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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
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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 |
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0 | 0 | N/A | 0 |
RNS Number:9949R Hardy Amies PLC 30 September 2005 Hardy Amies plc 30 September 2005 IMMEDIATE RELEASE 30 September 2005 HARDY AMIES PLC PRELIMINARY HALF-YEAR RESULTS "Retail Sales up 38% following investment in the Hardy Amies Brand" 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 half-year results for the period ended 30 June 2005. Financial Highlights Retail sales up 38% to GBP162k (2004: GBP117k). Total turnover including licensing revenues up 12% to GBP544k (2004: GBP486k) Gross profit also increased by 12% to GBP339k (2004: GBP302k) Administrative expenditure of GBP763k (2004: GBP460k) includes marketing investment Group operating loss of GBP420k (2004: GBP157k) in line with business expansion plan Refurbished flagship store at 14 Savile Row well received New Bespoke Menswear distribution agreements in place Hardy Amies Fragrance now also on sale at Space NK stores Chief Executive, Tim Maltin commented: "We are delighted to be able to report a 38% increase in retail sales and we expect trading to remain strong as we continue to invest in the Hardy Amies brand" For further information please contact: Tim Maltin, Chief Executive: 020 7734 2436 Guy Peters, Shore Capital: 020 7408 4090 Chairman's Statement I am delighted to be able to report a 38% increase in retail sales. This dramatic improvement is the direct result of the significant investment we continue to make in our unique brand. We expect that sales will continue to grow as we begin to reap the full benefits of our newly refurbished flagship store at 14 Savile Row and our significant investment in brand marketing. This week has seen the completion of our new menswear store within 14 Savile Row and I am delighted to report that significant progress has already been made in our bespoke menswear where, as well as dressing several Sky News Presenters, we have also reached exclusive marketing agreements to provide our visiting tailoring service to executives within Tower 42 and Nomura International Bank. We are also in discussion with other potential partners in this area. Our new Hardy Amies fragrance for women has been well received by press and customers and is currently also on sale throughout the Space N.K. network of cosmetics stores. It is the intention of the Board to follow this success by signing a new international cosmetics licensing deal with a major fragrance distributor and to work with them to develop Eau de Toilet versions for both men and women, for wider sale both in the UK and internationally. Our international licensing income is up 4% and this week sees the conclusion of a new sub-licensing deal for Hardy Amies underwear in South Korea. We are also in discussion with several potential new licensees for both Hardy Amies and Norman Hartnell, both in the UK and overseas. Gross Profit is up 12% and we expect this to further improve as our highly profitable licensing income increases. BMB are making strong progress with their diffusion line for Hardy Amies menswear, which they expect to launch at 14 Savile Row in January of next year, for sale throughout the UK from Autumn/Winter 2006. The new Hardy Amies advertising campaign is currently featured in a selection of fashion magazines from Vogue to Esquire and has proved a great success with our traditional customers as well as with the press and new customers. The significant increase in our Administrative Expenditure this year begins to reflect our increased investment in marketing and advertising, as well as all-important investment in our trademark portfolios. We will continue to invest in your brand, with a view to making it a stronger and stronger platform from which to execute profitable licensing deals. Thank you all for your continued support and I look forward to seeing as many of you as possible at our forthcoming AGM. Timothy Maltin Chairman and Chief Executive Hardy Amies plc 29 September 2005 Group Profit and Loss Account for the period 1 January 2005 to 30 June 2005 Year 6 Months 6 Months ended to 30 June to 30 June 31 Dec 2005 2004 2004 Unaudited Unaudited Audited Notes # # # Turnover Licensee income 382,418 367,810 671,600 Retail sales 162,067 117,692 224,845 __________ __________ __________ 544,485 485,502 896,445 Cost of sales (205,873) (183,053) (334,097) __________ __________ __________ Gross profit 338,612 302,449 562,348 Administrative expenses: AIM flotation costs - - (81,393) Other administrative expenses (762,891) (459,866) (1,058,885) Other operating income 4,000 - - __________ __________ __________ Group operating loss (420,279) (157,417) (577,930) Interest receivable and similar income 8,641 - - Interest payable and similar charges (9,910) (12,224) (27,307) __________ __________ __________ Loss on ordinary activities before taxation (421,548) (169,641) (605,237) Tax on loss on ordinary activities 3 (27,365) (32,312) (60,199) __________ __________ __________ Loss for the group for the financial year (448,913) (201,953) (665,436) Accumulated loss brought forward (6,009,852) 5,344,416 (5,344,416) __________ __________ __________ Accumulated loss carried forward (6,458,765) (5,546,369) (6,009,852) __________ __________ __________ Loss per ordinary share 2 (0.50)p (0.47)p (1.50)p __________ __________ __________ Fully diluted loss per share 2 (0.50)p (0.42)p (1.33)p __________ __________ __________ There are no recognised gains or losses other than the profit or loss for the above two financial periods. None of the group's activities was acquired or discontinued during the above two financial periods. Group Balance Sheet as at 30 June 2005 30 June 30 June 31 Dec 2005 2004 2004 Unaudited Unaudited Audited Notes # # # Fixed assets Intangible assets 643,461 686,793 665,127 Tangible assets 4 214,231 164,719 148,802 _________ _________ _________ 857,692 851,512 813,929 _________ _________ _________ Current assets Stocks 106,670 29,829 58,712 Debtors 371,118 345,769 363,518 Cash at bank and in hand 478,967 23,840 1,394,978 _________ _________ _________ 956,755 399,438 1,817,208 _________ _________ _________ Creditors: amounts falling due within one year (218,563) (590,248) (345,011) _________ _________ _________ Net current assets/(liabilities) 738,192 (190,810) 1,472,197 _________ _________ _________ Total assets less current liabilities 1,595,884 660,702 2,286,126 Creditors: amounts falling due after more than one year (202,484) (206,041) (206,041) Accruals and deferred income (1,043,392) (1,398,949) (1,275,257) _________ _________ _________ Net assets/(liabilities) 350,008 (944,288) 804,828 _________ _________ _________ Capital and reserves Called up share capital 7 2,729,325 2,263,017 2,729,325 Reserves (2,379,317) (3,207,305) (1,924,497) _________ _________ _________ Shareholders' funds/(deficit) 5 350,008 (944,288) 804,828 _________ _________ _________ Equity interests (1,483,397) (2,777,693) (1,028,577) Non-equity interests 1,833,405 1,833,405 1,833,405 _________ _________ _________ 350,008 (944,288) 804,828 _________ _________ _________ Group Cash Flow Statement for the period 1 January 2005 to 30 June 2005 6 Months 6 Months Year ended to 30 June to 30 June 31 Dec 2005 2004 2004 Unaudited Unaudited Audited # # # Reconciliation of operating loss to net cash inflow from operating activities Operating loss (420,279) (157,417) (577,930) Depreciation 41,801 34,767 91,889 Movement in stocks (47,958) (7,124) (36,007) Movement in debtors (7,600) 217,235 199,488 Movement in creditors (126,448) (6,751) (251,990) Movement in accruals and deferred income (231,865) (240,000) (363,692) _________ _________ _________ Net cash inflow from operating activities (792,349) (159,290) (938,242) _________ _________ _________ CASH FLOW STATEMENT Net cash inflow from operating activities (792,349) (159,290) (938,242) Returns on investments and servicing of finance (1,269) (12,224) (27,307) Taxation (27,365) (32,312) (60,199) Capital expenditure (85,564) (1,966) (21,505) _________ _________ _________ (906,547) (205,792) (1,047,253) Financing (9,464) 2,342 2,214,941 _________ _________ _________ (Decrease)/increase in cash in the period (916,011) (203,450) 1,167,688 _________ _________ _________ Reconciliation of net cash flow to movement in net funds (Note 6) (Decrease)/increase in cash in the period (916,011) (203,450) 1,167,688 Cash outflow/(inflow) from decrease in 3,557 (11,022) (11,022) debts and loan financing _________ _________ _________ Movement in net (debt)/funds in the (912,454) (214,472) 1,156,666 period Net debt at 1 January 1,164,937 8,271 8,271 _________ _________ _________ Net funds/(debt) at period end 252,483 (206,201) 1,164,937 _________ _________ _________ Notes to Financial Statements for the period 1 January 2005 to 30 June 2005 1. Accounting policies 1.1. Accounting convention The financial statements are prepared under the historical cost convention and in accordance with applicable accounting standards. The company has consistently applied all relevant accounting standards. 1.2. Basis of of preparation The financial information in this report has been reviewed by the company's auditor, but is unaudited and does not constitute statutory accounts within the meaning of section 240 (3) of the Companies Act 1985. Statutory accounts for the year ended 31 December 2004, upon which the auditors gave an unqualified report, have been delivered to the Registrar of Companies. 1.3. Basis of consolidation The group financial statements consolidate the accounts of Hardy Amies plc and all its subsidiary undertakings made up to the accounting reference date each period. The combination with Royal Parks Enterprises Limited has been recorded under the principles of merger accounting and the combination with all other subsidiary undertakings has been recorded under the principles of acquisition accounting. Turnover and profits arising on trading between group companies are excluded. 1.4. Deferred taxation Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less or to receive more tax, with the following exceptions: Deferred tax assets are recognised only to the extent that the directors consider that it is more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted. Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in the periods in which timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date. 2. Loss per share The calculation of the loss per share is based on the consolidated loss after tax for the period of #448, 913 (30 June 2004: loss #201,953 and year ended 31 December 2004: loss #665,436) and on 89,591, 867 (30 June 2004: 42,961,169 and 31 December 2004: 44,264,457) ordinary shares of 1p each. The calculation of the fully diluted loss per share is based on the loss as above and on 89,591,867 (30 June 2004: 52,553,403 and 31 December 2004: 49,267,846) ordinary shares of 1p each being the weighted average number of shares in issue and share options and warrants available, during the period. 3. Tax on loss on ordinary activities Year Analysis of charge in the period 6 Months 6 Months ended to 30 June to 30 June 31 Dec 2005 2004 2004 Unaudited Unaudited Audited # # # Current tax Foreign withholding tax 27,365 32,312 60,199 _______ _______ _______ Total current tax charge 27,365 32,312 60,199 _______ _______ _______ Tax on loss on ordinary activities 27,365 32,312 60,199 _______ _______ _______ Factors that may affect future tax charges No deferred tax asset has been recognised in the accounts for the year ended 30 June 2005 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 #2,470,457 (30 June 2004: #2,000,000 and 31 December 2004: #2,372,246) 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. Tangible fixed assets Short Plant and Fixtures, Total leasehold machinery fittings & improve- equipment ments # # # # Group Cost At 1 January 2005 199,084 8,343 171,483 378,910 Additions 53,858 2,139 29,567 85,564 _______ _______ _______ _______ At 1 January 2005 At 30 June 2005 252,942 10,482 201,050 464,474 _______ _______ _______ _______ Depreciation At 1 January 2005 55,374 5,386 169,348 230,108 Charge for the period 13,112 3,194 3,829 20,135 _______ _______ _______ _______ At 1 January 2005 At 30 June 2005 68,486 8,580 173,177 250,243 _______ _______ _______ _______ Net book values At 30 June 2005 184,456 1,902 27,873 214,231 _______ _______ _______ _______ At 31 December 2004 143,710 2,957 2,135 148,802 _______ _______ _______ _______ 5. Reconciliation of movements in shareholders' funds/(deficit) 30 June 30 June 31 Dec 2005 2004 2004 Unaudited Unaudited Audited # # # Group Loss for the period (448,913) (201,953) (665,436) Net proceeds of equity shares issues (5,907) (8,680) 2,203,919 _________ _________ _________ Net (reduction)/addition to shareholders' funds (454,820) (210,633) 1,538,483 Opening shareholders' funds/(deficit) 804,828 (733,655) (733,655) _________ _________ _________ 350,008 (944,288) 804,828 _________ _________ _________ 6. Analysis of changes in net funds Opening Cash Closing balance flows balance 1 January 30 June 2005 2005 # # # Cash at bank and in hand 1,394,978 (916,011) 478,967 Overdrafts (24,000) - (24,000) _________ _________ _________ 1,370,978 (916,011) 454,967 _________ _________ _________ Debt due after one year (206,041) 3,557 (202,484) _________ _________ _________ Net funds 1,164,937 (912,454) 252,483 _________ _________ _________ 7. Share capital 30 June 30 June 31 Dec 2005 2004 2004 Unaudited Unaudited Audited # # # Authorised equity 316,659,479 ordinary shares of 1p each 3,166,595 3,166,595 3,166,595 183,340,521 deferred shares of 1p each 1,833,405 1,833,405 1,833,405 _________ _________ _________ 5,000,000 5,000,000 5,000,000 _________ _________ _________ Allotted, called up and fully paid equity 89,591,867 (30 June 2004: 42,961,169) ordinary shares of 1p each 895,920 429,612 895,920 183,340,521 deferred shares of 1p each 1,833,405 1,833,405 1,833,405 _________ _________ _________ 2,729,325 2,263,017 2,729,325 _________ _________ _________ Equity interest 895,920 429,612 895,920 Non-equity interest 1,833,405 1,833,405 1,833,405 _________ _________ _________ 2,729,325 2,263,017 2,729,325 _________ _________ _________ Class rights The deferred shares of 1p each carry the right to repayment of 1p each on a winding up or repayment of capital of the company after repayment of #1,000,000 on each of the ordinary shares of 1p in issue in the capital of the company and carry no other right to participate in the capital or income of the company or right to vote. Share issues On 12 August 2004, the company issued 3,350,000 ordinary shares of 1p each at 6p per share, raising #201,000. The share premium in this respect has been credited to the share premium account. In December 2004, a further 43,280,698 ordinary shares of 1p each at 6p per share were issued, raising #2,596,842. The share premium in this respect has been credited to the share premium account. Warrants The company has issued warrants to subscribe for 4 million ordinary shares of 1p each at a price of 9p per share. Share options At 30 June 2005, the following share options were in issue in respect of the ordinary shares of 1p each. Number Exercisable Price from to Timothy Maltin 1,000,000 08/01/02 08/01/11 20p 10% equity 03/12/03 03/12/08 6p Lady Rona Delves Broughton 200,000 18/02/00 18/02/05 45.5p Anthony Lim 10% equity 03/12/03 03/12/08 6p Robert MacDonald Watson 50,000 06/11/01 17/10/06 40p 8. Copies of the interim report Copies of the interim report will be sent to shareholders and are available from the company secretary at the company's registered office: 85 Elsenham Street, London SW18 5NX. REVIEW REPORT BY THE AUDITORS OF HARDY AMIES PLC TO THE DIRECTORS OF HARDY AMIES PLC Introduction We have been instructed by the company to review the financial information set out on pages 2 to 9 and we have read the other information contained in the interim report and considered whether it contains any apparent misstatements or material inconsistencies with the financial information. Directors' responsibilities The interim report, including the financial information contained therein, is the responsibility of, and has been approved by the directors. The AIM Rules require that the accounting policies and presentation applied to the interim figures should be consistent with those that will be adopted in the company's annual accounts. Review work performed We conducted our review in accordance with guidance contained in Bulletin 1999/4 issued by the Auditing Practices Board. A review consists principally of making enquiries of group management and applying analytical procedures to the financial information and underlying financial data and based thereon, assessing whether the accounting policies and presentation have been consistently applied unless otherwise disclosed. A review excludes audit procedures such as tests of controls and verification of assets, liabilities and transactions. It is substantially less in scope than an audit performed in accordance with Auditing Standards and therefore provides a lower level of assurance than an audit. Accordingly we do not express an audit opinion on the financial information. Review conclusion On the basis of our review we are not aware of any material modifications that should be made to the financial information as presented for the six months ended 30 June 2005. UHY Hacker Young Chartered Accountants 168 Church Road Hove East Sussex BN3 2DL Date: 29 September 2005 This information is provided by RNS The company news service from the London Stock Exchange END IR LLMRTMMATBAA
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