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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Leeds Group Plc | LSE:LDSG | London | Ordinary Share | GB0005100606 | ORD 12P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 11.00 | 10.00 | 12.00 | 11.00 | 11.00 | 11.00 | 0.00 | 08:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Textile Goods, Nec | 27.82M | -840k | -0.0307 | -3.58 | 3.01M |
From Apr 2019 to Apr 2024
TIDMLDSG
RNS Number : 0393T
Leeds Group PLC
12 November 2019
Issued on behalf of Leeds Group plc
Date: 12 November 2019
Leeds Group plc
("Leeds Group" or "the Group")
Final Results for the year ended 31 May 2019
Leeds Group reports the final results of the Group for the year to 31 May 2019.
This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014 (MAR) and has been arranged for release by Jan G Holmstrom, Chairman.
Enquiries:
Leeds Group plc Cairn Financial Advisers LLP
Dawn Henderson - 07747 777055 Tony Rawlinson / Liam Murray - 020 7213 0880
Chairman's Statement
It has been an extremely difficult and disappointing year for the Group. Trading conditions have continued to be challenging with increased competition creating pressure on gross margins within both the wholesale and retail textile markets. Hemmers-Itex Textile Import Export GmbH ('Hemmers'), the main trading subsidiary, has been affected by the deterioration in both its German and external markets.
On 5(th) July 2018, an additional investment was made in Stoff-Ideen-KMR Gmbh ('KMR') so that the company became a wholly owned subsidiary rather than a joint venture arrangement. KMR has a limited number of retail shops in Germany and the directors had hoped that with full control of the business and synergies with Hemmers, that the company would contribute to increased profits for the Group. As the retail market in Germany has deteriorated, KMR has also been affected with sales falling during the year with no positive result contribution.
During the year the directors have therefore undertaken a further strategic review of all trading businesses within the Group. The directors see the need to further concentrate on the Group's core business, Hemmers, and have implemented plans and cost cutting measures to ensure that the company is in a good position both to face the current challenging market conditions and to respond to any improvement. A decision has been made to close Chinoh-Tex Ltd ('Chinoh-Tex'), the Chinese subsidiary of Hemmers, as it is not generating adequate profits despite recent actions taken to reduce costs. A number of measures have been implemented in KMR to further improve efficiencies and reduce the cost base, such as implementation of new IT systems and changes to how shops are staffed and managed. Management will closely monitor the performance of the KMR retail outlets and take the necessary actions to ensure satisfactory levels of profit are achieved in each.
Trading conditions remain challenging and it will be a difficult year again in 2020, as it will take time for the decisions taken this year to fully translate into improved results. Given the steps that have been taken during the year to improve efficiencies which will reduce the cost level further and enable the Group to compete with a more aggressive sales strategy to regain lost market share, the directors do believe the Group will return to acceptable levels of profit in the forthcoming years, partly because of the potential for consolidation in the market as we expect some competitors to exit the market.
On behalf of shareholders, I want to thank the management and staff of Hemmers, Chinoh-Tex and KMR who have all continued to work tirelessly in very difficult conditions.
Jan G Holmstrom
Chairman
11 November 2019
Finance and Operating Review
Group result
Group revenue in the year was GBP41,271,000 (2018: GBP41,538,000). Despite including KMR as a wholly owned subsidiary for eleven months of the year, sales are slightly lower than last year. Market conditions for all trading subsidiaries have been challenging and all companies have faced intense competition both domestically and internationally.
The Group's operating loss of GBP1,022,000 includes a goodwill impairment charge of GBP982,000. (2018: profit GBP1,152,000). Overheads were higher than expected and action has now been taken to realign those overheads to the reduced turnover levels. The goodwill that arose when the Group acquired Hemmers in 1999 amounting to GBP982,000 has been provided for in the year as an impairment and shown as an exceptional item. Therefore, the Group loss before tax this year is GBP1,250,000 (2018: profit GBP885,000).
The tax charge in the year was GBP43,000 (2018: GBP340,000). Loss per share was 4.7p (2018: earnings per share 2.0p).
Hemmers
This German-based business is engaged in the import, warehousing and wholesaling of fabrics.
Sales for the year were significantly lower than last year at GBP30,939,000 (2018: GBP38,299,000). The market in Germany has fallen considerably during the year and Hemmers has also come under increased price pressure from competitors. The gross margin percentage decreased slightly to 21.0% (2018: 22.1%) and that, together with the lower level of sales volume, has resulted in a fall in gross profit. Despite a 6% reduction in overhead expenditure, the pre-tax profit reduced to GBP239,000 (2018: GBP1,123,000). A strategic sales review coupled with a comprehensive cost review was undertaken during the financial year to ensure the cost base for Hemmers is aligned to the current market conditions. Hemmers is focused on growing its business domestically and internationally in both its wholesale and retail markets with a more aggressive sales strategy. Hemmers will thereby be in a better position to compete in the marketplace next year to regain lost market share, but it will take some time for the new strategies to be fully recognised.
Hemmers bank debt, net of cash, decreased in the year to GBP4,197,000 (2018: GBP4,963,000). This bank debt is secured on the assets of Hemmers.
KMR
On 5(th) July 2018, KMR became a wholly owned subsidiary within the Group. Prior to that the Group owned 50% of KMR and it was therefore accounted for as a joint venture. Up to that date, the Group's share of the post-tax loss of KMR in the year was GBP34,000 (2018: GBP107,000) and that amount is shown separately on the face of the profit and loss account. From the date of acquisition, KMR has been fully consolidated into the Group accounts.
KMR is a retail business trading in Germany. KMR's operating performance since acquisition has been well below expectations. Sales for the company for the whole year were lower than last year at GBP8,656,000 (2018: GBP9,343,000). The German retail market has fallen considerably during the year and therefore KMR sales have fallen also.
Costs were too high for the level of trading resulting in an increased loss for the year of GBP554,000 (2018: loss of GBP210,000). The integration and efficiencies expected at the start of the financial year have not yet been delivered and further actions have been taken to resolve the situation. Improved working efficiencies have been implemented including the introduction of new working patterns which should ensure that KMR achieves a breakeven position next year.
Chinoh-Tex
Chinoh-Tex is a textile trading subsidiary of Hemmers. It is based in Shanghai and has been trading for eleven years. It purchases fabric from Chinese suppliers and in 2019 sold to customers in 52 countries. 43% of sales were made to EU countries (2018: 43%). External sales revenue was considerably lower this year GBP2,366,000 (2018: GBP3,239,000). Gross margins, however, improved to 19% (2018: 15%). In line with the cost review undertaken, overhead spending was reduced as compared to last year GBP251,000 (2018: GBP388,000). Thus, despite the reduced level of sales Chinoh-Tex's result for the year was a pre-tax profit of GBP31,000 (2018: loss GBP86,000).
Chinoh-Tex has provided valuable assistance to its European parent with the purchasing, inspection and shipping of material. However internal sales revenue this year, based on arms-length prices, amounted to just GBP204,000 (2018: GBP556,000). With Chinoh-Tex also facing increased competition and decreasing sales as more customers choose to deal directly with the manufacturers in China, the directors have decided to cease trading effective 28 August 2019 with the liquidation completed by 31 December 2019. This will enable Hemmers management to entirely focus on developing the Hemmers and KMR businesses.
Fixed Assets
Capital additions in the year amounted to GBP550,000 (2018: GBP400,000). The net book amount of tangible fixed assets in the Consolidated Statement of Financial Position is GBP9,543,000 (2018: GBP8,319,000). The acquisition of KMR increased fixed assets by GBP1,307,000, of which GBP864,000 related to freehold land and buildings.
Working Capital
Working capital which comprises inventories, trade and other receivables, and trade and other payables increased in the year by GBP1,031,000 (2018: decreased GBP345,000). This is due mainly to the acquisition of KMR as KMR had working capital of GBP1,761,000 at the date of acquisition. There were no major changes to the working capital requirements for the Group during the year. The Group continues to monitor its working capital requirements within its current banking facilities.
Net Asset Value
Net assets decreased in the year by GBP1,247,000 as follows:
Hot Features
Premium
Net assets Per share
GBP000 pence
At 31 May 2018
(restated based on shares in issue
at 31 May 2019) 18,988 69.4
Loss after tax (1,293) (4.7)
Purchase of treasury shares (9) -
Translation differences 55 0.2
At 31 May 2019 17,741 64.9
====================================== ============ ===========
Debt Profile
The funding policy of the Group continues to be to match its funding requirement in trading subsidiaries in a cost-effective fashion with an appropriate combination of short and longer-term debt. Property investments have been financed partly by long term loans at fixed interest rates between 1.05% and 4.07%. Working capital finance, when required, is via short term loans of three months currently attracting interest at rates of between 1.25% and 2.5%. Bank debt in the subsidiaries is secured by charges on inventories, receivables and property and is without recourse to the Parent Company.
Impairment reviews
In accordance with IAS 36, an annual impairment review was carried out for each cash-generating subsidiary to which goodwill is allocated. Based on this review the directors considered that the goodwill of GBP982,000 arising on the acquisition of Hemmers in 1999 was impaired and thus the goodwill was written off in the financial statements.
Principal risks and uncertainties
The Board has identified the main categories of business risk in relation to the Group's strategic aims and objectives, and has considered reasonable steps to prevent, mitigate and manage these risks. The principal risks identified are as follows:
Funding risk
The Group has a combination of short-term borrowing facilities and longer-term loan agreements secured on Group properties. The Group remains dependent upon the support of these funders and there is a risk that failure in a particular company to meet banking covenants could have implications for the Group. Borrowing facilities are monitored regularly and the facilities agreed are more than needed for the Group's requirements. The Group has close working relationships with their current funders but believe alternative banking funders could be secured if required.
Market risk
There is always the ongoing threat of reduced market demand. This has been seen this year and the Group continues to strive to combat the reduced demand by looking at other markets both domestically and internationally and looking at expanding its product ranges for example introducing home furnishing products.
The commercial risks of operating in the highly competitive European fabric market are limited by the fact that Hemmers has a wide range of suppliers, and no customer accounts for more than 5% of revenues.
Foreign exchange risk
Most fabric purchased by Hemmers is paid for in US dollars, while the Euro is the principal currency in which Hemmers sells its product. The Euro/dollar rate is of greater significance to Leeds Group than the strength of Sterling. The Hemmers management continue to manage this transactional currency risk by a combination of forward exchange contracts with reputable banks and sales price increases where necessary.
Brexit
Following the UK referendum result in favour of leaving the European Union ("EU"), the economic environment has become much more uncertain. This uncertainty has continued as the UK looks to secure an acceptable deal and the revised date of 31 October 2019 to leave the EU has been extended. The threat of no deal creates even more uncertainty as does the continual deadline extensions. However, the business of Leeds Group is conducted entirely by subsidiaries incorporated in Germany or China, and their exports to the UK account for approximately 3% only of Group revenue. For this reason, the Directors do not believe that a material risk to Leeds Group will arise from the terms on which the UK will, in the future, have access to EU markets, and vice versa. Leeds Group has loans denominated in euros which do carry a currency risk and may be affected by Brexit, however, the directors do not believe the impact would have a material effect on the Group's results as the subsidiary trades in Euros and the directors consider this provides a natural hedge.
The currency markets in particular, dislike the current air of uncertainty surrounding the current negotiations with regard to the UK leaving the EU and sterling has weakened since the UK announced it was leaving the EU. This benefits Leeds Group since, as the pound weakens, the value of the revenues, profits and net assets of foreign subsidiaries are increased in sterling terms. This effect has been seen in both this year's and last year's trading and Statement of Financial Position.
Jan G Holmstrom
Chairman
11 November 2019
Consolidated Statement of Comprehensive Income
for the year ended 31 May 2019
Year ended Year ended
31 May 2019 31 May 2018
GBP000 GBP000
------------------------------------------- -------------- ----------------
Revenue 41,271 41,538
Cost of sales (32,254) (32,526)
------------------------------------------- -------------- ----------------
Gross profit 9,017 9,012
Distribution costs (3,424) (2,722)
------------------------------------------- -------------- ----------------
Impairment of goodwill (982) -
Administrative costs (5,644) (5,188)
------------------------------------------- -------------- ----------------
Administrative costs (6,626) (5,188)
Other income 11 50
Operating (loss)/profit (1,022) 1,152
Finance expense (194) (160)
Share of post-tax loss of joint
venture (34) (107)
------------------------------------------- -------------- ----------------
(Loss)/profit before tax (1,250) 885
Tax charge (43) (340)
------------------------------------------- -------------- ----------------
(Loss)/profit for the year attributable
to the equity holders of the Parent
Company (1,293) 545
------------------------------------------- -------------- ----------------
Other comprehensive income
Translation differences on foreign
operations 55 141
------------------------------------------- -------------- ----------------
Other comprehensive income for
the year 55 141
------------------------------------------- -------------- ----------------
Total comprehensive (loss)/income
for the year attributable to the
equity holders of the Parent Company (1,238) 686
=========================================== ============== ================
The results shown in the consolidated statement of comprehensive income derive wholly from continuing operations. There is no tax effect relating to other comprehensive income for the year.
Amounts included in other comprehensive income may be reclassified subsequently as profit or loss.
(Loss)/Earnings per share attributable to the equity holders of the Company
Year ended Year ended
31 May 2019 31 May 2018
------------------------------------- -------------------- ----------------
Basic and diluted (loss)/earnings
per share (pence) (4.7p) 2.0p
===================================== ===== ============== ==============
Consolidated Statement of Financial Position
at 31 May 2019
Company number 00067863 31 May 2019 31 May 2018
GBP000 GBP000
-------------------------------- -------------- --------------
Assets
Non-current assets
Property, plant and equipment 8,534 7,755
Investment property 1,009 564
Goodwill 72 1,057
Investment in joint venture - 734
Total non-current assets 9,615 10,110
-------------------------------- -------------- --------------
Current assets
Inventories 11,760 9,621
Trade and other receivables 4,382 6,252
Corporation tax recoverable 733 386
Cash and cash equivalents 1,065 572
Total current assets 17,940 16,831
-------------------------------- -------------- --------------
Total assets 27,555 26,941
================================ ============== ==============
Liabilities
Non-current liabilities
Loans and borrowings (2,289) (3,708)
Deferred tax - (277)
Total non-current liabilities (2,289) (3,985)
-------------------------------- -------------- --------------
Current liabilities
Trade and other payables (2,770) (2,619)
Loans and borrowings (4,655) (1,349)
Provisions (100) -
Total current liabilities (7,525) (3,968)
-------------------------------- -------------- --------------
Total liabilities (9,814) (7,953)
================================ ============== ==============
TOTAL NET ASSETS 17,741 18,988
================================ ============== ============== Capital and reserves attributable to equity holders of the Company Share capital 3,792 3,792 Capital redemption reserve 600 600 Treasury share reserve (807) (798) Foreign exchange reserve 2,545 2,490 Retained earnings 11,611 12,904 TOTAL EQUITY 17,741 18,988 ==================================== ======== ========
The financial statements were approved and authorised for issue by the Board of directors on 11 November 2019 and were signed on behalf of the Board by:-
Jan G Holmstrom
Chairman
Consolidated Cash Flow Statement
for the year ended 31 May 2019
Year ended Year ended
31 May 2019 31 May 2018
GBP000 GBP000
------------------------------------------- -------------- --------------
Cash flows from operating activities
(Loss)/profit for the year (1,293) 545
Adjustments for:
Depreciation of property, plant
and equipment 668 586
Depreciation of investment property 16 19
Amortisation of intangible assets 7 6
Finance expense 194 160
Impairment of goodwill 982 -
Net goodwill arising on acquisition (7) -
Movement in fair value of derivatives - (48)
Gain on sale of property, plant (5) -
and equipment
Share of post-tax loss of joint
venture 34 107
Tax charge 43 340
Cash flows from operating activities
before
changes in working capital and
provisions 639 1,715
Decrease in inventories 441 597
Decrease in trade and other receivables 140 583
Increase/(decrease) in trade and
other payables 450 (835)
Cash generated from operating activities 1,670 2,060
Income taxes paid (430) (411)
Net cash flows from operating activities 1,240 1,649
=========================================== ============== ==============
Investing activities
Purchase of property, plant and
equipment (550) (400)
Purchase of subsidiary net of debt 75 -
Proceeds from the sale of fixed 6 -
assets
Net cash used in investing activities (469) (400)
=========================================== ============== ==============
Financing activities
Purchase of treasury shares (9) -
Bank borrowings repaid (1,358) (2,102)
Bank borrowings drawn down 1,287 -
Bank interest paid (194) (160)
Net cash used in financing activities (274) (2,262)
=========================================== ============== ==============
Net increase/(decrease) in cash
and cash equivalents 497 (1,013)
Translation (loss)/gain on cash
and cash equivalents (4) 18
Cash and cash equivalents at the
beginning of the year 572 1,567
Cash and cash equivalents at the
end of the year 1,065 572
=========================================== ============== ==============
Consolidated Statement of Changes in Equity
for the year ended 31 May 2019
Share Capital Treasury Foreign Retained Total equity
capital redemption share exchange earnings
reserve reserve reserve GBP000
GBP000 GBP000 GBP000 GBP000 GBP000
------------------------- ---------- ------------- ---------- ----------- ----------- --------------
At 31 May 2017 3,792 600 (798) 2,349 12,359 18,302
Profit for the year - - - - 545 545
Other comprehensive
income - - - 141 - 141
Total comprehensive
income - - - 141 545 686
------------------------- ---------- ------------- ---------- ----------- ----------- --------------
At 31 May 2018 3,792 600 (798) 2,490 12,904 18,988
------------------------- ---------- ------------- ---------- ----------- ----------- --------------
Loss for the year - - - - (1,293) (1,293)
Other comprehensive
income - - - 55 - 55
------------------------- ---------- ------------- ---------- ----------- ----------- --------------
Total comprehensive
income/(loss) - - - 55 (1,293) (1,238)
------------------------- ---------- ------------- ---------- ----------- ----------- --------------
Transaction with
Shareholders:
Purchase of treasury
shares - - (9) - - (9)
------------------------- ---------- ------------- ---------- ----------- ----------- --------------
At 31 May 2019 3,792 600 (807) 2,545 11,611 17,741
========================= ========== ============= ========== =========== =========== ==============
The following describes the nature and purpose of each reserve within equity:
Reserve Description and purpose
Share capital The nominal value of issued ordinary shares
in the Company.
Capital redemption reserve Amounts transferred from share capital on
redemption of issued shares.
Treasury share reserve Cost of own shares held in treasury.
Foreign exchange reserve Gains/losses arising on retranslation of
the net assets of overseas operations into
sterling.
Retained earnings Cumulative net gains/losses recognised in
the consolidated statement of comprehensive
income after deducting the cost of cancelled
treasury shares.
Notes
1. This announcement has been prepared using the recognition and measurement principles of International Financial Reporting Standards as adopted by the European Union.
2. The Directors do not recommend the payment of a dividend in 2019 (2018: GBPnil).
3. The directors have considered the carrying value of the goodwill arising on the acquisition of Hemmers in 1999. They have concluded that there is an impairment of the goodwill and thus the goodwill amounting to GBP982,000 has been provided for in the accounts.
4. Acquisition of KMR
On 5 July 2018 Hemmers became 100% owners of KMR following the buyout of our joint venture partner. KMR is a retailer of fabric and haberdashery, operating shops located throughout Germany. The consideration was EUR500,000 (GBP440,000) comprising EUR250,000 (GBP220,000) paid in cash and the balance being three shops at a value of EUR250,000 (GBP220,000). Hemmers invested a further EUR370,000 (GBP326,000) in the company during the period.
The joint venture investment was accounted for in the consolidated financial statements of Leeds Group using the equity accounting method and at 5 July 2019, was held at a carrying value of GBP697,000.
Accounting for the step acquisition of KMR requires the directors to fair value the original 50% joint venture investment, with the resulting loss debited to the profit and loss in administrative costs as follows:
EUR000 GBP000
-------------------------------------------------- ----------- -------------
As at 5 July 2018:
Fair value share of original joint venture 650 572
Carrying value of investment in consolidated
financial statements 792 697
Loss on fair valuing of joint venture
investment 142 125
================================================== =========== ===========
Upon obtaining 100% control of the KMR entity, the cost of the investment for the purposes of determining the goodwill is calculated as follows:
EUR000 GBP000
---------------------------------------------- ----------- -------------
Fair value share of original 50% joint
venture 650 572
Fair value of the consideration paid to
obtain control 500 440
Cost of investment 1,150 1,012
============================================== =========== ===========
The net assets of the newly acquired subsidiary are as follows:
EUR000 GBP000
-------------------------------------------- ------------ --------------
Fair value of net assets as at 5 July
2018:
Fixed assets 1,485 1,307
Stock 3,138 2,762
Cash 335 295
Debtors 259 228
Creditors (1,731) (1,524)
Loans (2,186) (1,924)
Fair value of assets acquired 1,300 1,144
============================================ ============ ============
The directors consider that the book values of the new assets acquired approximate to the fair value of the new assets and that there are no separately identifiable intangible assets.
Goodwill on consolidation is calculated as follows:
EUR000 GBP000
-------------------------------------------- ---------- ------------
Cost of investment 1,150 1,012
Fair value of net assets acquired 1,300 1,144
Negative goodwill arising on consolidation 150 132
============================================ ========== ==========
This negative goodwill is credited to the profit and loss in administrative costs.
The cash flow effect of the step acquisition is as follows:
EUR000 GBP000
------------------ ---------- ----------------
Cash 335 295
Cost of purchase (250) (220)
Net cash effect 85 75
================== ========== ==============
The amounts of revenue and profit before tax included in the consolidated statement of comprehensive income in respect of KMR's trading since the acquisition date are shown in note 6.
5. (Loss)/Earnings per share
Since there are no outstanding share Year ended Year ended
options, there is no difference between 31 May 2019 31 May 2018
basic and diluted earnings per share.
--------------------------------------------- ----------------- --------------
Numerator
(Loss)/profit for the year from continuing GBP(1,293,000) GBP545,000
operations, being the earnings used in
earnings per share
Denominator
Weighted average number of shares used
in earnings per share (excluding treasury
shares) 27,330,788 27,350,843
Basic and diluted (loss)/earnings per
share (4.7p) 2.0p
============================================= ================= ==============
6. Segmental information
Year ended Hemmers KMR Chinoh-Tex Inter Total Parent Goodwill Total
31 May 2019 GBP000 segmental Hemmers Company Impairment Group
GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 GBP000
------------------ ---------- --------- ------------ ----------- ---------- ---------- ------------ ----------
External revenue 30,939 7,966 2,366 - 41,271 - - 41,271
Inter-segmental
revenue 1,852 - 204 (2,056) - - - -
Cost of sales (25,911) (6,092) (2,093) 1,842 (32,254) - - (32,254)
Gross
profit/(loss) 6,880 1,874 477 (214) 9,017 - - 9,017
Distribution
costs (2,027) (1,202) (195) - (3,424) - - (3,424)
Admin expenses (4,231) (1,119) (251) 193 (5,408) (236) (982) (6,626)
Other income 11 - - - 11 - - 11
Operating
profit/(loss) 633 (447) 31 (21) 196 (236) (982) (1,022)
Finance expense (155) (39) - - (194) - - (194)
Internal
interest (239) - - - (239) 239 - -
Share of JV loss (34) - - - (34) - - (34)
Profit/(loss)
before tax 205 (486) 31 (21) (271) 3 (982) (1,250)
================== ========== ========= ============ =========== ========== ========== ============ ==========
At 31 May 2019 Hemmers KMR Chinoh-Tex Inter Total Parent Total
GBP000 segmental Hemmers Company Group
GBP000 GBP000 GBP000 GBP000 GBP000 GBP000
-------------------- ---------- --------- ------------ ------------ ---------- ---------- -----------
Total assets 22,330 4,609 838 (331) 27,446 109 27,555
Total liabilities (10,130) (2,450) (195) - (12,775) 2,961 (9,814)
Total net assets 12,200 2,159 643 (331) 14,671 3,070 17,741
==================== ========== ========= ============ ============ ========== ========== ===========
Year ended Hemmers Chinoh- Inter Total Parent Total
31 May 2018 Tex segmental Hemmers Company Group
GBP000 GBP000 GBP000 GBP000 GBP000 GBP000
-------------------------- ---------- --------- ------------ ---------- ---------- ----------
External revenue 38,299 3,239 - 41,538 - 41,538
Inter-segmental
revenue 1 556 (557) - - -
Cost of sales (29,839) (3,231) 544 (32,526) - (32,526)
Gross profit/(loss) 8,461 564 (13) 9,012 - 9,012
Distribution
costs (2,460) (262) - (2,722) - (2,722)
Admin expenses (4,530) (388) - (4,918) (270) (5,188)
Other income 50 - - 50 - 50
-------------------------- ---------- --------- ------------ ---------- ---------- ----------
Operating profit/(loss) 1,521 (86) (13) 1,422 (270) 1,152
Finance expense (160) - - (160) - (160)
Internal interest (238) - - (238) 238 -
Share of JV profit (107) - - (107) - (107)
Profit/(loss)
before tax 1,016 (86) (13) 917 (32) 885
========================== ========== ========= ============ ========== ========== ==========
At 31 May 2018 Hemmers Chinoh- Inter Total Parent Goodwill Total
Tex segmental Hemmers Company Group
GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 GBP000
-------------------- ---------- --------- ------------ ---------- ---------- ---------- ----------
Total assets 24,386 1,463 (37) 25,812 149 980 26,941
Total liabilities (10,189) (414) - (10,603) 2,927 (277) (7,953)
Total net assets 14,197 1,049 (37) 15,209 3,076 703 18,988
==================== ========== ========= ============ ========== ========== ========== ==========
7. The financial information set out above does not constitute the company's statutory accounts for 2019 or 2018.
Statutory accounts for the years ended 31 May 2019 and 31 May 2018 have been reported on by the Independent Auditors.
The Independent Auditor's Report on the Annual Report and Financial Statements for both 2019 and 2018 was unqualified, did not draw attention to any matters by way of emphasis, and did not contain a statement under 498(2) or 498(3) of the Companies Act 2006.
Statutory accounts for the year ended 31 May 2018 have been filed with the Registrar of Companies. The statutory accounts for the year ended 31 May 2019 will be delivered to the Registrar in due course. The Annual Report, giving notice of the Annual General Meeting, will be sent to shareholders shortly. Further copies will be available from the Company's Registered Office, Old Mills, Whitehall Grove, Drighlington, Bradford, BD11 1BY or from the Group's website, www.leedsgroup.plc.uk.
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
END
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