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JLH John Lewis Of Hungerford Plc

1.35
0.00 (0.00%)
28 Mar 2024 - Closed
Delayed by 15 minutes
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

John Lewis Of Hungerford PLC Half-year Report (6351S)

18/03/2021 7:05am

UK Regulatory


John Lewis Of Hungerford (LSE:JLH)
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From Mar 2019 to Mar 2024

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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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