disappointing performance at BUT," said Labroue. "All our businesses have seen an accelerating rise in sales of the new technologies, and as before we are continuing our programme of cost control to reduce the resulting mix effect." Most analysts left year to end-Jan 2005 profit forecasts unchanged. "On balance we believe these figures are consistent with our full year like-for-like (sales growth) estimates of 2 pct for Darty and Comet given the tougher second half comparatives," noted Citigroup Smith Barney. It is forecasting a profit before taxation and exceptional items of 193 mln stg, giving earnings per share of 22.9 pence, up from 179.3 mln stg last time. At 9.49 am Kesa shares, which debuted at 192 pence last July, were up 1-3/4 at 280-1/2 pence, valuing the group at 1.48 bln stg. james.davey@afxnews. jdd/slm/ | grupo guitarlumber | |
26/5/2004 10:05 | Updating to add more details) LONDON (AFX) - Kesa Electricals PLC, the Anglo-French retail group, reported a 5.2 pct rise in first quarter turnover, driven by sales of new technology products. For the three months to April 30, 2004, the electrical goods and furniture retailer's turnover was 825.2 mln stg -- an increase of 5.2 pct or 7.4 pct on a local currency basis. In France, Kesa's Darty electricals chain saw turnover grow 6.8 pct in local currency or 4.3 pct on a like-for-like basis -- a performance in line with analysts' expectations and which was driven by continued growth in multimedia and digital products. In the UK, Comet's turnover increased by 6.5 pct or 4.4 pct like-for-like -- in line with analysts' hopes. The business continued to benefit from its strategic repositioning. Total turnover at BUT, the French home furniture chain, grew 8.4 pct in local currency, mainly due to increases in its direct supply business. Total store turnover grew by 3.5 pct but was down 3.0 pct on a like-for-like basis -- disappointing some analysts who were expecting a positive like-for-like. Better performances at Kesa's other businesses, BCC, Vanden Borre, and Datart, saw combined turnover grow 12.5 pct in local currency and 7.4 pct like-for-like. "It has been an encouraging start to the year for sales for the group as a whole, despite a disappointing performance at BUT," said chief executive Jean-Noel Labroue. "All our businesses have seen an accelerating rise in sales of the new technologies, and as before, we are continuing our programme of cost control to reduce the resulting mix effect. Taken as a whole, the group has performed in line with our expectations." Prior to today's statement, analysts were forecasting a year to end-January 2005 profit before tax and exceptional items of around 195-198.5 mln stg versus 179.3 mln stg the last time. At 8.24 am, Kesa shares, which demerged from Kingfisher PLC at 192 pence last July, were up 2-1/2 pence at 280-1/2 pence, valuing the group at 1.49 bln stg. jdd/ra | grupo guitarlumber | |
04/4/2004 12:37 | Dixons Group considering a Europe-wide expansion source: Sunday Express via Citywire. | ariane | |
31/3/2004 19:46 | LONDON, March 31 (New Ratings) - Analyst Philip Mitchell of JP Morgan maintains his "neutral" rating on Kesa (KESA.L). The fair value is set to 290p | waldron | |
31/3/2004 12:13 | LONDON (AFX) - Kesa Electricals PLC, the Anglo-French retail group which demerged from Kingfisher PLC last July, reported full year profits which beat market expectations but warned prospects for its core markets remain uncertain. Pretax profit before goodwill and exceptionals came in at 179.3 mln stg, ahead of analysts' forecasts of 175 mln stg, boosted by a strong performance from the group's Comet chain. Group retail profit (operating profit including share of joint ventures but before exceptionals and goodwill) was 202.7 mln stg, on sales of 3.77 bln stg, up 10.1 pct.. Excluding the increased central costs resulting from the demerger, group retail profit grew by 8.2 pct driven at French chain Darty which showed 1.6pct growth and Comet which achieved 9.5 pct growth. Chairman David Newlands said the group had achieved "satisfactory results" in a year which saw difficult market conditions in all its core markets. In the current year, he said sales for the first two months are in line with the trends seen at the end of the previous year. However, he added that "prospects for a sustained economic recovery in our core markets remain uncertain". Kesa is paying a final dividend of 7.5 pence per share, making a full year payment of 10 pence, in line with forecasts. At 11.10 am, Kesa shares were trading at 267 3/4 pence, up from 5. JP Morgan believes the results show that cost-cutting remains on track, and extended warranty penetration has stabilised. However, the broker keeps a 'neutral' recommendation and 290 pence price target. Merrill Lynch also has a 'neutral' stance. "Until we see top line upgrades in France in particular, we believe investors will continue to question the limitations of Darty's margin maximisation model in what appears to be an increasingly deflationary market," said Merrill Lynch analyst Aymeric Poulain. mps/rn | maywillow | |
31/3/2004 07:39 | LONDON (AFX) - Kesa Electricals PLC year to January 31 2004 Sales - 3.77 bln stg vs 3.42 bln Pretax profit - 178.7 mln stg vs 122.2 mln Pretax profit before interest - 202.1 mln stg vs 178.7 mln EPS - 21.4 pence vs 17.3 Final div - 7.5 pence Total div - 10.0 pence vjt/ | maywillow | |
31/3/2004 07:37 | LONDON (AFX) - Kesa Electricals PLC said sales in the first two months of the current year have been in line with the trends seen in the second half of last year. However, it admitted prospects for a sustained economic recovery in its core markets remain uncertain. "We will make progress through improving our store portfolios, developing further value-added services and continuing to focus on generating cash," said chairman David Newlands. Group retail profit (operating profit including share of joint ventures but before exceptionals and goodwill) was 202.7 mln stg, up 4.9 pct on last year, but down 2.7 pct in constant currency terms. Sales totalled 3.77 bln stg, up 10.1 pct on the previous year or 4 pct in constant currency terms. Earnings per share were 21.4 pence. Kesa said the cash generative nature of the business was demonstrated by an operating cash flow of 296.6 mln stg, compared to 247.4 mln stg for the same period last year. The group has benefited from strong growth in sales of digital audio and visual (cameras, LCD/Plasma televisions, DVD players) and multimedia products, at the expense of the more traditional analogue ranges, with a resultant pressure on product margins. Kesa saidDarty made good progress, growing its overall market share. It said the ongoing programme to manage business efficiencies led to an improvement in its costs to turnover ratio, particularly in the second half. Kesa said Comet's programme of repositioning its product ranges and services with a tight control on costs led to an increase in profitability, despite a decline in extended warranty turnover. It said BUT has mitigated some of the effect of the depressed French furniture market with increased turnover in its direct supply business and electrical products. However, the resulting mix effect on gross margins impacted on profitability. Kesa said the e-businesses at Darty and Comet continued to grow strongly and generated profits throughout the year. The group is paying a final dividend of 7.5 pence, making a full year payment of 10 pence. Kesa demerged from Kingfisher PLC last July. mps/ak | maywillow | |
31/3/2004 07:14 | RNS Number:1404X Kesa Electricals plc 31 March 2004 Preliminary Results for the year ended 31 January 2004 Highlights * Group turnover increased by 10.1% to #3,771.1 million during the period (4.0% in constant currency(1)). *Group retail profit(2) grew by 4.9% to #202.7 million (down 2.7% in constant currency). * Excluding the increased central costs resulting from the demerger, Group retail profit grew by 8.2% (0.4% in constant currency, driven by Darty, +1.6%, and Comet, +9.5%). * The second half results compared to the same period last year, including the increase in central costs, saw Group turnover increase by 11.0% to #2,187.4 million (4.9% in constant currency), and retailprofit by 10.2% to #149.9 million (3.1% in constant currency). * Profit on ordinary activities before interest and taxation, after goodwill amortisation (#3.6 million) and the loss on disposal of fixed assets (#2.7 million) and operating exceptional items (#5.7 million) was #202.1 million, up 13.1%. * Retail operations generated a strong cashflow of #296.6 million, compared to #247.4 million for the same period last year, which enabled net debt to be reduced to #272.0 million. * Earnings per share were 21.4 pence. The Board recommends a final dividend of 7.5 pence per share, making a total dividend for the year of 10.0 pence per share. 1 Constant exchange rate of #1 = Euro 1.44 2 Retail profit equates to operating profit including share of joint ventures and associates and after central costs but before exceptional items and goodwill amortisation. Jean-Noel Labroue, Chief Executive, commented: "We have achieved satisfactory results in a year which saw difficult market conditions in all our core markets. Our strategy as a specialist electrical retailer of driving organic growth together with margin management and strong cost control has led to market share gains and an improved year-on-year retail profit in our all important second half. This progress gives me confidence for the current year". David Newlands, Chairman, commented: "In the seven months since the demerger, the management team have donewell in establishing Kesa Electricals as a leading European electrical retailing group. I am particularly pleased that the strong cash flow has enabled us to reduce debt significantly and allowed continued capital expenditure to fuel organic growth". "In the current year, turnover for the first two months are in line with the trends we noted in the second half of last year. Nevertheless, prospects for a sustained economic recovery in our core markets remain uncertain. We will make progress through improving our store portfolios, developing further value-added services and continuing to focus on generating cash". Enquiries Press: Kesa Electricals plc Annabel Donaldson +44 (0) 20 7269 1400 Guy Lavaud +33 (0) 1 43 18 52 00 Finsbury Alice Macandrew +44 (0) 20 7251 3801 Euro RSCG Laurent Dondey +33 (0) 1 58 47 95 17 Analysts: Kesa Electricals plc MartinReavley +44 (0) 20 7269 1400 Simon Ward +44 (0) 20 7269 1400 There will be a presentation today to analysts and institutions at 10am at UBS, 100 Liverpool Street, London EC2. This announcement is available on the KESA Electricals website: www.kesaelectricals. institutions will also be available on the site at 10am, and recorded for access later in the day. Certain statements made in this announcement are forward looking statements. Such statements are based on current expectations and are subject to a number of risks and uncertainties that could cause actual results to differ materially from any expected future results in forward looking statements GROUP OVERVIEW These are Kesa Electricals plc's first full-year financial results since the demerger from Kingfisher plc on 7 July 2003. Results as reported in sterling Turnover 2003/04 Turnover 2002/03 Change Retail profit(1) 2003/04 Retail profit 2002/03 Change #m #m #m #m Darty 1487.2 1309.7 13.6% 112.3 100.5 11.7% Comet 1444.4 1406.1 2.7% 47.4 43.3 9.5% BUT 536.7 452.9 18.5% 53.7 53.4 0.6% Other* 302.8 255.8 18.4% (0.9) (0.6) - Central - - - (9.8) (3.3) - Total 3771.1 3424.5 10.1% 202.7 193.3 4.9% Euro/# exchange rates of 1.44 (2003/04) and 1.58 (2002/03) *Includes BCC,New Vanden Borre and Datart. Euro/Czech KR exchange rates of 31.85 (2003/04) and 30.82 (2002/03) Results as reported in local currency Turnover 2003/04 Turnover Change Retail profit 2003/04 Retail profit 2002/03 Change m 2002/03 m m m Darty Euro2141.6 Euro2069.3 3.5% Euro161.5 Euro159.1 1.8% Comet #1444.4 #1406.1 2.7% # 47.4 # 43.3 9.5% BUT Euro 772.8 Euro715.6 8.0% Euro77.3 Euro84.4 (8.4)% Other* Euro 435.7 Euro404.9 7.6% Euro(1.3) Euro(0.9) - Central - - - #(9.8) #(3.3) - Total - - 4.0% - - (2.7)% Financial Highlights Group turnover was #3,771.1 million, up 10.1% on last year (4.0% in constant currency). Group retail profit(1) was #202.7 million, up 4.9% on last year (down 2.7% in constant currency). Operating exceptional items before taxation were a positive #5.7 million largely relating to the refund of the fine imposed on Darty in 2002 (#10.6 million). After goodwill amortisation (#3.6 million) and the loss on disposal of fixed assets (#2.7 million), profit on ordinary activities before interest and taxation was #202.1 million, up 13.1 %. The net interest charge was #23.4 million, giving profit before tax and after interest of #178.7 million. 1 Retail profit equates to operating profit including share of joint ventures and associates and after central costs but before exceptional items and goodwill amortisation. The cash generative nature of the business was demonstrated by an operating cash flow of #296.6 million, compared to #247.4 million for the same period last year. This was achieved by increased operating profit and improved working capital management. Net capital expenditure was #79.6 million (#87.8 million for the previous year), which principally included investment in new stores, refurbishments and warehousing facilities. Net debt was reduced by #96.0 million to #272.0 million. Net assets have grown from #230.5 million to #323.2 million. Basic and diluted earnings per share were 21.4 pence. The Board recommends a final dividend of 7.5 pence per share, making a total dividend for the year of 10.0 pence per share, representing 2.1 times earnings cover. Trading The Group has benefited from strong growth in turnover of digital audio and visual (cameras, LCD/Plasma televisions, DVD players) andmultimedia products, at the expense of the more traditional analogue ranges, with a resultant pressure on product margins. Turnover of the Group's core white categories remained stable. Darty made good progress, growing its overall market share with a good performance in grey goods and digital products. The on-going programme to manage business efficiencies led to an improvement in its costs to turnover ratio, particularly in the second half. Comet's programme of repositioning its productranges and services with a tight control on costs led to an increase in profitability, despite a decline in extended warranty turnover. BUT has mitigated some of the effect of the depressed French furniture market with increased turnover in its direct supply business and electrical products. However, the resulting mix effect on gross margins impacted on profitability. The e-businesses at Darty and Comet continued to grow strongly and generated profits throughout the year. Outlook Turnover for the first two months of the year are in line with the trends observed in the second half of last year. Nevertheless, prospects for a sustained economic recovery in our core markets remain uncertain. In the year ahead we will make progress through improving our store portfolios, developing further value-added services and continuing to focus on generating cash. | maywillow | |
31/3/2004 07:14 | RNS Number:1404X Kesa Electricals plc 31 March 2004 Preliminary Results for the year ended 31 January 2004 Highlights * Group turnover increased by 10.1% to #3,771.1 million during the period (4.0% in constant currency(1)). *Group retail profit(2) grew by 4.9% to #202.7 million (down 2.7% in constant currency). * Excluding the increased central costs resulting from the demerger, Group retail profit grew by 8.2% (0.4% in constant currency, driven by Darty, +1.6%, and Comet, +9.5%). * The second half results compared to the same period last year, including the increase in central costs, saw Group turnover increase by 11.0% to #2,187.4 million (4.9% in constant currency), and retailprofit by 10.2% to #149.9 million (3.1% in constant currency). * Profit on ordinary activities before interest and taxation, after goodwill amortisation (#3.6 million) and the loss on disposal of fixed assets (#2.7 million) and operating exceptional items (#5.7 million) was #202.1 million, up 13.1%. * Retail operations generated a strong cashflow of #296.6 million, compared to #247.4 million for the same period last year, which enabled net debt to be reduced to #272.0 million. * Earnings per share were 21.4 pence. The Board recommends a final dividend of 7.5 pence per share, making a total dividend for the year of 10.0 pence per share. 1 Constant exchange rate of #1 = Euro 1.44 2 Retail profit equates to operating profit including share of joint ventures and associates and after central costs but before exceptional items and goodwill amortisation. Jean-Noel Labroue, Chief Executive, commented: "We have achieved satisfactory results in a year which saw difficult market conditions in all our core markets. Our strategy as a specialist electrical retailer of driving organic growth together with margin management and strong cost control has led to market share gains and an improved year-on-year retail profit in our all important second half. This progress gives me confidence for the current year". David Newlands, Chairman, commented: "In the seven months since the demerger, the management team have donewell in establishing Kesa Electricals as a leading European electrical retailing group. I am particularly pleased that the strong cash flow has enabled us to reduce debt significantly and allowed continued capital expenditure to fuel organic growth". "In the current year, turnover for the first two months are in line with the trends we noted in the second half of last year. Nevertheless, prospects for a sustained economic recovery in our core markets remain uncertain. We will make progress through improving our store portfolios, developing further value-added services and continuing to focus on generating cash". Enquiries Press: Kesa Electricals plc Annabel Donaldson +44 (0) 20 7269 1400 Guy Lavaud +33 (0) 1 43 18 52 00 Finsbury Alice Macandrew +44 (0) 20 7251 3801 Euro RSCG Laurent Dondey +33 (0) 1 58 47 95 17 Analysts: Kesa Electricals plc MartinReavley +44 (0) 20 7269 1400 Simon Ward +44 (0) 20 7269 1400 There will be a presentation today to analysts and institutions at 10am at UBS, 100 Liverpool Street, London EC2. This announcement is available on the KESA Electricals website: www.kesaelectricals. institutions will also be available on the site at 10am, and recorded for access later in the day. Certain statements made in this announcement are forward looking statements. Such statements are based on current expectations and are subject to a number of risks and uncertainties that could cause actual results to differ materially from any expected future results in forward looking statements GROUP OVERVIEW These are Kesa Electricals plc's first full-year financial results since the demerger from Kingfisher plc on 7 July 2003. Results as reported in sterling Turnover 2003/04 Turnover 2002/03 Change Retail profit(1) 2003/04 Retail profit 2002/03 Change #m #m #m #m Darty 1487.2 1309.7 13.6% 112.3 100.5 11.7% Comet 1444.4 1406.1 2.7% 47.4 43.3 9.5% BUT 536.7 452.9 18.5% 53.7 53.4 0.6% Other* 302.8 255.8 18.4% (0.9) (0.6) - Central - - - (9.8) (3.3) - Total 3771.1 3424.5 10.1% 202.7 193.3 4.9% Euro/# exchange rates of 1.44 (2003/04) and 1.58 (2002/03) *Includes BCC,New Vanden Borre and Datart. Euro/Czech KR exchange rates of 31.85 (2003/04) and 30.82 (2002/03) Results as reported in local currency Turnover 2003/04 Turnover Change Retail profit 2003/04 Retail profit 2002/03 Change m 2002/03 m m m Darty Euro2141.6 Euro2069.3 3.5% Euro161.5 Euro159.1 1.8% Comet #1444.4 #1406.1 2.7% # 47.4 # 43.3 9.5% BUT Euro 772.8 Euro715.6 8.0% Euro77.3 Euro84.4 (8.4)% Other* Euro 435.7 Euro404.9 7.6% Euro(1.3) Euro(0.9) - Central - - - #(9.8) #(3.3) - Total - - 4.0% - - (2.7)% Financial Highlights Group turnover was #3,771.1 million, up 10.1% on last year (4.0% in constant currency). Group retail profit(1) was #202.7 million, up 4.9% on last year (down 2.7% in constant currency). Operating exceptional items before taxation were a positive #5.7 million largely relating to the refund of the fine imposed on Darty in 2002 (#10.6 million). After goodwill amortisation (#3.6 million) and the loss on disposal of fixed assets (#2.7 million), profit on ordinary activities before interest and taxation was #202.1 million, up 13.1 %. The net interest charge was #23.4 million, giving profit before tax and after interest of #178.7 million. 1 Retail profit equates to operating profit including share of joint ventures and associates and after central costs but before exceptional items and goodwill amortisation. The cash generative nature of the business was demonstrated by an operating cash flow of #296.6 million, compared to #247.4 million for the same period last year. This was achieved by increased operating profit and improved working capital management. Net capital expenditure was #79.6 million (#87.8 million for the previous year), which principally included investment in new stores, refurbishments and warehousing facilities. Net debt was reduced by #96.0 million to #272.0 million. Net assets have grown from #230.5 million to #323.2 million. Basic and diluted earnings per share were 21.4 pence. The Board recommends a final dividend of 7.5 pence per share, making a total dividend for the year of 10.0 pence per share, representing 2.1 times earnings cover. Trading The Group has benefited from strong growth in turnover of digital audio and visual (cameras, LCD/Plasma televisions, DVD players) andmultimedia products, at the expense of the more traditional analogue ranges, with a resultant pressure on product margins. Turnover of the Group's core white categories remained stable. Darty made good progress, growing its overall market share with a good performance in grey goods and digital products. The on-going programme to manage business efficiencies led to an improvement in its costs to turnover ratio, particularly in the second half. Comet's programme of repositioning its productranges and services with a tight control on costs led to an increase in profitability, despite a decline in extended warranty turnover. BUT has mitigated some of the effect of the depressed French furniture market with increased turnover in its direct supply business and electrical products. However, the resulting mix effect on gross margins impacted on profitability. The e-businesses at Darty and Comet continued to grow strongly and generated profits throughout the year. Outlook Turnover for the first two months of the year are in line with the trends observed in the second half of last year. Nevertheless, prospects for a sustained economic recovery in our core markets remain uncertain. In the year ahead we will make progress through improving our store portfolios, developing further value-added services and continuing to focus on generating cash. | maywillow |
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