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| Share Name | Share Symbol | Market | Type |
|---|---|---|---|
| Aoxing Pharmaceutical Company New (delisted) | AMEX:AXN | AMEX | Ordinary Share |
| Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 0.1218 | 0.00 | 01:00:00 |
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RNS Number:0844J
Alexon Group PLC
24 March 2003
For Immediate Release 24 March, 2003
ALEXON GROUP PLC
Preliminary Results for the 52 weeks ended 25 January, 2003
Alexon Group plc, the leading retailer of ladieswear, menswear and shoes,
announces Preliminary Results for the 52 weeks ended 25 January, 2003.
* Operating profit, before amortisation of goodwill, increased 25.2% to
#30.3m (2002: #24.2m);
* Turnover increased 6.6% to #398.3m (2002: #373.6m);
* Like-for-like sales increased by 3.9%;
* Alexon brands gained market share in a difficult market with operating
profit of #21.0m (2002: #20.2m);
* Dolcis performed strongly with operating profits of #2.0m (2002: loss
#0.6m);
* Bay Trading made further progress with operating profit of #4.1m (2002:
#2.1m);
* Menswear demonstrated continued growth with operating profit of #3.2m
(2002: #2.5m);
* Earnings per share, before amortisation of goodwill, increased 40.1% to
34.4p (2002: 24.6p);
* Final dividend declared of 4.7p, making a total of 6.0p for the year
(2002: 3.0p), up 100%;
* Strong cash inflow provides Group with net cash of #8.3m (2002: net debt
of #2.3m)
John Osborn, Chief Executive, commented:
"I am delighted to report another excellent year for Alexon. Despite the
challenging economic climate, all divisions have performed well, demonstrating
solid growth and contributing to group profitability.
The business in its current form, now has a good spread of quality brands across
three sectors of retailing (Ladieswear, Menswear and Shoes) and is well balanced
between High Street Shops and Departmental Stores. Strong organic growth
potential is underpinned by sound defensive characteristics."
For further information:
Alexon Group 020 7623 8000 (today) &
01582 723131 (thereafter)
John Osborn, Chief Executive
Robin Piggott, Finance Director
Buchanan Communications 020 7466 5000
Richard Darby/Bobbie Swanson
CHIEF EXECUTIVE'S REPORT
Results
Operating profit for the year before amortisation of goodwill was #30.3 million
as against #24.2 million for the prior year, an increase of 25.2%. Group
sales for the year increased on a like-for-like basis by 3.9% on gross margins
level ith last year. Strong performances came from Dolcis, Bay Trading and
Menswear, our 1999 acquisitions, which contributed significantly to the profits
for the year.
Despite the slowdown in pre-Christmas trading, stocks ended the year well under
control and the strong cash inflow during the year left the Group with net cash
of #8.3 million compared with net debt of #2.3 million at the end of the prior
year.
Alexon Brands
Operating profit for the division was #21.0 million against #20.2 million last
year, reflecting like-for-like sales growth of 1.3%, on slightly lower gross
margins. This was a pleasing performance in a difficult market and reflected
market share gains at the expense of our competitors.
The strongest performing brands were Kaliko, which has gone from strength to
strength, and Minuet, the petite brand, which continued its rapid expansion with
a further 25 outlets opened during the year. The ongoing introduction of more
contemporary elements into the ranges resulted in sound performances from Eastex
and Alexon, the latter in particular benefiting from the growth in Alex & Co,
its more fashionable sub-brand. Sales in Dash were flat, following a strong
performance in the prior year. Ann Harvey had a disappointing year as a result
of a weak product offer and a number of changes have now been made in the buying
team.
Current Trading
Sales to date in the current year are in line with plan and we are continuing to
gain market share.
Dolcis
Dolcis ended the year with an operating profit of #2.0 million, against an
operating loss of #0.6 million in the previous year. This was an excellent
performance reflecting a greatly improved product offer and the benefits from
rationalisation of retail space.
Like for like sales increased by 12.8% over the prior year, achieved on higher
margins. The main thrust of growth came from ladies' shoes, accounting for 70%
of the business, which benefited from more professional sourcing and the
selection of product ranges with a broader age and fashion appeal. The shoe
concessions in Bay Trading and Envy made good progress during the year.
Current Trading
Sales and margins have continued to be strong in the current year, with good
reactions from customers to new season's merchandise.
Bay Trading
Bay Trading had another excellent year achieving an operating profit of #4.1
million for the year compared with #2.1 million last year. Like-for-like sales
grew by 1.0%, on higher gross margins.
The buying team have continued to inject more interest and variety into the
fashion ranges, at the same time retaining the key value proposition.
Profitability was further enhanced by the opening of 23 new outlets (including
19 concessions), the expansion of Bay Angel (the sub-brand geared to the 7 to 14
year old market), and the introduction of own brand accessories.
Current Trading
Performance in the current year has continued in the same vein as last year with
sales and margins in line with plan.
Menswear
The operating profit for the division was #3.2 million, as against #2.5 million
in the prior year. Whilst like-for-like sales increased by 7.2%, lower achieved
margins reflected the need to clear stocks after slower than expected
pre-Christmas trading, which particularly affected the menswear market.
Envy continued its growth with 7 new openings bringing the total to 50 shops at
the year end. Particularly pleasing has been the continued development of
womenswear which is now on offer in 17 Envy shops and it is our intention that
womenswear will be incorporated into all future shops.
The year saw continued growth in casualwear concessions in department stores.
This will help to offset the loss of contribution from Top Man suit concessions,
the last of which closed in March 2003.
Current Trading
Sales in the current year are in line with plan, and the response to the new
ranges is encouraging. The strength of the product offer, coupled with
further outlet growth, should ensure the Division's continued progress.
Outlook
The business, in its current form, now has a good spread of quality brands
across three sectors of retailing (Ladieswear, Menswear, and Shoes), and is well
balanced between High Street Shops and Departmental Stores. Strong organic
growth potential is underpinned by sound defensive characteristics.
Dividend
The Group again enjoyed strong cash flow during the year. In recognition of the
increased importance of dividends in the current market, the Board are
recommending a final dividend of 4.67p per ordinary share be paid on 30 June
2003 to shareholders on the register on 6 June 2003, making a total of 6p for
the year, an increase of 100%.
Outlets
A breakdown of outlets as at 25 January 2003 is as follows:-
UK UK European
Shops Concessions Concessions Total
Alexon Brands 85 770 82 937
Dolcis 69 104 - 173
Bay Trading 142 54 - 196
Style 50 88 - 138
Total 346 1,016 82 1,444
John Osborn
24 March 2003
Alexon Group plc
Consolidated Profit and Loss Account
For the 52 weeks to 25 January 2003
2003 2002
Note #000 #000
Turnover 1 398,346 373,632
Cost of sales (341,780) (324,125)
Gross profit 56,566 49,507
Administrative expenses :
before goodwill amortisation (10,211) (9,838)
goodwill amortisation (2,400) (2,400)
(12,611) (12,238)
Distribution costs (16,007) (15,437)
Operating profit before goodwill amortisation 30,348 24,232
Goodwill amortisation (2,400) (2,400)
Operating profit 1 27,948 21,832
Net interest payable (240) (1,048)
Profit on ordinary activities before tax 27,708 20,784
Tax on profit on ordinary activities (8,227) (6,661)
Profit for the financial period 19,481 14,123
Ordinary dividend (3,546) (1,814)
Non-equity preference dividend (1,267) (1,267)
Transfer to reserves 14,668 11,042
Earnings per share 2
Basic 30.42p 20.72p
Diluted 28.64p 20.23p
Adjusted 34.43p 24.58p
Alexon Group plc
Consolidated balance sheet
As at 25 January 2003
2003 2002
Note #000 #000 #000 #000
Fixed assets
Intangible assets 39,574 41,974
Tangible assets 21,191 17,873
Investments 3,214 836
63,979 60,683
Current assets
Stock 50,151 49,192
Debtors 28,624 23,508
Cash at bank and in hand 11,761 2,225
90,536 74,925
Creditors falling due within one year 3 (49,855) (44,821)
Net current assets 40,681 30,104
Total assets less current liabilities 104,660 90,787
Creditors falling due after more than one year (80) (22)
Provisions for liabilities and charges (3,605) (4,584)
100,975 86,181
Capital and reserves
Called up share capital 8,190 8,234
Share premium account 31,093 30,907
Capital redemption reserve fund 481 381
Profit and loss account 61,211 46,659
Total shareholders' funds 100,975 86,181
Alexon Group plc
Consolidated Statement of Cash Flows
For the 52 weeks to 25 January 2003
2003 2002
Note #000 #000 #000 #000
Net cash flow from operating activities 4 31,711 26,892
Returns on investments and servicing of
finance
Interest received 267 41
Interest paid (310) (1,084)
Interest element of finance lease payments (115) (219)
Non- equity dividends paid (1,268) (1,267)
(1,426) (2,529)
Taxation
Corporation tax paid (5,591) (4,154)
Capital expenditure
Purchase of tangible fixed assets (9,378) (4,356)
Receipts from sales of tangible fixed assets 18 12
(9,360) (4,344)
Equity dividends paid (1,991) (1,847)
Net cash inflow before management of liquid
resources and financing 13,343 14,018
Management of liquid resources
Increase in short term deposits (10,000) -
Financing
Issue of ordinary share capital 242 37
Purchase of own shares (2,915) (2,994)
Repayment of loan notes (1,016) (9,341)
Capital element of finance lease payments (580) (1,120)
(Decrease)/increase in cash in the period 5 (926) 600
Alexon Group plc
Notes
1. Turnover and operating profit comprise :
Turnover Operating profit
52 weeks to 52 weeks to 52 weeks to 52 weeks to
25 January 26 January 25 January 26 January
2003 2002 2003 2002
#000 #000 #000 #000
Alexon Brands 185,184 175,666 20,986 20,199
Bay Trading 86,582 80,083 4,090 2,081
Dolcis 67,223 62,167 2,022 (574)
Style Menswear 59,357 55,716 3,250 2,526
398,346 373,632 30,348 24,232
Goodwill amortisation (2,400) (2,400)
27,948 21,832
2. The calculation of basic earnings per ordinary share is based on profits of
#18,214,000 (2002 : #12,856,000) after deducting preference dividends, and on
59,875,174 ordinary shares (2002 : 62,054,976 ) being the weighted average
number of ordinary shares in issue.
The earnings figure for adjusted earnings per share excludes goodwill
amortisation.
In calculating diluted earnings per share the weighted average number of
ordinary shares in issue is adjusted to assume conversion of the convertible
preference shares and the exercise of all dilutory share options granted to
directors and key employees.
Reconciliations of the earnings and weighted average number of shares are set
out below.
Earnings (#) Weighted average Per share
number of shares (pence)
Adjusted earnings per share 20,614,000 59,875,174 34.43
Goodwill amortisation (2,400,000) - (4.01)
Basic earnings per share 18,214,000 59,875,174 30.42
Effect of dilutive convertible
securities :
preference shares 1,263,000 6,658,468 (1.15)
options - 1,473,829 (0.63)
Diluted earnings per share 19,477,000 68,007,471 28.64
3. Creditors falling due within one year may be analysed as follows: 2003 2002
#000 #000
Bank loans and overdrafts 2,253 1,791
Obligations under finance leases and hire purchase contracts 399 1,037
Trade creditors 11,085 10,944
Other creditors 4,845 4,627
Taxation and social security costs 6,098 5,596
Corporation tax 6,525 3,248
Accruals and deferred income 15,188 14,655
Loan notes 687 1,703
Proposed dividend 2,775 1,220
49,855 44,821
4. Reconciliation of operating profit to net cash inflow from
operating activities: 2003 2002
#000 #000
Operating profit 27,948 21,832
Depreciation 5,644 6,189
Amortisation of goodwill 2,400 2,400
Loss on disposal of fixed assets 398 322
Increase in stock (959) (1,243)
(Increase)/decrease in debtors (4,475) 191
Increase/(decrease) in creditors 1,312 (1,448)
Decrease in provisions (979) (1,351)
Amortisation of investments 422 -
Net cash inflow from operating activities 31,711 26,892
5. Analysis of change in net debt At At
26 January Cash flow Other non 25 January
2002 cash changes 2003
#000's #000's #000's #000's
Cash 2,225 (464) - 1,761
Overdrafts (1,791) (462) - (2,253)
(926)
Loan notes : current (1,703) 1,016 - (687)
Finance leases : current (1,037) 580 58 (399)
non current (22) - (58) (80)
Liquid resources - 10,000 - 10,000
Total (2,328) 10,670 - 8,342
2003 2002
6. Reconciliation of movement in cash to movement in net funds #000 #000
(Decrease)/increase in cash (926) 600
Repayment of finance leases 580 1,120
Repayment of loan notes 1,016 9,341
Increase in liquid resources 10,000 -
Movement in the period 10,670 11,061
Net debt at beginning of period (2,328) (13,389)
Closing net funds/(debt) 8,342 (2,328)
7. The financial statements do not constitute statutory accounts. The results
for the 52 weeks ended 25 January 2003 are extracts from the group accounts for
that period which will be delivered to the Registrar of Companies in due course
and on which the auditors have given an unqualified opinion which does not
contain a statement under Section 237 (2), (3), or (4) of the Companies Act
1985.
8. The results for the 52 weeks ended 26 January 2002 have been extracted from
the statutory accounts for that period which have been delivered to the
Registrar of Companies and on which the auditors gave an unqualified report
which did not contain a statement under Section 237 (2), (3), or (4) of the
Companies Act 1985.
9. The Company's AGM will be held on 18 June 2003.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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