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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Henderson European Trust Plc | LSE:HET | London | Ordinary Share | GB00BLSNGB01 | ORD 5P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
-1.50 | -0.80% | 186.50 | 186.50 | 188.00 | 188.00 | 186.50 | 188.00 | 45,613 | 09:50:06 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
RNS Number:6541U Home Entertainment Corporation PLC 27 January 2004 Press Release IMMEDIATE, Tuesday, 27 January 2004 Interim results for the 28 week period ended 13 December 2003 Financial highlights (figures in #000s) 28 weeks ended 28 weeks ended 52 weeks ended 13.12.03 14.12.02 31.5.03 (Unaudited) (Unaudited) (Audited) Turnover 70,422 66,222 + 6.3% 120,664 Operating profit before 3,378 3,914 - 15.3% 5,914 exceptional items * Pre-tax profit after 3,306 3,905 - 15.3% 5,950 exceptional items * Earnings per share (pence) - Basic 11.7 13.9 - 15.8% 20.9 - Diluted 11.0 13.3 - 15.0% 20.0 Dividend per share 2.2 2.1 + 4.8% 6.3 (pence) * Exceptional cost of EPOS implementation - #320,000 (2002 - nil); exceptional gain on property disposal - #329,000 (2002 - nil) * Rental activity during the first 20 weeks of the period was adversely affected by unprecedented hot and fine weather. * In Choices stores, rental activity showed a like for like increase of 3.3 per cent and overall sales showed a like for like decrease of 0.5 per cent largely accounted for by a reduction in low margin console sales. * Internet business grew by 114.6 per cent compared with the same period last year. * New EPOS system successfully installed in all 213 Choices stores in 20 weeks. * Online internet based DVD rental service launched (choiceserental.com) in association with Book Club Associates (part of DirectGroup Bertelsmann). * Trading over the Christmas and New Year holiday period was satisfactory and results were comparable with the previous year. * Acquired new Head Office premises which will enable all operations to be under one roof. * Net asset value per share increased from 85.2 pence at 31 May 2003 to 94.8 pence - an increase of 11.1 per cent. Iain Muspratt, Chairman, said: "We believe that underlying demand for both DVD sell thru and rental remains strong although there is no question that consumers are exercising more caution. We face the future with confidence, determination and a range of initiatives but we would benefit from the weather in our favour (i.e. rain) during the critical trading weeks around Easter and Whitsun" For further information contact Simon Bloomfield, Bankside Consultants: 0207 444 4140 (office) or 07771 758517 (mobile) CHAIRMAN'S STATEMENT My prognosis that the current financial year would prove more challenging than the previous year has proved to be justified. As anticipated we were not able to replace the rental revenue lost as a result of the unprecedented hot and fine weather which lasted much longer than expected and resulted in depressed rental activity, particularly in Choices stores. Given that rental business is our most profitable and given the margin effect, I believe that our unique mix of business has enabled us to deliver creditable results in the circumstances. We have also laid important foundations on which to base future activity and growth. Results Sales for the period grew by 6.3 per cent to #70.4 million compared to #66.2 million for the same period last year. Overall revenue increased in all divisions notwithstanding the weather effect. Like for like rental activity in Choices stores grew by 3.3 per cent and although like for like total sales fell by 0.5 per cent this decline is mainly accounted for by low margin console sales. DVD has now replaced VHS for the majority of consumers, but the latter still achieves significant revenue. Operating profit before EPOS exceptional costs was #3,378,000 (2002 : #3,914,000). Basic earnings per share were 11.7 pence compared to 13.9 pence for the same period last year. Net cash outflow for the period was #3.0 million. This reflects the increase in inventories as a result of the growth in sales activity and the costs of our new EPOS system. Dividend The Board has declared an interim dividend of 2.2 pence (2002: 2.1 pence) per share, to be paid on 16 April 2004 to shareholders on the register at 16 February 2004. Review of Trading HEC has invested great effort and resource in successfully laying important foundations for the future during a period when trade has been adversely affected by the weather and also the 'bunching' of new releases into the last six weeks of the period. Price deflation in DVD and games consoles has presented a further challenge. Significantly gross margin rose notwithstanding lower than hoped for rental activity. Choices A further seven stores were opened, two of which were relocations. Rental performance was better than the industry average. Games software sales increased by 6.9 per cent. Overall sales increased by 4.6 per cent against a background of significant price deflation on DVD product. The new EPOS system was successfully installed in all Choices stores in 20 weeks and provides us with much better stock control. One immediate advantage for customers is that they can use their membership card in any Choices store. So far as we are aware this is a world first. VBO The transition to DVD is now much more advanced but still lags behind that of Choices. Sell thru activities have again grown and have enabled this part of HEC to achieve real overall growth. Choices Direct Trading, particularly in the run up to Christmas, has been satisfactory with particularly strong growth (67 per cent like for like) being achieved in the first 28 weeks by our own mail order operation - both traditional and Internet based. The latter performed very well and ahead of the sector of the market with which it directly competes. choicesErental This new activity was soft launched in October, and in early December we entered into a collaborative relationship with Book Club Associates, part of DirectGroup Bertelsmann. The subscriber base is growing satisfactorily but we do not expect this venture to contribute to profits in the current year. Mosaic Entertainment An increase in releases and growing sales enabled Mosaic to grow both turnover and profit during the period. Christmas Trading During the four weeks ended 10 January 2004 overall sales were broadly in line with the previous year. The improvement in gross margin achieved during the interim period was maintained. Outlook We believe that underlying demand for both DVD sell thru and rental remains strong although there is no question that consumers are exercising more caution and prudence than in recent years. Key film releases in the second half of the year include Jeepers Creepers 2, American Pie - The Wedding, Tomb Raider 2, Dreamcatcher, Calendar Girls, League of Extraordinary Gentlemen, Finding Nemo, Bad Boys 2, Italian Job, SWAT, Love Actually and Matrix Revolutions. Overall this is a better line-up than last year. We plan to open six new Choices stores (including relocations) in the second half year. We shall also close some smaller stores which do not now suit our trading profile. We face the future with confidence, determination and a range of initiatives but we would benefit from the weather in our favour (i.e. rain) during the critical trading weeks around Easter and Whitsun. Iain Muspratt Chairman 26 January 2004 PROFIT AND LOSS ACCOUNT for the 28 week period ended 13 December 2003 Note 28 weeks ended 28 weeks ended 52 weeks ended 13.12.03 14.12.02 31.05.03 (unaudited) (unaudited) (audited) #000 #000 #000 TURNOVER 2 70,422 66,222 120,664 Operating profit before 3,378 3,914 5,944 exceptional costs Exceptional costs - EPOS (320) - - implementation OPERATING PROFIT 3,058 3,914 5,944 Exceptional gain on 329 - - disposal of tangible fixed asset Net interest (payable) / (81) (9) 6 receivable PROFIT ON ORDINARY 3,306 3,905 5,950 ACTIVITIES BEFORE TAXATION Taxation 3 (1,190) (1,406) (2,184) PROFIT FOR THE PERIOD 2,116 2,499 3,766 Dividends 4 (397) (378) (1,135) PROFIT TRANSFERRED TO 1,719 2,121 2,631 RESERVES EARNINGS PER SHARE: Adjusted basic (excluding 5 11.7p 13.9p 20.9p exceptional costs) Basic 5 11.7p 13.9p 20.9p Diluted 5 11.0p 13.3p 20.0p Dividends per ordinary 2.2p 2.1p 6.3p share BALANCE SHEET as at 13 December 2003 13.12.03 14.12.02 31.05.03 (unaudited) (unaudited) (audited) #000 #000 #000 FIXED ASSETS Tangible Assets 14,852 12,273 14,418 CURRENT ASSETS Stocks 16,442 13,285 10,514 Debtors 14,998 13,449 7,161 Cash 80 3,252 2,088 31,520 29,986 19,763 CREDITORS Amounts falling due within one (28,957) (27,259) (18,531) year NET CURRENT ASSETS 2,563 2,727 1,232 TOTAL ASSETS LESS CURRENT LIABILITIES 17,415 15,000 15,650 DEFERRED TAXATION (304) (166) (304) NET ASSETS 17,111 14,834 15,346 CAPITAL AND RESERVES Called up share capital 902 901 901 Share premium account 954 909 909 Other reserves 1,061 1,061 1,061 Profit and loss account 14,194 11,963 12,475 EQUITY SHAREHOLDERS' FUNDS 17,111 14,834 15,346 CASH FLOW STATEMENT for the 28 week period ended 13 December 2003 Note 28 weeks ended 28 weeks ended 52 weeks ended 13.12.03 14.12.02 31.05.03 (unaudited) (unaudited) (audited) #000 #000 #000 NET CASH INFLOW FROM 6 1,970 6,604 11,412 OPERATING ACTIVITIES RETURNS ON INVESTMENTS & SERVICING OF FINANCE Interest (paid) / (81) (9) 6 received NET CASH (OUTFLOW) / INFLOW (81) (9) 6 FROM RETURNS ON INVESTMENTS AND SERVICING OF FINANCE TAXATION Corporation tax paid (1,135) (793) (1,934) CAPITAL EXPENDITURE Proceeds from sale of 48 - - tangible fixed assets Payments to acquire (3,134) (3,133) (7,600) tangible fixed assets (3,086) (3,133) (7,600) EQUITY DIVIDENDS PAID (757) (684) (1,063) NET CASH (OUTFLOW) / INFLOW (3,089) 1,985 821 BEFORE FINANCING FINANCING Issue of ordinary shares 47 - - (DECREASE) / INCREASE IN (3,042) 1,985 821 CASH NOTES TO THE ACCOUNTS for the 28 week period ended 13 December 2003 1. Basis of preparation The interim accounts cover the 28 weeks to 13 December 2003. They have been prepared under the accounting policies set out in the Company's statutory accounts for the 52 weeks to 31 May 2003, 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 52 weeks is based on statutory accounts for the 52 weeks ended 31 May 2003 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 52 weeks ended 13.12.03 14.12.02 31.05.03 (unaudited) (unaudited) (audited) #000 #000 #000 Rental 30,565 29,397 56,227 Sales - Games 10,035 8,780 19,139 Sales - Other 29,822 28,045 45,298 70,422 66,222 120,664 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 28 weeks 52 weeks ended ended ended 13.12.03 14.12.02 31.05.03 (unaudited) (unaudited) (audited) #000 #000 #000 THE TAX CHARGE REPRESENTS: UK corporation tax 1,190 1,406 2,061 Under-provisions in respect of - - (15) prior periods 1,190 1,406 2,046 Total deferred tax - - 138 TAX ON PROFIT ON ORDINARY 1,190 1,406 2,184 ACTIVITIES 4. Dividends 28 weeks ended 28 weeks ended 52 weeks ended 13.12.03 14.12.02 31.05.03 (unaudited) (unaudited) (audited) #000 #000 #000 Interim dividend - proposed 397 378 378 Final dividend - - 757 397 378 1,135 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 13.12.03 14.12.02 31.05.03 (unaudited) (unaudited) (audited) Diluted Basic Diluted Basic Diluted Basic Earnings #2,116,035 #2,116,035 #2,498,970 #2,498,970 #3,766,584 #3,766,584 Weighted 19,193,484 18,019,839 18,751,167 18,015,975 18,877,500 18,015,975 average number of shares Earnings 11.0p 11.7p 13.3p 13.9p 20.0p 20.9p per share Adjusted 11.0p 11.7p 13.3p 13.9p 20.0p 20.9p earnings per share Calculation of numbers of shares: At 18,015,975 18,015,975 18,015,975 18,015,975 18,015,975 18,015,975 31.05.03 Shares 27,500 27,500 - - - - issued Dilutive 1,530,275 - 975,150 - 1,011,025 - effect of share option schemes 19,573,750 18,043,475 18,991,125 18,015,975 19,027,000 18,015,975 Adjusted earnings per share for the 28 weeks ended 13 December 2003 excludes 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 Company. 6. Reconciliation of operating profits to net cash flow from operating activities 28 weeks ended 28 weeks ended 52 weeks ended 13.12.03 14.12.02 31.05.03 (unaudited) (unaudited) (audited) #000 #000 #000 Operating profit before exceptional 3,378 3,914 5,944 costs Exceptional costs - EPOS (320) - - implementation OPERATING PROFIT 3,058 3,914 5,944 Depreciation 2,701 2,380 4,703 Increase in stocks (5,928) (3,613) (842) Increase in debtors (7,556) (8,082) (1,795) Increase in creditors 9,695 12,005 3,402 NET CASH INFLOW FROM OPERATING 1,970 6,604 11,412 ACTIVITIES 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 (19 - 24 Manasty Road, Orton Southgate, Peterborough, PE2 6UP) 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 13 December 2003 which comprises the Profit and Loss Account, Balance Sheet, 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 13 December 2003. Ernst & Young LLP Cambridge 26 January 2004 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 213 (December 2002 - 198) 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') and ice cream and confectionery. www.choicesvideo.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 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. choicesErental 'choicesErental' (a new activity launched in October 2003) offers the rental of DVDs via the Internet utilising Home Entertainment Corporation's vast experience in this area. The present range of 14,500 titles is being extended daily and provides our customers with a valued service. www.choiceserental.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 SEAFWMSLSEDF
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