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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Hardy Amies | LSE:HRD | London | Ordinary Share | GB0002931458 | ORD 1P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 1.25 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
Hot Features
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RNS Number:1818O
Hardy Amies PLC
29 June 2005
Hardy Amies plc
29 June 2005
IMMEDIATE RELEASE 29 June 2005
HARDY AMIES PLC
PRELIMINARY RESULTS
"Improved results and financial strength"
Hardy Amies plc, designers and retailers of haute couture and ready-to-wear
garments and accessories for the Hardy Amies brand is pleased to announce its
preliminary results for the year ended 31 December 2004.
Financial Highlights
Operating loss before AIM costs reduced by 13% to GBP496k (2003: GBP 572k).
Net Loss before AIM costs reduced by 17% to GBP 584k (2003: GBP702k).
Share placing raises GBP2.2m, net of expenses
Shareholders Funds positive GBP804k (2003: GBP(734k))
Menswear license and fragrance distribution agreements signed
Chief Executive, Tim Maltin commented:
"We are very pleased with the progress we have made during the year, and are now
in a position where the investment in retail and new licensing agreements will
secure the future growth of Hardy Amies."
For further information please contact:
Tim Maltin, Chief Executive: 020 7734 2436
Guy Peters, Shore Capital: 020 7408 4090
Chairman's Statement
I have pleasure in reporting an improvement in the results and financial
strength of the Group for the year ended 31 December 2004.
As you will see from these results, we have continued our dramatic reduction of
administrative expenditure, which has resulted in a 17% improvement in our Net
Result before AIM flotation costs. Furthermore, thanks to all your efforts, we
have succeeded in strengthening our Balance Sheet by #1.5m from a negative
#734,000 to a positive #805,000 following the successful placing of shares
during the year.
Since 2004, our strategy has been to peg our administrative expenses at an
acceptable level and focus on top line growth, by which the health of our Brand
can be measured. I am therefore delighted to report that Management Accounts for
the half year to end June 2005 indicate total retail sales up 32%. This is
encouraging as licensing sales follow successful retail sales and the rebuilding
of the brand. This is the first significant increase in across-the-board retail
sales at Hardy Amies since 1997 and I anticipate that our retail sales growth
will continue to be strong.
To support the retail sales early in the second half of this year we will be
refurbishing both the menswear and womenswear boutiques within 14 Savile Row and
introducing a new menswear bespoke service. Additionally, we will be advertising
in Vogue, Harpers and Tatler on the women's side and in GQ and Esquire on the
men's side next season. We will also be producing an Autumn/Winter version of
our comprehensive customer Look Book, which proved so successful for Spring/
Summer this year. This will be posted to shareholders in early September.
I am also delighted to be able to announce that we have a new menswear licensing
partner in BMB, who recently purchased the Hardy Amies license from Stuncroft
Brands Ltd. BMB are one of the largest owners of concession space within
leading department stores in the UK. They plan to retail and wholesale Hardy
Amies ready-to-wear menswear, including both formal and casual and sportswear,
from July/August next year.
BMB have also agreed to use their specialist UK factory to assist us in the
manufacture of our hand-made Bespoke suits and our new range of ready-to-wear
menswear which will also be available from 14 Savile Row from September this
year.
Finally, I am delighted to announce that a new Hardy Amies fragrance for women
will be available from both 14 Savile Row and selected Space NK stores from
September this year. Space NK currently has 38 stores and is the UK's leading
specialist retailer of fine fragrance, skin care and colour cosmetics.
Thank you all for your continued support and I look forward to seeing as many of
you as possible at the AGM.
Timothy Maltin
Chairman and Chief Executive
Hardy Amies plc
29 June 2005
Group Profit and Loss Account
for the year ended 31 December 2004
Notes 2004 2003
# #
Turnover 2 896,445 1,049,522
Cost of sales (334,097) (311,549)
________ ________
Gross profit 562,348 737,973
Administrative expenses:
AIM flotation costs (81,393) -
Other administrative expenses (1,058,885) (1,310,335)
_______ _______
(1,140,278) (1,310,335)
________ ________
Group operating loss (577,930) (572,362)
Interest payable and similar charges (27,307) (59,476)
________ ________
Loss on ordinary
activities before taxation (605,237) (631,838)
Tax on loss on
ordinary activities (60,199) (70,553)
________ ________
Loss for the group for the
financial year (665,436) (702,391)
Accumulated loss brought forward (5,344,416) (4,642,025)
________ ________
Accumulated loss carried forward (6,009,852) (5,344,416)
________ ________
Loss per ordinary share (1.50)p (3.16)p
________ ________
Fully diluted loss per share (1.33)p (2.89)p
________ ________
Group Balance Sheet
as at 31 December 2004
2004 2003
Notes # # # #
Fixed assets
Intangible assets 665,127 708,459
Tangible assets 148,802 175,854
_________ _________
813,929 884,313
Current assets
Stocks 58,712 22,705
Debtors 363,518 563,004
Cash at bank and in hand 1,394,978 227,290
_______ _______
1,817,208 812,999
Creditors: amounts falling
due within one year (345,011) (596,999)
_______ _______
Net current assets 1,472,197 216,000
_________ _________
Total assets less current
liabilities 2,286,126 1,100,313
Creditors: amounts falling due
after more than one year (206,041) (195,019)
Accruals and deferred income (1,275,257) (1,638,949)
_________ _________
Net assets/(liabilities) 804,828 (733,655)
_________ _________
Capital and reserves
Called up share capital 2,729,325 2,263,017
Share premium account 4,885,353 3,147,742
Merger reserve (799,998) (799,998)
Profit and loss account (6,009,852) (5,344,416)
_________ _________
Shareholders' funds/(deficit) 804,828 (733,655)
_________ _________
Equity interests (1,028,577) (2,567,060)
Non-equity interests 1,833,405 1,833,405
_________ _________
804,828 (733,655)
_________ _________
The financial statements were approved by the Board on 29 June 2005 and signed
on its behalf by
T Maltin
Director
Group Cash Flow Statement
for the year ended 31 December 2004
Notes 2004 2003
# #
Reconciliation of operating loss to net
cash outflow from operating activities
Operating loss (577,930) (572,362)
Depreciation 91,889 108,856
Movement in stocks (36,007) 1,969
Movement in debtors 199,488 (434,283)
Movement in creditors (251,990) (360,700)
Movement in accruals and deferred income (363,692) 1,110,192
_________ _______
Net cash outflow from operating activities (938,242) (146,328)
_________ _______
CASH FLOW STATEMENT
Net cash outflow from operating activities (938,242) (146,328)
Returns on investments and servicing
of finance 4 (27,307) (59,476)
Taxation 4 (60,199) (70,552)
Capital expenditure 4 (21,505) (358,895)
_________ _______
(1,047,253) (635,251)
Financing 4 2,214,941 1,236,476
________ _______
Increase in cash in the year 1,167,688 601,225
_________ _______
Reconciliation of net cash flow to movement
in net funds (Note 22)
Increase in cash in the year 1,167,688 601,225
Cash outflow from decrease in debts
and loan financing (11,022) 49,411
_________ _______
Change in net funds resulting from cash flows 1,156,666 650,636
Net funds at 1 January 2004 8,271 (642,365)
_________ _______
Net funds at 31 December 2004 1,164,937 8,271
_________ _______
1 Basis of preparation
The financial information set out in the announcement does not constitute
the statutory accounts for the year ended 31 December 2004 or the year
ended 31 December 2003.
The financial information for the year ended 31 December 2003 is derived
from the statutory accounts for that period which have been delivered to
the Registrar of Companies. The auditors reported on those accounts; their
report was unqualified and did not contain a statement under s237(2) or (3)
Companies Act 1985. The statutory accounts for the year ended 31 December
2004 will be delivered to the Registrar of Companies following the
Company's annual general meeting.
2. Turnover
Turnover represents the net invoiced amount of goods sold and services
provided and excludes value added tax and other sales taxes. Turnover is
attributable to the group's principal activity.
3. Tax on loss on ordinary activities
Analysis of charge in year 2004 2003
# #
Foreign withholding tax 60,199 70,553
_________ _________
Total current tax charge 60,199 70,553
_________ _________
Tax on profit on ordinary activities 60,199 70,553
_________ _________
Factors affecting tax charge for year
The tax assessed for the year is higher than the standard rate of
corporation tax in the UK (30 per cent). The differences are explained
below:
2004 2003
# #
Loss on ordinary activities before taxation (605,237) (631,838)
_________ _________
Loss on ordinary activities multiplied by
standard rate of corporation tax in the UK
of 30% (2003: 30%) (181,571) (189,551)
Effects of:
Expenses not deductible for tax purposes 15,931 539
Depreciation in excess of capital
allowances for period 9,771 10,942
Unutilised tax losses carried forward 223,056 255,294
Marginal rate adjustment (6,988) (6,671)
_________ _________
Current tax charge for year 60,199 70,553
_________ _________
Factors that may affect future tax charges
No deferred tax asset has been recognised in the accounts for the year
ended 31 December 2004 on the grounds that there is insufficient evidence
that this asset is recoverable. This assumption is based on the financial
projections and the recent performance of the group as a whole. The group
has an unrecognised deferred tax asset of #2,372,246 (2003: #2,108,481) in
this respect.
The deferred tax asset would become recoverable if the group started to
make sufficient taxable profits to allow the brought forward losses to be
utilised.
The deferred tax asset is based upon the unrelieved trading losses of the
group and timing differences that have originated but not reversed by the
balance sheet date.
4. Gross cash flows
2004 2003
# #
Returns on investments and servicing of finance
Interest paid (27,307) (59,476)
________ _________
Taxation
Foreign tax paid (60,199) (70,552)
________ _________
Capital expenditure
Payments to acquire tangible assets (21,505) (41,330)
________ _________
Financing
Issue of ordinary share capital net of
share issue costs 2,203,919 1,285,887
New long term bank loan 11,022 195,019
Other new long term loans - (244,430)
________ _________
2,214,941 1,236,476
________ _________
5. Analysis of changes in net funds
Opening Cash Closing
balance flows balance
# # #
Cash at bank and in hand 227,290 1,167,688 1,394,978
Overdrafts (24,000) - (24,000)
_______ _________ ________
203,290 1,167,688 1,370,978
_______ _________ ________
Debt due after one year (195,019) (11,022) (206,041)
_______ _________ ________
Net funds 8,271 1,156,666 1,164,937
_______ _________ ________
This information is provided by RNS
The company news service from the London Stock Exchange
END
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