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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
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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 | |
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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 |
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0 | 0 | N/A | 0 |
RNS Number:7435H Home Entertainment Corporation PLC 25 January 2005 Home Entertainment Corporation PLC Press Release IMMEDIATE, Tuesday, 25 January 2005 Interim results for the 28 week period ended 18 December 2004 Financial highlights (figures in #000s) 28 weeks 28 weeks 52 weeks ended ended ended 18.12.04 13.12.03 05.06.04 (Unaudited) (Unaudited) (Audited) Turnover 79,169 70,422 + 12.4% 128,862 Operating profit 3,687 3,058 + 20.6% 4,774 Pre-tax profit 3,631 3,306 + 9.8% 4,701 Earnings per share (pence) 12.9 11.7 + 10.3% 17.0p - basic 11.9 11.0 + 8.2% - diluted Dividend per share (pence) 2.3 2.2 + 4.5% 6.6 * Sales growth achieved despite a 6.1% decline in rental activity resulting from a 'Summer of Sport' * Gross margins successfully maintained. * In Choices stores, like-for-like sales increased by 28.2 per cent reflecting growth in games software sales (despite a substantial hardware shortfall), DVD sell thru and mobile phones. * Internet business grew by 67.9 per cent compared with the same period last year. * Online DVD rental service, Moviechoices, was sold to LOVEFiLM with HEC entering into an agreement to provide LOVEFiLM's stock management and procurement operation. * Trading over the Christmas and New Year holiday period was ahead of last year. "It is quite clear that consumers are exercising greater caution than in previous years, the impact of which is difficult to forecast. Our own sales activities have remained very buoyant in both the run up to Christmas and to date. We, therefore, face the rest of our year well positioned to create and benefit from opportunities as they arise." (Iain Muspratt, Chairman.) For further information contact Simon Bloomfield, Bankside Consultants: 0207 444 4140 (office) or 07771 758517 (mobile) CHAIRMAN'S STATEMENT Our half year has been characterised by a number of challenges - the Euro 2004, followed by the Olympics (the first time 'live' in UK timescales for 12 years) absorbed our potential audiences during the first 12 weeks; price deflation on our major sales products ranged from 5.8 per cent to 18.6 per cent year on year in the run up to Christmas and, finally, hardware shortages at that crucial time depressed Games activity. We met those challenges by further expanding our product range and introducing a range of new initiatives with the result that turnover and profit have grown during the 28 week period and we have maintained our gross margin. Results Sales for the period grew by 12.4 per cent to #79.2 million compared to #70.4 million for the same period last year. Overall revenue increased in all divisions, but rental activity declined as a proportion of total business. Operating profit was #3,687,000. (2003: #3,058,000). Basic earnings per share were 12.9 pence compared to 11.7 pence for the same period last year. Net cash outflow for the period was #1.3 million. (2003: #3.0 million). Dividend The Board has declared an interim dividend of 2.3 pence (2003: 2.2 pence) per share, to be paid on 22 April 2005 to shareholders on the register at 18 March 2005. Review of Trading In challenging conditions HEC has performed satisfactorily reflecting both the broad range of our business and the new activities we have been able to introduce as a result of the systems investment we made last year. New release 'bunching' into the Christmas trading period was worse than the previous year. Rental activity declined as a result of the 'Summer of Sport', but this has been more than offset by growth in sales activities with the result that gross margins have been successfully maintained. Choices A further 15 stores were opened (including one relocation) and one store was closed. Rental performance suffered during the summer as a result of the sport, then recovered well during the autumn, but declined in the run up to Christmas. Games software sales increased substantially as did DVD sell thru and mobile phones. VBO Again the driver within this division has been sell thru. In rental terms the transition to DVD is virtually complete. Choices Direct The profitable growth in our 'direct to home' activities has continued with both 'our own label' Internet and traditional direct mail volumes rising significantly (and ahead of the sector averages) during the period. Our new logistics centre became fully operational at the end of August and enabled us to ensure that deliveries met our customers' expectations. Moviechoices The arrangement we entered into with LOVEFiLM towards the end of the period creates what we believe to be the market leader in the online rental field and represents a valuable operational and commercial alliance between themselves and ourselves. Mosaic Entertainment Activity was in line with the previous year. Christmas Trading When Christmas Day and Boxing Day fall on a Saturday and Sunday (our busiest rental days), we lose our rental business with a consequent loss of profitability. Sales activity however has been ahead of last year in all sectors of the business. Outlook It is quite clear that consumers are exercising greater caution than in previous years, the impact of which is difficult to forecast. Historically, this has benefited higher margin rental activities, but the consequences of sales price deflation may, to some extent, negate this in future. Our own sales activities have remained very buoyant in both the run up to Christmas and to date. We, therefore, face the rest of our year well positioned to create and benefit from opportunities as they arise. Key film releases during the second half of year include: 'Collateral, Bourne Supremacy, The Village, Dodge Ball, The Terminal, Shark Tale, Wimbledon, Saw, The Grudge, Bridget Jones Edge of Reason, Alfie, Aliens vs Predator, Layer Cake, Incredibles, Blade Trinity, National Treasure and The Aviator'. Overall this is an improved line-up for our mix of business. We plan to open eight new Choices stores in the second half year and close two. We shall further develop our 'direct to home' business. As usual for our business we hope to benefit from favourable (i.e. rain!) weather during the critical trading weeks at Easter and Whitsun. Iain Muspratt Chairman 24 January 2005 GROUP PROFIT AND LOSS ACCOUNT for the 28 week period ended 18 December 2004 Note 28 weeks ended 28 weeks ended 53 weeks ended 18.12.04 13.12.03 05.06.04 (unaudited) (unaudited) (audited) #000 #000 #000 TURNOVER 2 79,169 70,422 128,862 Operating profit before exceptional costs 3,687 3,378 4,774 Exceptional costs - EPOS implementation - (320) (320) OPERATING PROFIT 3,687 3,058 4,454 Exceptional gain on disposal of tangible fixed asset - 329 329 Net interest (payable) (56) (81) (82) PROFIT ON ORDINARY ACTIVITIES BEFORE TAXATION 3,631 3,306 4,701 Taxation 3 (1,307) (1,190) (1,638) PROFIT FOR THE PERIOD 2,324 2,116 3,063 Dividends 4 (414) (397) (1,191) PROFIT TRANSFERRED TO RESERVES 1,910 1,719 1,872 EARNINGS PER SHARE: Adjusted basic (excluding exceptional costs) 5 12.9p 11.7p 16.9p Basic 5 12.9p 11.7p 17.0p Diluted 5 11.9p 11.0p 15.8p Dividends per ordinary share 2.3p 2.2p 6.6p --------------------------- ----- ------- ------- ------- GROUP BALANCE SHEET as at 18 December 2004 18.12.04 13.12.03 05.06.04 (unaudited) (unaudited) (audited) #000 #000 #000 FIXED ASSETS Tangible Assets 15,772 14,852 15,676 CURRENT ASSETS Stocks 19,966 16,442 12,200 Debtors 17,148 14,998 6,550 Cash 84 80 1,183 37,198 31,520 19,933 CREDITORS Amounts falling due within one year (33,473) (28,957) (18,022) NET CURRENT ASSETS 3,725 2,563 1,911 TOTAL ASSETS LESS CURRENT LIABILITIES 19,497 17,415 17,587 DEFERRED TAXATION (310) (304) (310) NET ASSETS 19,187 17,111 17,277 CAPITAL AND RESERVES Called up share capital 903 902 903 Share premium account 968 954 968 Other reserves 1,061 1,061 1,061 Profit and loss account 16,255 14,194 14,345 EQUITY SHAREHOLDERS' FUNDS 19,187 17,111 17,277 ------------------------ --------- --------- -------- GROUP CASH FLOW STATEMENT for the 28 week period ended 18 December 2004 Note 28 weeks ended 28 weeks ended 53 weeks ended 18.12.04 13.12.03 05.06.04 (unaudited) (unaudited) (audited) #000 #000 #000 NET CASH INFLOW FROM OPERATING ACTIVITIES 6 3,851 1,970 8,625 RETURNS ON INVESTMENTS & SERVICING OF FINANCE Interest paid (56) (81) (82) NET CASH OUTFLOW FROM RETURNS ON INVESTMENTS AND SERVICING OF FINANCE (56) (81) (82) TAXATION Corporation tax paid (675) (1,135) (2,110) CAPITAL EXPENDITURE Proceeds from sale of tangible fixed assets - 48 466 Payments to acquire tangible fixed assets (3,605) (3,134) (6,711) (3,605) (3,086) (6,245) EQUITY DIVIDENDS PAID (794) (757) (1,154) NET CASH OUTFLOW BEFORE FINANCING (1,279) (3,089) (966) FINANCING Issue of ordinary shares - 47 61 DECREASE IN CASH (1,279) (3,042) (905) --------------------------- ----- ------- ------- ------- NOTES TO THE ACCOUNTS for the 28 week period ended 18 December 2004 1. Basis of preparation The interim accounts cover the 28 weeks to 18 December 2004. They have been prepared under the accounting policies set out in the Company's statutory accounts for the 53 weeks to 5 June 2004, and are unaudited. The taxation charge is calculated by applying the forecast annual tax rate to the profit for the period. The financial information does not constitute statutory accounts as defined in Section 240 of the Companies Act 1985. The financial information for the full preceding 53 weeks is based on statutory accounts for the 53 weeks ended 5 June 2004 which have been delivered to the Registrar of Companies. These statutory accounts were audited by Ernst & Young LLP and their report thereon was unqualified. 2. Turnover 28 weeks ended 28 weeks ended 53 weeks ended 18.12.04 13.12.03 05.06.04 (unaudited) (unaudited) (audited) #000 #000 #000 Rental 29,165 30,565 57,695 Sales - Games 11,795 10,035 18,553 Sales - DVD, mobile phones etc 38,209 29,822 52,614 79,169 70,422 128,862 Group turnover comprised income from the rental of pre-recorded digital versatile discs, video cassettes and computer games and sale of pre-recorded digital versatile discs, video cassettes, computer games, mobile telephones and 'top-ups' and other related products. 3. Taxation 28 weeks ended 28 weeks ended 53 weeks ended 18.12.04 13.12.03 05.06.04 (unaudited) (unaudited) (audited) #000 #000 #000 The Tax charge represents: UK corporation tax 1,307 1,190 1,650 Under-provisions in respect of prior periods - - (18) 1,307 1,190 1,632 Total deferred tax - - 6 TAX ON PROFIT ON ORDINARY ACTIVITIES 1,307 1,190 1,638 NOTES TO THE ACCOUNTS for the 28 week period ended 18 December 2004 4. Dividends 28 weeks ended 28 weeks ended 53 weeks ended 18.12.04 13.12.03 05.06.04 (unaudited) (unaudited) (audited) #000 #000 #000 Interim dividend - proposed 414 397 397 Final dividend - - 794 414 397 1,191 5. Earnings per share The earnings and number of shares in issue or to be issued used in calculating the earnings and diluted earnings per share were as follows: 28 weeks ended 28 weeks ended 53 weeks ended 18.12.04 13.12.03 05.06.04 (unaudited) (unaudited) (audited) Diluted Basic Diluted Basic Diluted Basic Earnings #2,323,765 #2,323,765 #2,116,035 #2,116,035 #3,063,379 #3,063,379 Weighted average number 19,506,834 18,052,100 19,193,484 18,019,839 19,371,188 18,033,361 of shares Earnings per 11.9p 12.9p 11.0p 11.7p 15.8p 17.0p share Adjusted earnings per 11.9p 12.9p 11.0p 11.7p 15.8p 16.9p share Calculation of numbers of shares: At 5 June 18,052,100 18,052,100 18,015,975 18,015,975 18,015,975 18,015,975 2004 Shares - - 27,500 27,500 36,125 36,125 issued Dilutive effect of share option 1,442,150 - 1,530,275 - 1,482,150 - schemes 19,494,250 18,052,100 19,573,750 18,043,475 19,534,250 18,052,100 Adjusted earnings per share for the 28 weeks ended 13 December 2003 and for the 53 weeks ended 5 June 2004 exclude the effects of exceptional EPOS costs of #320,000 and an exceptional gain of #329,000 on the disposal of a tangible fixed asset. Adjusted earnings per share is presented in order to show the true underlying performance of the Group. NOTES TO THE ACCOUNTS for the 28 week period ended 18 December 2004 6. Reconciliation of operating profits to net cash flow from operating activities 28 weeks ended 28 weeks ended 53 weeks ended 18.12.04 13.12.03 05.06.04 (unaudited) (unaudited) (audited) #000 #000 #000 Operating profit before exceptional costs 3,687 3,378 4,774 Exceptional costs - EPOS implementation - (320) (320) OPERATING PROFIT 3,687 3,058 4,454 Depreciation 3,509 2,701 5,316 (Increase) in stocks (7,766) (5,928) (1,686) (Increase) / decrease in debtors (10,598) (7,556) 611 Increase / (decrease) in creditors 15,019 9,695 (70) NET CASH INFLOW FROM OPERATING ACTIVITIES 3,851 1,970 8,625 7. Copies of the interim statement Copies of the interim report are available free of charge on any week day from the date of this announcement and for a period of one month thereafter from the registered office of the Company (Southgate House, Southgate Way, Orton Southgate, Peterborough, PE2 6YG) or the offices of the Company's Nominated Advisers, Teather & Greenwood Limited (Beaufort House, 15 St Botolph Street, London, EC3A 7QR) and at all times from the company's website - www.hecplc.com. INDEPENDENT REVIEW REPORT TO Home Entertainment Corporation PLC We have been instructed by the Company to review the financial information for the 28 weeks ended 18 December 2004 which comprises the Group Profit and Loss Account, Group Balance Sheet, Group Cash Flow Statement and the related notes 1 to 6. 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. This report is made solely to the Company having regard to guidance contained in Bulletin 1999/4 'Review of interim financial information' issued by the Auditing Practices Board. To the fullest extent permitted by the law, we do not accept or assume responsibility to anyone other than the Company, for our work, for this report, or for the conclusions we have formed. Directors' responsibilities The interim report, including the financial information contained therein, is the responsibility of, and has been approved by, the directors. The directors are responsible for preparing the interim report as required by the AIM Rules issued by the London Stock Exchange. Review work performed We conducted our review in accordance with guidance contained in Bulletin 1999/4 'Review of interim financial information' issued by the Auditing Practices Board for use in the United Kingdom. A review consists principally of making enquiries of 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 United Kingdom 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 28 weeks ended 18 December 2004. Ernst & Young LLP Cambridge 24 January 2005 TRADING DIVISIONS Video Box Office Provides a service throughout the United Kingdom to convenience stores and other established retailers, enabling them to add DVD and video sales and rental, computer games software sales and music sales to the range of products offered to their customers. www.vbo.co.uk Choices Operated through 226 (December 2003 - 213) company owned retail outlets in England and Wales, offering DVDs, videos and computer games rental and sales, games consoles for sale, the sales of 'Pay As You Go', 'Network Branded' and 'SIM Free' mobile telephones and 'top-ups' (including 'E-top-ups'), selected 'hi-tech' products and ice cream and confectionery. www.choicesgroup.co.uk Choices Direct Choices Direct offers DVDs, videos, computer games and talking tapes released in the United Kingdom for sale through mail order. Customers can access the Choices Direct service by mail, by telephone or over the Internet via Choices Direct's website at www.choicesdirect.com. Choices Direct also manages and fulfils DVD and video sales for many of the large mail order catalogue companies in the United Kingdom, including SDG, Freemans, Littlewoods and Book Club Associates. The service offered is comprehensive, ranging from title selection advice and compilation, through to fulfilment of customers' orders. Moviechoices This business was sold to Online Rentals Limited (LOVEFiLM) on 9th December 2004 and now the Moviechoices division services the stock management and procurement operation on behalf of LOVEFiLM. www.moviechoices.com Mosaic Entertainment Mosaic Entertainment invests in and acquires the rights to a range of feature films and television programmes and then releases them to the general consumer DVD, video and TV markets in the United Kingdom and the Republic of Ireland (including arm's length sales to other divisions of the Company). www.mosaic-entertainment.co.uk This information is provided by RNS The company news service from the London Stock Exchange END IR SEWFWLSISELF
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