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Share Name | Share Symbol | Market | Type |
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Pegasystems | TG:PEA | 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% | 55.00 | 54.50 | 55.00 | 0.00 | 16:59:49 |
RNS Number:3621R Peacock Group PLC 28 October 2003 28th October 2003 THE PEACOCK GROUP PLC INTERIM RESULTS FOR THE 26 WEEKS TO 27 SEPTEMBER 2003 "The Group has delivered an excellent first half performance. This reflects our success in enhancing the product range of Peacocks and bonmarche while delivering continuous improvement from efficient and flexible sourcing." * Total sales up 43.2% to #230.6 million, (2002: #161.1 million) after a 13.4% increase at Peacocks and a full period contribution from bonmarche * Group like-for-like sales up 8.3% * Gross and operating margin growth at both divisions * Operating profit* up 158% to #13.7 million (2002 : #5.3 million) * Pre-tax profit* up 186% to #11.5 million (2002: #4.0 million) * Earnings per share* up 157% to 7.3p (2002: 2.9p) * Dividend per share up 39% to 2.5p (2002: 1.8p) * Dividend cover* increased to 2.9 times from 1.6 times * excluding exceptional items and goodwill "We are well positioned in the fast-growing value-for-money clothing sector. Our clear brand focus on product and our strong management give me confidence that we will build on this performance in the second half and beyond." - John Lovering, Chairman ENQUIRIES: The Peacock Group plc Hudson Sandler Richard Kirk, Group Chief Executive Andrew Hayes/Keith Hann/James Hill Keith Bryant, Group Finance Director Tel: 020 7796 4133 Tel: 020 7796 4133 (on 28th October) Thereafter: 029 2027 0000 An analyst meeting will be held today at 9.30am at the offices of Hudson Sandler, 29 Cloth fair, London, EC1A 7NN. Please contact Rebecca Ghent on 020 7796 4133 for further details or to confirm attendance. High resolution photographs will be available to media from 12.30pm at www.vismedia.co.uk CHAIRMAN'S STATEMENT The Group has delivered an outstanding first half performance. This reflects our success in enhancing the product range of Peacocks and bonmarche while delivering continuous improvement from efficient and flexible sourcing. We are well positioned in the fast- growing value-for-money clothing sector. Our clear brand focus on product and our strong management give me confidence that we will build on this performance in the second half and beyond. Results Total sales in the 26 weeks to 27 September increased 43.2% to #230.6 million (2002: #161.1 million), with a full period contribution of #78.4 million from bonmarche against #26.8 million for the 10 week period in the prior year. Group like-for-like sales increased by 8.3% with gross margin enhancement at both divisions, as we continued to benefit from improved buying and stock control. Stock levels are broadly in line with last year despite the increase in stores and sales. Operating profit* was up 158% to #13.7 million (2002: #5.3 million). There were no property profits in either year. After increased interest payable of #2.2million (2002: #1.3 million), as a result of the higher debt levels associated with the bonmarche acquisition, profit before taxation* increased by 186% to #11.5 million (2002: #4.0 million). Basic earnings per share* increased by 157% to 7.3p (2002: 2.9p). Exceptional operating costs of #0.8 million include #0.5 million write-off of assets in refurbished Peacocks stores and #0.3 million post-acquisition group restructuring costs. There was a #3 million net cash inflow in the half even after funding a #18.7 million capital expenditure programme, mainly on new stores and Peacocks refurbishments. This resulted in net debt reducing to #64.4 million with gearing improving to 85.2% at the interim stage. * before exceptional items and goodwill amortisation Dividend The Board has declared an increased interim dividend of 2.5p per share (2002: 1.8p). This significant increase reflects the Board's confidence in prospects for the year and beyond. At the same time, dividend cover has been increased from 1.6 times to 2.9 times reflecting the strong growth in earnings per share. It remains the Board's intention to pay approximately one third of the full year's dividend at the interim stage. Market and brand positionings Although the total clothing and footwear market has experienced an underlying growth rate of only 2% in the last year, the #4.4 billion value sector, within which the Group operates, is growing much more rapidly at approximately 12%. Within this segment, we are the number three retailer with an 11% share which is growing through space expansion and strong like-for-like sales performance compared to our peer group. The key strategic objective over the last year has been to deliver clear and complementary positionings for Peacocks and bonmarche. Peacocks is now firmly focused on a fashionable clothing offer for the 25 to 45 age group. Many of Peacocks older customers have been successfully transferred to bonmarche where the focus is on offering stylish product to the over 45s. Peacocks Division The repositioning of the Peacocks brand is delivering a step change in performance. This is being driven by a more fashionable offer and the continued roll-out of our proven refurbishment programme. As a result of this strategy, like-for-like sales lifted 8.9% in the first half on higher gross margins and we enjoyed an operating profit* increase of 129% from #3.8 million to #8.7 million with operating margins improving from 2.8% to 5.7%. The streamlining of our supply chain is an on-going focus of our management. It has given us confidence to source more fashionable product in greater depth. This has already had a positive impact on the performance of our womenswear division, where we achieved particularly strong sales. At the half-year end we had 151 stores trading in our new format, representing some 39% of the total chain. As well as refurbishing our existing stores, our new store opening programme continues to be implemented to plan. In the first half we opened 18 new stores including 2 relocations, and closed 1 store bringing the total chain to 385 stores across the UK. This included a trial shop-in-shop within a Somerfield supermarket and also one in Kwik Save. All parties are pleased with the look and performance of the stores and more will be trialled before Christmas. We remain confident that we have the opportunity to open at least 700 standalone Peacocks in the UK. In the wholesale business, first half performance was affected by the reduction in space allocated to us in big W. Peacocks is currently trading in 20 Woolworths big W's and is due to participate in 1 more before Christmas. Overall, Peacocks is trading well in an attractive market segment. We are confident that the initiatives we continue to implement across the business will enable us to build on this success. bonmarche Division bonmarche made excellent progress again in the first half. This continued success is underpinned by its commitment to offering garments with fabrics, styles and finishes for the over 45 age group fully comparable with leading high street retailers, at compelling value prices. The first half saw very strong early-season sales for the spring/summer collection combined with much stronger gross margins driven by lower markdowns than last year. The resultant very low stock levels did constrain sales later in the season although like-for-like gross profit growth remained strong. Overall, like-for-like sales were up 7.2% in the first half with much higher gross margins and operating profit increased to #5.0 million (2002: #1.5 million), with operating margin showing a good improvement to 6.4% (2002: 5.6%). The reported profit is after charging #0.4 million of double running costs in distribution as a result of the set-up of the new warehouse. We made good progress in enhancing the flexibility of the bonmarche supply chain, as we planned at the time of acquisition, to respond more quickly to sales trends. In addition, we have strengthened the merchandising and buying teams. New categories such as lingerie and accessories introduced last year continued to perform well. During the first half, 23 new stores were opened and 2 closed taking the total chain to 291 at the period end. We are also trialing a number of initiatives in-store to improve the shopping environment to match bonmarche's excellent products and customer service. The bonusclub continued to be a powerful marketing tool with 1.2 million members at the period end. We are confident of extending membership to 1.4 million by the year-end. The new head office and distribution facility was completed in April. This single site replaces four previous warehouses and is delivering the expected efficiencies and cost savings. This facility will support the division's growth plans over the next five years. 4thehome A new value fashion homeware concept, trading as 4thehome, has been trialled at Hemel Hempstead. We are encouraged by its performance and will be extending the trial to a further two locations prior to Christmas. Outlook We are continually seeking to improve our business. Our focus is on delivering the right product to meet the changing tastes of our customers. We believe we are well positioned, with strong management, to seize the growth opportunities in our markets. We are confident that, as our customers continue to seek value for money from their clothing budget, the current momentum in our business will be sustained. John Lovering Chairman Consolidated profit and loss account Unaudited Unaudited Audited Note 26 weeks to 26 weeks to 52 weeks to 27 September 28 September 31 March 2003 2002 2003 #'000 #'000 #'000 Turnover 230,649 161,069 396,596 Operating profit before exceptional items 12,589 4,940 25,323 Exceptional costs 1 (769) (105) (847) Operating Profit Before exceptional costs and goodwill 13,711 5,308 26,793 - Exceptional costs (769) (105) (847) - Goodwill amortisation (1,122) (368) (1,470) 1 11,820 4,835 24,476 Loss on disposal of fixed assets - - (190) Net finance charges including exceptional costs in 1 (2,210) (1,551) (3,982) Sept 2002 of #264,000 Profit on ordinary activities before taxation 9,610 3,284 20,304 Tax on profit on ordinary activities 2 (3,171) (1,084) (6,695) Profit on ordinary activities after taxation 6,439 2,200 13,609 Dividend proposed 3 (2,762) (1,988) (6,295) Retained profit for the period 3,677 212 7,314 Earnings per ordinary share: 4 - Basic 5.8p 2.2p 13.0p - Adjusted to exclude exceptional items and goodwill 7.3p 2.9p 15.3p - Diluted 5.7p 2.2p 13.0p Consolidated balance sheet Unaudited Unaudited Audited Note As at As at As at 27 September 28 September 2002 31 March 2003 2003 #'000 #'000 #'000 Fixed assets Intangible assets 41,862 43,754 42,640 Tangible assets 110,825 88,958 101,659 Investments 4 3,128 3,128 3,128 155,815 135,840 147,427 Current assets Stocks 65,594 63,741 61,858 Properties held for resale 618 - - Debtors 30,858 27,724 17,609 Cash at bank and in hand 2,226 7,663 6,892 99,296 99,128 86,359 Creditors: Amounts falling due within one year (139,157) (124,572) (119,065) Net current liabilities (39,861) (25,444) (32,706) Total assets less current liabilities 115,954 110,396 114,721 Creditors: Amounts falling due after more than one year (32,030) (36,864) (34,437) Provisions for liabilities and charges (8,350) (8,745) (8,387) Net assets 75,574 64,787 71,897 Capital and reserves Called-up share capital 1,135 1,135 1,135 Share premium account 42,762 42,762 42,762 Merger reserve 16,386 16,378 16,386 Capital redemption reserve 57 57 57 Profit and loss account 15,234 4,455 11,557 Shareholders' funds, being equity interests 5 75,574 64,787 71,897 Consolidated cash flow statement Unaudited Unaudited Audited Note 26 weeks to 26 weeks to 52 weeks to 27 September 28 September 31 March 2003 2002 2003 #'000 #'000 #'000 Net cash inflow from operating activities 6 29,582 24,032 50,361 Returns on investments and servicing of finance (1,559) (1,092) (3,402) Taxation (1,999) (3,011) (7,839) Capital expenditure and financial investment (18,748) (9,692) (31,388) Acquisitions (50) (24,600) (24,970) Equity dividends paid (4,308) (3,040) (5,028) Cash inflow/(outflow) before management of liquid 2,918 (17,403) (22,266) resources and financing Financing (7,584) 18,923 23,015 (Decrease) / Increase in cash in the period (4,666) 1,520 749 Reconciliation of net cash flow to movement in net debt Unaudited Unaudited Audited 26 weeks to 26 weeks to 52 weeks to 27 September 28 September 31 March 2003 2002 2003 #'000 #'000 #'000 (Decrease) / Increase in cash in the period (4,666) 1,520 749 Cash (inflow)/outflow from increase in debt and 7,584 (41,468) (24,763) lease financing Change in net debt arising from cash flows 2,918 (39,948) (24,014) Loan notes acquired - (2,750) (2,750) Write-off of finance costs - (264) (264) Costs of debt issue - 1,208 1,208 Net debt acquired with subsidiary - (139) (24,029) New finance leases - (384) (530) Amortisation of finance costs of debt issue (121) (56) (176) Movement in net debt in period 2,797 (42,333) (50,555) Net debt at start of period (67,207) (16,652) (16,652) Net debt at end of period (64,410) (58,985) (67,207) Notes 1. Operating profit and exceptional items Operating profit Operating profit includes income from the sale of properties held for resale. Goodwill amortisation of #1,122,000 (2002: #368,000) relating to the acquisition of Bon Marche Group Limited has been charged to operating profit in the period. Exceptional Items Exceptional costs were incurred in the 26 weeks to 28 September 2003 (and in the 52 weeks to 31 March 2003) in relation to the group restructuring that commenced following the acquisition of Bon Marche Group Limited in July 2002 and in relation to the write off of tangible fixed assets on refurbished stores. #289,000 of these costs related to structural board and senior management changes (#105,000 in the 26 weeks to 28 September 2002 and #847,000 in the 52 weeks to 31 March 2003). #480,000 related to the write off of tangible fixed assets on store refurbishments (#nil in the 52 weeks to 31 March 2003). The loss on disposal of fixed assets of #190,000 during the 52 weeks to 31 March 2003 related to the sale of a property. Net interest payable included #264,000 (in the 26 weeks to 28 September 2002 and in year ended 31 March 2003) of exceptional costs being the write-off of financial costs relating to the Group's borrowings that were repaid in July 2002. The key financial results are adjusted below to exclude the impact of property trading, goodwill amortisation and exceptional items: Unaudited Unaudited Audited 26 weeks to 26 weeks to 52 weeks to 27 September 28 September 31 March 2003 2002 2003 #'000 #'000 #'000 Profit on ordinary activities after taxation 6,439 2,200 13,609 Exceptional items: - write-off of financing costs repaid during the period - 264 264 - group restructuring costs 289 105 847 - loss on disposal of fixed assets 480 - 190 Profit on sale of trading properties - - (227) Goodwill amortisation 1,122 368 1,470 Tax relating to the above items (excluding goodwill) (238) (114) (330) Profit after tax excluding exceptional items and 8,092 2,823 15,823 property profits Adjusted basic earnings per share 7.3p 2.9p 15.1p 2. Taxation The tax charge reflects the full year's estimated effective rate on the group's profit of 33% (March 2003: 33%) 3. Dividends An interim dividend of 2.5p per share, costing #2,762,000 has been declared. It is payable on 30 January 2004 to shareholders whose names are on the Register of Members at close of business on Friday 7 November 2003. The ordinary shares will become ex-dividend on Wednesday 5 November 2003. The dividend rights on shares held in the EBT have been waived. 4. Earnings per Share Earnings per ordinary share have been calculated by dividing the profit on ordinary activities after taxation for each financial period by the weighted average number of ordinary shares in issue during the year. Adjusted earnings per ordinary share have been based on the profit on ordinary activities after taxation for each financial year but excluding exceptional items and goodwill amortisation. The weighted average number of shares excludes shares held by the Employee Benefit Trust. For the period ended 27 September 2003 the total number of shares held for subsequent transfer to employees under various incentive schemes amounted to 3,036,000 (March 2003: 3,062,000). The market value of the shares at the period end amounted to #6,086,000 (March 2003: #3,123,000). The directors believe that temporary fluctuations in the share price, both favourable and adverse, should not be reflected in the value of the investment, which is consistently held at cost in the balance sheet. The number of shares and earnings used to calculate earnings per share is given below: As at As at As at 27 September 28 September 31 March 2003 2002 2003 Number of shares used for basic earnings per share 110,462,784 99,006,646 104,737,203 Impact of share options 1,691,002 511,426 130,527 Number of shares used for diluted earnings per share 112,153,786 99,518,072 104,867,730 Earnings attributable to ordinary shareholders As at As at As at 27 September 28 September 31 March 2003 2002 2003 #'000 #'000 #'000 Profit on ordinary activities after taxation 6,439 2,200 13,609 Exceptional items: - non-operating items 480 264 454 - group re-organisation costs 289 105 847 - tax relating to exceptional items (238) (114) (400) Goodwill amortisation 1,122 368 1,470 Profit after taxation excluding exceptional items and 8,092 2,823 15,980 goodwill amortisation 5. Reconciliation of movements in shareholders' funds 26 weeks ended 26 weeks ended 52 weeks ended 27 September 28 September 31 March 2003 2002 2003 #'000 #'000 #'000 Profit for the period 6,439 2,200 13,609 Dividends paid and proposed (2,762) (1,988) (6,295) New shares issued - 17,118 17,118 Costs of share issue - (557) (549) Net addition to shareholders' funds 3,677 16,773 23,883 Opening shareholders' funds 71,897 48,014 48,014 Closing shareholders' funds 75,574 64,787 71,897 6. Reconciliation of operating profit to operating cash flows 26 weeks ended 26 weeks ended 52 weeks ended 27 September 28 September 31 March 2003 2002 2003 #'000 #'000 #'000 Operating profit 11,820 4,835 24,476 Depreciation charges 10,402 7,443 16,653 Amortisation of goodwill 1,122 368 1,470 Loss on sale of tangible fixed assets 557 3 120 Increase in goods for resale (3,736) (7,801) (5,918) Increase in properties held for resale (618) - - (Increase) / decrease in debtors (13,249) (6,928) 3,188 Increase in creditors 23,284 26,112 10,372 Net cash inflow from operating activities 29,582 24,032 50,361 The Group has benefited from reverse premiums and rent-free periods on some of its retail properties. The impact on profit for the period was #1,979,000 (6 months ended 30 September 2002: #1,522,000, year ended 31 March 2003: #3,448,000). Such incentives are spread on a straight-line basis over the shorter of the lease term or the period to the next rental review date. 7. Basis of preparation The interim financial information has been prepared on the basis of the accounting policies set out in the 2003 Annual Report and Accounts and was approved by the Board of Directors and Audit Committee on 27 October 2003. The financial information set out above does not constitute statutory accounts within the meaning of the Companies Act 1985. Comparative figures for the year ended 31 March 2003 have been taken from the Group's audited statutory accounts, which have been delivered to the Registrar of Companies and on which Deloitte & Touche expressed an unqualified opinion. The results for the 26 weeks to 27 September 2003 are unaudited. This statement of interim results will be sent to all shareholders. Copies will be available for members of the public upon application to the Company Secretary at Atlantic House, Tyndall Street, Cardiff CF10 4PS. This information is provided by RNS The company news service from the London Stock Exchange END IR PUGMWUUPWGMM
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