We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Marwyn Mgmt | LSE:MMP | London | Ordinary Share | GB00B4NF3F57 | ORD 1P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 2.125 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMMMP
RNS Number : 4708A
Marwyn Management Partners PLC
29 September 2015
Marwyn Management Partners plc ("MMP" or "the Company")
Results for the 6 month period to 30 June 2015
The Board of MMP releases below the results for the period from 1 January to 30 June 2015.
Chairman's Statement
I am pleased to present the unaudited interim results for Marwyn Management Partners plc (the "Company" or "MMP") for the six months ended 30 June 2015.
Operating update
Year to date sales, on a like-for-like basis, are approximately flat on prior year, taking into account the strategic decision to exit non-core product categories such as clothing and shoes and in addition the continued rationalisation of low margin points of sale in France. Total Le Chameau revenue for the period was GBP5.0m (EUR6.5m) compared with GBP6.1m (EUR7.2m) during the comparable period in 2014.
Consolidated operating loss for the period was GBP3.4 million. At 30 June 2015, the Group's consolidated net assets were GBP18.1 million and consolidated net cash was GBP10.1 million.
Le Chameau remains the only operating subsidiary of the MMP business. On the 3 March 2015, MMP raised GBP11.65m, GBP10.0m of which was set aside to fund the 5 Year Plan of Le Chameau, details of which were set out in the announcement on the 12 February 2015. During the 6 month period to the end of June 2015, an initial phase of investment in key areas of the business has commenced:
-- The implementation of a new IT (ERP) system has begun and remains on track for delivery in Q1 2016. The system will provide alignment between each area of the business (sourcing, logistics, sales and finance) and is required in order for the business to achieve greater scale
-- The implementation of an omni-channel sales strategy has been initiated with the termination of the UK distributor agreement and the recruitment of a direct sales team in that territory
-- Investment continues in product development with boot products aimed at existing and new customer segments expected to launch in 2016
Principal risks and uncertainties
The principal risks and uncertainties that affect the Group are described on pages 6 and 7 of the Group's Report and Consolidated Financial Statements for the year ended 31 December 2014. These are still considered the most relevant risks and uncertainties which the Group faces and they could have an impact on the Group's performance in the second half of the financial year.
Outlook
Le Chameau remains on track with the implementation of its 5 Year Plan, and we firmly believe MMP's investment in Le Chameau will deliver long term value for shareholders.
Robert Ware
Chairman
29 September 2015
MARWYN MANAGEMENT PARTNERS PLC
Consolidated Income Statement (unaudited)
For the 6 month period to 30 June 2015
1 January 2015 to 30 June 2015 1 January 2014 to 30 June 2014 (unaudited) Year to 31 December 2014 (unaudited) (audited) Note GBP'000 GBP'000 GBP'000 ------------------------------------------------ --- ----- -------------------------------- --------------------------------------------- -------------------------- Continuing operations Revenue 5,006 6,107 18,442 Cost of sales (1,636) (2,355) (7,932) -------------------------------- --------------------------------------------- -------------------------- Gross profit 3,370 3,752 10,510 Administration expenses (6,765) (7,294) (15,648) Operating loss 3 (3,395) (3,542) (5,138) Finance revenue 4 - 4 Finance costs (95) (402) (664) -------------------------------- --------------------------------------------- Loss before taxation (3,486) (3,944) (5,798) Taxation - - (381) -------------------------------- --------------------------------------------- -------------------------- Loss after taxation from continuing activities (3,486) (3,944) (6,179) Profit/(loss) from discontinued activities (net of taxation) 140 (2,710) (2,745) Loss for the period (3,346) (6,654) (8,924) Loss for the period attributable to: * Equity holders of the Company (3,050) (6,026) (8,200) * Non-controlling interests (296) (628) (724) -------------------------------- --------------------------------------------- -------------------------- (3,346) (6,654) (8,924) -------------------------------- --------------------------------------------- -------------------------- Basic and diluted loss per share on continuing operations 5 (0.6p) (6.3p) (2.4p) Basic and diluted loss per share attributable to the owners of the parent 5 (0.5p) (9.6p) (3.2p) Total other comprehensive loss * Exchange differences on translation of foreign operations 198 59 332 * Actuarial (loss) on pension scheme - - (203) * Fair value movements on fuel hedges - - 50 Total other comprehensive loss 198 59 179 -------------------------------- --------------------------------------------- -------------------------- Total comprehensive loss for the period attributable to: * Equity holders of the Company (2,852) (5,967) (7,986) * Non-controlling interests (296) (628) (759) -------------------------------- --------------------------------------------- -------------------------- (3,148) (6,595) (8,745) -------------------------------- --------------------------------------------- --------------------------
MARWYN MANAGEMENT PARTNERS PLC
Consolidated Balance Sheet (unaudited)
(MORE TO FOLLOW) Dow Jones Newswires
September 29, 2015 02:02 ET (06:02 GMT)
As at 30 June 2015
30 June 30 June 31 December 2015 2014 2014 (unaudited) (unaudited) (audited) Note GBP'000 GBP'000 GBP'000 -------------------------------- ----- ------------- --- ------------- --- ------------ ASSETS Goodwill 6 943 1,071 1,046 Other intangible assets 2,043 1,928 1,987 Property, plant and equipment 2,573 3,517 2,984 Other non-current asset 200 216 221 Deferred tax asset - 337 - ------------- ------------- ------------ Total non-current assets 5,759 7,069 6,238 ------------- ------------- ------------ Current Assets Inventories 5,349 5,417 4,251 Trade and other receivables 2,890 4,952 4,962 Cash and cash equivalents 10,450 969 4,176 ------------- ------------- ------------ Total current assets 18,689 11,338 13,389 ------------- ------------- ------------ Total assets 24,448 18,407 19,627 ============= ============= ============ EQUITY AND LIABILITIES Equity Share capital 8 7,557 631 4,732 Share premium 42,016 20,441 33,189 Other reserves (364) (999) (562) Accumulated losses (31,048) (25,656) (27,998) Equity attributable to holders of the parent 18,161 (5,583) 9,361 ------------- ------------- ------------ Non-controlling interests (77) 446 315 ------------- ------------- ------------ Total equity 18,084 (5,137) 9,676 ============= ============= ============ Non-current liabilities Loans and borrowings 7 267 12,855 1,301 Retirement benefit obligations 1,275 1,098 1,406 Deferred tax liabilities 17 19 19 ------------- ------------- Total non-current liabilities 1,559 13,972 2,726 ------------- ------------- ------------ Current liabilities Trade and other payables 4,329 7,531 5,353 Loans and borrowings 7 167 1,788 1,554 Provisions for other liabilities and charges 309 253 318 Total current liabilities 4,805 9,572 7,225 ------------- ------------- ------------ Total liabilities 6,364 23,544 9,951 ============= ============= ============ Total equity and liabilities 24,448 18,407 19,627 ============= ============= ============
The financial statements were approved by the Board of Directors on 29 September 2015 and were signed on its behalf by:
Mark Kirkland
Chief Financial Officer Company number: 7409681
MARWYN MANAGEMENT PARTNERS PLC
Consolidated Statement of Changes in Equity (unaudited)
For the 6 month period ending 30 June 2015
Total amounts attributable to equity Share Share Other Accumulated holders of Non-controlling Total capital premium reserves losses the parent interests equity GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 Loss for the period - - - (3,050) (3,050) (296) (3,346) Other comprehensive income: Currency translation differences - - 198 - 198 - 198 ---------- ---------- -------------- -------------- -------------- ----------------- ---------- Total comprehensive income - - 198 (3,050) (2,852) (296) (3,148) Total equity at 1 January 2015 4,732 33,189 (562) (27,998) 9,361 315 9,676 Acquisition of minority interest - - - - - (96) (96) Shares issued 2,825 8,827 - - 11,652 - 11,652 ---------- ---------- -------------- -------------- -------------- ----------------- ---------- Total equity at 30 June 2015 7,557 42,016 (364) (31,048) 18,161 (77) 18,084 ---------- ---------- -------------- -------------- -------------- ----------------- ----------
For the 6 month period ending 30 June 2014
Total amounts attributable to equity Share Share Other Accumulated holders of Non-controlling Total capital premium reserves losses the parent interests equity GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 Loss for the period - - - (6,026) (6,026) (628) (6,654) Other comprehensive income: Currency translation differences - - (55) - (55) - (55) ---------- ---------- -------------- -------------- -------------- ----------------- ---------- Total comprehensive income - - (55) (6,026) (6,081) (628) (6,709) Total equity at 1 January 2014 631 20,441 (944) (19,630) 498 1,074 1,572 ---------- ---------- -------------- -------------- -------------- ----------------- ---------- Total equity at 30 June 2014 631 20,441 (999) (25,656) (5,583) 446 (5,137) ---------- ---------- -------------- -------------- -------------- ----------------- ----------
For the year to 31 December 2014
Total amounts attributable to equity Share Share Other Accumulated holders Year ended capital premium reserves losses of the Non-controlling Total 31 December GBP'000 GBP'000 GBP'000 GBP'000 parent interests equity 2014 (audited) GBP'000 GBP'000 GBP'000 Loss for the year - - - (8,200) (8,200) (724) (8,924) Other comprehensive income: Currency translation differences - - 332 - 332 - 332
(MORE TO FOLLOW) Dow Jones Newswires
September 29, 2015 02:02 ET (06:02 GMT)
Pension actuarial loss - - - (168) (168) (35) (203) Cash flow hedges, net of tax - - 50 - 50 - 50 Total comprehensive income - - 382 (8,368) (7,968) (759) (8,745) Total equity at 1 January 2014 631 20,441 (944) (19,630) 498 1,074 1,572 Shares issued 4,101 12,748 - - 16,849 - 16,849 Total equity at 31 December 2014 4,732 33,189 (562) (27,998) 9,361 315 9,676 ---------- ---------- ----------- -------------- --------------- ----------------- ----------
The notes form an integral part of the financial information.
MARWYN MANAGEMENT PARTNERS PLC
Consolidated Condensed Cash Flow Statement (unaudited)
For the 6 month period to 30 June 2015
1 January 1 January Year 2015 2014 to 31 to 30 to 30 December June June 2014 2015 2014 (audited) GBP'000 GBP'000 GBP'000 ------------------------------------- ---------- ---------- ----------- Cash flows from operating activities Operating loss (including discontinued operations) (3,395) (6,142) (8,543) Adjustments for: Loss on disposal/impairment of discontinuing operations - 1,340 2,745 Depreciation and amortisation 409 160 678 Write down of intangible assets - - (211) (Increase)/decrease in inventories (1,098) 747 419 Decrease/(increase) in trade and other receivables 2,072 (145) 632 (Decrease)/increase in trade and other payables (1,008) 428 (640) Interest received 4 - 4 Interest paid (95) (42) (571) Cash (outflow)/inflow from operations (3,111) (3,654) (5,487) ========== ========== =========== Cash flow from investing activities Disposal of subsidiaries 140 - (735) Purchase of intangible assets - - (171) Purchase of property, plant and equipment (150) (368) (388) ---------- ---------- ----------- Net cash out flow from investing activities (10) (368) (1,294) ========== ========== =========== Cash flow from financing activities Repayment of borrowings (2,279) (602) - Proceeds from bank loans - - 888 Proceeds from issue of loan - - - notes Repayment of loan notes - - (12,233) Proceeds from issue of ordinary shares 11,652 - 16,849 Proceeds from issue of ordinary 22 - - shares to non-controlling interests Net cash inflow/(outflow) from financing activities 9,395 (602) 5,504 ========== ========== =========== Effect of exchange rate on cash and cash equivalents - - (140) Net (decrease)/increase in cash and cash equivalents 6,274 (4,624) (1,417) Cash and cash equivalents at the start of the period 4,176 5,593 5,593 ---------- ---------- ----------- Cash and cash equivalents at the end of the period 10,450 969 4,176 ========== ========== =========== The amount of undrawn borrowing facilities at 30 June 2015 was GBP0.4 million.
The notes form an integral part of the financial information.
1. Reporting entity
MMP is a company incorporated and domiciled in the UK and listed on the AIM market of the London Stock Exchange plc. The address of the registered office is 11 Buckingham Street, London, WC2N 6DF. The Company is a corporate vehicle launched to pursue acquisition led growth strategies. The Company identifies and works alongside management teams with proven sector expertise to deliver capital value through the execution of its "buy and build" strategies.
2. Accounting policies (a) Basis of preparation
The condensed consolidated unaudited interim financial information of the Group has been prepared in accordance with the Disclosure and Transparency Rules of the Financial Conduct Authority and with IAS 34 'Interim Financial Reporting', as adopted by the European Union. The condensed consolidated interim financial information should be read in conjunction with the Report and Consolidated Financial Statements for the year to 31 December 2014, which were prepared in accordance with International Financial Reporting Standards (IFRS) as adopted by the European Union. The accounting policies used are consistent with those applied in the year to 31 December 2014. The financial information has been prepared on a going concern basis.
(b) Going-concern basis
After a review of the Group's budget for 2015 and 2016, its liquid resources and its medium term plans, the Directors have a reasonable expectation that the Group has adequate resources to continue in operational existence for the foreseeable future and, accordingly, consider that it is appropriate to adopt the going concern basis in preparing these financial statements.
(c) Basis of consolidation
(i) Subsidiaries
The consolidated condensed financial statements comprise the financial information of the Company and its subsidiaries as at 30 June 2015. Subsidiaries are entities controlled by the Company. The financial information of subsidiaries is included in the financial information from the date that control commences until the date that control ceases. In accordance with IAS 27, adjustments for significant transactions that occurred between the dates of the subsidiaries and parent's financial statements have been made where appropriate.
The trading results of companies acquired during the period are accounted for under the purchase method of accounting. All intra-group transactions, balances, income and expenses are eliminated on consolidation. The
accounting policies of subsidiaries are changed when necessary to align them with the policies adopted by the Group. Non-controlling interests are the present ownership interests in subsidiary companies, stated at fair value.
(ii) Goodwill
Goodwill arising on the acquisition of subsidiary undertakings and businesses, representing the excess of the fair value of the consideration given over the fair value of the identifiable assets and liabilities acquired, is capitalised as an intangible asset. At the reporting date, where management's assessment and accounting of the business combination is in the process of being finalised, the carrying amount of the assets, liabilities and goodwill are stated as provisional. The provisional amounts will be finalised within 12 months from the date of acquisition, with appropriate adjustments made to the assets, liabilities and goodwill as prior year adjustments where necessary.
The carrying value of goodwill is tested for impairment at least annually by reference to the relevant cash generating unit (CGU) and is carried at cost less accumulated impairment losses. Any impairment is recognised immediately in the consolidated income statement and is not subsequently reversed.
3. Segment information
The determination of operating segments is based on the business units for which information is reported to the Board. Prior to the sale of MET, the Group had two reportable segments: Transport and Luxury Goods. The Chief Operating Decision Maker is Mark Watts, an Executive Director of the Company, who is responsible for determining the business units for which information is reported to the Board of MMP. The Luxury Goods segment consists of the Le Chameau business. The Central segment records central costs from head office expenditure and functions.
(MORE TO FOLLOW) Dow Jones Newswires
September 29, 2015 02:02 ET (06:02 GMT)
1 Year Marwyn Mgmt Chart |
1 Month Marwyn Mgmt Chart |
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions