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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Strategic Ret. | LSE:SRR | London | Ordinary Share | GB0033995894 | ORD 0.5P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 1.50 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
RNS Number:6013I Strategic Retail PLC 27 November 2007 STRATEGIC RETAIL PLC Interim Results for the six months ended 25 August 2007 Strategic Retail plc, the national retailer of soft furnishings, furniture and DIY trading out of a mixture of high street locations and retail parks, announces today its interim results for the six months ended 25 August 2007. HIGHLIGHTS * Strong like-for-like sales growth of 5.75% in comparable stores * Ongoing rationalisation of the high street chain * New Texstyle World store launched at Trafford Retail Park, Manchester * Other new store opportunities to roll out the Texstyle World offer Ian Currie, Chairman commented: "It has been a pleasing half year in two main respects. Firstly, we have seen greater stability in the Fads chain after disposing of a significant number of loss making stores last year. Our comparable sales for the residual Fads stores have remained fairly consistent and we are close to disposing of the remaining poor performing stores. Secondly, we have seen significant growth in comparable sales in the Texstyle World and Leveys chains coupled with opportunities to roll out the Texstyle World concept. I am optimistic about future prospects with a larger chain of retail park outlets." For further information, please contact: Ian Currie, Strategic Retail plc Tel: 0161 831 1512 David Youngman, WH Ireland Limited Tel: 0161 832 2174 CHAIRMAN'S STATEMENT Turnover for the smaller more profitable group has fallen from #10.9m for the six months ended 25 August 2006 to #9.9m for the six months ended 25 August 2007. This reflects the movement away from smaller high street stores to larger out of town retail parks. This can be summarised as follows: 2007 2006 Turnover for the six month period #9.9m #10.9m Average number of stores trading in the period 58 73 Average turnover by store #170k #150k _______ _______ As can be seen, the strategy of exiting smaller stores has been aggressively pursued with significant reductions in the high street portfolio. This strategy in itself will improve profitability as we exit loss making stores but our growth objective is being pursued by securing deals to roll out the Texstyle World concept in out of town retail parks. We are currently at advanced stages in negotiations to roll out the Texstyle World concept to several new locations. In the remaining comparable stores, I am pleased to say that we have achieved on average 5.75% growth in sales with strong performance at Texstyle World. We are also near to exiting further loss making high street stores. INTERNATIONAL FINANCIAL REPORTING STANDARDS Our results for the year ended 23 February 2008 will be the first set of results to be published by Strategic Retail plc in accordance with IFRS and consequently these interim results have been reported in that format. PROSPECTS I believe that the roll out of the Texstyle World offer is the key to our future success and we should see new stores opening in early 2008. IW Currie Chairman 27 November 2007 CONSOLIDATED INCOME STATEMENT For the six months ended 25 August 2007 Six months ended Year ended 25 August 25 August 24 February 2007 2006 2007 #000 #000 #000 (Unaudited) (Unaudited - (Audited - restated) restated) REVENUE 9,886 10,938 21,557 Cost of sales (5,023) (5,688) (11,161) GROSS PROFIT 4,863 5,250 10,396 Distribution costs (3,962) (4,354) (8,393) Administrative expenses (878) (903) (1,814) GROUP OPERATING PROFIT 23 (7) 189 Profit on sale of property, plant and equipment - - 125 Finance revenue 1 - 3 Finance costs (8) (11) (15) PROFIT/(LOSS) BEFORE TAXATION 16 (18) 302 Taxation - - - PROFIT/(LOSS) FOR THE PERIOD ATTRIBUTABLE TO EQUITY SHAREHOLDERS 16 (18) 302 PROFIT FOR THE PERIOD ATTRIBUTABLE TO EQUITY SHAREHOLDERS INCLUDES: Loss for the period from discontinued operations - - (23) Profit on disposal of discontinued operations - - 125 EARNINGS PER SHARE - Basic and diluted 0.07p (0.10p) 1.73p CONSOLIDATED BALANCE SHEET At 25 August 2007 Notes 25 August 2007 25 August 2006 24 February 2007 #000 #000 #000 (Unaudited) (Unaudited - (Audited - restated) restated) ASSETS NON-CURRENT ASSETS Intangible assets 4,256 4,135 4,256 Property, plant and equipment 1,235 1,274 1,116 Deferred tax 150 150 150 5,641 5,559 5,522 CURRENT ASSETS Inventories 4,355 4,568 4,269 Trade and other receivables 483 389 878 Cash and cash equivalents - 5 194 4,838 4,962 5,341 LIABILITIES CURRENT LIABILITIES Bank loans and overdrafts (432) - - Trade and other payables (3,464) (3,715) (4,154) (3,896) (3,715) (4,154) NET CURRENT ASSETS 942 1,247 1,187 NON CURRENT LIABILITIES Provisions (1,029) (1,898) (1,171) NET ASSETS 5,554 4,908 5,538 SHAREHOLDERS' EQUITY Called up share capital 108 84 108 Share premium account 3,688 3,025 3,688 Shares to be issued 1,339 1,715 1,339 Profit and loss account 419 84 403 SHAREHOLDERS' EQUITY 5,554 4,908 5,538 CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY For the six months ended 25 August 2007 Six months ended Year ended 25 August 2007 25 August 2006 24 February 2007 #000 #000 #000 (Unaudited) (Unaudited - (Audited - restated) restated) Profit/(loss) for the period 16 (18) 302 New share capital subscribed - - 24 Share premium on allotment during the period - - 677 Share issue expenses - - (14) Shares to be issued - - (376) Net addition to shareholders' equity 16 (18) 613 Opening shareholders' equity 5,538 4,925 4,925 Closing shareholders' equity 5,554 4,908 5,538 CONSOLIDATED CASH FLOW STATEMENT For the six months ended 25 August 2007 Six months ended Year ended 25 August 2007 25 August 2006 24 February 2007 #000 #000 #000 (Unaudited) (Unaudited - (Audited - restated) restated) CASH FLOWS FROM OPERATING ACTIVITIES Operating profit 23 (7) 189 Adjusted for: Depreciation 129 147 264 Amortisation of goodwill - - - Loss on disposal of property, plant and equipment 16 120 - 168 260 453 CHANGES IN WORKING CAPITAL Decrease/(increase) in inventories (86) (96) 324 Decrease/(increase) in trade and other receivables 116 220 (262) Increase/(decrease) in trade and other payables (411) (604) (178) Decrease in provisions (178) (217) (887) CASH GENERATED FROM OPERATIONS (391) (437) (550) CASH FLOWS FROM INVESTING ACTIVITIES Acquisition of subsidiary - - (166) Purchase of property, plant and equipment (227) (105) (260) Proceeds from sale of property, plant and equipment - - 313 Finance revenue 1 - 3 Finance costs (8) (11) (15) NET CASH USED IN INVESTING ACTIVITIES (234) (116) (125) CASH FLOWS FROM FINANCING ACTIVITIES Issue of ordinary shares - - 386 Payment in lieu of shares - - (75) NET CASH USED IN FINANCING ACTIVITIES - - 311 NET (DECREASE)/INCREASE IN CASH, CASH EQUIVALENTS AND BANK OVERDRAFTS (626) (553) (364) Cash, cash equivalents and bank overdrafts at beginning of period 194 558 558 CASH, CASH EQUIVALENTS AND BANK/OVERDRAFTS AT END OF THE PERIOD (432) 5 194 NOTES TO THE FINANCIAL STATEMENTS For the six months ended 25 August 2007 1. BASIS OF PREPARATION Prior to 2007 the Group prepared its audited financial statements under UK Generally Accepted Accounting Principles (UK GAAP). For the year ended 23 February 2008 the Group is required to prepare its annual consolidated financial statements in accordance with accounting standards adopted for use in the European Union (International Financial Reporting Standards (IFRS)). These interim financial statements have been prepared in accordance with the accounting policies set out below, taking into account the requirements and options in IFRS 1 'First-time adoption of International Financial Reporting Standards'. The Group has not adopted the reporting requirements of IAS 34 ' Interim Financial Reporting'. The transition date for the Group's application of IFRS is 25 February 2006 and the comparative figures for 24 February 2007 and 26 August 2006 have been restated accordingly. Reconciliations of the income statement (previously profit and loss account), balance sheet and cash flow statement from previously reported UK GAAP to IFRS are shown in note 3. The consolidated interim statements are prepared on the basis of all International Accounting Standards (IAS) and IFRS published by the International Accounting Standards Board (IASB) that are currently in issue. An element of uncertainty still surrounds the application of IFRS as the EU may not endorse all IASB pronouncements, new interpretations may be issued by the International Financial Reporting Interpretations Committee (IFRIC) on existing standards and best practice continues to evolve. It is therefore possible that the accounting policies set out below may be updated by the time the Group prepares its first full set of financial statements under IFRS for the year ending 23 February 2008. The information relating to the six months ended 25 August 2007 and 26 August 2006 is unaudited and does not constitute statutory accounts. The comparative figures for the year ended 24 February 2007 are not the company's statutory accounts for that financial year. The statutory accounts for the year ended 24 February 2007, prepared under UK GAAP, have been reported on by the company's auditors and delivered to the Registrar of Companies. The report of the auditors was unqualified and did not contain a statement under section 237(2) or (3) of the Companies Act 1985. The interim financial statements are unaudited and have not been reviewed by the auditors. 2. ACCOUNTING POLICIES The interim financial statements have been prepared on the basis of the accounting policies set out in the Group's 24 February 2007 annual report other than the following changes which reflect the implementation of International Financial Reporting Standards (see note 1): a) Presentation of financial statements The primary statements within the financial information contained in this document have been presented in accordance with IAS 1, 'Presentation of Financial Statements'. b) Basis of consolidation The consolidated financial statements incorporate those of Strategic Retail Plc and all of its subsidiary undertakings for the period. Subsidiary undertakings are consolidated using the purchase method under IFRS 3. Any excess of the cost of the business combination over the group's interest in the net fair value of the identifiable assets, liabilities and contingent liabilities is recognised in the balance sheet as goodwill and is regularly reviewed for impairment. To the extent that the net fair value of the acquired entity's identifiable assets, liabilities and contingent liabilities is greater than the cost of investment, a gain is recognised immediately in the income statement. c) Impairment of goodwill The group determines whether goodwill is impaired at least on an annual basis. This requires an estimation of the fair value less cost to sell of the cash generating unit to which the goodwill is allocated. Estimating a fair value less cost to sell requires management to make an estimate of the realisable value of the cash generating unit. d) Property, plant and equipment Property, plant and equipment is stated at cost less accumulated depreciation and accumulated impairment value. The cost of an asset includes the estimated costs of dismantling and removing the asset and restoring the site on which the asset was located. The corresponding obligation is recognised as a provision under IAS 37. Expenditures incurred after equipment has been placed into operation, such as repairs and maintenance and overhaul costs, are normally charged to the income statement in the period in which the costs are incurred. In situations where it can be clearly demonstrated that the expenditure has resulted in an increase in future economic benefits expected to be obtained from use of an item of equipment beyond its original assessed standard of performance, the expenditures are capitalised as an additional cost of equipment. Depreciation is provided on all property, plant and equipment at rates calculated to write down each asset to its estimated residual value over its expected useful life as follows: Freehold properties - 2% per annum straight line Short leasehold properties - over life of lease Fixtures, fittings and equipment - 10-20% per annum straight line An item of property, plant and equipment is derecognised upon disposal or where no future economic benefits are expected from its use or disposal. Any gain or loss arising on derecognition of the asset (calculated as the difference between the net disposal proceeds and the carrying amount of the asset) is included in the income statement in the year the asset is derecognised. The assets residual values, useful lives and methods of depreciation are reviewed, and adjusted if appropriate, at each financial year end. e) Computer software In accordance with IAS 38 "Intangible Assets" computer software is now required to be disclosed as a class of intangible assets rather than be included as part of property, plant and equipment, as was the case under UK GAAP. f) Lease incentives In accordance with IAS 17 lease incentives granted under an operating lease are recognised as a reduction in lease rentals over the lease term. g) Short term employee benefits Liabilities for employee benefits are recognised on the basis of a legal constructive obligation. Liabilities and expenses for employee benefits, which would include outstanding holidays, are recognised in the period in which the service is rendered. h) Operating profit The operating profit represents the profit of the Group before accounting for finance costs or revenue and income tax credits and expense. i) Cash flow The cash flow statement has been restated to explain the movement in short term cash and cash equivalents, instead of the movement in total short and long term cash. j) IFRS comparatives For a reconciliation from UK GAAP to IFRS for prior period comparatives see note 3. Management are currently reviewing the useful economic lives of property, plant and equipment and may make an adjustment at year end which will affect the following reconciliations. 3. IFRS RECONCILIATION OF PRIOR PERIOD COMPARATIVES The effects of the transition from UK GAAP to IFRS are shown in the reconciliation statements below: The adjustments relate to the following: (i) Amortisation of goodwill has been reversed to restate the full goodwill on acquisition. This has been reviewed for impairment and where applicable adjusted. (ii)Outstanding holiday pay has been reviewed and accrued as appropriate. (iii)The costs of bringing leased properties back to the state they were received has been provided and an equivalent amount capitalised in property, plant and equipment. a) Consolidated income statement for the six months ended 26 August 2006 Notes UK GAAP IFRS adjustment IFRS 26 August 26 August 2006 2006 #000 #000 REVENUE 10,938 - 10,938 Cost of sales (5,688) - (5,688) GROSS PROFIT 5,250 - 5,250 Distribution costs (i)(ii) (4,454) 100 (4,354) (iii) Administrative expenses (903) - (903) GROUP OPERATING PROFIT (107) 100 (7) Finance revenue - - - Finance costs (11) - (11) PROFIT BEFORE TAXATION (118) 100 (18) Taxation - - - PROFIT FOR THE PERIOD ATTRIBUTABLE TO EQUITY SHAREHOLDERS (118) 100 (18) EARNINGS PER SHARE - basic and diluted (0.70p) (0.10p) b) Consolidated statement of recognised income and expense for the period ended 26 August 2006 Notes UK GAAP IFRS adjustment IFRS 26 August 26 August 2006 2006 #000 #000 #000 PROFIT/(LOSS) FOR THE PERIOD (i)(ii) (118) 100 (18) (iii) TOTAL RECOGNISED NET INCOME FOR THE PERIOD (118) 100 (18) c) Consolidated income statement for the year ended 24 February 2007 Notes UK GAAP IFRS adjustment IFRS 24 February 24 February 2007 2007 #000 #000 #000 REVENUE 21,557 - 21,557 Cost of sales (11,161) - (11,161) GROSS PROFIT 10,396 - 10,396 Distribution costs (i)(ii) (8,621) 228 (8,393) (iii) Administrative expenses (1,814) - (1,814) GROUP OPERATING PROFIT (39) 228 189 Profit on sale of property, plant and equipment 125 - 125 Finance revenue 3 - 3 Finance costs (15) - (15) PROFIT BEFORE TAXATION 74 228 302 Taxation - - - PROFIT FOR THE YEAR ATTRIBUTABLE TO EQUITY SHAREHOLDERS 74 228 302 PROFIT FOR THE PERIOD ATTRIBUTABLE TO EQUITY SHAREHOLDERS INCLUDES: Loss for the period from discounted operations (23) - (23) Profit on disposal of discontinued operations 125 - 125 EARNINGS PER SHARE - basic and diluted 0.42p 1.73p d) Consolidated statement of recognised income and expense for the year ended 24 February 2007 Notes UK GAAP IFRS adjustment IFRS 24 February 24 February 2007 2007 #000 #000 #000 PROFIT/(LOSS) FOR THE PERIOD 74 228 302 TOTAL RECOGNISED NET INCOME FOR THE PERIOD 74 228 302 e) Consolidated balance sheet as at 25 February 2006 Notes UK GAAP IFRS adjustment IFRS 25 February 25 February 2006 2006 #000 #000 #000 ASSETS NON-CURRENT ASSETS Intangible assets (i) 4,263 (128) 4,135 Property, plant and equipment (iii) 1,337 99 1,436 Deferred tax 150 - 150 5,750 (29) 5,721 CURRENT ASSETS Inventories 4,472 - 4,472 Trade and other receivables 609 - 609 Cash and cash equivalents 558 - 558 5,639 - 5,639 LIABILITIES CURRENT LIABILITIES Trade and other payables (ii) (4,250) (58) (4,308) Corporation tax payable (12) - (12) (4,262) (58) (4,320) NET CURRENT ASSETS 1,337 (58) 1,319 NON-CURRENT LIABILITIES Provisions (iii) (1,945) (170) (2,115) NET ASSETS 5,182 (257) 4,925 SHAREHOLDERS' EQUITY Called up share capital 84 - 84 Share premium account 3,025 - 3,,025 Shares to be issued 1,715 - 1,715 Profit and loss account 358 (257) 101 SHAREHOLDERS' EQUITY 5,182 (257) 4,925 f) Consolidated balance sheet as at 26 August 2006 Notes UK GAAP IFRS adjustment IFRS 26 August 26 August 2006 2006 #000 #000 #000 ASSETS NON-CURRENT ASSETS Intangible assets (i) 4,151 (16) 4,135 Property, plant and equipment (iii) 1,181 93 1,274 Deferred tax 150 - 150 5,482 77 5,559 CURRENT ASSETS Inventories 4,568 - 4,568 Trade and other receivables 389 - 389 Cash and cash equivalents 5 - 5 4,962 - 4,962 LIABILITIES CURRENT LIABILITIES Trade and other payables (ii) (3,652) (63) (3,715) NET CURRENT ASSETS 1,310 (63) 1,247 NON-CURRENT LIABILITIES Provisions (iii) (1,728) (170) (1,898) NET ASSETS 5,064 (156) 4,908 SHAREHOLDERS' EQUITY Called up share capital 84 - 84 Share premium account 3,025 - 3,,025 Shares to be issued 1,715 - 1,715 Profit and loss account 240 (156) 84 SHAREHOLDERS' EQUITY 5,064 (156) 4,908 g) Consolidated statement of changes in shareholders' equity as at 26 August 2006 UK GAAP IFRS IFRS 26 August adjustment 26 August 2006 2006 #000 #000 #000 Profit/(loss) for the period (118) 100 (18) Revaluation of property, plant and equipment - - - New share capital subscribed - - - Share premium on allotment during the period - - - Shares to be issued - - - Net addition to shareholders' equity (118) 100 (18) Opening shareholders' equity 5,182 (257) 4,925 Closing shareholders' equity 5,064 (156) 4,908 h) Consolidated balance sheet as at 24 February 2007 Notes UK GAAP IFRS adjustment IFRS 24 February 24 February 2007 2007 #000 #000 #000 ASSETS NON-CURRENT ASSETS Intangible assets (i) 4,153 103 4,256 Property, plant and equipment (iii) 1,015 101 1,116 Deferred tax 150 - 150 5,318 204 5,522 CURRENT ASSETS Inventories 4,269 - 4,269 Trade and other receivables 878 - 878 Cash and cash equivalents 194 - 194 5,341 - 5,341 LIABILITIES CURRENT LIABILITIES Trade and other payables (ii) (4,105) (49) (4,154) NET CURRENT ASSETS 1,236 (49) 1,187 NON-CURRENT LIABILITIES Provisions (iii) (987) (184) (1,171) NET ASSETS 5,567 (29) 5,538 SHAREHOLDERS' EQUITY Called up share capital 108 - 108 Share premium account 3,688 - 3,688 Shares to be issued 1,339 - 1,339 Profit and loss account 432 (29) 403 SHAREHOLDERS' EQUITY 5,567 (29) 5,538 i) Consolidated statement of changes in shareholders' equity as at 24 February 2007 UK GAAP IFRS IFRS 24 February adjustment 24 February 2007 2007 #000 #000 #000 Profit/(loss) for the period 74 228 302 New share capital subscribed 24 - 24 Share premium on allotment during the period 677 - 677 Share issue expenses (14) - (14) Shares to be issued (376) - (376) Net addition to shareholders' equity 385 228 613 Opening shareholders' equity 5,182 (257) 4,925 Closing shareholders' equity 5,567 (29) 5,538 j) Consolidated cash flow statement for the six months ended 26 August 2006 Notes UK GAAP IFRS adjustment IFRS 26 August 26 August 2006 2006 #000 #000 #000 CASH FLOWS FROM OPERATING ACTIVITIES Operating profit (107) 100 (7) Adjusted for: Depreciation (iii) 141 6 147 Amortisation of goodwill (i) 112 (112) - Loss on disposal of property, plant and equipment 120 - 120 266 (6) 260 CHANGES IN WORKING CAPITAL Decrease/(increase) in inventories (96) - (96) Decrease in trade and other receivables 220 - 220 Increase/(decrease) in trade and other payables (ii) (610) 6 (604) Decrease in provisions (217) - (217) CASH GENERATED FROM OPERATIONS (437) - (437) CASH FLOWS FROM INVESTING ACTIVITIES Acquisition of subsidiary (105) - (105) Finance costs (11) - (11) NET CASH USED IN INVESTING ACTIVITIES (116) - (116) NET (DECREASE)/INCREASE IN CASH, CASH EQUIVALENTS AND BANK OVERDRAFT (553) - (553) Cash, cash equivalents and bank overdrafts at beginning of period 558 - 558 CASH, CASH EQUIVALENTS AND BANK OVERDRAFTS AT END OF THE PERIOD 5 - 5 k) Consolidated cash flow statement for the 12 months ended 24 February 2007 Notes UK GAAP IFRS adjustment IFRS 24 February 24 February 2007 2007 #000 #000 #000 CONSOLIDATED CASH FLOWS FROM OPERATING ACTIVITIES Operating profit (39) 228 189 Adjusted for: Depreciation (iii) 253 11 264 Amortisation of goodwill (i) 231 (231) - 445 8 453 CHANGES IN WORKING CAPITAL Decrease/(increase in inventories 324 - 324 Decrease in trade and other receivables (262) - (262) Increase/(decrease) in trade and other payables (ii) (170) (8) (178) Decrease in provisions (887) - (887) CASH GENERATED FROM OPERATIONS (550) - (550) CASH FLOWS FROM INVESTING ACTIVITIES Acquisition of subsidiary (166) - (166) Purchase of property, plant and equipment (260) - (260) Proceeds from sale of property, plant and equipment 313 - 313 Finance revenue 3 - 3 Finance costs (15) - (15) NET CASH USED IN INVESTING ACTIVITIES (125) - (125) CASH FLOWS FROM FINANCING ACTIVITIES Issue of ordinary shares 386 - 386 Payment in lieu of shares (75) - (75) NET CASH USED IN FINANCING ACTIVITIES 311 - 311 NET (DECREASE)/INCREASE IN CASH, CASH EQUIVALENTS AND BANK OVERDRAFT (364) - (364) Cash, cash equivalents and bank overdrafts at beginning of period 558 - 558 CASH, CASH EQUIVALENTS AND BANK OVERDRAFTS AT END OF THE PERIOD 194 - 194 INTERIM REPORT The Interim Report will be sent to shareholders on 30 November 2007 and will also be available from the Company's website www.strategicretail.co.uk. This information is provided by RNS The company news service from the London Stock Exchange END IR ZDLFLDFBLFBD
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