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Port.fd.idr | LSE:PRT | London | Medium Term Loan |
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RNS No 4854b PARTNERS HOLDINGS PLC 11th November 1998 Partners Holdings plc ("Partners") Interim Results for the 28 weeks ended 10 October 1998 Partners Holdings plc, the operator of 105 specialist retail stationery stores, today announces Interim Results for the 28 weeks to 10 October 1998. * From an enlarged estate of 105 stores, increased turnover of 11% to #18.34m * Pre-tax loss of #1.17m * Loss per share: 5.7p * Proposed maintained interim dividend of 0.5p * New Board appointments complete Board re-structuring * First trial refurbished store in new format opened with a further three refurbished stores opening before Christmas * Store auto-replenishment fully implemented Michael Scorey, Chairman, said: "There are many positives in the business which we are building upon in order to re-generate growth in our core stores. We have now completed the strengthening of our Board and with our major Christmas sales period almost upon us and the trials progressing in our new store formats, I look forward to recording progress in my next report." 11 November 1998 Enquiries: Partners Holdings plc Tel: 01270 505888 Michael Scorey, Chairman Peter Davey, Chief Executive Alan Goodwin, Finance Director College Hill Tel: 0171 457 2020 Matthew Smallwood Kate Pope PARTNERS HOLDINGS PLC CHAIRMAN'S STATEMENT RESULTS Turnover during the period increased by 11% to #18.34 million. Pre-tax losses were #1.17 million compared with a loss last year of #64,000. Net cash outflow for the period was #0.4million after capital investment of #0.7million. Group net assets were #5.1million. Net borrowings were #2.1 million, well within the facilities available to us. As previously announced the Board anticipated the current year to be one of transition whilst the business was re-focused and re- positioned for the future. Sales growth during the period has, on a comparable basis, remained positive but has been insufficient to compensate for the significant and planned cost increases that have been incurred. These costs relate to the expansion of stores opened last year and the relocation of our distribution and administration facilities to Crewe. Such costs, which amount to #0.6million, were not included in our results for this period last year. DIVIDEND An interim ordinary share dividend of 0.5p (1997: 0.5p) has been declared which will be paid on 31 December 1998 to shareholders on the register on 4 December 1998. BOARD I am delighted to welcome Mike Kilcourse to our Board as Marketing Director. Mike brings extensive retail marketing experience gained with Dixons plc and Boots plc. CURRENT DEVELOPMENTS AND TRADING During the period the Group has completed its acquisition programme for the year with five new stores opening. In addition three under-performing stores have been closed and the Group is now trading from 105 stores. We have introduced a new product range of computer consumables which was initially trialled in 30 stores. The trial has proved to be successful and has now been rolled out to all stores. The implementation of stock auto replenishment to all stores has now been completed and we have set clear targets aimed at reducing our stockholding with the consequent release of working capital. FUTURE PROSPECTS Whilst our results are disappointing, there are many positives within the business which we intend to build on. Our short term strategy is focused on generating growth in our core stores by means of a number of important initiatives. Our existing product ranges have been fully reviewed and strengthened where appropriate, as in the case of computer consumables. Following the work undertaken earlier in the year by external consultants, we have recently opened the first of four, refurbished stores. This store at Retford in Nottinghamshire, fully incorporates the new, more focused product range in an environment which is much more customer friendly than previously. Initial indications are positive and a further three stores will have been converted by Christmas. We intend to closely monitor their performance in the first quarter of next year. Finally the appointment of Mike Kilcourse will add greater experience and depth to our marketing team, which will result in a more vibrant and more distinct customer value offer. With our major Christmas sales period almost upon us everybody in the business is focused on delivering growth and I look forward to reporting progress in my next report. Sales over the four weeks since the period end have increased by 3.2% on a comparable basis with last year. Michael Scorey Chairman 11 November 1998 PARTNERS HOLDINGS PLC INTERIM RESULTS FOR THE 28 WEEKS ENDED 10 OCTOBER 1998 CONSOLIDATED PROFIT AND LOSS ACCOUNT (Unaudited) 28 weeks 28 weeks Year to 10 October 11 October 31 March 1998 1997 1998 #000 #000 #000 TURNOVER 18,336 16,535 35,641 Cost of sales (17,828) (15,345) (32,352) GROSS PROFIT 508 1,190 3,289 Distribution costs (234) (171) (369) Administrative expenses (1,386) (1,125) (2,232) (1,112) (106) 688 Other net operating income 20 20 40 OPERATING (LOSS) / PROFIT (1,092) (86) 728 Interest receivable 2 32 49 Interest payable (80) (10) (22) (LOSS) / PROFIT ON ORDINARY ACTIVITIES BEFORE TAXATION (1,170) (64) 755 Tax on loss / (profit) on 100 20 (286) ordinary activities (LOSS) / PROFIT FOR THE PERIOD (1,070) (44) 469 Dividend on equity shares (93) (93) (280) RETAINED (LOSS) / PROFIT (1,163) (137) 189 (Loss)/earnings per share (5.7)p (0.2)p 2.5p There are no recognised gains or losses other than the net (loss)/profit for the relevant periods. PARTNERS HOLDINGS PLC INTERIM RESULTS FOR THE 28 WEEKS ENDED 10 OCTOBER 1998 CONSOLIDATED BALANCE SHEET (Unaudited) As at As at As at 10 11 31 March October October 1998 1997 1998 #000 #000 #000 FIXED ASSETS Tangible Assets 7,010 5,965 7,157 CURRENT ASSETS Stock 5,928 5,109 4,763 Debtors 2,305 1,940 1,958 Cash at bank and in hand 60 440 57 8,293 7,489 6,778 CREDITORS: amounts falling due (9,512) (6,712) (6,895) within one year NET CURRENT ASSETS / (1,219) 777 (117) (LIABILITIES) TOTAL ASSETS LESS CURRENT 5,791 6,742 7,040 LIABILITIES PROVISIONS FOR LIABILITIES AND CHARGES Deferred taxation (253) (139) (253) ACCRUALS AND DEFERRED INCOME Deferred income (754) (941) (840) (1,007) (1,080) (1,093) 4,784 5,662 5,947 CAPITAL AND RESERVES Called up share capital 187 187 187 Share premium account 5,691 5,851 5,691 Capital redemption reserve 9 9 9 Profit and loss account (1,103) (385) 60 Shareholder's funds: Equity 4,784 5,662 5,947 Non-equity - - - 4,784 5,662 5,947 PARTNERS HOLDINGS PLC INTERIM RESULTS FOR THE 28 WEEKS ENDED 10 OCTOBER 1998 GROUP CASH FLOW STATEMENT (Unaudited) 28 weeks 28 weeks Year to 10 October 11 October 31 March 1998 1997 1998 #000 #000 #000 NET CASH INFLOW FROM OPERATING 677 749 283 ACTIVITIES RETURNS ON INVESTMENTS AND SERVICING OF FINANCE Interest paid (80) (10) (22) Interest received 2 32 49 NET CASH INFLOW / (OUTFLOW) FROM RETURNS ON INVESTMENTS AND SERVICING OF (78) 22 27 FINANCE TAXATION Corporation tax paid (including ACT) (47) (50) (574) CAPITAL EXPENDITURE AND FINANCIAL INVESTMENTS Capital Expenditure (724) (2,642) (4,505) Sale of tangible fixed assets - - 882 NET CASH OUTFLOW FROM INVESTING (724) (2,6420) (3,623) ACTIVITIES EQUITY DIVIDENDS PAID (187) - (93) FINANCING Issue of Ordinary shares - 5,500 5,500 Costs incurred in the issue of - (515) (521) Ordinary Shares Deferred ordinary share issue costs - - (35) Repayment of capital element of finance lease rentals And hire purchase contract (18) (27) (39) payments Repayment of Loans - (275) (320) Redemption of Deferred Ordinary - (1,967) (1,967) Shares NET CASH INFLOW / (OUTFLOW) FROM (18) 2,716 2,618 FINANCING (DECREASE) / INCREASE IN CASH (377) 795 (1,362) PARTNERS HOLDINGS PLC INTERIM RESULTS FOR THE 28 WEEKS ENDED 10 OCTOBER 1998 NOTES TO THE ACCOUNTS 1. Reconciliation of operating (loss) / profit to net cash inflow from operating activities 28 weeks 28 weeks Year to 10 October 11 October 31 March 1998 1997 1998 #000 #000 #000 Operating (loss) / profit (1,092) (86) 728 Depreciation 871 618 1,284 Amortisation of deferred income (231) 128 31 Profit on disposal of fixed assets - - (4) (Increase) / decrease in debtors (347) 330 (450) Increase in stocks (1,165) (1,539) (1,193) (Decrease) / increase in creditors 2,641 1,298 (113) Net cash inflow from continuing operating activities 677 749 283 2. Reconciliation of net cash flow to movement in net debt As at 31 March Cash at 10 October 1998 Flows 1998 #000 #000 #000 Cash in hand 57 3 60 Overdrafts (1,774) (380) (2,154) (1,717) (377) (2,094) Debt due within 1 year (53) 18 (35) Total (1,770) (359) (2,129) 3. The Group results for the 28 weeks ended 10 October 1998 are unaudited but have been reviewed by the auditors whose report to the shareholders is shown below. The results for the year ended 31 March 1998 set out above are an abridged version of the Group's full accounts for that year. Full 1998 accounts, incorporating an unqualified auditors' report, have been delivered to the Registrar of Companies. 4. The interim financial information has been prepared in accordance with the accounting policies set out in the Annual Report and Financial Statements for the year ended 31 March 1998, with the exception of the accounting policy for goodwill and earnings per share 5. This report is being posted to shareholders on 25 November 1998 and copies are available at the Company's registered office, Savoy Road, Off Weston Gate, Crewe,Cheshire, CW1 6NA. AUDITORS' REVIEW We have reviewed the interim financial information set out on pages 1 to 7 in respect of the 28 weeks ended 10 October 1998, which is the responsibility of, and has been approved by, the directors. Our responsibility is to report on the results of our review. Our review was carried out having regard to the Bulletin, Review of interim financial information, issued by the Auditing Practices Board. This review consisted principally of obtaining an understanding of the process for the preparation of the interim financial information, applying analytical procedures to the underlying financial data, assessing whether accounting policies have been consistently applied, and making enquiries of the Group's management responsible for the financial and accounting matters. This review excluded audit procedures such as tests and verification of assets and liabilities and was therefore substantially less in scope than an audit performed in accordance with Auditing Standards. Accordingly, we do not express an audit opinion on the interim financial information. On the basis of our review: We are not aware of any material modifications that should be made in the interim financial information as presented: And In our opinion the interim financial information has been prepared using accounting policies consistent with those adopted by the Group in its statutory accounts for the year ended 31 March 1998, except for the change in accounting policy for goodwill and earnings per share. Ernst & Young Chartered Accountants Manchester END IR FCKCQFDDDKDD
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