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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% | 10.00 | 9.00 | 11.00 | 10.00 | 10.00 | 10.00 | 0.00 | 07:31:04 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Textile Goods, Nec | 27.82M | -840k | -0.0307 | -3.26 | 2.73M |
From Apr 2019 to Apr 2024
TIDMLDSG
RNS Number : 6277B
Leeds Group PLC
03 February 2020
Leeds Group plc
("Leeds Group" or the "the Group")
Interim Results for the six months ended 30 November 2019
The interim results of Leeds Group plc ("Leeds Group" or "the Group") for the six months ended 30 November 2019 are presented as follows:
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
The business of the Group is that of a wholesaler and retailer of fabrics and haberdashery and is conducted by its German trading subsidiary Hemmers/Itex Textil Import Export GmbH ("Hemmers") and Stoff-Ideen-KMR GmbH ("KMR"), a subsidiary of Hemmers also based in Germany. Chinoh-Tex, Hemmer's China based subsidiary, ceased trading in November 2019 and so is reported as a discontinued operation.
The Group achieved sales from continuing operations in the period of GBP18,600,000 (2018: GBP20,297,000). Market conditions continue to be challenging throughout Europe with pricing pressure in all sectors. The Group made a loss from continuing operations after tax of GBP712,000 (2018: profit of GBP814,000). The loss associated with the discontinued operation was GBP416,000. The total Group loss after tax was GBP1,128,000 (2018: profit of GBP939,000). The loss per share was 4.1 pence (2018: Earnings per share 3.4 pence).
Sales at Hemmers decreased to GBP14,525,000 (2018: GBP16,640,000) with volumes down 11%. There has been an overall decline in the market with the result that competitors have been offering low prices in an effort to maintain market share, particularly in basic products. The loss in the half year was GBP518,000 (2018: profit of GBP775,000) as more cost cutting measures have been implemented and redundancy costs of GBP509,000 were incurred. Management is focussed on aligning the business with future demand and competing in markets where it can make acceptable margins.
Sales at KMR increased to GBP4,075,000 (2018: GBP3,657,000) with the company reporting for six months compared with five months last year. There has been a similar level of operating loss this year compared to last year GBP251,000 (2018: GBP233,000) however, in January KMR sold some land adjacent to one of their shops achieving a profit on sale of approx. GBP75,000 which will be included in the second half results.
Chinoh-Tex ceased trading in November 2019. All the closure costs including redundancy costs have been included in the results to 30 November 2019.
Group net debt was GBP9,550,000 at 30 November 2019 (30 November 2018: GBP6,830,000; 31 May 2019: GBP5,879,000). The increase in net debt is mainly due to the implementation of a new accounting standard whereby operating leases are now included as a right of use asset with the corresponding financial liability recognised on the balance sheet. The Group has included leases of GBP3,143,000 on the balance sheet this financial year.
The Board continues to believe that the initiated cost reduction and efficiency programmes that are now in place will ensure costs are reduced to a level that are aligned to the reduced sales currently being experienced. This should ensure both Hemmers and KMR can return to profitability in the next financial year.
I would like to offer thanks to our employees throughout the Group for their continued hard work and support.
Jan G Holmstrom,
Chairman
31 January 2020
Unaudited Consolidated Statement of Comprehensive Income
for the six months ended 30 November 2019
Hot Features
Premium
6 months 6 months Year to
to to 31 May
30 November 30 November 2019
2019 2018 GBP000
GBP000 GBP000
--------------------------------------- -------------- -------------- --------------------
Continuing operations
Revenue 18,600 20,297 38,905
Cost of sales (15,039) (15,214) (30,364)
Gross profit 3,561 5,083 8,541
Distribution costs (1,561) (1,645) (3,229)
Impairment of goodwill - - (982)
Administrative expenses (2,741) (2,783) (5,394)
--------------------------------------- -------------- -------------- --------------------
Administrative costs (2,741) (2,783) (6,376)
Other income - 15 11
(Loss)/profit from operations (741) 670 (1,053)
Finance expense (139) (92) (194)
Share of post-tax loss of joint
venture - (34) (34)
Gain on termination of joint - 118 -
venture
Negative goodwill arising from - 380 -
acquisition
(Loss)/profit before tax (880) 1,042 (1,281)
Taxation 168 (228) (41)
(Loss)/profit from continuing
operations (712) 814 (1,322)
Discontinued operations (Loss)/profit
from discontinued operations (416) 125 29
(Loss)/profit for the period
attributable to the equity holders
of the Parent Company (1,128) 939 (1,293)
Other comprehensive (loss)/income
for the period (406) 95 55
Total comprehensive (loss)/income
for the period attributable to
the equity holders of the Company (1,534) 1,034 (1,238)
======================================= ============== ============== ====================
The prior year comparatives have been revised to include the result for operations discontinued in this financial year within the (loss)/profit from discontinued activities. Further analysis is detailed in note 4.
(Loss)/Earnings per share for profit attributable to the equity holders of the Company
6 months 6 months Year to
to to 31 May
30 November 30 November 2019
2019 2018
---------------------------- -------------- -------------- ---------
Basic and diluted (pence) (4.1)p 3.4p (4.7p)
============================ ============== ============== =========
Unaudited Consolidated Statement of Financial Position
at 30 November 2019
As at As at As at
30 November 30 November 31 May
2019 2018 2019
GBP000 GBP000 GBP000
-------------------------------- -------------- -------------- ---------
Assets
Non-current assets
Property, plant and equipment 10,738 8,872 8,534
Investment property 965 560 1,009
Intangible assets 69 1,291 72
Total non-current assets 11,772 10,723 9,615
-------------------------------- -------------- -------------- ---------
Current assets
Inventories 12,245 13,266 11,760
Trade and other receivables 4,486 6,168 4,382
Corporation tax recoverable 778 569 733
Derivative financial asset 5 27 -
Cash and cash equivalents 1,331 1,139 1,065
Total current assets 18,845 21,169 17,940
-------------------------------- -------------- -------------- ---------
Total assets 30,617 31,892 27,555
================================ ============== ============== =========
Liabilities
Non-current liabilities
Loans and borrowings (3,774) (4,402) (2,289)
Deferred tax - (279) -
Total non-current liabilities (3,774) (4,681) (2,289)
-------------------------------- -------------- -------------- ---------
Current liabilities
Trade and other payables (3,429) (3,631) (2,770)
Loans and borrowings (7,107) (3,567) (4,655)
Provisions (100) - (100)
Total current liabilities (10,636) (7,198) (7,525)
-------------------------------- -------------- -------------- ---------
Total liabilities (14,410) (11,879) (9,814)
================================ ============== ============== =========
TOTAL NET ASSETS 16,207 20,013 17,741 ================================ ============== ============== ========= Capital and reserves attributable to equity holders of the company ------------------------------------ -------- -------- -------- Share capital 3,792 3,792 3,792 Capital redemption reserve 600 600 600 Treasury share reserve (807) (807) (807) Foreign exchange reserve 2,139 2,585 2,545 Retained earnings 10,483 13,843 11,611 TOTAL EQUITY 16,207 20,013 17,741 ==================================== ======== ======== ========
Unaudited Consolidated Cash Flow Statement
for the six months ended 30 November 2019
6 months 6 months Year to
to to 31 May
30 November 30 November 2019
2019 2018 GBP000
GBP000 GBP000
----------------------------------------- -------------- -------------- ---------
Cash flows from operating activities
(Loss)/profit for the period (1,128) 939 (1,293)
Adjustments for:
Depreciation of property, plant
and equipment 841 393 668
Depreciation of investment property 9 9 16
Amortisation of intangible assets - 10 7
Finance expense 139 92 194
Movement in derivative financial
assets (5) (28) -
Share of post-tax loss of joint
venture - 34 34
Loss/(gain) on sale of fixed assets 5 - (5)
Impairment of goodwill - - 982
Net goodwill arising from acquisition - (498) (7)
Taxation (credit)/expense (168) 231 43
Cash flows (used in)/generated
from operating activities before
changes in working capital and
provisions (307) 1,182 639
(Increase)/decrease in inventories (944) (761) 441
(Increase)/decrease in trade and
other receivables (159) 194 140
Increase/(decrease) in trade and
other payables 888 (536) 450
Cash (used in)/generated from
operating activities (522) 79 1,670
Taxation received/(paid) 93 (276) (430)
Net cash flows (used in)/generated
from operating activities (429) (197) 1,240
========================================= ============== ============== ===========
Investing activities
Purchase of property, plant and
equipment (217) (123) (550)
(Purchase of)/proceeds from subsidiary
net of debt - (1,865) 75
Proceeds from sale of fixed assets 6 - 6
Net cash used in investing activities (211) (1,988) (469)
========================================= ============== ============== ===========
Financing activities
Purchase of treasury shares - (9) (9)
Net drawdown/(repayment) of bank
borrowings 1,533 2,868 (71)
Repayment of finance leases (480) - -
Bank interest paid (95) (92) (194)
Net cash generated from/(used
in) financing activities 958 2,767 (274)
========================================= ============== ============== ===========
Net increase in cash and cash
equivalents 318 582 497
Translation loss on cash and cash
equivalents (52) (15) (4)
Cash and cash equivalents at beginning
of period 1,065 572 572
Cash and cash equivalents at end
of period 1,331 1,139 1,065
========================================= ============== ============== ===========
Unaudited Consolidated Statement of Changes in Equity
for the six months ended 30 November 2019
Share Capital Treasury Foreign Retained Total
capital redemption share exchange earnings equity
reserve reserve reserve
GBP000 GBP000 GBP000 GBP000 GBP000 GBP000
---------------------- ---------- ------------- ---------- ----------- ----------- ----------
At 1 June 2019 3,792 600 (807) 2,545 11,611 17,741
Loss for the period - - - - (1,128) (1,128)
Other comprehensive
loss - - - (406) - (406)
At 30 November 2019 3,792 600 (807) 2,139 10,483 16,207
====================== ========== ============= ========== =========== =========== ==========
Share Capital Treasury Foreign Retained Total
capital redemption share exchange earnings equity
reserve reserve reserve
GBP000 GBP000 GBP000 GBP000 GBP000 GBP000
------------------------ ---------- ------------- ---------- ----------- ----------- ---------
At 1 June 2018 3,792 600 (798) 2,490 12,904 18,988
Profit for the period - - - - 939 939
Other comprehensive
income - - - 95 - 95
Transaction with
shareholders:
Purchase of treasury
shares - - (9) - - (9)
At 30 November 2018 3,792 600 (807) 2,585 13,843 20,013
======================== ========== ============= ========== =========== =========== =========
Share Capital Treasury Foreign Retained Total
capital redemption share exchange earnings equity
reserve reserve reserve
GBP000 GBP000 GBP000 GBP000 GBP000 GBP000
----------------------- ---------- ------------- ---------- ----------- ----------- ---------
At 1 June 2018 3,792 600 (798) 2,490 12,904 18,988
Loss for the year - - - - (1,293) (1,293)
Other comprehensive
income - - - 55 - 55
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
------------------------ -----------------------------------------------------
Capital redemption Amounts transferred from share capital on redemption
reserve of issued shares
Treasury share reserve Cost of own shares held in treasury
Foreign exchange Gains/(losses) arising on retranslation of
reserve 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 to the Interim Results
for the six months ended 30 November 2019
1. The financial information in this report does not constitute statutory accounts within the meaning of section 434 of the Companies Act 2006.
The interim results for the six months ended 30 November 2019 and 30 November 2018 are unaudited. The interim financial statements have been prepared using accounting policies consistent with International Financial Reporting Standards (IFRS) and International Financial Reporting Interpretations Committee (IFRIC) interpretations as endorsed by the European Union. The same accounting policies, presentation and methods of computation have been followed in the preparation of these results as were applied in the Company's latest annual audited financial statements. The Group has chosen not to comply with IAS 34 'Interim Financial Statement' in these interim financial statements.
The financial information for the year ended 31 May 2019 does not constitute the full statutory accounts for that period. The Annual Report and Financial Statements for the year ended 31 May 2019 have been filed with the Registrar of Companies. The Independent Auditor's Report on the Annual Report and Financial Statements for the year ended 31 May 2019 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.
The directors have adopted the following accounting standards which became effective for periods beginning on or after 1 January 2019:
IFRS 16 (Leases)
The Group has applied the modified retrospective approach with opening balance adjustments being recognised on 1 June 2019. The impact of introducing the standard has been to bring operating lease arrangements on balance sheet except those with a lease term of under 12 months or where the underlying asset is of low value, with the right of use asset and corresponding financial liability recognised on balance sheet. Within the income statement, the rent expense has been replaced by depreciation and interest expenses. An asset and liability of GBP3,143,000 was recognised as at 1 June 2019. It is expected that the lease costs will reduce by GBP960,000. Depreciation will increase by GBP896,000 and the interest charge will increase by GBP88,000.
2. Ordinary shares of 12 pence each used in the calculation of earnings per share:
6 months 6 months Year to
to to 31 May
30 November 30 November 2019
2019 2018
-------------- -------------- ------------
27,320,843 27,350,679 27,330,788
============== ============== ============
3. Analysis of net bank debt
6 months 6 months Year to
to to 31 May
30 November 30 November 2019
2019 2018 GBP000
GBP000 GBP000
--------------------------------- -------------- -------------- ---------
Cash 1,331 1,139 1,065
Loans repayable in less than
one year (7,107) (3,567) (4,655)
Loans repayable in more than
one year (3,774) (4,402) (2,289)
Net bank debt at end of period (9,550) (6,830) (5,879)
================================= ============== ============== =========
4. Segmental information
Chinoh-Tex, Hemmer's China based subsidiary, ceased trading in November 2019 and so is reported as a discontinued operation.
Group external revenue 6 months 6 months Year to
to to 31 May
30 November 30 November 2019
2019 2018 GBP000
GBP000 GBP000
-------------------------- -------------- -------------- ----------
Continuing operations
Hemmers 14,525 16,640 30,939
KMR 4,075 3,657 7,966
18,600 20,297 38,905
Discontinued operations
Chinoh-Tex 493 1,583 2,366
Group external revenue 19,093 21,880 41,271
========================== ============== ============== ==========
Group (loss)/profit before tax 6 months 6 months Year to
to to 31 May
30 November 30 November 2019
2019 2018 GBP000
GBP000 GBP000
--------------------------------- -------------- -------------- ---------
Continuing operations
Hemmers (518) 775 239
KMR (251) (233) (486)
Share of post-tax loss of JV - (34) (34)
Unrealised profit in stock 3 16 (21)
Holding company (114) 20 3
IFRS adjustment - goodwill - 498 (982)
(880) 1,042 (1,281)
Discontinued operations
Chinoh-Tex (416) 128 31
Group (loss)/profit before tax (1,296) 1,170 (1,250)
================================= ============== ============== =========
Group net assets 6 months 6 months Year to
to to 31 May
30 November 30 November 2019
2019 2018 GBP000
GBP000 GBP000
----------------------------- -------------- -------------- ----------
Continuing operations
Hemmers 11,497 14,162 12,200
KMR 1,865 1,743 2,159
Unrealised profit in stock (317) (21) (331)
Holding company 2,956 2,999 3,070
16,001 18,883 17,098
Discontinued operations
Chinoh-Tex 206 1,130 643
Group net assets 16,207 20,013 17,741
============================= ============== ============== ==========
5. Forward-Looking Statements
Certain statements made in this announcement are forward-looking statements. These forward-looking statements are not historical facts but rather are based on the Company's current expectations, estimates, and projections about its industry; its beliefs; and assumptions. Words such as 'anticipates,' 'expects,' 'intends,' 'plans,' 'believes,' 'seeks,' 'estimates,' and similar expressions are intended to identify forward-looking statements. These statements are not guarantees of future performance and are subject to known and unknown risks, uncertainties, and other factors, some of which are beyond the Company's control, are difficult to predict, and could cause actual results to differ materially from those expressed or forecasted in the forward-looking statements. The Company cautions security holders and prospective security holders not to place undue reliance on these forward-looking statements, which reflect the view of the Company only as of the date of this announcement. The forward-looking statements made in this announcement relate only to events as of the date on which the statements are made. The Company will not undertake any obligation to release publicly any revisions or updates to these forward-looking statements to reflect events, circumstances, or unanticipated events occurring after the date of this announcement except as required by law or by any appropriate regulatory authority.
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
IR UAVSRRUUAOAR
(END) Dow Jones Newswires
February 03, 2020 02:00 ET (07:00 GMT)
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