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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Mulberry Group Plc | LSE:MUL | London | Ordinary Share | GB0006094303 | ORD 5P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 107.50 | 100.00 | 115.00 | 110.00 | 107.50 | 110.00 | 43 | 08:00:04 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Apparel & Accessories, Nec | 159.13M | 13.24M | 0.2204 | 4.88 | 64.58M |
From Apr 2019 to Apr 2024
TIDMMUL
RNS Number : 4884Y
Mulberry Group PLC
06 December 2017
Mulberry Group plc
Results for the six months ended 30 September 2017
Further Asia expansion, improved margin from reduced markdowns, increase in cash position
Mulberry Group plc ("the Group" or "Mulberry"), the British luxury brand, announces results for the six months ended 30 September 2017.
OPERATING HIGHLIGHTS
-- New venture agreed with Onward Global Fashion Co., Limited ("OGF") to develop the business in Japan, with an initial presence of four stores established in key locations
-- Newly introduced products have continued to gain momentum with the Group's existing and new customers with the Amberley bag becoming an instant bestseller
-- A steady performance has been achieved in the UK with an increase in tourist spending in London
FINANCIAL HIGHLIGHTS
-- Total revenue was GBP74.6 million (2016: GBP74.5 million), with Retail sales up 2% and like-for-like sales down 1%
-- Gross margin increased 248 basis points (up GBP1.9 million) due to full price focus and lower markdown sales
-- The Group's cash balances increased to GBP16.4 million (2016: GBP11.3 million) after higher investment levels
-- Operating performance was in line with last year, with loss before tax of GBP0.6 million (2016: GBP0.5 million)
CURRENT TRADING
-- In Japan, the shareholder agreement was signed and one further store opened, bringing the total to five
-- Retail like-for-like sales up 1% for the 10 weeks to 2 December, with International up 12% and Digital up 9%
THIERRY ANDRETTA, CHIEF EXECUTIVE OFFICER, COMMENTED:
"We are delivering on our strategy to grow Mulberry as a global luxury brand. Our international platform is taking shape and we have seen a successful initial trading period in Japan through our collaboration with OGF.
Our focus on full price sales growth has delivered good results with new designs proving popular with customers. The Amberley bag, launched during June 2017, has already become a bestseller.
We continue to invest in our Somerset factories and have created an Artisan Studio that showcases our distinctive British craftsmanship on special and limited edition products.
We continue to see strong demand from tourists in London and whilst the UK remains uncertain, the Group remains in a strong position to invest in further developing the customer experience in key international markets and enhancing its unique UK design and manufacturing base."
FOR FURTHER DETAILS PLEASE CONTACT:
HEADLAND
Lucy Legh / Emma Ruttle 020 3805 4822
Mulberry Investor Relations
Allegra Perry 020 7605 6795
GCA Altium
Sam Fuller / Tim Richardson 020 7484 4040
Barclays
Nicola Tennent 020 3134 9801
Copies of this Half Year Report are available from the Group's website (www.mulberry.com) and from its registered office, The Rookery, Chilcompton, Bath, BA3 4EH, England
BUSINESS REVIEW
Sales
Total revenue of GBP74.6 million was in line with the prior year (2016: GBP74.5 million) with a focus on full price sales and new products. Retail sales increased, with the UK flat and International showing growth, whilst Wholesale sales decreased, primarily reflecting the acquisition of two stores in North Asia.
1) Product launches
New product launches continued to be a focus during the period, building on the momentum achieved during recent seasons. The Amberley bag, which has become an instant bestseller since its launch during June 2017, introduced the new "Rider's lock" signature.
2) Retail, Digital and Omni-channel enhancement
Retail sales (including Digital) were up 2% to GBP56.6 million for the period (2016: GBP55.4 million) with like-for-like sales down 1%. The UK Retail business saw an increase in tourist spending in London whilst domestic demand slowed. International Retail sales were up 8% with strategic locations showing an encouraging performance on new products whilst portfolio development continues and includes the addition of stores in Hong Kong. Global Digital sales were up 3% to GBP10.7 million for the period (2016: GBP10.4 million), accounting for 14% of Group revenue (2016: 14%).
A focus on full price sales and new products, with lower markdown sales during June and July, has contributed to the increase in gross margin to 61.5% (2016: 59.1%).
The extension of the Omni-channel offering continues to be a key area of focus and investment. During the period, there were several enhancements including the addition of new payment methods.
There were 66 directly operated stores at the end of the period (2016: 67 stores). The main focus during the period was on enhancing and expanding the international store network in Hong Kong, China and Japan:
-- Hong Kong: The store in Harbour City has been relocated and a pop-up store has been opened in IFC.
-- China: A new store in Shanghai Plaza 66 has been opened and the store in Beijing China World will be relocated in early 2018.
3) Selective Wholesale
Wholesale revenue, comprising sales to partner stores and selective multi-brand wholesale accounts, decreased 6% to GBP18.0 million (2016: GBP19.1 million). The franchise store network at the period end had a total of 55 stores in Asia, Europe and the Middle East (2016: 55 stores). Two stores were acquired by Mulberry Asia and transferred from franchise stores to directly operated stores in the Group's own Retail store portfolio.
During the period, Mulberry and OGF have collaborated on the transfer of one existing store to Mulberry Japan and the opening of three stores in Tokyo Ginza, Kyoto and Nagoya. One further store has been opened after the end of the period in Osaka.
Hot Features
Premium
26 weeks 26 weeks Total change Like-for-like**
to 30-Sep to 30- (this year change
2016 (GBP Sep 2017 vs last (this year
million) (GBP million) year) vs last
year)
--------------- ----------- --------------- ------------- ----------------
UK Retail
Sales* 45.0 45.3 +1% -1%
International
Retail
Sales* 10.4 11.3 +8% -3%
Group Retail
Sales 55.4 56.6 +2% -1%
Wholesale
Sales 19.1 18.0 -6% n/a
Group Total
Sales 74.5 74.6 +0% n/a
--------------- ----------- --------------- ------------- ----------------
* Regional splits include Digital sales
** LFL is defined as the year-on-year change in sales from stores which have been trading for 12 months from the store opening date
Financial
Gross margin for the six months to 30 September 2017 increased to 61.5% (2016: 59.1%) due to a focus on full price and lower markdown sales.
Operating expenses (net) for the six months increased to GBP46.6 million (2016: GBP44.6 million) reflecting a higher level of investment in marketing (GBP0.8 million) and the Retail network (GBP1.5 million), which were partly offset by savings elsewhere.
The Group's cash balances increased to GBP16.4 million as at 30 September 2017 (2016: GBP11.3 million). The Group had no debt as at 30 September 2017.
Operating performance was in line with the prior year with a loss before tax of GBP0.6 million (2016: GBP0.5 million).
Capital expenditure for the period was GBP2.1 million, including GBP1.3 million on stores (including Digital), GBP0.4 million on IT systems and GBP0.4 million on factories.
Inventories increased to GBP45.8 million at 30 September 2017 (2016: GBP43.7 million) reflecting the absorption of the Asian businesses and the introduction of new products.
CURRENT TRADING AND OUTLOOK
Sales
Like-for-like Retail sales (including Digital) were up 1% for the 10 weeks to 2 December 2017. In the UK, like-for-like sales were down 1% reflecting a continued increase in tourist spending in London whilst domestic demand has been slower. International like-for-like sales were up by 12% during the 10 week period and continue to show an encouraging response to the new collections.
Retail like-for-like sales Retail total sales
This year vs. last year (%) 26 weeks to 30-Sep 10 weeks to 2-Dec 26 weeks to 30-Sep 10 weeks to 2-Dec
2017 2017 2017 2017
----------------------------- ------------------- ------------------ ------------------- ------------------
UK Retail* -1% -1% +1% 0%
International Retail* -3% +12% +8% +25%
Group Retail total -1% +1% +2% +4%
* Regional splits include Digital sales
Digital sales increased by 3% in the 26 weeks to 30 September 2017 and increased by 9% in the 10 weeks to 2 December 2017
International
The Group will continue to focus on advancing its international development strategy during the current financial year with increased distribution and marketing investments planned.
As announced on 7 July 2017, the Group agreed with OGF to form a new venture to operate the Group's business in Japan. Since the beginning of the financial year, five stores have been established in key locations (Tokyo, Kyoto, Nagoya and Osaka) and enhanced marketing activities have commenced.
Mulberry and OGF signed the shareholder agreement on 4 December 2017 to form a new entity, Mulberry Japan Co. Limited ("Mulberry Japan") and have invested a total of GBP2.8 million (Yen400 million) in equal proportion in the new entity's share capital to provide funds to develop the distribution network and build the brand's presence in Japan. The transfer of assets and stores to Mulberry Japan is expected to be completed by the end of the current financial year. Mulberry Japan is headquartered in Tokyo.
Following the recent completion of legal process in Taiwan, Mulberry Asia acquired one store during October 2017, which has joined the Group's retail store portfolio. The Group anticipates the acquisition of the three China stores by the end of the current financial year. This will reduce the Group's Wholesale revenue and increase Retail revenue during the second half of the financial year.
In Europe and North America, the Group continues to focus on improving productivity in existing stores, with limited new store openings and strategic refinement of the store network, as opportunities arise, coupled with further omni-channel enhancements.
Omni-channel
The Group has introduced further enhancements to its Digital and omni-channel offering and will continue to invest in this area going forward. During the second half of the current financial year, investment continues to focus on further enhancing the customer experience, with recently introduced initiatives including the launch of gift cards in the UK, the ability to make store stock accessible to digital customers, the localisation of other mulberry.com sites in key international markets and the introduction of same day delivery across London and same day click and collect in UK standalone stores. The launch of the first seasonal customer event is planned during February 2018.
Capital expenditure
A new design concept for the Group's stores is being developed. This will lead to increased capital expenditure as it is rolled out. This is expected to commence during 2018.
Capital expenditure for the full year ending 31 March 2018 is expected to be in the region of GBP7.5 million (2017: GBP5.3 million), of which the majority will be on stores.
STRATEGY
The Board's long term objective is to grow Mulberry as a global luxury brand, offering unique and desirable product at the best value for price, and thereby create shareholder value. The Group considers that revenue growth is the key performance indicator with which this goal can be measured.
Product
Innovation and creativity are central to the Group's customer-led product strategy which focuses on anticipating the evolving needs of its existing and aspirational customers. This is supported by the Group's integrated marketing approach which aims to drive engagement and relevance with its customers.
Leather goods are the core commercial focus, with the intention to continue to develop and build on recent strong launches with a continued refinement and enhancement of core and new ranges. This approach includes a steady pace of evolution of key icons as well as the introduction of new signatures. An example of this is the "Rider's lock", which was recently launched as a key feature of the new Amberley bag range.
Over the longer term, the objective is to reinforce Mulberry as a lifestyle brand by strengthening complementary categories to its core leather goods ranges. The key focus categories are footwear, ready-to-wear, soft accessories and jewellery. As part of the initiative to further develop these relatively new categories, the Group will continue to invest in targeted product development and marketing.
Marketing and Brand
Mulberry continues to invest in building the brand globally via a dynamic marketing and communication strategy, aiming to engage with new and loyal customers, whilst enhancing the understanding of the brand in new and emerging markets. The Group aims to engage with customers across all touch points via an integrated marketing approach coupling traditional events and press formats with extensive use of digital, mobile and social media. Digital continues to take the highest share of all media investment.
To reinforce its customer-centric business strategy and enhance the customer experience, the Group recently announced it is evolving the format of its seasonal collection launches. The Group held previews of its Spring Summer 2018 collection to international press and buyers in Paris. The collection will be unveiled during London Fashion Week during February 2018 to offer an instantly shoppable, real-time global consumer experience. The shift will enable the Group to continue to drive engagement and increase relevance with its customers.
The Group continues to develop its Somerset-based customer service operations, including further investment in aftercare and lifetime service.
Retail, Digital and Omni-channel
The Group will continue to strengthen its position in the UK and expand internationally through its omni-channel strategy, with well situated stores complemented by a strong digital presence. The penetration of omni-channel is expected to grow in the UK, Europe and North America, through continued enhancements of the offering. The Group also plans to introduce omni-channel services to newly controlled territories, including China, Hong Kong and Australia.
In the short to medium term, the Group plans to continue to strategically refine and enhance the store network, while focusing upon improving the range of omni-channel services to match rapidly evolving customer buying behaviour.
Operations
The Group continues to invest in its operational capability to maintain a high quality, scalable platform.
The Group's two factories in Somerset manufacture approximately 50% of its bags, reinforcing the authenticity of the Mulberry brand and, at a practical level, contributing to the attainment of high product quality standards. Looking forward, the Group is committed to its "Made in England" strategy and intends to maintain its UK production of handbags at approximately 50%. A specialist Artisan Studio has been created within one of the Somerset factories, showcasing the Group's distinctive British craftsmanship on special and limited edition products.
As part of the strategic goal of best-in-class service to our customers, the Group will continue to invest in IT and Digital infrastructure and orientate organisational structures around the customer.
CONSOLIDATED INCOME STATEMENT
six monthsED 30 september 2017
Note Unaudited six months to 30 Unaudited six months to 30 Audited year ended
September 2017 GBP'000 September 2016 GBP'000 31 March 2017
GBP'000
Revenue 74,576 74,505 168,121
Cost of sales (28,678) (30,506) (64,535)
Gross profit 45,898 43,999 103,586
Operating expenses (46,817) (44,877) (96,961)
Other operating income 245 237 482
Operating (loss)/profit (674) (641) 7,107
Share of results of
associates 60 61 148
Finance income 12 66 295
Finance expense (7) (1) (17)
(Loss)/profit before tax (609) (515) 7,533
Tax credit/(charge) 4 261 173 (2,543)
(Loss)/profit for the period (348) (342) 4,990
Attributable to:
Equity holders of the parent 382 (342) 5,338
Non-controlling interests (730) - (348)
(Loss)/profit for the period (348) (342) 4,990
Basic (loss)/earnings per
share 6 (0.6p) (0.6p) 8.4p
Diluted (loss)/earnings per
share 6 (0.6p) (0.6p) 8.4p
All activities arise from continuing operations.
Reconciliation of adjusted (loss)/profit before tax:
Unaudited six months to 30 Unaudited six months to 30 Audited year ended
September 2017 GBP'000 September 2016 GBP'000 31 March 2017
GBP'000
(Loss)/profit before tax (609) (342) 7,533
Exceptional items:
Impairment relating to retail
assets - - 1,087
Adjusted (loss)/profit before
tax - non-GAAP measure (609) (515) 8,620
Adjusted basic
(loss)/earnings per share 6 (0.6p) (0.6p) 10.2p
Adjusted diluted
(loss)/earnings per share 6 (0.6p) (0.6p) 10.2p
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
six monthsED 30 september 2017
Unaudited six months to 30 Unaudited six months to 30 Audited year ended
September 2017 GBP'000 September 2016 GBP'000 31 March 2017
GBP'000
(Loss)/profit for the period (348) (342) 4,990
Items that may be
reclassified subsequently to
profit or loss;
Exchange differences on
translation of foreign
operations 31 1,656 1,803
Losses on a hedge of a net
investment taken to
equity 35 - (5)
Income tax relating to
items that may be
reclassified subsequently
to profit or loss (12) (331) (361)
Total comprehensive
income/(expense) for the
period (294) 983 6,427
Attributable to:
Equity holders of the parent 436 983 6,775
Non-controlling interests (730) - (348)
(294) 983 6,427
CONSOLIDATED BALANCE SHEET
AT 30 SEptember 2017
Unaudited 30 September 2017 Unaudited 30 September 2016 Audited
GBP'000 GBP'000 31 March 2017
GBP'000
Non-current assets
Intangible assets 10,567 11,027 10,833
Property, plant and equipment 22,571 26,812 24,136
Interests in associates 234 266 198
Deferred tax asset 1,568 1,443 1,500
34,940 39,548 36,667
Current assets
Inventories 45,771 43,749 42,822
Trade and other receivables 16,861 13,620 14,667
Current tax asset 727 226 -
Cash and cash equivalents 16,367 11,332 21,093
79,726 68,927 78,584
Total assets 114,666 108,475 115,251
Current liabilities
Trade and other payables (29,275) (27,348) (28,350)
Current tax liabilities - - (1,257)
Total liabilities (29,275) (27,348) (29,607)
Net assets 85,391 81,127 85,644
Equity
Share capital 3,001 3,000 3,000
Share premium account 11,961 11,961 11,961
Own share reserve (1,396) (1,474) (1,461)
Capital redemption reserve 154 154 154
Cashflow hedge reserve 24 - (5)
Foreign exchange reserve 1,088 946 1,063
Retained earnings 70,384 66,540 69,957
Equity attributable to holders
of the parent 85,216 81,127 84,669
Non-controlling interests 175 - 975
Total equity 85,391 81,127 85,644
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
six monthsED 30 september 2017
Share Own Capital Cashflow Foreign Non-controlling
Share premium share re-demption hedge exchange Retained Total interest Total
capital account reserve reserve reserve reserve earnings GBP'000 GBP'000 equity
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
As at 1 April 2016 3,000 11,961 (1,474) 154 - (379) 66,654 79,916 - 79,916
Loss for the period - - - - - - (342) (342) - (342)
Other comprehensive
income for the
period - - - - - 1,325 - 1,325 - 1,325
Total comprehensive
(expense)/income for
the period - - - - - 1,325 (342) 983 - 983
Charge for employee
share-based payments - - - - - - 346 346 - 346
Exercise of share
options - - - - - - (118) (118) - (118)
As at 30 September
2016 3,000 11,961 (1,474) 154 - 946 66,540 81,127 - 81,127
Profit for the period - - - - - - 5,332 5,332 - 5,332
Other comprehensive
(expense)/income for
the period - - - - (5) 117 - 112 - 112
Total comprehensive
(expense)/income for
the period - - - - (5) 117 5,332 5,444 - 5,444
Charge for employee
share-based payments - - - - - - 740 740 - 740
Exercise of share
options - - - - - - (35) (35) - (35)
Own shares - - 13 - - - - 13 - 13
Adjustments arising
from movement in
non-controlling
interest - - - - - - 348 348 975 1,323
Dividends paid - - - - - - (2,968) (2,968) - (2,968)
As at 31 March 2017 3,000 11,961 (1,461) 154 (5) 1,063 69,957 84,669 975 85,644
Loss for the period - - - - - - (348) (348) - (348)
Other comprehensive
income for the
period - - - - 29 25 - 54 - 54 Total comprehensive income/(expense) for the period - - - - 29 25 (348) (294) - (294) Issue of share capital 1 - - - - - - 1 - 1 Charge for employee share-based payments - - - - - - 493 493 - 493 Exercise of share options - - - - - - (448) (448) - (448) Own shares - - 65 - - - - 65 - 65 Adjustments arising from movement in non-controlling interest - - - - - - 730 730 (800) (70) Dividends paid - - - - - - - - - - As at 30 September 2017 3,001 11,961 (1,396) 154 24 1,088 70,384 85,216 175 85,391
CONSOLIDATED CASH FLOW STATEMENT
six monthsED 30 september 2017
Unaudited six months to 30 Unaudited six months to 30 Audited year ended
September 2017 GBP'000 September 2016 GBP'000 31 March 2017
GBP'000
Operating (loss)/profit for
the period (674) (641) 7,107
Adjustments for:
Depreciation and impairment of
property, plant and equipment 3,060 3,477 8,763
Amortisation of intangible
assets 879 937 1,852
(Profit)/Loss on sale of
property, plant and equipment (2) 131 325
Share-based payments charge 493 346 1,086
Operating cash flows before
movements in working capital 3,756 4,250 19,133
(Increase)/(decrease) in
inventories (3,013) 1,245 2,344
(Increase)/decrease in
receivables (2,278) (2,649) (2,326)
Increase/(decrease) in
payables 1,318 (545) 168
Cash (used in)/generated by
operations (217) 2,301 19,319
Income taxes paid (1,803) (2,702) (4,021)
Interest paid (7) (1) (17)
Net cash (outflow)/inflow from
operating activities (2,027) (402) 15,281
Investing activities:
Interest received 12 3 232
Dividend received from
associate - - 195
Purchases of property, plant
and equipment (1,640) (1,881) (4,409)
Proceeds from disposal of
property, plant and equipment 22 43 40
Acquisition of intangible
fixed assets (442) (309) (962)
Net cash (used in)/generated
from investing activities (2,048) (2,144) (4,904)
Financing activities:
Dividends paid - - (2,968)
Proceeds on issue of shares 1 - -
Settlement of share awards (448) (118) (153)
Net cash used in financing
activities (447) (118) (3,121)
Net (decrease)/increase in
cash and cash equivalents (4,522) (2,664) 7,256
Cash and cash equivalents at
beginning of period 21,093 14,014 14,014
Effect of foreign exchange
rate changes (204) (18) (177)
Cash and cash equivalents at
end of period 16,367 11,332 21,093
Notes to the condensed financiAL statements
SIX MONTHSED 30 SEPTEMBER 2017
1. GENERAL INFORMATION
Mulberry Group plc is a company incorporated in the United Kingdom under the Companies Act 2006. The half year results and condensed consolidated financial statements for the six months ended 30 September 2017 (the interim financial statements) comprise the results for the Company and its subsidiaries (together referred to as the Group) and the Group's interest in associates.
The information for the year ended 31 March 2017 does not constitute statutory accounts as defined in section 434 of the Companies Act 2006. A copy of the statutory accounts for that year has been delivered to the Registrar of Companies. The auditor's report on those accounts was not qualified, did not include a reference to any matters to which the Auditor drew attention by way of emphasis without qualifying the report and did not contain statements under section 498(2) or (3) of the Companies Act 2006.
The interim financial statements for the six months ended 30 September 2017, have not been reviewed or audited.
2. SIGNIFICANT ACCOUNTING POLICIES
The accounting policies and methods of computation followed in the interim financial statements are consistent with those as published in the Group's Annual Report and Financial Statements for the year ended 31 March 2017.
At the date of approval of these financial statements, the following Standards and Interpretations which have not been applied in these financial statements were in issue but not yet effective:
-- IFRS 9: Financial Instruments; -- IFRS 15: Revenue from Contracts with Customers; -- IFRS 16: Leases; -- IFRS 2 (amendments); -- IFRS 7 (amendments); and -- IAS 12 (amendments).
IFRS 16 sets out the principles for the recognition, measurement, presentation and disclosure of leases for both lessees and lessors. It replaces IAS 17 Leases and IFRIC 4 Determining whether an arrangement contains a lease.
The most significant changes are in relation to lessee accounting. Under the new Standard, the concept of assessing a lease contract as either operating or financing is replaced by a single lessee accounting model. Under this new model, substantially all lease contracts will result in a lessee acquiring a right-to-use asset and obtaining financing. The lessee will be required to recognise a corresponding asset and liability. The asset will be depreciated over the term of the lease and the interest on the financing liability will be charged over the same period. The Standard is effective for annual periods beginning on or after 1 January 2019, however it is not currently endorsed by the European Union. Adopting this new Standard will result in a fundamental change to the Group's balance sheet, with right-to-use assets and accompanying financing liabilities for the Group's retail stores, warehouses and offices being recognised for the first time. The income statement will also be impacted, with rent expense relating to operating leases being replaced by a depreciation charge arising from the right-to-use assets and interest charges arising from lease financing. The full impact of these changes will be quantified closer to the date of adoption.
Except for IFRS 16, the Directors do not expect that the adoption of these Standards will have a material impact on the financial statements of the Group in future periods. Beyond the information above, it is not practicable to provide a reasonable estimate of the effect of these Standards until a detailed review has been completed.
The Annual Report and Financial Statements are available from the Group's website (www.mulberry.com) or from the Company Secretary at the Company's registered office, The Rookery, Chilcompton, Bath, England, BA3 4EH.
3. GOING CONCERN
The Group has considerable financial resources together with a customer base split across different geographic areas and between directly operated stores, partner stores and wholesale accounts. The Group's forecasts and projections, taking account of reasonably possible changes in trading performance, show that the Group should be able to operate within the level of its current facilities. As a consequence, the Directors believe that the Group is well placed to manage its business risks successfully despite the uncertain economic outlook.
After making enquiries, the Directors have a reasonable expectation that the Company and the Group will have adequate resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the half year results.
4. TAXATION
The tax credit is calculated by applying the forecast full year effective tax rate to the interim loss and calculating the deferred tax balance for the period.
5. DIVIDEND
Unaudited six months to 30 Unaudited six months to 30 Audited year ended
September 2017 GBP'000 September 2016 GBP'000 31 March 2017
GBP'000
Dividend of 5p per ordinary
share paid during the period - - 2,968
The final dividend for the year ended 31 March 2017 was paid to shareholders on 23 November 2017.
The final dividend for the year ended 31 March 2016 was paid on 24 November 2016.
6. EARNINGS PER SHARE ('EPS')
Unaudited six months to 30 Unaudited six months to 30 Audited year ended
September 2017 September 2016 31 March 2017
Basic (loss)/earnings per
share (0.6p) (0.6p) 8.4p
Diluted (loss)/earnings per
share (0.6p) (0.6p) 8.4p
Adjusted basic (loss)/earnings
per share (0.6p) (0.6p) 10.2p
Adjusted diluted
(loss)/earnings per share (0.6p) (0.6p) 10.2p
Earnings per share is calculated based on the following data:
Unaudited six months to 30 Unaudited six months to 30 Audited year ended
September 2017 GBP'000 September 2016 GBP'000 31 March 2017
GBP'000
(Loss)/profit for the period
for basic and diluted
earnings per share (348) (342) 4,990
Adjustments to exclude
exceptional items:
Impairment relating to retail
assets - - 1,087
Adjusted (loss)/profit for the
period for basic and diluted
earnings per share (348) (342) 6,077
Unaudited six months to 30 Unaudited six months to 30 Audited year ended
September 2017 Million September 2016 Million 31 March 2017
Million
Weighted average number of
ordinary shares for the
purpose of basic EPS 59.4 59.4 59.4
Effect of dilutive potential
ordinary shares: share
options 0.1 0.5 0.1
Weighted average number of
ordinary shares for the
purpose of diluted EPS 59.5 59.9 59.5
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR LLFVAFVLEIID
(END) Dow Jones Newswires
December 06, 2017 02:00 ET (07:00 GMT)
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