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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Vail Resorts Inc | NYSE:MTN | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
-7.34 | -3.91% | 180.61 | 182.50 | 173.44 | 180.47 | 1,531,371 | 01:00:00 |
RNS Number:8030J Matalan PLC 09 April 2003 MATALAN PLC Preliminary Results for the 53 weeks ended 1st March 2003 Profit before tax up 9% * Profit before tax up 9% to #117.4m (2002: #107.6m) * Turnover up 21% to #1,021.5m (2002: #847.4m) * Retail like for like sales up 3% (2002: 8%) * Earnings per share up 16% to 21.3p (2002: 18.4p) * Final dividend up 13% to 5.4p per share (2002: 4.8p) * Total dividends up 13% to 8.1p per share (2002: 7.2p). John Hargreaves, Group Chairman, commented: "I am pleased to report that sales and profits have once again increased. Sales in the period grew by 21% and profits before tax by 9%. Our retail business has increased sales and profits again, despite the slowing growth in retail markets. The investments made over the past eighteen months in Lee Cooper and Wolsey have made satisfactory returns. In a more value conscious market, we believe that Matalan's strong combination of price and quality will be increasingly attractive to our members. Matalan is now the UK's fifth largest clothing retailer, having increased market share by 0.3% to 3.1%. Our active membership, which has grown over the period by 0.9 million to 9.1 million, remains a unique resource and, together with our planned range and product improvements, provides the platform for continued sustainable sales and profit growth." Results In the 53 week period ended 1st March 2003 sales increased 20.5% to #1,021.5m (2002: #847.4m). Profit before tax increased by 9.1% to #117.4m (2002: #107.6m). The tax charge for the period was #30.7m (2002: #33.5m), resulting in an effective rate of 26.1% (2002: 31.2%). The decrease in the effective rate was due to continuing focus on expenditure eligible for tax relief, recognition of tax assets within the group and lower taxes outside of the United Kingdom. Earnings per share improved by 15.8% to 21.3p (2002: 18.4p). Capital investment was #57.4m (2002: #45.4m), of which #39.4m (2002: #37.7m) related to store investment and #13.2m (2002: #1.9m) related to systems investment. All new stores continue to exceed internal return on capital criteria. The stock position at the period end was #135.0m, #29.7m higher than the previous period end. Retail stocks have grown approximately in line with space. Current season stock levels are on plan and terminal stock levels are lower than those of the previous period. The Group's operating cash flow was #107.8m (2002: #118.6m). The period on period reduction principally reflects the timing of February month end creditor payments which are not comparable. After interest and tax, dividends, capital expenditure (including financial investment) of #56.0m (2002: #49.5m) and acquisition costs of #7.3m (2002: #45.4m), the net liquid position was reduced by #15.7m (2002: #33.4m), giving a closing net debt position of #17.8m (2002: #2.1m). Dividend The Board is recommending a final dividend of 5.4p per share (2002: 4.8p per share). Subject to approval by shareholders at the Annual General Meeting on 4th June 2003, this dividend will be paid on 3rd July 2003 to those shareholders on the register at the close of business on 6th June 2003. This will mean total dividends for the period of 8.1p per share (2002: 7.2p per share), which are covered 2.6 times (2002: 2.5 times) by earnings. Matalan Retail Matalan Retail's sales in the period increased by 17.9% to #956.0m (2002: #811.0m) with a 3.0% (2002: 8.3%) contribution from the like for like estate. Operating profit increased by 7.3% to #115.6m (2002: #107.7m), representing a sales ratio of 12.1% (2002: 13.3%). This reduction results from investment in people costs, increased advertising, and rent and rate cost pressures, being partially offset by improved margin gains through better sourcing. At the end of the period, Matalan traded from 163 stores, having opened 20 new stores, resited 5 and extended 3. In total, 0.8 million sq ft was added to the estate in the period, increasing trading space by 21.6% to 4.5 million sq ft. It is planned to add an additional 0.6 million sq ft this current period in line with our long term target of 8 million sq ft in the UK. Matalan's UK clothing market share has increased 0.3% to 3.1%. In value terms, Matalan is now the UK's fifth largest clothing retailer and the third largest by volume. The home product market share has increased from 2.3% to 3.3%. During the period, the Company commenced a major business systems investment programme. When completed, the new systems will generate further efficiencies, particularly in stock management and stock availability, improving the platform for profitable and sustainable growth in the future. Lee Cooper and Wolsey Wolsey, which was acquired in April 2002 at a cost of #10.1m, contributed sales of #8.7m and operating profit of #0.5m (after charging #0.3m for goodwill amortisation). Lee Cooper contributed sales of #56.8m (2002: #36.4m) and operating profit of #2.2m (2002: #0.2m) after a charge of #1.7m for goodwill amortisation. Directors In March 2003 John King was appointed Group Chief Executive. John joined Matalan in February 2002 as Chief Executive of Lee Cooper, before being appointed Matalan Trading Director in October 2002. In March 2003, Paul Mason and Andy Clarke (who was appointed in June 2002) resigned as Group Chief Executive and Retail Director respectively. I would like to thank them for their contribution in the period they were with the Company. In November 2002, Phil Dutton joined the Board as Group Finance Director following Ian Smith's retirement after 13 years service. I would like to take this opportunity to thank Ian for his invaluable contribution and support over that period. Outlook Matalan's management team remains focused on reinforcing the core values which have been the foundation of the Company's success, and which are given to all staff on joining, namely: * offer outstanding value to members * respect each other * respect the customer * keep it simple, and * keep the costs under control In a more value conscious market, we believe that Matalan's strong combination of price and quality will be increasingly attractive to our members. Our active membership, which has grown over the period by 0.9 million to 9.1 million, remains a unique resource and, together with our planned range and product improvements, provides the platform for continued sustainable sales and profit growth. John Hargreaves GROUP CHAIRMAN 9th April 2003 Consolidated Profit and Loss Account for the 53 weeks ended 1st March 2003 Notes 2003 2002 #'m #'m unaudited Turnover 1,021.5 847.4 Cost of sales (855.3) (710.4) ------------------------------------------------------------------------- Gross profit 166.2 137.0 Administrative expenses 1 (47.9) (29.1) ------------------------------------------------------------------------- Operating profit 118.3 107.9 Net interest payable (0.9) (0.3) ------------------------------------------------------------------------- Profit on ordinary activities before taxation 117.4 107.6 Taxation (30.7) (33.5) ------------------------------------------------------------------------- Profit on ordinary activities after taxation 86.7 74.1 Dividends (33.3) (29.3) ------------------------------------------------------------------------- Profit retained for the period 53.4 44.8 ========================================================================= Earnings per share Basic 2 21.3p 18.4p Diluted 2 21.2p 18.1p The Group has no recognised net gains or losses except as reported in the above profit and loss accounts for the period or the prior period. All the above results arose from continuing operations. Consolidated Balance Sheet at 1st March 2003 Notes 2003 2002 #'m #'m unaudited Fixed assets Intangible assets 3 37.3 32.3 Tangible assets 167.6 132.3 Investments 4 22.5 25.7 ------------------------------------------------------------------------- 227.4 190.3 ------------------------------------------------------------------------- Current assets Stocks 135.0 105.3 Debtors 22.5 20.8 Cash at bank and in hand 16.2 17.8 ------------------------------------------------------------------------- 173.7 143.9 ------------------------------------------------------------------------- Creditors: amounts falling due within one year (159.8) (149.6) ------------------------------------------------------------------------- Net current assets/(liabilities) 13.9 (5.7) ------------------------------------------------------------------------- Total assets less current liabilities 241.3 184.6 ------------------------------------------------------------------------- Creditors: amounts falling due after more than one year (14.8) (13.4) Provisions for liabilities and charges (9.5) (7.6) ------------------------------------------------------------------------- Net assets 217.0 163.6 ========================================================================= Capital and reserves Called up share capital 42.0 42.0 Share premium account 2.0 2.0 Profit and loss account 173.0 119.6 ------------------------------------------------------------------------- Equity shareholders' funds 217.0 163.6 ========================================================================= Consolidated Cash Flow Statement for the 53 weeks ended 1st March 2003 Notes 2003 2002 #'m #'m unaudited Net cash inflow from operating activities 5 107.8 118.6 Returns on investments and servicing of finance (0.9) (0.4) Taxation (26.2) (32.5) Capital expenditure and financial investment (56.0) (49.5) Acquisitions (7.3) (45.4) Equity dividends paid to shareholders (30.6) (23.8) ------------------------------------------------------------------------------- Net cash outflow before management of liquid resources and financing (13.2) (33.0) Management of liquid resources 11.8 12.2 Financing (0.2) (0.8) ------------------------------------------------------------------------------- Decrease in cash in the period (1.6) (21.6) =============================================================================== Reconciliation of cash flow to movement in net debt. Decrease in cash in the period (1.6) (21.6) Cash outflow from decrease in lease financing 0.2 0.8 Net debt acquired with subsidiary - (0.4) Net debt issued to acquire subsidiary (2.5) - Cash flow from liquid resources (11.8) (12.2) ------------------------------------------------------------------------------- Movement in net debt in the period (15.7) (33.4) Net (debt)/cash at the beginning of the period (2.1) 31.3 ------------------------------------------------------------------------------- Net debt at the end of the period (17.8) (2.1) =============================================================================== Notes 1. Administrative expenses Total administrative expenses have increased from #29.1m to #47.9m, of which #11.0m is attributable to Lee Cooper, acquired in July 2001, and Wolsey, acquired in April 2002. In addition, amortisation of intangible fixed assets has increased period on period by #1.3m, including #1.0m accounting write off in respect of the Easy brand acquired in April 2002. 2. Earnings per share 2003 2002 Weighted Weighted average average number of Per share number of Per share Earnings shares amount Earnings shares amount #'m millions pence #'m millions pence Basic EPS Attributable to ordinary shareholders 86.7 406.7 21.3 74.1 403.1 18.4 Effect of dilutive options - 2.1 (0.1) - 6.8 (0.3) ------------------------------------------------------------------------------------------ Diluted EPS Adjusted figures 86.7 408.8 21.2 74.1 409.9 18.1 ========================================================================================== The actual numbers used for the basic earnings per share calculation are #86,641,000 (2002: #74,061,000) profit after tax and 406,735,742 (2002: 403,146,626) weighted average number of shares. The weighted average number of shares excludes shares held by the Matalan Employee Benefit Trust (EBT) and the Matalan Qualifying Employee Share Trust (QUEST) and is adjusted for the issue of shares during the year. The diluted earnings per share calculations reflect the weighted average dilutive effect of options outstanding during the year of 2,137,102 (2002: 6,799,713). 3. Intangible fixed assets The Group purchased Wolsey Limited on 23rd April 2002 for a total consideration of #10.1m (#9.9m plus acquisition costs of #0.2m), financed by cash and bank borrowings of #7.3m (net of cash acquired of #0.3m) and loan notes of #2.5m, which are due to be repaid in June 2003. This transaction has been accounted for as an acquisition. The total fair value of assets of this business at acquisition was #3.1m. In accordance with FRS 10, goodwill arising of #7.0m has been included as an asset and the Directors consider the useful life to be 20 years. The effect of goodwill amortisation since the acquisition date is a charge of #0.3m to operating profit. 4. Investments Investments comprise the Company's shares held by the EBT and the QUEST. In accordance with the scheme rules 5,038,674 options were exercised at a cost of #2.7m during the period. Dividends have been waived on the shares held by these trusts. 5. Reconciliation of operating profit to net cash inflow from operating activities 2003 2002 #'m #'m Reconciliation of operating profit to net cash inflow from operating activities Operating profit 118.3 107.9 Amortisation of investments in own shares 0.5 0.6 Amortisation of intangible fixed assets 3.0 1.7 Depreciation of tangible fixed assets 21.3 16.7 Loss on sale of tangible fixed assets 1.2 3.3 Increase in stocks (27.9) (18.2) Increase in debtors (0.5) (5.4) (Decrease)/increase in creditors (8.1) 12.0 ---------------------------------------------------------------------- Net cash inflow from operating activities 107.8 118.6 ====================================================================== 6. Basis of preparation The preliminary results for the 53 weeks ended 1st March 2003 are unaudited with the audit report on the full accounts yet to be signed. The financial information set out above does not constitute statutory accounts within the meaning of the Companies Act 1985. The preliminary financial results have been prepared using accounting policies consistent with those set out in the 2002 Annual Report and Accounts. The comparative figures for the period ended 23rd February 2002 do not constitute statutory accounts. These figures have been extracted from the audited accounts for that year which have been delivered to the Registrar of Companies and on which the Auditors issued an unqualified report, which did not contain a statement under either section 237 (2) or (3) of the Companies Act 1985. This information is provided by RNS The company news service from the London Stock Exchange END FR IFFLISTITIIV
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