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Name | Symbol | Market | Type |
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Hsbc Bk. 24 | LSE:20GL | London | Medium Term Loan |
Price Change | % Change | Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Traded | Last Trade | |
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0.00 | 0.00% | 0 | - |
RNS No 3906k RETAIL CORPORATION PLC 15th October 1998 THE RETAIL CORPORATION PLC AND SUBSIDIARY UNDERTAKINGS (The entire Ordinary share capital of the Company is held by Sears plc) INTERIM REPORT FOR THE SIX MONTHS ENDED 31 JULY 1998 Notes 1998 1997 #m #m TURNOVER Continuing operations 2 17.5 15.1 Discontinued operations - 312.4 ---- ----- 17.5 327.5 ====== ===== TRADING PROFIT/(LOSS) Continuing operations 5.3 5.6 Discontinued operations - (22.1) ----- ----- 5.3 (16.5) Restructuring costs - (2.7) Impairment of footwear assets - (80.0) Profit on disposal of properties - 0.1 Net interest payable 3 (15.4) (2.2) ----- ----- LOSS ON ORDINARY ACTIVITIES BEFORE (10.1) (101.3) TAXATION Taxation 3.1 5.3 ---- ------- LOSS AFTER TAXATION (7.0) (96.0) Dividends on preference shares (0.2) (0.2) ----- ---- Attributable to equity shareholders (7.2) (96.2) Dividends on ordinary shares (75.0) - ------ ----- DEDUCTED FROM RESERVES (82.2) (96.2) ==== ===== NOTES 1. The Interim Report has been drawn up under the same accounting policies as those used for the Annual Report and Accounts for 1997/98 and has been drawn up to the Saturday nearest to 31st July in each year, being 1st August in 1998 and 2nd August in 1997. The Interim Report does not constitute statutory accounts and the figures are unaudited. 2. Continuing operations comprise the results of Creation Financial Services Limited (formerly SearsCard) and include sales of #0.6m (1997 #0.6m) to fellow subsidiary undertakings of Sears plc. As at 31st July 1998 there were approximately 720,000 active accounts with combined balances of #119m, making it one of the largest in-house credit businesses in the UK. It is building its operational and processing capability through a joint venture with Equifax, one of the world's largest processing groups, which is due to begin operation in April 1999. 3. Of the net interest payable, #14.3 million (1997 #2.4 million) relates to interest on loans with the parent undertaking and fellow subsidiary undertakings. 4. The exit from Footwear has been completed and the sale of related properties is underway. Total costs are expected to be within the #150m provision made in the 1997/98 Annual Report. 5. A copy of this Interim Report will be posted to shareholders and copies will be available from the Secretary, The Retail Corporation plc, 40 Duke Street, London W1A 2HP. END IR FFMFSIUAUFSS
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