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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:9593Q Home Entertainment Corporation PLC 5 February 2002 News Release - Tuesday, 5 February 2002 Home Entertainment Corporation PLC - Interim Results Highlights • Sales increased by 26.6% to £56.2 million (2000: £ 44.4 million) with growth coming from sales of Playstation 2 computer games consoles and software and Digital Versatile Discs. • Profit before taxation and exceptional costs of £3.48 million (2000: £3.46 million). • Choices Video stores rental and total sales achieved like-for-like increases of 12.8% and 22.8% respectively. • Choices Direct experienced profitable sales growth, in mail order and fulfilment, with a like-for-like increase of 33 per cent for the period. • Strong positive cash flow. • Interim dividend of 1.9 pence per share. "Subject to favourable weather conditions in the crucial Easter and Whitsun school holidays, and positive consumer spending trends, the company is well positioned to continue its healthy long-term progress." (Iain Muspratt, Chairman) For further information contact: Bankside Consultants Simon Bloomfield: 0207 444 4177 / Michelle Doughty: 0207 444 4176 Chairman's Statement I am pleased to report that Home Entertainment Corporation achieved satisfactory results for the 28 weeks ended 15th December 2001, in challenging market conditions and during a period that included the group's successful debut on the Alternative Investment Market. Results Sales for the period increased by 26.6 per cent to £56.2 million compared to £44.4 million for the previous period. Sales increased across all our product range, with a significant part of the growth coming from sales of games consoles and software, and a buoyant market for Digital Versatile Discs. On a like-for-like basis, Choices Video stores rental and total sales in the period increased by 12.8 per cent and 22.8 per cent respectively. Profit on ordinary activities before exceptional charges and taxation was £3.48 million (2000: £3.46 million), slightly exceeding our expectations and reflecting a lower contribution from Video Box Office and the impact on margins of a major expansion of sell-thru activities. Basic earnings per share was 7.8 pence, and earnings per share excluding flotation costs of £639,000 was 12.5 pence. Positive cash flow for the period was £2,135,000 partly reflecting the benefit of timing differences between inflows on increased sales and payments to suppliers. Dividend The Board has declared an interim dividend of 1.9 pence per share, to be paid on 16 April 2002 to shareholders on the register at 15 February 2002. Trading Overall growth in sales was achieved despite a relatively lacklustre video release schedule and the adverse impact of good weather compared to the favourable wet summer of the previous year. This satisfactory result particularly reflects a strong trading performance in the last eight weeks of the period when the group benefited from good title releases and an increased emphasis on sell-thru, throughout the group, to complement rental activities. Choices Video benefited from the growth in demand for DVD rental and sales resulting from the transition by consumers from VHS to DVD which occurred at a faster than anticipated rate. Sales of Sony Playstation 2 computer games further contributed to overall growth. During the period, 10 new Choices Video stores were opened. As expected, the transition from VHS to DVD by their customers is taking longer at Video Box Office outlets where video rentals on a like-for-like basis were down for the period. We have substantially completed installation for the NAAFI contract ahead of schedule. However, as a result of the global deployment of British forces following the events of 11th September 2001, the return on our investment for this contract will take longer to come through. Choices Direct experienced profitable sales growth, in mail order and fulfilment, as a result of strong Christmas demand. Like-for-like sales growth for the period was 33 per cent. Mosaic maintained its contribution compared to the same period last year. Flotation Dealings in Home Entertainment Corporation shares commenced on 25 October 2001 when the group was successfully floated on the Alternative Investment Market (" AIM"). 6,976,712 existing Ordinary Shares were placed with a range of institutional and other investors at a price of £1.70 each, representing 39.2 per cent of the issued share capital, and we are pleased to welcome these new shareholders. Admission to AIM has raised the profile of Home Entertainment Corporation with customers and suppliers. Share options, amounting to approximately 21/2 per cent of the issued share capital, were granted to 187 employees at the placing price. Outlook Demand for DVD and Playstation 2 sell-thru and rental remains strong, although consumer spending currently reflects more caution than it did in the run up to Christmas. Key film releases for VHS and DVD in the second half of the year include Swordfish, Moulin Rouge, Planet of the Apes, A.I., 51st State, Enigma, The Others, American Pie 2 and Scary Movie 2. The launch in March of Microsoft's X Box and, in May, of Nintendo's GameCube should further stimulate the games market. The transition to DVD is expected to benefit Video Box Office in the next financial year. We plan to open 8 new Choices Video stores by the end of the financial year, and to invest in further warehouse space and other facilities to support Home Entertainment Corporation's continued expansion particularly in relation to DVD and computer games. Subject to favourable weather conditions in the crucial Easter and Whitsun school holidays, and positive consumer spending trends, Home Entertainment Corporation is well positioned to continue its healthy long-term progress. Iain Muspratt - Chairman 5 February 2002 Trading Divisions Video Box Office Provides a service throughout the United Kingdom to convenience stores and other retailers, enabling them to add video and DVD sales and rental and computer games software sales to the range of products offered to their customers. Choices Video Operated through 179 (December 2000 - 163) retail outlets in England and Wales, offering videos, DVDs and computer games rental and sales, games consoles for sale, and the sales of 'Pay As You Go' mobile telephones and 'Top-Ups', ice cream and confectionery. Choices Direct Choices Direct offers video and DVD, as well as providing talking tapes released in the United Kingdom on audio cassette and compact disc, for sale through mail order. Customers can access the Choices Direct service by mail, by 'phone or via Choices Direct's website at www.choicesdirect.co.uk Choices Direct also manages and fulfils video and DVD sales for many of the large mail order catalogue companies in the United Kingdom, including GUS, Freemans, Littlewoods and Book Club Associates. The service offered is comprehensive, ranging from title selection advice and compilation, through to fulfilment of customers' orders. 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 video and DVD market in the United Kingdom and the Republic of Ireland (including arm's length sales to other divisions of the Company). Profit and Loss Account for the 28 weeks ended 15 December 2001 note 28 weeks 28 weeks 52 weeks ended 15 ended 16 ended Dec 2001 Dec 2000 2 June 2001 (unaudited) (unaudited) (audited) £000 £000 £000 Turnover 2 56,244 44,423 83,408 Operating Profit before Exceptional Costs 3,519 3,491 4,953 Exceptional Costs: Costs of flotation (639) - - Operating Profit 2,880 3,491 4,953 Net Interest Payable (37) (30) (48) Profit on Ordinary Activities Before Tax 2,843 3,461 4,905 Taxation 3 (1,446) (1,246) (1,874) Profit for the Period 1,397 2,215 3,031 Dividends 4 (408) (67) (922) Profit Transferred to Reserves 989 2,148 2,109 Adjusted Earnings per Share (excluding Exceptional Costs & 5 12.5p 12.4p 17.0p underprovision in respect of Prior Periods Taxation) Basic Earnings Per Share 5 7.8p 12.4p 17.0p Diluted Earnings Per Share 5 7.5p 12.3p 16.8p Dividends per Ordinary Share 1.9p Nil 3.8p Balance Sheet as at 15 December 2001 28 weeks 28 weeks 52 weeks ended 15 ended 16 ended Dec 2001 Dec 2000 2 June 2001 (unaudited) (unaudited) (audited) £000 £000 £000 Fixed Assets Tangible Assets 10,711 9,624 10,254 Current Assets Stocks 10,966 7,942 8,201 Debtors 13,248 11,304 5,069 Cash 2,659 - 524 26,873 19,246 13,794 Creditors: Amounts falling due within one year (25,382) (17,473) (12,865) Net Current Assets 1,491 1,773 929 Total Assets Less Current Liabilities 12,202 11,397 11,183 Deferred Taxation (109) (146) (109) Net Assets 12,093 11,251 11,074 Capital and Reserves Called Up Share Capital 897 890 890 Share Premium Account 827 804 804 Other Reserves 1,061 1,061 1,061 Profit and Loss Account 9,308 8,496 8,319 Equity Shareholders' Funds 12,093 11,251 11,074 Cash Flow Statement for the 28 weeks ended 15 December 2001 note 28 weeks 28 weeks 52 weeks ended 15 ended 16 ended Dec 2001 Dec 2000 2 June 2001 (unaudited) (unaudited) (audited) £000 £000 £000 Net Cash Inflow from Operating Activities 6 6,103 2,916 7,329 Returns on Investments & Servicing Finance Interest Paid (37) (30) (48) Non-equity Dividends Paid (288) (293) (466) Net Cash Outflow from Returns on Investments and Servicing of (325) (323) (514) Finance Taxation Corporation Tax Paid (765) (645) (1,493) Capital Expenditure Payments to Acquire Tangible Fixed Assets (2,598) (2,578) (5,002) Equity Dividends Paid (310) (315) (467) Proceeds from Shares Issued 30 - - Increase / (Decrease) in Cash 2,135 (945) (147) Notes to the accounts for the 28 weeks ended 15 December 2001 1. Basis of preparation The interim accounts cover the 28 weeks to 15 December 2001. They have been prepared under the accounting policies set out in the Company's statutory accounts for the 52 weeks to 2 June 2001, except in respect of deferred tax as set out below, and are unaudited. The taxation charge is calculated by applying the forecast annual tax rate to the profit for the period, adjusting for the tax effect of exceptional items. 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 52 weeks is based on the statutory accounts for the 52 weeks ended 2 June 2001 which have been delivered to the Registrar of Companies. These statutory accounts were audited by Ernst & Young LLP and their report thereon was unqualified. FRS18 (Accounting Policies) and FRS19 (Deferred Tax) have been adopted during the period, and have had no effect on the published numbers 2. Turnover 28 weeks ended 15 28 weeks ended 16 52 weeks ended Dec 2001 Dec 2000 2 June 2001 (unaudited) £000 (unaudited) £000 (audited) £000 Rental 27,129 24,100 46,448 Sales - Games 7,798 3,802 8,751 Sales - Other 21,317 16,521 28,209 56,244 44,423 83,408 3. Taxation 28 weeks ended 15 28 weeks ended 16 52 weeks ended current taxation: Dec 2001 Dec 2000 2 June 2001 (unaudited) £000 (unaudited) £000 (audited) £000 Corporation tax before exceptional items 1,253 1,246 1,874 On Exceptional items - - - Corporation tax 1,253 1,246 1,874 Under -provisions in respect of prior 193 - - periods 1,446 1,246 1,874 4. Dividends 28 weeks ended 15 28 weeks ended 16 52 weeks ended Dec 2001 Dec 2000 2 June 2001 (unaudited) £000 (unaudited) £000 (audited) £000 Paid prior to flotation 67 67 922 Interim dividend - Proposed 341 - - 408 67 922 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 52 Weeks ended 15 December 2001 16 December 2000 2 June 2001 (Unaudited) (Unaudited) (Audited) diluted earnings diluted earnings diluted earnings earnings earnings earnings Earnings £1,397,000 £1,397,000 £2,215,000 £2,215,000 £3,031,000 £3,031,000 Weighted 18,361,250 17,861,414 18,079,375 17,791,852 18,079,375 17,791,852 Average Number of Shares Earnings per 7.5p 7.8p 12.3p 12.4p 16.8p 17.0p Share Adjusted 12.1p 12.5p 12.3p 12.4p 16.8p 17.0p Earnings per Share Calculation of number of shares: at 2 June 2001 17,791,852 17,791,852 17,791,852 17,791,852 17,791,852 17,791,852 Shares Issued 139,123 139,123 - - - - Dilutive 713,650 - 287,523 - 287,523 - effect of share option schemes 18,644,625 17,930,975 18,079,375 17,791,852 18,079,375 17,791,852 Adjusted earnings per share excluded the effects of exceptional costs of £639,000 and underprovision in respect of prior periods taxation of £193,000 and is presented in order to show the true underlying performance of the Company. 6. Reconciliation of Operating Profits to Net Cash Flow from Operating Activities 28 weeks ended 15 28 weeks ended 16 52 weeks ended Dec 2001 Dec 2000 2 June 2001 (unaudited) £000 (unaudited) £000 (audited) £000 Operating profit before exceptional 3,519 3,491 4,953 costs Costs of Flotation (639) - - Operating profit 2,880 3,491 4,953 Depreciation 2,136 1,813 3,608 (Increase) in stocks (2,765) (2,459) (2,718) (Increase) in debtors (8,179) (8,060) (1,825) Increase in creditors 12,031 8,131 3,311 Net cash inflow from operating 6,103 2,916 7,329 activities The cash outflows during the period relating to the costs of flotation totalled £386,000. Copies of the interim report are available, free of charge to the public on any week day (excluding Saturdays), at the registered office of the Company (19 - 24 Manasty Road, Orton Southgate, Peterborough, PE2 6UP) and at the offices of the Company's Nominated Advisers, Teather & Greenwood Limited (Beaufort House, 15 St Botolph Street, London, EC3A 7QR) from the date of this announcement and for a period of 1 month thereafter. This information is provided by RNS The company news service from the London Stock Exchange
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