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Share Name | Share Symbol | Market | Type |
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AlzChem Group AG | TG:ACT | Tradegate | Ordinary Share |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
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0.00 | 0.00% | 58.20 | 58.20 | 58.20 | 0.00 | 00:00:00 |
RNS Number:9107Q Actif Group PLC 15 October 2003 Actif Group plc Final results for the year ended 2 August 2003 Highlights * Turnover up 2.8% to #25.6 million (2002: #24.9 million). Retail turnover up 7.7% to #16.2m, wholesale turnover down 27.6% to #5.4m * Profit before tax increased by 5.7% to #333,000 (2002: #315,000) * Net Debt reduced by 39% to #1.1m (2002: #1.8m) * Gearing ratio reduced to 27% (2002: 47%) * Gross margins have increased to 44.9% from 42.5% as a result of the increasing proportion of retail business within the Group * Basic Earnings per share of 0.51p (2002: 0.74p) * Store opening programme recommenced. New flagship stores opened in Meadowhall and Reading during year, with Glasgow and Birmingham opened since year end. Commenting on these results, David Brock, Chairman said: "The repositioning and restructure process is now broadly complete and the new store opening programme has recommenced. This gives us a solid platform on which to grow performance over the next year." Enquiries: Actif Group plc (020 7436 3330) Hudson Sandler (020 7710 8908) Mark Evans, Chief Executive Piers Hooper Julian Ghinn, Group Finance Director Chairman's statement I am pleased to report the Group's final results for the twelve month period to 1 August 2003. This has been an important year for the Group with the completion of the repositioning and restructuring programme that was started in 2001. We have seen the transition of the business to a primarily UK retail/ wholesale focus with significant improvement in both fashionability and quality of our ELLE ranges. Given the extent of these changes during the year, I am pleased that the Group has been able to grow sales and profits, and invest in new prime retail stores whilst still generating cash and reducing debt. The net result is a solid platform to improve our performance over the next 12 months. Results In the twelve months to 1 August 2003 total Group turnover increased by 2.8% to #25.6m (2002: #24.9 million). Composite gross margins have increased to 44.9% from 42.5% as a result of the retail business accounting for a higher proportion of sales than in the prior period. Costs have increased by 11.6% to #11.0m, representing 42.8% of sales (2002: 39.4% of sales), following the addition of new space. Total profit before tax increased by 5.7% to #333,000 (2002: #315,000) and basic earnings per share were 0.51p (2002: 0.74p). This reduction in earnings per share stems from the recognition of a deferred tax asset in respect of timing differences between depreciation and capital allowances arising in 2002, following the Group's return to profitability. ELLE Retail Total retail sales in the period increased by 7.7% to #16.2 million (2002: #15.0 million), which is up by an underlying 3% like-for-like. The growth in retail sales is partly due to the two new stores that opened in the first half year. We also saw good growth in our outlet stores and department store concessions as the improvements made in our prime stores during 2001/2 (an increased focus on key trading periods, improved fashionability of the product offer and improved stock availability) were extended to these formats. Retail gross margins are better than the comparative period at 59.0% (2002: 57.0%), reflecting an increased proportion of sales through prime stores and a reduced need for markdowns as a result of improved stock management. 2 new Elle stores opened in the period under review and 2 loss-making stores were closed. We also opened 3 new department store concessions, but also closed 3 concessions following the closure or refurbishment of the host store. Overall our retail selling space at the end of the year has decreased by 2,000 square feet to 47,000 square feet. ELLE Wholesale Wholesale revenues from our ELLE collections in the period have decreased by 27.6% to #5.4 million (2002: #7.5 million). Of the #2.1m decline in wholesale revenues, #1.6m can be attributed to the change in ELLE licence rights, which were renegotiated in October 2001. Discontinued categories include underwear, and daywear sales to Continental Europe. In the remaining categories, we have seen sportswear and swimwear grow by 12% due to increased sales in the UK and Spain, combined with revived distribution to France offsetting a decline in Germany. Daywear sales to the UK have stayed broadly level. From Spring / Summer 2003 we have started to sell nightwear direct, rather than through a distributor, in response to a declining sales trend. Although sales continued to fall in Spring / Summer 2003, this trend has reversed from Autumn / Winter 2003 and at a significantly higher gross margin. Wholesale gross profit margins have improved to 29.9% (2002: 24.6%) as a result of improved stock management, and the change to direct selling on nightwear. Costs Operating costs have increased by 11.6% to #11.0m (2002: #9.8m), which represents 42.8% of sales (2002: 39.4%). Retail operating costs increased by 18.3% to #7.1m, equating to 43.8% of retail sales (2002: 40.0%), following the addition of new retail space, where we have yet to see mature revenues. Total central overhead, including the cost of restructuring the wholesale business, was level at #3.8m or 14.8% of sales (2002: #3.8m and 15.3% of sales). Cash flow Net cash flow from operating activities has increased by 8.4% to #1.8m (2002: #1.7m). Capital expenditure increased to #1.0m (2002: #0.2m) as a result of recommencing the store opening programme. The capital expenditure in the year also includes some of the costs of opening new prime stores in Glasgow and Birmingham, which opened in the first quarter of the 2003/4 financial year. Total working capital has been reduced by 14.8% to #3.4m (2002: #4.0m). This improvement in working capital reflects a 1.2% reduction in stock levels to #3.39m at the year end (2002: #3.43m). Debtors have risen slightly by 3.3% to #3.8m (2002: #3.7m). Trade and other creditors have increased by 15.8% to #3.9m (2002: #3.3m). As a result of the positive cash flow, net debt has been reduced by 39% to #1.1m (2002: #1.8m), resulting in a gearing ratio at the year end of 27% (2002: 47%). The comparable figures for 2001 were net debt of #3.1m and gearing of 91%. Our People On behalf of the Board I would particularly like to thank the Actif Group team. Over the year we have progressed with changes to the business, and all our staff have responded well to these. Our new teams have gelled very quickly and together have made notable improvements to all areas of the business. They display a very strong determination and desire to fulfil the potential of the ELLE brand, and give us confidence in our ability to progress other opportunities in the future. Current trading and prospects Having completed the repositioning and restructuring process, our concentration is wholly on driving business performance. We have seen a good start to the new financial year. Over the 10 weeks to 11th October and against a soft first quarter last year, our retail business has achieved the planned 15% increase in total sales. There are clear indications that the changes to the product design, buying and merchandising teams that were implemented at the start of 2003 are having a positive impact on the fashionability and desirability of our product offer and we are in good shape for the all important Christmas trading period. Within wholesale, we have seen overall sales growing in line with plan. Sales of our Autumn / Winter 2003 collection were 22% up on Autumn / Winter 2002, with continued growth on sportswear and nightwear offsetting a small decline in daywear. Our Spring / Summer 2004 wholesale collections are selling well, and are also on track to achieve plan. August saw the opening of our first prime ELLE store in Scotland, with our store in Glasgow and this was followed in September with a store in the new Birmingham Bullring centre. We are currently fitting out our 16th ELLE store in Gunwharf Quays, Portsmouth, which will open in October and have committed to one further new store, which will open in the new Centrale shopping centre development in Croydon in March 2004. On this basis I remain optimistic for a positive outturn to our first half trading performance. David Brock Chairman (15 October 2003) Group profit and loss account For the year ended 2 August 2003 Unaudited Audited Notes 2003 2002 #'000 #'000 Turnover 2 25,575 24,877 Cost of sales (14,102) (14,303) __________ __________ Gross profit 11,473 10,574 Other operating expenses (net) (11,001) (10,047) __________ __________ Operating profit 472 527 Interest payable and similar charges (139) (212) __________ __________ Profit on ordinary activities before taxation 333 315 Taxation - 168 __________ __________ Profit for the financial year 333 483 __________ __________ Earnings per share 3 Basic earnings per share 0.51p 0.74p __________ __________ Adjusted basic earnings per share 0.59p 1.14p __________ __________ Diluted earnings per share 0.49p 0.70p __________ __________ Adjusted diluted earnings per share 0.56p 1.08p __________ __________ All amounts relate to continuing activities. Group balance sheet As at 2 August 2003 Unaudited Audited Notes 2003 2002 #'000 #'000 Fixed assets Intangible assets 44 47 Tangible assets 1,888 1,687 __________ __________ 1,932 1,734 Current assets Stocks 3,385 3,426 Debtors 3,810 3,688 Cash at bank and in hand 5 4 __________ __________ 7,200 7,118 Creditors: amounts falling due within one year (4,643) (4,854) __________ __________ Net current assets 2,557 2,264 __________ __________ Total assets less current liabilities 4,489 3,998 Creditors: amounts falling due after more than one (285) (100) year __________ __________ Net assets 4,204 3,898 __________ __________ Capital and reserves Called up share capital 657 657 Share premium account 4,322 4,322 Other reserves 89 89 Profit and loss account (864) (1,170) _________ _________ Shareholders' funds - all equity 4,204 3,898 __________ __________ Group cash flow statement For the year ended 2 August 2003 Unaudited Audited Notes 2003 2002 #'000 #'000 Net cash inflow from operating activities 4 1,818 1,677 Returns on investments and servicing of finance (139) (212) Taxation - - Capital expenditure and financial investment (981) (184) __________ __________ Net cash inflow before financing 698 1,281 Financing (252) (1,029) __________ __________ Increase in cash in the year 5 446 252 __________ __________ Notes: 1. Basis of preparation This summary financial information comprises that of Actif Group plc and its' subsidiaries for the year ended 2 August 2003. The results have been prepared using accounting policies consistent with those presented in the 2002 financial statements. The preliminary announcement, which does not constitute statutory accounts within the meaning of Section 240 of the Companies Act 1985, is an extract from the Group statutory accounts for the year ended 2 August 2003, which will be delivered to the Registrar of Companies in due course. The auditors have not yet reported on those accounts. The results for the year ended 3 August 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. 2 Segment information The turnover and profit before taxation are attributable to the Group's principal activity, being the design, contracted manufacture, wholesale and retail of high quality fashion clothing. a) Analysis of turnover by destination: Unaudited Audited 2003 2002 #'000 #'000 United Kingdom 24,577 22,504 Overseas - European community 680 1,489 Overseas - Non European community 318 884 __________ __________ 25,575 24,877 __________ __________ b) Classes of business Year ended 2 August 2003 Third party Wholesale Retail Group sourcing #'000 #'000 #'000 #'000 Turnover 3,951 5,441 16,184 25,576 Cost of sales (3,658) (3,816) (6,629) (14,103) __________ __________ __________ __________ Gross profit 293 1,625 9,555 11,473 Common costs __________ __________ __________ (10,951) __________ Operating profit 522 Exceptional costs (50) Net interest payable (139) __________ Profit before taxation 333 __________ The exceptional costs of #50,000 relate to amounts charged for the closure of the Leeds Store. Year ended 3 August 2002 Third party Wholesale Retail Group Sourcing #'000 #'000 #'000 #'000 Turnover 2,335 7,519 15,023 24,877 Cost of sales (2,166) (5,671) (6,466) (14,303) __________ __________ __________ __________ Gross profit 169 1,848 8,557 10,574 Common costs __________ __________ __________ (9,809) __________ Operating profit 765 Exceptional costs (257) Net interest payable (193) __________ Loss before taxation 315 __________ The exceptional costs of #257,000 relate to amounts owed by The Designer Room Ltd when it went into administration on 12 June 2002. 3 Earnings per ordinary share The calculations of earnings per share is based on the earnings for the financial period attributable to equity shareholders and the weighted average number of ordinary shares as follows: 2003 2002 Weighted average number of shares: Number Number For basic earnings per share 65,344,571 65,194,434 __________ __________ For diluted earnings per share 68,449,120 68,809,587 __________ __________ Adjusted earnings per share has been calculated after excluding the impact of exceptional items after taxation and the amortisation of goodwill. This has been disclosed to provide shareholders with a better indication of the underlying performance of the Group. Basic/diluted Adjusted 2003 2002 2003 2002 #'000 #'000 #'000 #'000 Profit for the financial year before 333 315 333 315 taxation Exceptional costs - - 50 257 Add: taxation - 168 - 168 Amortisation of goodwill - - 3 3 __________ __________ __________ __________ 333 483 386 743 __________ __________ __________ __________ 4 Reconciliation of operating profit to operating cash flows Unaudited Audited 2003 2002 #'000 #'000 Operating profit 473 527 Depreciation charges 781 855 Amortisation of goodwill 3 3 Profit on disposal of fixed assets - (2) Decrease in stock 40 921 (Increase)/decrease in debtors (122) 517 Increase/(decrease) in creditors 671 (1,138) Foreign exchange loss relating to non-operating activity (28) (6) __________ __________ Net cash inflow from operating activities 1,818 1,677 __________ __________ 5 Reconciliation of net cash flow to net debt Unaudited Audited 2003 2002 #'000 #'000 Increase in cash in the year 446 252 Cash outflow from decrease in debt and lease financing 852 1,031 __________ __________ Change in net debt resulting from cash flows 1,298 1,283 New secured loans (600) - __________ __________ Movement in net debt in year 698 1,283 Net debt at 3 August 2002 (1,814) (3,097) __________ __________ Net debt at 2 August 2003 (1,116) (1,814) __________ __________ 6 Annual General Meeting The Annual General Meeting will be held at 20 Little Portland Street, London W1W 8AA on 16 December 2003 at 12 noon. This information is provided by RNS The company news service from the London Stock Exchange END FR GUGMAUUPWGBC
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