Interim Results

RNS Number:9741M
Strategic Retail PLC
30 November 2006



                              STRATEGIC RETAIL Plc

                                 INTERIM REPORT

                                      2006



Chairman's Statement



On 10th of November 2006 the company acquired the undertaking and certain assets
of the business and assets of Furniture Express Limited (in administration).



The purchase included stock at significant discount and what we believe to be
the flagship store based in Carlisle.



The Group continues to carefully manage the portfolio and now trades out of 66
stores.





Results for the 26 weeks ended 26 August 2006



The operating profit before amortisation in the 26 weeks to 26 August 2006 was
#5k compared to a loss of (#47k) in the 26 weeks to 27 August 2005.



Outlook



The continued elimination of poorer performing smaller stores together with
selective acquisition of larger stores more suitable to a 'Texstyle World' offer
presents the best opportunity for progress.  We will continue to identify and
acquire suitable targets.



I W Currie
Chairman



30 November 2006




PROFIT AND LOSS ACCOUNT


                                                                 (UNAUDITED)    (UNAUDITED)       AUDITED
                                                                26 wks ended   26 wks ended  52 wks ended
                                                                    26/08/06       27/08/05      25/02/06
                                                                        #000           #000          #000

Turnover                                                              10,938          9,274        17,912

Operating Profit/ (Loss) before amortisation                               5           (47)           417

Amortisation of Goodwill                                               (112)              -         (239)

Operating Profit/ (Loss) after amortisation                            (107)           (47)           178

Interest                                                                (11)              -             -

Profit/ (Loss) on ordinary activities before taxation                  (118)           (47)           178

Taxation

Retained Profit/ (Loss) for the period                                 (118)           (47)           178

Earnings per Share
Operating Profit/ (Loss) before amortisation                           0.03p        (0.30p)         2.58p

Earnings per Share
Retained Profit/ (Loss) for the period                               (0.70p)        (0.30p)         1.10p




The Company has no other recognised gains and losses other than as shown above
and therefore no separate statement of total recognised gains or losses has been
presented.



The interim results have been prepared on the basis of the accounting policies
set out in the Company's accounts for the year ended 25th February 2006, and are
neither audited or reviewed.




Consolidated Cash flow Statement for the 26 week period ended 26 August 2006


                                                              (Unaudited)    (Unaudited)          Audited
                                                                 26 weeks      26 weeks          52 weeks               
                                                                    ended         ended             ended 
                                                                 26/08/06      27/08/05          25/02/06
                                                                     #000          #000             #000

Cash flow from operating activities                                 (437)          (76)              484

Net cash flow from returns on investments and servicing
finance                                                              (11)             0                0

Capital expenditure                                                 (105)         (152)            (407)

Net cash outflow for acquisitions and disposals                       (0)           (0)         (1,002)

                                                                  -------       -------          -------
Cash outflow before financing                                       (553)         (228)            (925)



Financing
Issue of ordinary share capital                                       (0)           (0)              300
                                                                  -------       -------          -------
(Decrease) of cash in the period                                    (553)         (228)            (625)
                                                                     ====          ====             ====


Reconciliation of operating (loss) profit to net cash outflow from operating activities

Operating (loss)/profit                                             (107)          (47)              178
Depreciation                                                          141           133              240
Amortisation of goodwill                                              112             -              239
Loss on disposal of tangible fixed assets                             120             -               14
(Increase) /decrease in stock                                        (96)            37              321
Decrease in debtors                                                   220           166              120
(Decrease) /increase in creditors                                   (610)         (365)              361
Decrease in provisions                                              (217)             -            (989)
                                                                  -------       -------          -------
Cash flow from operating activities                                 (437)          (76)              484
                                                                     ====          ====             ====


Summarised Balance Sheet


                                                                (Unaudited)    (Unaudited)        (Audited)
                                                               26 wks ended   26 wks ended     52 wks ended
                                                                   26/08/06       27/08/05         25/02/06

                                                                       #000           #000             #000
FIXED ASSETS
Intangible assets                                                     4,151            368            4,263
Tangible assets                                                       1,181            628            1,337
                                                                  ---------         ------         --------
                                                                      5,332            996            5,600
                                                                  ---------         ------         --------

CURRENT ASSETS
Stocks                                                                4,568          3,258            4,472
Debtors                                                                 539            713              759
Cash at bank and in hand                                                  5            955              558
                                                                   --------       --------         --------
                                                                      5,112          4,926            5,789
                                                                   --------       --------         --------

CREDITORS - amounts falling due within one year                     (3,652)        (2,981)          (4,262)

Net current assets                                                    1,460          1,945            1,527

Provisions                                                          (1,728)              -          (1,945)
                                                                   --------       --------         --------
NET ASSETS                                                            5,064          2,941            5,182
                                                                   --------       --------         --------

CAPITAL & RESERVES
Called up share capital                                                  84             80               84
Share premium account                                                 3,025          2,729            3,025
Shares to be issued                                                   1,715              -            1,715
Profit & loss account                                                   240            132              358
                                                                   --------       --------         --------
                                                                      5,064          2,941            5,182
                                                                  ---------      ---------        ---------



NOTES TO THE FINANCIAL INFORMATION



1.              The interim results are unaudited and do not comprise full
accounts within the meaning of Section 240 of the Companies Act 1985. The
results for the year ended 25th February 2006 are in abbreviated form and have
been extracted from the published accounts filed with the Registrar of
Companies. These were audited and reported upon without qualification by Baker
Tilly and did not contain a statement under Section 237(2) or (3) of the
Companies Act 1985.



2.   No interim dividend is being proposed or paid.



3.   The earnings per share has been calculated on the 16,810,574 shares in 
issue.



Copies of this report will be sent to all shareholders and are available on
request free of charge from the registered office of the company: 3 Ralli
Courts, West Riverside, Manchester, M3 5FT





For further information, please contact:


Ian Currie, Strategic Retail plc                       Tel:  [phone]
David Youngman, WH Ireland Limited                     Tel:  [phone]




                      This information is provided by RNS
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