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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Shoprite Grp. | LSE:SHO | London | Ordinary Share | GB0004637772 |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 13.68 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
RNS Number:2899Q Shoprite Group PLC 29 September 2003 SHOPRITE GROUP P.L.C. INTERIM RESULTS FOR THE 28 WEEKS ENDED 12TH JULY 2003 I am pleased to report continuing progress during the 28 weeks ended 12 July 2003. Turnover, excluding concession sales, increased by 2.4% over the comparable period last year, yielding an operating profit of #363,000 by comparison to an operating loss of #28,000 for the same period last year. Trading report In my Chairman's Statement accompanying the 2002 Annual Report and Accounts, I outlined the steps which your Board was taking to meet the challenge of a highly competitive environment, by building customer loyalty through offering an enhanced product range at attractive prices, supported by the ClubMANN Frequent Shopper programme and the re-merchandising of a number of our stores. Our growth in sales has been achieved against a background of zero grocery price inflation. We continue to focus on delivering to our customers a combination of everyday low prices, supported by a programme of attractive weekly offers. Reflecting customer demand, we have increased our national brand presence across the range. Over the past six months, we have completed the re-merchandising of our Douglas store with an increased focus on the fresh food offer. This has been well received by our customers. The development of our new 12,500sq ft store in Village Walk, Onchan, together with up to 200 car parking spaces, is proceeding well and it is anticipated work will start before the end of the year. Other divisions Trading at Whitestone Garage has been satisfactory, and we have now favourably concluded our negotiations with Mercedes-Benz regarding future franchise arrangements. Rental income from Village Walk Shopping Centre and the Summerhill Village complex has been in line with expectations. Share listing Shareholders will be aware that the shares of the Company are listed on the main market of the London Stock Exchange. Your directors have concluded that, in the light of the very low market liquidity in the Company's shares, the costs and compliance aspects related to this listing outweigh the attributable benefits. Accordingly, subject to finalisation of formal documentation, application will be made to the UK Listing Authority for cancellation of the listing and to the London Stock Exchange for admission to the AIM market. Further information will be sent to shareholders in due course. Outlook We continue to encounter fiercely competitive market conditions, with further uncertainty being created by the prospective takeover of Safeway plc. Our strategy will continue to be based on offering our customers good quality fresh foods and a wide range of branded grocery products at "everyday low prices". Deryck Nicholson 29 September 2003 SHOPRITE GROUP P.L.C. GROUP PROFIT AND LOSS ACCOUNT FOR THE 28 WEEKS ENDED 12 JULY 2003 Unaudited Unaudited Audited 28 weeks 28 weeks 52 weeks ended ended ended 12 July 2003 13 July 2002 28 December 2002 #'000 #'000 #'000 Turnover including concession sales 31,133 30,434 57,566 Concession sales (3,694) (3,627) (6,571) Turnover excluding concession sales 27,439 26,807 50,995 Operating profit/(loss) 363 (28) 209 Net interest payable (262) (347) (607) Profit/(loss) on ordinary activities before taxation 101 (375) (398) Taxation - - - Profit/(loss) on ordinary activities after taxation 101 (375) (398) Dividends on ordinary shares - - - Retained profit/(loss) 101 (375) (398) Earnings/(loss) per share (basic and fully diluted) (note2) 0.13p (0.49)p (0.52)p The information shown in respect of the 52 weeks ended 28 December 2002 is extracted from the statutory accounts of Shoprite Group P.L.C. for the period then ended which have been audited. The report of the auditors on those accounts was unqualified. SHOPRITE GROUP P.L.C. GROUP BALANCE SHEET AS AT 12 JULY 2003 Unaudited Unaudited Audited as at as at as at 12 July 2003 13 July 2002 28 December 2002 #'000 #'000 #'000 Fixed assets Tangible fixed assets 27,106 27,013 26,961 Investments 2 2 2 27,108 27,015 26,963 Current assets Stocks 4,437 4,974 4,829 Debtors and prepayments 1,852 1,795 1,181 Cash at bank and in hand 37 36 54 Cash held in blocked deposit 150 150 150 6,476 6,955 6,214 Creditors: due within one year (8,549) (8,443) (7,705) Net current liabilities (2,073) (1,488) (1,491) Total assets less current liabilities 25,035 25,527 25,472 Creditors: due after one year (5,186) (6,120) (5,724) Net assets 19,849 19,407 19,748 Capital and reserves Share capital 3,809 3,809 3,809 Reserves 16,040 15,598 15,939 Equity shareholders' funds 19,849 19,407 19,748 SHOPRITE GROUP P.L.C. GROUP CASH FLOW STATEMENT FOR THE 28 WEEKS ENDED 12 JULY 2003 Unaudited Unaudited Audited 28 weeks 28 weeks 52 weeks ended ended ended 12 July 2003 13 July 2002 28 December 2002 #'000 #'000 #'000 Cash flow from operating activities (75) 552 2,553 Returns on investments and servicing (262) (347) (572) of finance Taxation - - - Capital expenditure and financial investment (638) (98) (331) Financing (555) (677) (1,215) (Decrease)/increase in cash in period (1,530) (570) 435 Reconciliation of net cash flow to movement in net debt #'000 #'000 #'000 (Decrease)/increase in cash in period (1,530) (570) 435 Cash outflow from decrease in debt and HP and lease 555 677 1,215 financing Change in net debt resulting from cash flows (975) 107 1,650 Other non cash changes: Net inception of HP and finance leases - - (5) Movement in net debt in the period (975) 107 1,645 Net debt brought forward (6,950) (8,595) (8,595) Net debt carried forward (7,925) (8,488) (6,950) SHOPRITE GROUP P.L.C. Reconciliation of operating profit/(loss) to operating cash Unaudited Unaudited Audited flows 28 weeks 28 weeks 52 weeks ended ended ended 12 July 2003 13 July 2002 28 December 2002 #'000 #'000 #'000 Operating profit/(loss) 363 (28) 209 Depreciation 610 612 1,123 Surplus on sale of fixed assets - - (2) Decrease/(increase) in stock 392 (535) (390) (Increase)/decrease in operating debtors (671) 294 908 (Decrease)/increase in operating creditors (769) 209 705 Net cash (outflow)/inflow from operating activities (75 552 2,553 NOTES 1.Basis of preparation The summarised historical cost accounts, as modified by the revaluation of certain tangible fixed assets, for the 28 weeks ended 12 July 2003 have been prepared on a basis consistent with the group's full accounts for the 52 weeks ended 28 December 2002. 2. Earnings/(loss) per share The earnings per share is based on the profit after tax of #101,000 and an average of 76,149,106 Ordinary Shares in issue for the period. Any dilution which would arise on the exercise of share options has no effect on the basic earnings per share figure. A copy of the document will be submitted to the UK Listing Authority and will shortly be available for inspection at the UK Listing Authority's Document Viewing Facility which is situated at: Financial Services Authority, 25 The North Colonnade, Canary Wharf, London E14 5HS. Copies of the document will also be despatched to shareholders. This information is provided by RNS The company news service from the London Stock Exchange END IR SEUFDUSDSEIU
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