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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Shoprite Grp. | LSE:SHO | London | Ordinary Share | GB0004637772 |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 13.68 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
RNS Number:2587F Shoprite Group PLC 05 October 2007 SHOPRITE GROUP P.L.C. INTERIM REPORT for the 28 WEEKS ENDED 14 JULY 2007 CHAIRMAN'S STATEMENT INTERIM RESULTS FOR THE 28 WEEKS ENDED 14 JULY 2007 Group turnover, including concession sales, for the period ended 14 July 2007, amounted to #37.5m (2006 : #37.4m). This yielded an operating profit of #402,000, by comparison to an operating profit of #169,000 last year. However, after deduction of net interest payable, the Group incurred a loss on ordinary activities before taxation of #88,000 (2006 loss: #254,000). Grocery Retailing The grocery market within the Isle of Man remains highly competitive and in common with other retailers, the poor weather during the summer reduced demand for seasonal goods. Against this backdrop, like for like sales have increased modestly compared to 2006. Our customers continue to appreciate the unique mix of Manx produce, regional speciality products and national brands that are available in our stores. The second half of 2007 will see changes to the store portfolio within the Isle of Man, with the first stand alone Shoprite Living store which predominately features non-food products, opened on 7th September. Initial trading of this store is in line with our expectations. Other divisions Whitestone Garage, our motor retailing subsidiary, has experienced a difficult trading period in line with the motor trade industry generally, with sales below those levels experienced in 2006. Whilst increases in interest rates and the limiting allocation of new models are contributing factors to this position we are confident that the long term prospects remain good. Good occupancy levels continue to be experienced in both the Village Walk Shopping Centre and the Summerhill Village Complex, allowing the property division to perform in line with expectations. Offer to buy-back shares At the AGM in June, Shareholders once again granted approval for the Company to be able to repurchase up to 20% of its issued share capital. Shareholders will shortly receive a letter which sets out the terms under which the Company is now offering to repurchase shares. Special Resolution In April 2007 trading of the Company's Shares commenced on the PLUS Market in addition to the primary listing on the Alternative Investment Market ("AIM"). Since this time, approximately 40% of the trades in the Company's Shares have been made via the PLUS Market demonstrating that PLUS Market's provides an effective market for trading in the Company's Shares. The directors also believe that the PLUS Quoted market is a more appropriate trading platform given the relative market capitalisation of Shoprite Group P.L.C. and that of the AIM average. With this background, attention is drawn to the enclosed Notice of Meeting at which a Special Resolution is proposed to authorise the directors to seek the cancellation of the listing of the Company's Ordinary Shares from AIM with effect from 20 December 2007 and seek the admission of said Shares on the PLUS Quoted market operated by Plus Markets plc with effect from 21 December 2007. The proposed Special Resolution requires a majority of not less than three-fourths of such members as, being entitled so to do, vote in person or by proxy at the meeting. Outlook Looking towards the future, I do not believe that it is possible to anticipate any easing of the competitive pressures within the Island's grocery market. Whilst this offers significant benefits to the consumer, our operating margins will remain under severe pressure during the second half of the year. Deryck Nicholson Chairman 5 October 2007 SHOPRITE GROUP P.L.C. GROUP PROFIT AND LOSS ACCOUNT FOR THE 28 WEEKS ENDED 14 JULY 2007 Unaudited Unaudited Audited 28 weeks 28 weeks 52 weeks Ended Ended Ended 14 July 2007 15 July 2006 30 December 2006 #000 #000 #000 Turnover including concession sales 37,491 37,444 70,261 Concession sales (5,568) (5,602) (10,170) Turnover excluding concession sales 31,923 31,842 60,091 Operating profit 402 169 415 Net interest payable (490) (423) (808) Loss on ordinary activities before taxation (88) (254) (393) Taxation - - - Loss on ordinary activities after taxation (88) (254) (393) Dividends on ordinary shares - - - Retained Loss (88) (254) (393) Loss per share (basic and fully diluted) (note 2) (0.119)p (0.333)p (0.518)p The information shown in respect of the 52 weeks ended 30 December 2006 is extracted from the statutory accounts of Shoprite Group P.L.C. for the period then ended which have been audited. The report of the auditors on those accounts was unqualified. SHOPRITE GROUP P.L.C. GROUP BALANCE SHEET AS AT 14 JULY 2007 Unaudited Unaudited Audited 14 July 2007 15 July 2006 30 December 2006 #000 #000 #000 Fixed assets Tangible fixed assets and investment property & development land 31,140 30,615 31,656 Investments 2 2 2 31,142 30,617 31,658 Current assets Stocks 5,339 5,203 5,693 Debtors and prepayments 2,430 2,537 2,484 Cash at bank and in hand - - 365 7,769 7,740 8,542 Creditors: due within one year (8,610) (9,409) (9,272) Net current liabilities (841) (1,669) (730) Total assets less current liabilities 30,301 28,948 30,928 Creditors: due after one year (10,707) (9,766) (11,231) Net assets 19,594 19,182 19,697 Capital and reserves Share capital 3,708 3,809 3,715 Reserves 15,886 15,373 15,982 Equity shareholders' funds 19,594 19,182 19,697 SHOPRITE GROUP P.L.C. GROUP CASH FLOW STATEMENT FOR THE 28 WEEKS ENDED 14 JULY 2007 Unaudited Unaudited Audited 28 weeks 28 weeks 52 weeks Ended Ended Ended 14 July 2007 15 July 2006 30 December 2006 #000 #000 #000 Cash flow from operating activities 686 109 1,101 Returns on investments and servicing of finance (481) (380) (953) Taxation - - - Capital expenditure and financial investment (418) (84) (817) Financing (230) (952) (297) Decrease in cash in period (443) (1,307) (966) Reconciliation of net cash flow to movement in net debt #000 #000 #000 Decrease in cash in period (443) (1,307) (966) Cash outflow from decrease in debt and HP and lease financing 230 952 297 Change in net debt resulting from cash flows (213) (355) (669) Other non cash changes: Net inception of HP and finance leases - (57) (242) Movement in net debt in the period (213) (412) (911) Net debt brought forward (12,198) (11,287) (11,287) Net debt carried forward (12,411) (11,699) (12,198) SHOPRITE GROUP P.L.C. Reconciliation of operating profit to operating cash flows Unaudited Unaudited Audited 28 weeks 28 weeks 52 weeks Ended Ended Ended 14 July 2007 15 July 2006 30 December 2006 #000 #000 #000 Operating profit 402 169 415 Depreciation 860 769 1,451 Loss / (Surplus) on sale of fixed assets 49 2 (8) Decrease / (Increase) in stock 353 192 (298) Decrease / (Increase) in operating debtors 56 (596) (543) (Decrease) / Increase in operating creditors (1,034) (427) 84 Net cash inflow from operating activities 686 109 1,101 SHOPRITE GROUP P.L.C. GROUP STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES Unaudited Unaudited Audited 28 weeks 28 weeks 52 weeks Ended Ended Ended 14 July 2007 15 July 2006 30 December 2006 #000 #000 #000 Unrealised gain on revaluation of investment properties held for development - - 870 Loss for the period (88) (254) (393) Total recognised loss (88) (254) 477 Prior year adjustment (632) Total recognised loss for the period (155) NOTES 1. Basis of preparation The summarised historical cost accounts, as modified by the revaluation of certain tangible fixed assets, for the 28 weeks ended 14 July 2007 have been prepared on a basis consistent with the group's full accounts for the 52 weeks ended 30 December 2006. 2. Loss per share The loss per share is based on the loss after tax of #88,000 and an average of 74,176,332 Ordinary Shares in issue for the period. Any dilution which would arise on the exercise of share options has no effect on the basic earnings per share figure. 3. Distribution Copies of the Interim Report will be sent to shareholders and the AIM team shortly and will also be posted on the company's website www.manxshoprite.com SHOPRITE GROUP P.L.C. INDEPENDENT REVIEW REPORT TO SHOPRITE GROUP PLC We have been instructed by the company to review the financial information for the 28 weeks ended 14 July 2007 which comprises the profit and loss account, balance sheet, cash flow statement, statement of total recognised gains and losses and the related notes. We have read the other information contained in the interim report and considered whether it contains any apparent misstatements or material inconsistencies with the financial information. Directors' responsibilities The interim report, including the financial information contained therein, is the responsibility of, and has been approved by, the directors. The directors are responsible for preparing the interim report in accordance with the Listing Rules of the Financial Services Authority which require that the accounting policies and presentation applied to the interim figures should be consistent with those applied in preparing the preceding annual accounts except where any changes, and the reasons for them, are disclosed. Review work performed We conducted our review in accordance with guidance contained in Bulletin 1999/4 issued by the Auditing Practices Board for use in the United Kingdom. A review consists principally of making enquiries of management and applying analytical procedures to the financial information and underlying financial data and based thereon, assessing whether the accounting policies and presentation have been consistently applied unless otherwise disclosed. A review excludes audit procedures such as tests of controls and verification of assets, liabilities and transactions. It is substantially less in scope than an audit performed in accordance with International Standards on Auditing (UK and Ireland) and therefore provides a lower level of assurance than an audit. Accordingly, we do not express an audit opinion on the financial information. Review conclusion On the basis of our review we are not aware of any material modifications that should be made to the financial information as presented for the 28 weeks ended 14 July 2007. KPMG Audit LLC Chartered Accountants Douglas Isle of Man 5 October 2007 SHOPRITE GROUP P.L.C. NOTICE OF MEETING NOTICE IS HEREBY GIVEN that an Extraordinary General Meeting of the Company will be held at the Hilton Hotel, Central Promenade, Douglas, Isle of Man on Thursday 15 November 2007 at 9.00am for the following purposes:- To transact the following Special business: To consider, and if thought fit, pass the following Special Resolution. 1. THAT THE DIRECTORS BE AUTHORISED to seek the cancellation of the listing of the Company's Ordinary Shares from the Alternative Investment Market ("AIM") operated by the London Stock Exchange plc with effect from 20 December 2007 and seek the admission of said Shares on the PLUS Quoted market operated by Plus Markets plc with effect from 21 December 2007, as the Company believes that the PLUS Quoted market is a more appropriate trading platform given the relative market capitalisation of Shoprite Group P.L.C. and that of the AIM average. By Order of the Board DS McAdam Secretary 5 October 2007 NOTES 1. A member entitled to attend and vote at the meeting is entitled to appoint one or more proxies to attend and, on a poll, to vote in his stead. A proxy need not be a member of the company. A form of Proxy is enclosed and must be returned not later than 48 hours before the commencement of the meeting. 2. The register of directors' interests will be available for inspection during normal business hours at the registered office from this date until the date of the Extraordinary General Meeting and at the Meeting from 15 minutes prior to and until the termination of the Meeting. This information is provided by RNS The company news service from the London Stock Exchange END IR FSDFIISWSEES
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