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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Stylo | LSE:STYL | London | Ordinary Share | GB0008572066 | LTD-VTG ORD 2P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 3.75 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
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RNS Number:4733E
Stylo PLC
26 September 2007
Release Date: 26 September 2007
UNAUDITED INTERIM RESULTS OF STYLO PLC FOR THE
26 WEEKS ENDED 4 AUGUST 2007
SUMMARY
The Board of Stylo plc, the footwear retailer, today announces its unaudited
interim results for the 26 week period ended 4 August 2007. The highlights of
the results for the period compared with the equivalent period in 2006, which
have been restated for the adoption of International Financial Reporting
Standards, are:
* Loss for the period of #7.5m (2006: loss of #7.7m).
* Total revenue of #100.0m (2006: #104.5m), a decrease of 4.4%,
representing a 4.37% decrease in like for like sales.
* Basic loss per share of 24.00 pence (2006: basic loss per share of 24.58
pence).
* Net assets of #37.9m represent 109.7 pence per share (2006: #45.9m and
132.8 pence per share).
* Net debt at the end of the period of #42.2m (2006: #44.4m).
* As in previous years, no interim dividend is declared (2006: #nil).
Michael A Ziff, Chairman and Chief Executive, commented:
"The poor performance of the group is a reflection of a number of factors
including an exceptionally difficult and competitive shoe market with low
barriers to entry, increasing costs in the form of rents, business rates,
minimum wage and power costs, increases in interest rates and unseasonal
weather."
For Further Information
Stylo plc
Michael Ziff 01274 617 761
Dawnay Day Corporate Finance
David Floyd 020 7509 4570
26 September 2007
CHAIRMAN'S INTERIM STATEMENT
The results for the six months ended 4 August 2007, which are prepared for the
first time in accordance with International Financial Reporting Standards
('IFRS'), reflect a loss of #7.5m after tax compared with a loss of #7.7m for
the corresponding period last year.
As I have previously reported, the poor performance of the group is a reflection
of a number of factors including an exceptionally difficult and competitive shoe
market with low barriers to entry, increasing costs in the form of rents,
business rates, minimum wage and power costs, increases in interest rates and
unseasonal weather. Total revenue in the period of #100.0m compare to #104.5m
last year and reflect a decrease in like for like sales of 4.37%.
Branch costs, including rent, rates and wages, have continued to increase faster
than the levels of turnover and margin. Other operating costs have remained
broadly in line with last year. We have continued to manage our stock levels
tightly throughout the period, and again, this has helped us to reduce mark down
levels and surplus sale stock resulting in slightly improved margins through
moving to more direct sourcing.
Following the notice given by Dorothy Perkins to close 37 concession outlets in
August 2007, we have been given notice to close a further 26 outlets during
Spring 2008. We have also recently agreed a new concession arrangement with Bay
Trading that will initially allow us to operate in 10 of their stores. The
trading impact of these concession openings and closures will be reflected in
the results for the full financial year.
We continue to actively manage our retail portfolio, having opened one shop and
closed twelve loss-making stores since the start of the financial year. This
reflects our strategic plan to dispose of unprofitable stores. During the period
we have continued to invest in our on-going portfolio, having refit 25 stores.
Balance Sheet
Net assets of #37.9m at 4 August 2007 compare with #45.9m at 3 February 2007.
This reduction reflects the retained loss for the period of #7.5m and an
actuarial loss on the pension scheme of #0.5m. In accordance with accounting
under IFRS, the net assets reflect an uplift of #25.3m to freehold and long
leasehold property reflecting the fair value at the IFRS transition date of 28
January 2006, and recognition of a deferred tax liability of #11.5m principally
in relation to the property uplift.
Cash Flow
Net cash absorbed from operating activities of #5.0m compares with #15.3m
absorbed in the comparable period, principally arising as a result of a decrease
in working capital relating to the timing of payments to trade creditors at the
end of the period. We have continued to invest in our fascias with capital
investment of #2.8m in the period (2006: #2.3m).
Future Prospects
It is always difficult to discuss expectations for the full year at this stage,
particularly in light of the factors that I have previously highlighted which
affect the environment in which we operate.
In my statement at 3 February 2007, I highlighted that the group has initiated a
strategic recovery programme with the three main objectives being: to dispose of
unprofitable stores; implement a substantial investment programme in our stores,
computer systems and website; and seek new sources of supply to enable us to
achieve higher margins. We have made progress in each of these areas and I am
confident that we remain well positioned to take advantage of any improvements
in the retail environment.
Colleagues
I am grateful, as ever, to the staff for their continued support and commitment
to the business and I am confident that their motivation and teamwork will help
us to manage the business through uncertain periods.
MICHAEL ZIFF
Chairman and Chief Executive
CONSOLIDATED INCOME STATEMENT (Unaudited)
for the 26 weeks ended 4 August 2007
26 weeks ended 26 weeks ended 53 weeks ended
4 August 2007 29 July 2006 3 February 2007
#'000 #'000 #'000
Revenue 99,970 104,532 239,565
Cost of sales (96,629) (101,030) (223,531)
---------- ---------- ----------
Gross profit 3,341 3,502 16,034
Distribution costs (3,741) (3,972) (8,267)
Administrative expenses (6,666) (5,980) (11,929)
Other operating income 1,428 640 749
(Loss) / profit on
disposal of fixed
assets - (169) 240
---------- ---------- ----------
Operating loss (5,638) (5,979) (3,173)
Net finance costs (1,834) (2,039) (3,932)
---------- ---------- ----------
Loss before taxation (7,472) (8,018) (7,105)
Taxation - 287 378
---------- ---------- ----------
Loss for the period
attributable to equity
holders of the parent (7,472) (7,731) (6,727)
========== ========== ==========
Basic loss per share
(pence) (24.00) (24.58) (21.45)
========== ========== ==========
Diluted loss per share
(pence) (24.00) (24.58) (21.45)
========== ========== ==========
CONSOLIDATED BALANCE SHEET (Unaudited)
as at 4 August 2007
As at As at As at
4 August 29 July 3 February
2007 2006 2007
#000 #000 #000
Non-current assets
Property, plant & equipment 80,866 86,555 83,298
Investment properties 6,114 6,336 6,298
---------- ---------- ----------
86,980 92,891 89,596
Current assets
Inventories 29,617 32,030 22,184
Trade and other receivables 13,072 11,848 13,203
Cash and cash equivalents 6,008 1,319 5,545
Assets held for sale 3,003 2,867 795
---------- ---------- ----------
51,700 48,064 41,727
---------- ---------- ----------
Total assets 138,680 140,955 131,323
---------- ---------- ----------
Current liabilities
Short term borrowings 13,757 10,050 5,467
Trade and other payables 41,027 37,390 33,822
Current tax payable - 53 65
Other financial liabilities 10 10 10
---------- ---------- ----------
54,794 47,503 39,364
Net current (liabilities) / assets (3,094) 561 2,363
Non-current liabilities
Long term borrowings 31,000 32,200 31,000
Deferred taxation 11,516 11,803 11,516
Other financial liabilities 3,437 3,508 3,502
---------- ---------- ----------
45,953 47,511 46,018
---------- ---------- ----------
Total liabilities 100,747 95,014 85,382
---------- ---------- ----------
---------- ---------- ----------
Net assets 37,933 45,941 45,941
========== ========== ==========
Equity
Called up share capital 692 692 692
Share premium account 41 41 41
Capital redemption reserve 174 174 174
Retained earnings 37,026 45,034 45,034
---------- ---------- ----------
Total equity 37,933 45,941 45,941
========== ========== ==========
CONSOLIDATED CASH FLOW STATEMENT (Unaudited)
as at 4 August 2007
26 weeks ended 26 weeks ended 53 weeks ended
4 August 2007 29 July 2006 3 February 2007
#000 #000 #000
Cash flows from operating
activities
Loss for the period (7,472) (8,018) (7,105)
Adjustments for:
- Depreciation 3,233 3,413 6,724
- Net finance costs 1,834 2,039 3,932
- Difference between
pension charge and cash
contributions (134) (375) (1,038)
Changes in working capital:
- Inventories (7,433) (7,144) 2,702
- Trade and other
receivables 131 258 (1,097)
- Trade and other
payables 7,141 (3,292) (7,105)
Interest paid (2,222) (2,092) (4,190)
Taxation paid (65) (63) (116)
----------- ---------- ----------
Net cash absorbed from
operating activities (4,987) (15,274) (7,293)
----------- ---------- ----------
Cash flows from investing
activities
Purchases of property,
plant & equipment (2,761) (2,275) (4,673)
Proceeds from sale of
property, plant &
equipment - - 4,670
Interest received 87 128 200
----------- ---------- ----------
Net cash flows from
investing activities (2,674) (2,147) 197
----------- ---------- ----------
Cash flows from financing
activities
Proceeds from
borrowings - 3,200 3,200
Repayments of
borrowings - - (1,100)
Finance lease cash
flows (166) (186) (293)
Other financing cash
flows - (50) (259)
----------- ---------- ----------
Net cash flows from
financing activities (166) 2,964 1,548
----------- ---------- ----------
Net decrease in cash,
cash equivalents and
bank overdrafts (7,827) (14,457) (5,548)
Cash, cash equivalents
and bank overdrafts at
beginning of year 1,178 6,726 6,726
----------- ---------- ----------
Cash, cash equivalents
and bank overdrafts at
end of year (6,649) (7,731) 1,178
=========== ========== ==========
STATEMENT OF RECOGNISED INCOME AND EXPENSE
26 weeks ended 26 weeks ended 53 weeks ended
4 August 2007 29 July 2006 3 February 2007
#000 #000 #000
Actuarial (loss) / gain
on pension scheme (536) 4,166 3,248
Loss for the period (7,472) (7,731) (6,727)
----------- ---------- ----------
Total recognised losses
attributable to equity
holders of the parent
for the period (8,008) (3,565) (3,479)
=========== ========== ==========
NOTES
1 Basis of preparation of the interim financial statements
The AIM Rules for Companies require that the annual consolidated financial
statements of the group for the 52 week period ending 2 February 2008 be
prepared in accordance with International Financial Reporting Standards adopted
for use in the EU ("IFRS").
Consequently this half year financial statement has been prepared on the basis
of the recognition and measurement requirements of IFRS in issue that are either
endorsed by the EU and effective (or available for early adoption) at 4 August
2007, the group's first annual reporting date at which it is required to use
IFRS. Based on these IFRS, the directors have made assumptions about the
accounting policies expected to be applied when the first annual IFRS financial
statements are prepared for the 52 week period ending 2 February 2008.
The IFRS that will be effective in the annual financial statements for the 52
week period ending 2 February 2008 are still subject to change and to additional
interpretations and therefore cannot be determined with complete certainty.
Accordingly, the accounting policies for that annual period will be finally
determined only when the annual financial statements are prepared for the 52
week period ending 2 February 2008.
An explanation of how the transition to IFRS has affected the reported financial
position and financial performance of the group together with a summary of
significant accounting policies was provided to shareholders in the Restatement
of Financial Information under International Financial Reporting Standards
issued on 19 September 2007 ("the Restatement Report"), a copy of which can be
found on the group's website at www.stylo.co.uk. This includes reconciliations
of equity and profit or loss for the comparative periods under UK Generally
Accepted Accounting Practice ("UK GAAP") to those reported for those periods
under IFRS.
The preparation of the half year financial statements requires management to
make judgements, estimates and assumptions that affect the application of
policies and reported amounts of assets and liabilities, income and expenses.
Actual results may differ from these estimates.
These half year financial statements have been prepared under the historical
cost convention except for derivative financial instruments carried at fair
value and items of property, plant and equipment measured at fair value at the
date of transition and treated as deemed cost.
This half year statement is unaudited. The comparatives for the 53 weeks ended 3
February 2007 are not the group's statutory accounts for that year. A copy of
the statutory accounts for that year, which were prepared under UK GAAP, have
been delivered to the Registrar of Companies. The auditors' report on those
accounts was unqualified, did not include references to any matters to which the
auditors drew attention by way of emphasis without qualifying their report and
did not contain a statement under Section 237(2)-(3) of the Companies Act 1985.
2 Exceptional items
Included within administrative expenses for the 53 weeks ended 3 February 2007
is an exceptional pensions credit of #790,000 comprising a #370,000 A-Day credit
as a result of changes in legislation that allows pension scheme members to
increase the cash taken on retirement, and a #420,000 pension scheme curtailment
credit arising on the closure of the Stylo Group Pension Scheme to future
accrual. There was no tax effect of this exceptional item in the period.
3 Other operating income
Other operating income comprises the profit on receipt of lease premiums, net of
costs, arising on the early surrender of leasehold properties during the period.
4 Loss per share
The calculation of basic loss per share is calculated by reference to the
weighted average number of ordinary shares in issue during the period of
31,136,000 (29 July 2006 31,450,000 and 3 February 2007 31,355,000). The
calculation of diluted loss per share is calculated by reference to 31,201,000
weighted average number of shares (29 July 2006 31,853,000 and 3 February 2007
31,420,000).
The basic and diluted loss per share are the same at 4 August 2007, 29 July 2006
and 3 February 2007 as a loss has been incurred and, therefore, all potentially
diluted shares are deemed to be non-dilutive.
5 Analysis of net debt
26 weeks ended 26 weeks ended 53 weeks ended
4 August 2007 29 July 2006 3 February 2007
#000 #000 #000
Cash at bank and in hand 592 691 213
Bank overdrafts (12,657) (9,050) (4,367)
Restricted cash 5,416 628 5,332
----------- ---------- ----------
(6,649) (7,731) 1,178
Bank loans
- Debt due within one year (1,100) (1,000) (1,100)
- Debt due after one year (31,000) (32,200) (31,000)
Finance leases
- Due within one year (10) (10) (10)
- Due after one year (3,437) (3,508) (3,502)
----------- ---------- ----------
Net debt (42,196) (44,449) (34,434)
=========== ========== ==========
6 Reconciliation of net cash flow movement to movement in net debt
26 weeks ended 26 weeks ended 53 weeks ended
4 August 2007 29 July 2006 3 February 2007
#000 #000 #000
Decrease in cash (7,827) (14,457) (5,548)
Increase in bank loans - (3,200) (2,100)
Increase in finance lease
liabilities 65 85 91
----------- ---------- ----------
Change in net debt from cash
flows (7,762) (17,572) (7,557)
Net debt at beginning of
period (34,434) (26,877) (26,877)
----------- ---------- ----------
Net debt at end of period (42,196) (44,449) (34,434)
=========== ========== ==========
7 Reconciliation of movement in equity
As at As at As at
4 August 2007 29 July 2006 3 February 2007
#000 #000 #000
At beginning of period 45,941 49,679 49,679
Loss for the financial
period (7,472) (7,731) (6,727)
Actuarial (loss) / gain
on pension scheme (536) 4,043 3,248
Consideration paid for
own shares by EBT - (86) (306)
Consideration received
for EBT shares - 36 47
----------- ---------- ----------
At end of period 37,933 45,941 45,941
=========== ========== ==========
8 Interim Report 2007/08
The Interim Report 2007/08 was approved by the directors on 25 September 2007
and will be sent to those shareholders who have elected to receive posted copies
and not information in an electronic format, during October 2007. A copy can be
obtained by the public from the Company Secretary, Stylo plc, Stylo House,
Harrogate Road, Apperley Bridge, Bradford, West Yorkshire BD10 ONW.
Independent Review Report to Stylo plc
Introduction
We have been instructed by the company to review the financial information for
the 26 weeks ended 4 August 2007 which comprises the consolidated income
statement, the consolidated balance sheet, the consolidated cash flow statement,
the consolidated statement of recognised income and expense and 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.
Our report has been prepared in accordance with the terms of our engagement to
assist the company in meeting the requirements of the rules of the London Stock
Exchange for companies trading securities on the Alternative Investment Market
and for no other purpose. No person is entitled to rely on this report unless
such a person is a person entitled to rely upon this report by virtue of and for
the purpose of our terms of engagement or has been expressly authorised to do so
by our prior written consent. Save as above, we do not accept responsibility for
this report to any person or for any other purpose and we hereby expressly
disclaim any and all such liability.
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 rules of the
London Stock Exchange for companies trading securities on the Alternative
Investment Market which require that the half-yearly report be presented and
prepared in a form consistent with that which will be adopted in the group's
annual accounts having regard to the accounting standards applicable to such
annual accounts.
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 group 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 26 weeks ended
4 August 2007.
BDO Stoy Hayward LLP
Chartered Accountants
1 City Square
Leeds
LS1 2DP
26 September 2007
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR ILFFRARIEFID
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