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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Henderson European Trust Plc | LSE:HET | London | Ordinary Share | Ordinary Shares |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 188.00 | 186.00 | 188.00 | 188.00 | 187.00 | 188.00 | 403,213 | 16:14:26 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
RNS Number:9055R Home Entertainment Corporation PLC 29 September 2005 HOME ENTERTAINMENT CORPORATION PLC AGM STATEMENT THURSDAY, 29 September 2005 -- At the annual general meeting of Home Entertainment Corporation PLC being held today, Chairman Iain Muspratt will make the following statement to shareholders: "The overriding objective of Home Entertainment Corporation is to deliver the best quality, service and range of pre-recorded screen entertainment in whatever way suits our customers. "Since HEC floated in 2001, the company has been transformed whilst we have responded to substantial shifts in the home entertainment market. We are a substantially larger business, with sales last year up 68% on 4 years previously. "HEC is a sales-driven organisation and is no longer the predominantly rental business it was. The introduction of the DVD format and the growth in our games business have resulted in a long-term growth in sales, which accounted for 61% of total revenue last year, and this trend will continue to be reflected in our revenue mix. "We have also established new channels to market, responding to the growth in consumer use of the Internet, as well as launching a new TV shopping channel last month. "Over the same period, the number of our stores has increased from 172 to 225 and we have increased the average store size whilst continuing to expand our product range which now includes music. We have invested heavily, successfully implementing a new EPOS system throughout the business and combining the operations at Peterborough at a single location. "Having established a solid foundation for growth, the management team is now taking HEC into the next phase of development. "A key element of our strategy for the future is to have a single brand across all activities that will put the company at the forefront of the UK's home entertainment retail and distribution market. Earlier this year, we decided to focus on the ChoicesUK brand and we are now making good progress with re-branding the group. "ChoicesUK, our own retail group, has opened one new store and closed four. Two stores have traded under the new style for the majority of the period and have outperformed others. By the end of October, 75 stores will have been rebranded internally and externally and will be offering substantially increased product ranges. We have already achieved a better-than-expected market share in the new Playstation Portable ("PSP") disc format. "ChoicesUK local, which services the UK convenience store sector, continues to add new sales business and to increase market share. "ChoicesUK Direct and ChoicesUK.com have grown overall business during the period and ChoicesUK.com will launch its new website and a series of other new activities next month. "Our relationship with LOVEFiLM, to which we sold our online DVD rental business at the end of 2004, continues to work well. "ChoicesUK TV, the new TV shopping channel launched on August 15, is now broadcasting 24 hours a day, 7 days a week on Sky 697, changing to 670 in late November. Early trading performance has been as expected and there are signs that it is benefiting sales in ChoicesUK stores. "During a period of substantial progress and change, the company has faced a number of major challenges, the most important being piracy which is plaguing the entire home entertainment industry worldwide. The negative impact of piracy on all our activities cannot be understated and the lack of urgency in the response of the authorities is a cause of continuing frustration to everyone in our industry. "Industry-wide initiatives to counter piracy are increasing with Trading Standards Officers and Police at last beginning to enforce the law. Although these measures are starting to have some effect against organised crime, the problem remains serious and continues to affect our business and that of others, including cinemas. "We have now completed 16 weeks of our current financial year during which group sales activities increased by 7%, but video and DVD rental activities declined by 10.5%. Sales activities now account for 64% of total turnover (2004: 60%) with video and DVD rental accounting for 36% (2004: 40%). On a like-for-like basis, DVD sales in our own stores grew by 21%. ChoicesUK Direct sales increased by 13%. Overall group turnover was flat but, despite that, the net loss for the period was as anticipated. "Trading conditions remain very challenging, but the rate at which we are initiating and embracing change has accelerated and is either on, or ahead of, schedule. We have no doubt that the remainder of the year will be tough. Our objective is to be a strong, profitable and growing business and we believe that we are making good progress towards our aim of providing 'entertainment shopping' at our customers' convenience to the benefit of shareholders." END Contact for further information Simon Bloomfield or Samantha Kinghorn Bankside Consultants Tel: 020 7367 8888 or 07771 758517 e-mail: simon.bloomfield@bankside.com or samantha.kinghorn@bankside.com This information is provided by RNS The company news service from the London Stock Exchange END AGMUWSNRVSRKUAR
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