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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
John Lewis Of Hungerford Plc | LSE:JLH | London | Ordinary Share | GB0004773148 | ORD 0.1P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 1.35 | 1.00 | 1.70 | 0.00 | 00:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMJLH
RNS Number : 6351S
John Lewis Of Hungerford PLC
18 March 2021
The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse (Amendment) (EU EXIT) Regulations 2019/310.
18 March 2021
John Lewis of Hungerford plc
(the "Company")
Half-year Report
John Lewis of Hungerford Plc (AIM: JLH), the specialist manufacturer and retailer of kitchens, bedrooms and freestanding furniture, is pleased to announce its unaudited interim results for the six months ended 31 December 2020.
Overview
Sales for the six months to 31 December 2020 were GBP3,326k (2019: GBP3,345k) and the loss before tax for the period was GBP213k (2019: loss before tax GBP398k). The improved position is due in part to the structural costs savings made last year and a portion can be attributed to government support received during the pandemic.
During the first six months of the financial year, our four London showrooms have been pushing forward at pace and have contributed almost half of the income, with customers keen to complete their building works and home refurbishments, which had already been delayed for many months. Our other seven showrooms are experiencing reduced availability of trades people, which is impacting the speed of recovery outside London, although customers continue to place deposits to secure production slots, with marginally more uncertainty around installation timing.
A significant step change for the business with regards to its digital footprint has contributed greatly to the year-to-date trading pattern. The investment in digital campaigns across all of our social media, together with our improved website, has led to record levels of customer engagement and progress into orders. The launch of our CRM system has provided improved data on our marketing programme and ensured we are focused on spend that enhances our brand positioning.
Another key change in our operating model during our first six months is the launch in earnest of our new finance offering in conjunction with Hitachi Capital UK. This has allowed more customers to work with our team and provided the Company with the opportunity to reach new customers.
Current Trading and Outlook
Our despatched sales and forward orders (which we consider to be the best measure of current trading) for the first 35 weeks of trading of the current financial year stood at GBP6.2 million (2020: GBP5.7 million). Future orders against which a first stage deposit has been taken stood at GBP2.1 million (2020: GBP0.7 million), of which GBP1.5 million is currently scheduled for completion by the 30 June 2021 year end (2020: GBP0.5 million). Therefore, the total of all despatched sales and forward orders is GBP8.3 million, which is 30% ahead of the corresponding period in the previous year, which was prior to the first lockdown beginning on 23 March 2020. Quotation activity within the business continues to be substantially up on the previous year which reflects a sustained consumer interest in home improvements.
The Government's road map out of lockdown currently states that our showrooms can re-open on 12 April 2021. The Board are cautiously optimistic for an improved performance over recent years, however, we remain beholden to the prevailing market conditions and we are prepared for further disruption from the pandemic, together with building delays arising from the succession of lockdowns - all of which could impact our results in the current year. The work done to move the business online in the event of extensions to local lockdowns, however, should support customers to continue their buying journey with our design team and minimise any substantive impact on our order book. The lockdown since the new year into 2021 has seen sustained high levels of interest in the home improvement sector and our forward order book demonstrates a strong level of conversion into orders.
Given the current levels of uncertainty, the Board has considered a number of scenarios in modelling the financial out-turn for the current financial year. Our central scenario assumes no further delays to the proposed Government Roadmap and that we see the showrooms re-open fully on the currently scheduled date of 12 April 2021. Our central scenario reflects the strength of current trading and projects a profitable second half of the year. Under this scenario we also expect to enter the new financial year to June 2022 with an order book which will be higher than in recent years.
Kiran Noonan
Chief Executive Officer and Acting Chairman
18 March 2021
Enquiries:
John Lewis of Hungerford plc 01235 774300
Kiran Noonan - Chief Executive Officer and Acting Chairman
Allenby Capital Limited (Nominated Adviser and Broker) 020 3328 5656
David Worlidge/Nick Naylor
INCOME STATEMENT FOR THE SIX MONTHSED 31 December 2020 Audited Unaudited 6 months Year ended ended 31 December 31 December 30 June 2020 2019 2020 GBP'000 GBP'000 GBP'000 Revenue 3,326 3,345 5,553 ------------ ------------ ------------ Cost of sales (1,807) (1,768) (3,004) Gross profit 1,519 1,577 2,549 Selling and distribution costs (146) (266) (413) Administration expenses: Other (1,469) (1,631) (3,081) Other operating income - - 210 ------------ ------------ ------------ Total (1,469) (1,631) (2,871) (Loss) from operations (96) (320) (735) Finance expenses (117) (78) (151) (Loss) before tax (213) (398) (886) Taxation - - 95 (Loss) after taxation (213) (398) (791) ============ ============ ============ (Loss) per share Basic (0.11)p (0.21)p (0.42)p Fully diluted (0.11)p (0.21)p (0.42)p STATEMENT OF COMPREHENSIVE INCOME FOR THE SIX MONTHSED 31 December 2020 Audited Unaudited 6 months Year ended ended 31 December 31 December 30 June 2020 2019 2020 GBP'000 GBP'000 GBP'000 (Loss) for the period (213) (398) (791) Revaluation of freehold land and buildings - - 692 Deferred tax on revaluation of freehold land and buildings - - (132) Total Comprehensive Income (213) (398) (230) ============ ============ ============ BALANCE SHEET AS AT 31 DECEMBER 2020 Audited Unaudited As at As at 31 December 31 December 30 June 2020 2019 2020 GBP'000 GBP'000 GBP'000 Non-Current Assets Intangible assets 140 166 157 Tangible assets 4,030 4,491 4,235 Trade and other receivables 43 43 43 -------- 4,213 4,700 4,435 ------------ ------------ -------- Current assets Inventories 174 144 153 Trade and other receivables 570 374 543 Cash and cash equivalents 507 (114) 559 ------------ ------------ -------- 1,251 404 1,254 Current liabilities (2,571) (1,606) (2,450) Net current liabilities (1,320) (1,202) (1,196) ------------ ------------ -------- Total assets less current liabilities 2,894 3,498 3,239 Non-current liabilities Borrowings (1,147) (437) (1,156) Lease Liabilities (1,309) (1,835) (1,432) Provisions for liabilities and charges (56) (112) (56) Net Assets 381 1,114 595 ============ ============ ======== Equity Share capital 187 187 187 Other reserves 1 1 1 Share premium account 1,188 1,188 1,188 Revaluation Reserve 561 692 561 Retained Earnings (1,556) (954) (1,342) Total Equity 381 1,114 595
============ ============ ======== STATEMENT OF CHANGES IN EQUITY FOR THE SIX MONTHS ENDED 31 DECEMBER 2020 Share Share Other Revaluation Retained Capital Premium Reserves Reserves Earnings Total ----------------------------- -------- -------- --------- ------------ --------- -------- GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 At 30 June 2019 (Audited) Restated 187 1,188 1 - (556) 820 Loss for the period - - - - (398) (398) Revaluation of freeholds - - - 692 - 692 At 31 December 2019 (Unaudited) 187 1,188 1 692 (954) 1,114 Loss for the period - - - - (525) (525) Share based payments - - - - 5 5 Deferred tax on Revaluation of freeholds - - - (132) - (132) At 30 June 2020 (Audited) 187 1,188 1 560 (1,474) 594 Loss for the period - - - - (213) (213) At 31 December 2020 (Unaudited) 187 1,188 1 560 (1,687) 381 ======== ======== ========= ============ ========= ======== STATEMENT OF CASH FLOWS FOR THE SIX MONTHS ENDED 31 DECEMBER 2020 Audited Unaudited 6 months ended Year ended 31 December 31 December 30 June 2020 2019 2020 GBP'000 GBP'000 GBP'000 (Loss) from operations (96) (320) (641) Depreciation, impairment and amortisation 239 288 566 Share based payments - - 5 (Increase) in inventories (21) (0) (9) (Increase) / Decrease in receivables (28) 363 157 (Decrease) in payables (22) (505) (96) Increase / (Decrease) in Customer Deposits 254 (80) 212 Loss / (Profit) on disposal of property plant and equipment 1 (1) (1) Increase in provisions - 7 12 Tax (credit) / charge on operations - - (95) Net cash from operating activities 328 (248) 111 Cash flows from financing activities (361) (140) 188 Cash flows from investing activities (19) (13) (27) Net (decrease) / increase in cash and cash equivalents (52) (401) 272 Net cash and cash equivalents at the start of the period 559 287 287 Net cash and cash equivalents at the end of the period 507 (114) 559 ============= ============ ============ NOTES: 1. These interim financial statements have been prepared on the basis of accounting policies adopted by the Company and set out in the annual report and accounts for the period ended 30 June 2020. All accounting policies are expected to remain unchanged for the year ending 30 June 2021. As permitted, these interim financial statements have been prepared in accordance with the AIM Rules and not in accordance with IAS 34 "Interim financial reporting". The principal risks and uncertainties facing the Company are disclosed in the Company's financial statements for the period ended 30 June 2020, available from www.john-lewis.co.uk. 2. Basic and fully diluted loss per ordinary share is calculated as follows: 6 months 6 months Year ended ended ended 31 December 31 December 30 June 2020 2019 2020 Profit / (loss) attributable to ordinary shareholders (GBP'000) (213) (398) (791) Weighted average number of shares in issue 186,745,519 186,745,519 186,745,519 Shares used to calculate diluted earnings per share 186,745,519 186,745,519 186,745,519 Basic loss per ordinary share (pence) (0.11)p (0.21)p (0.42)p Diluted loss per ordinary share (pence) (0.11)p (0.21)p (0.42)p At 31 December 2020 the basic and diluted loss per share is the same, as the vesting of share option awards would reduce the loss per share and is, therefore, anti-dilutive. 3. Copies of the 2020 interim accounts will be available to shareholders on the Company's website www.john-lewis.co.uk.
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March 18, 2021 03:05 ET (07:05 GMT)
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