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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
European Home | LSE:EHR | London | Ordinary Share | GB0001373736 | ORD 5P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 22.00 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
RNS Number:2493A European Home Retail plc 23 March 2006 For Immediate Release 23 March 2006 EUROPEAN HOME RETAIL plc TRADING UPDATE European Home Retail plc announces a trading update in respect of the year ending 30 April 2006. In our interim statement dated 7 December 2005 we said that we were starting to see turnover at Kleeneze Europe slow down with sales of the main book, which represents 60% of turnover, particularly disappointing. Since then, despite year on year growth in our Christmas catalogue, the sales of the main book have not picked up as seen in previous years and, overall, turnover is now flat in Kleeneze Europe year on year. As a result, we will not be able to offset the increase in the costs that we highlighted at the interims. Therefore, despite continuing to reduce the cost base, operating profit for the year as a whole will be disappointing. Our internet retailing businesses continue to grow strongly with year on year turnover up 50% on a like for like basis. We have taken the decision to drive this growth through increased marketing expenditure and this will adversely affect the results for the current year. Furthermore, the sudden dramatic increase in demand at Kitbag over the Christmas period caused issues with fulfilment and delivery, thereby incurring increased costs. As a consequence we are accelerating our integration plans to ensure Kitbag is positioned to grow profitability in the future. As a result of the above, it is expected that the Group will record a small loss before amortisation, exceptionals and tax for the year ending 30 April 2006. It is the Board's current intention to pay a final dividend of 0.68p per share which, when combined with the interim dividend of 1.12p, would make a total dividend for the year ending 30 April 2006 of 1.80p. The move to "as live" broadcasting at eeZee tv has resulted in the planned reduction in overheads and we remain on target to break even at the operating level for the year ending 30 April 2007. The Board remains committed to the strategy of building a multi-channel retail Group across catalogues, the internet and television shopping. We continue to drive growth in our internet retailing businesses and Kleeneze Europe's launch in Germany is on schedule for May this year. We are accelerating the integration of our back office facilities and are focused on reducing the cost base. Having totally re-shaped the Group in the last three years, we continue to develop the strengths of our existing operations to build shareholder value. For further information contact: European Home Retail plc 01793 606000 William Rollason, Chief Executive Buchanan Communications 020 7466 5000 Suzanne Brocks/Elly Williamson This information is provided by RNS The company news service from the London Stock Exchange END MSCMGGZFGZZGVZZ_SN_RNS2493A_SU_RNSTEST_XX_070207.2659_RZ__RT_R.xRoute.001 ~
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