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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
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Strategic Ret. | LSE:SRR | London | Ordinary Share | GB0033995894 | ORD 0.5P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 1.50 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
RNS Number:1692N Strategic Retail PLC 06 June 2005 6 June 2005 Strategic Retail Plc Preliminary Results for the 52 week period ended 26 February 2005 The principal activity of the company is that of a holding company providing management services to its subsidiary companies. The principal activity of the subsidiary undertakings is the retailing of decorating and home fashion products. Key Points - On 4 October 2004, the Group acquired the entire share capital of Leveys Limited through its wholly owned subsidiary, Leveys (Fads) Limited. - Turnover for the period was #16,201,000 (2004: #3,404,000). - Pre exceptional Profit on ordinary activities before taxation was #406,000 (2004: loss of #86,000). - Exceptional costs of #278,000 were incurred on the rationalisation of the Leveys (Fads) Limited head office and store portfolio. - Profit on ordinary activities before taxation ( after the exceptional costs ) was #128,000 (2004: loss of #86,000). - Pre exceptional Earnings per share are 3.21p and Basic Earnings per share 1.26p (2004: 0.02p) - Net assets have increased by 75% to #2,989,000 (2004: #1,704,000). Directors Registered Office IW Currie (Chairman) 3 Ralli Courts R A Gabbie West Riverside Manchester Secretary M3 5FT I W Currie Chairman's Statement Strategic Retail has maintained its focus on making opportunistic acquisitions within the retail sector. During the year the company created a new subsidiary, Leveys (Fads) Limited, with a view to acquiring Leveys Limited, a North East based chain of decorating stores. In October, Leveys (Fads) Limited acquired Leveys Limited and immediately instigated a program to extend the products which it offered whilst simplifying its administration functions. This led to the closure of the old Leveys Limited head office and the transfer of all administrative responsibility to the Fads (Trading) Limited head offices in Cheshire and the closure of one store. The re-organisation costs associated with these closures have been recognised in the year as exceptional items. Fads (Trading) Limited performed well in the year showing like for like growth of one per cent on comparable stores. I now believe that the businesses are better placed to face the difficult trading conditions and slow down in consumer spending which we have experienced since the start of 2005. The company continues to search for new store locations and appropriate companies to acquire. I would like to conclude by thanking all the employees for their effort and commitment to the Group. IW Currie Chairman Operating and Financial Review (extract) Strategic Retail Plc is the holding company of Fads (Trading) Limited 'Fads' and Leveys (Fads) Limited 'Leveys'. At the year end Fads operated out of 56 retail outlets whilst Leveys operated out of 17 retail outlets. New stores were opened at Streatham, Holloway and Sheerness and the stores at Camden and Brixton were re-sited to more advantageous positions. Fads continues to look at potential new sites to open and expects to grow at a similar rate to this year. Turnover for Fads fell from #15,943,000 to #14,131,000 which reflects the previous years inclusion of a batch of underperforming stores which were disposed of in June 2003. However, the operating profit before exceptional credit was improved significantly in the year as follows: Fads (Trading) Limited 2005 2004 Operating profit as a % of sales 3.25% 1.62% The strengthening of the Fads operating profit reflects the disposal of unprofitable stores and Fads expanding its furniture offer. Group sales were boosted by the acquisition of Leveys Limited in October 2004. Within three months of the acquisition, the Leveys Head Office at Whitley Bay was closed and all administration transferred to the Fads Head Office in Cheshire. The closure costs of circa #0.28m are shown as exceptional items in the profit and loss account. IW Currie Director Consolidated Profit and Loss Account 52 weeks ended 26 February 2005 46 weeks Note Pre-exceptionals Exceptional Total ended 28 February 2004 #000 #000 #000 #000 TURNOVER - Continuing operations 14,131 - 14,131 3,404 - Acquisitions 2,070 - 2,070 - TURNOVER 16,201 - 16,201 3,404 Cost of sales (8,238) - (8,238) (1,734) GROSS PROFIT 7,963 - 7,963 1,670 Distribution costs (6,123) - (6,123) (1,441) Administrative expenses (1,444) (278) (1,722) (319) OPERATING PROFIT/(LOSS) - Continuing operations 366 - 366 (90) - Acquisitions 30 (278) (248) - OPERATING PROFIT/(LOSS) 396 (278) 118 (90) Other interest receivable 13 - 13 4 Interest payable (3) - (3) - PROFIT/(LOSS) ON ORDINARY ACTIVITIES BEFORE TAXATION 406 (278) 128 (86) Taxation 51 - 51 87 RETAINED PROFIT FOR THE PERIOD 457 (278) 179 1 EARNINGS PER SHARE - Basic and diluted 1 1.26p 0.02p No separate statement of Total Recognised Gains and Losses has been presented as all such gains and losses have been dealt with in the profit and loss account. Consolidated Balance Sheet Note 26 February 2005 28 February 2004 #000 #000 #000 #000 FIXED ASSETS Intangible assets 368 - Tangible assets 610 449 978 449 CURRENT ASSETS Stocks 3,295 2,241 Debtors 879 521 Cash at bank and in hand 1,183 1,099 5,357 3,861 CREDITORS: Amounts falling due within one year (3,286) (2,606) NET CURRENT ASSETS 2,071 1,255 TOTAL ASSETS LESS CURRENT LIABILITIES 3,049 1,704 PROVISIONS FOR LIABILITIES AND CHARGES (60) - NET ASSETS 2,989 1,704 CAPITAL AND RESERVES Called up share capital 3 80 65 Share premium account 4 2,729 1,638 Profit and loss account 4 180 1 EQUITY SHAREHOLDERS' FUNDS 2,989 1,704 Consolidated Cash Flow Statement Note 52 weeks ended 26 46 weeks ended 28 February 2005 February 2004 #000 #000 #000 #000 CASH FLOW FROM OPERATING ACTIVITIES 5 (340) (1,591) RETURNS ON INVESTMENTS AND SERVICING OF FINANCE Interest received 13 4 Interest paid (3) - NET CASH INFLOW FOR RETURNS ON INVESTMENTS AND SERVICING OF FINANCE 10 4 CAPITAL EXPENDITURE Purchase of tangible fixed assets (156) - ACQUISITIONS AND DISPOSALS Purchase of subsidiary (654) (257) Net cash acquired with subsidiary 118 1,240 NET CASH (OUTFLOW)/INFLOW FOR ACQUISITIONS AND DISPOSALS (536) 983 CASH OUTFLOW BEFORE FINANCING (1,022) (604) FINANCING Issue of ordinary share capital 1,138 1,864 Share issue expenses (32) (161) Issue of redeemable shares - 50 Redemption of redeemable shares - (50) NET CASH INFLOW FROM FINANCING 1,106 1,703 INCREASE IN CASH IN THE YEAR 84 1,099 Reconciliation of Movements in Shareholders' Funds Group Company 52 weeks 46 weeks 52 weeks 46 weeks ended 26 ended 28 ended 26 ended 28 February February February February 2005 2004 2005 2004 #000 #000 #000 #000 PROFIT/(LOSS) FOR THE FINANCIAL YEAR 179 1 (91) (34) 179 1 (91) (34) New share capital subscribed 15 65 15 65 Share premium on allotment during the period 1,123 1,861 1,123 1,861 Share premium utilised on bonus issue - (62) - (62) Share issue expenses debited to share premium (32) (161) (32) (161) NET ADDITION TO SHAREHOLDERS' FUNDS 1,285 1,704 1,015 1,669 Opening shareholders' funds 1,704 - 1,669 - CLOSING SHAREHOLDERS' FUNDS 2,989 1,704 2,684 1,669 Notes to the Preliminary Statement BASIS OF ACCOUNTING The financial statements have been prepared under the historical cost convention and in accordance with applicable accounting standards. The company has taken advantage of the exemption contained in Financial Reporting Standard 8 and has therefore not disclosed transactions or balances with entities which form part of the Strategic Retail Plc group. BASIS OF CONSOLIDATION The consolidated financial statements incorporate those of Strategic Retail Plc and all of its subsidiary undertakings for the year. Subsidiaries acquired during the year are consolidated using the acquisition method. Their results are incorporated from the date that control passes. The difference between the cost of acquisition of shares in subsidiaries and the fair value of the separable net assets acquired is capitalised and written off on a straight line basis over its estimated economic life. Provision is made for impairment. All financial statements are made up to 26 February 2005. As permitted by Section 230(4) of the Companies Act 1985, the company has not presented its own profit and loss account. PURCHASED GOODWILL Goodwill representing the excess of the purchase price compared with the fair value of net assets acquired is capitalised and written off evenly over 20 years as in the opinion of the directors this represents the period over which the goodwill is effective. 1. EARNINGS PER ORDINARY SHARE The calculations of earnings per share are based on the following profits and number of shares. Basic Diluted Basic Diluted 52 weeks 52 weeks 46 weeks ended 46 weeks ended ended 26 ended 26 28 February 28 February February 2005 February 2005 2004 2004 #000 #000 #000 #000 Profit for the financial period 179 179 1 1 Weighted average number of shares 52 weeks ended 46 weeks ended 26 February 28 February 2005 2004 Number Number For basic and diluted earnings per share 14,245,616 5,739,581 ADDITIONAL EARNINGS PER ORDINARY SHARE Basic Diluted 52 weeks 52 weeks ended 26 ended 26 February 2005 February 2005 Pre-exceptional earnings per share 3.21p 3.21p The calculation of pre-exceptional earnings per share is based on the following profits and number of shares: Basic Diluted 52 weeks ended 52 weeks ended 26 February 26 February 2005 2005 #000 #000 Profit for the financial period 179 179 Exceptional items Store closure costs 17 17 Closure of head office 85 85 Redundancy costs 176 176 Pre-exceptional profit for the financial period 457 457 1. EARNINGS PER ORDINARY SHARE (continued) Weighted average number of shares 52 weeks ended 26 February 2005 Number For basic and diluted earnings per share 14,245,616 2. ACQUISITIONS On 4 October 2004 the group acquired 100% of the called up share capital of Leveys (Fads) Limited and its subsidiary, Leveys Limited for a cash consideration of #654,000. The assets and liabilities of Leveys (Fads) Limited and Leveys Limited have been consolidated at their fair values to the group, as set out below. The fair values will be finalised in the financial statements for the 52 week period ended 25 February 2006. Initial book Revaluation Accounting Other Fair value at value at date policy date of of alignment acquisition acquisition #000 #000 #000 #000 #000 Tangible fixed assets 337 (30) (79) (45) 183 Stocks 731 - (140) 8 599 Debtors 414 - - (8) 406 Cash at bank and in hand 118 - - - 118 TOTAL ASSETS 1,600 (30) (219) (45) 1,306 CREDITORS: Amounts falling due within one year (944) - (15) - (959) CREDITORS: Amounts falling due in more than one year (9) - - - (9) Provisions for liabilities and charges - - - (60) (60) TOTAL LIABILITIES (953) - (15) (60) (1,028) NET ASSETS 647 (30) (234) (105) 278 Positive goodwill of #376,000, being the difference between the fair value of net assets acquired and consideration paid, arises from this transaction 2. ACQUISITIONS (continued) FAIR VALUE ADJUSTMENTS Revaluation The revaluation was made to eliminate a prior year revaluation on properties and to reduce the property back to its historic cost, being its estimated fair value. Accounting policy alignments The accounting policy alignments relate to the alignment of depreciation policies on fixed assets and the alignment of stock provision methodologies. Other items Other items include the write off of surplus fixed assets and the recognition of an onerous lease provision. Leveys (Fads) Limited did not trade prior to its acquisition by the group. The summarised profit and loss accounts of Leveys Limited are as follows: 1 March 2004 to 1 March 2004 1 March 2003 26 February 2005 to 4 October to 29 February 2004 2004 #000 #000 #000 TURNOVER 3,605 3,605 7,298 OPERATING PROFIT/(LOSS) 186 186 (219) PROFIT/(LOSS) BEFORE TAXATION 218 218 (196) Taxation - - 24 PROFIT/(LOSS) AFTER TAXATION 218 218 (172) The profit and loss accounts shown above have been prepared from the reported 26 February 2005 financial statements for Leveys Limited and use accounting policies which are consistent with those of Strategic Retail Plc. 2. ACQUISITIONS (continued) Exceptional items On 4 October 2004, the group acquired Leveys (Fads) Limited. Following the acquisition the Leveys operation has been rationalised which has resulted in a number of one off costs. As this rationalisation is not normal recurring trading expenses they have been separately analysed as exceptional items. 52 weeks ended 46 weeks ended 26 February 28 February 2005 2004 #000 #000 Store closure costs 17 - Closure of head office 85 - Redundancy costs 176 - 278 - 3. SHARE CAPITAL 26 February 28 2005 February #000 2004 #000 Authorised: Equity: 40,000,000 ordinary shares of 0.5p each 200 200 Non-equity: 50,000 redeemable shares of #1 each 50 50 250 250 Allotted, issued and fully paid: Equity: 15,928,222 (2004: 13,084,472) ordinary shares of 0.5p each 80 65 The following share movements occurred during the year: * On 30 September 2004 the company issued 2,656,250 ordinary shares of 0.5p each for a subscription price of 40p each generating share premium of #1,049,219. * On 3 November 2004 the company issued 187,500 ordinary shares of 0.5p each for a subscription price of 40p each generating share premium of #74,062. 4. RESERVES Share premium account #000 GROUP At beginning of period 1,638 Premium on allotment during the period 1,123 Issue costs (32) At end of period 2,729 5. RECONCILIATION OF OPERATING PROFIT TO NET CASHFLOW FROM OPERATING ACTIVITIES 52 weeks 46 weeks ended 26 ended 28 February February 2004 2005 #000 #000 Operating profit/(loss) 118 (90) Depreciation 138 29 Amortisation of goodwill 8 - Loss on disposal 25 - (Increase)/decrease in stocks (454) 414 Decrease/(increase) in debtors 82 (142) Decrease in creditors (257) (1,802) CASH FLOW FROM OPERATING ACTIVITES (340) (1,591) 6. RECONCILIATION OF NET CASH FLOW TO MOVEMENT IN NET FUNDS #000 Increase in cash in the year 84 MOVEMENT IN NET FUNDS IN THE PERIOD NET FUNDS AT 28 FEBRUARY 2004 1,099 NET FUNDS AT 26 FEBRUARY 2005 1,183 This information is provided by RNS The company news service from the London Stock Exchange END FR SSUSUMSISEEM
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