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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Theo Fennell | LSE:TFL | London | Ordinary Share | GB0008858986 | ORD 5P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 12.125 | 0.00 | 00:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
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RNS Number:7875M
Theo Fennell PLC
26 June 2003
26 June 2003
Theo Fennell plc
Preliminary Results for the year ended 31 March 2003
FINANCIAL HIGHLIGHTS
* Turnover up 17% from #11.8m to #13.8m
* Profits before tax up from #31,400 to #95,800
* EPS up from 0.19p per share to 0.70p per share
* New concessions and licensing opportunities
* Positive start to new financial year
The Chairman, Richard Northcott, commented:
"The company made good progress during the year and the management
reorganisation is now completed so that maximum advantage can be taken of an
up-turn in the market. We are encouraged by the start to this year and I am
hopeful that the changes the new management team have initiated will enable us
to achieve positive results."
For further information:
Richard Northcott Chairman 020 7591 5000
Gavin Saunders Financial Director 020 7591 5000
Richard Fallowfield CardewChancery 020 7930 0777
Rupert Pittman CardewChancery 020 7930 0777
Chairman's Statement
The results for the year ended 31 March 2003 show sales of #13.8m (2002:
#11.8m), an increase of 17%. Profit before tax increased from #31,400 to
#95,800.
The Company made good progress during the year and the management reorganisation
is now completed so that maximum advantage can be taken of an up-turn in the
market. However, the well-publicised international tensions and Middle-East war
resulted in disappointing sales over Christmas and in the last quarter of our
financial year. However all our trading outlets, both company shops and
concessions, are making a contribution to profit which gives us the confidence
to continue planning for expansion.
During the course of this year we have opened a much larger concession in
Selfridges (London) relocated to their new jewellery room and are opening a new
concession in Harvey Nichols (Manchester), in August. We have recently taken on
a new Merchandising Director and are confident that her expertise, coupled with
significant improvements to our IT systems will provide better management
information, and help us to improve turnover and margins.
We have decided to strengthen our balance sheet further and intend to raise an
additional #1 million of 7% subordinated Convertible Loan Stock the majority of
which will be taken up by the Directors.
It is our intention to ensure that the Company becomes a profitable,
international business in the next few years. In line with our plans for
expansion, we are planning an acceleration of our wholesaling activities which
require less capital than opening stand-alone stores. This will enable us to
link our unique product offering with local knowledge and expertise in
significant overseas markets.
We are examining the practicalities of licensing which has great marketing and
sales potential for a design-led company like Theo Fennell. It will enable us to
widen our product offering without the considerable start-up costs of producing
the product in-house. Theo Fennell will at all times control the quality and
design. We expect to make a positive announcement within the next few weeks.
We are encouraged by the start to this year and are hopeful that the changes the
new management team have initiated will enable us to achieve positive results.
Richard Northcott
Chairman
26 June 2003
Theo Fennell plc
Profit and Loss Account
For the year ended 31 March 2003
Note 2003 2002
# #
Turnover 13,817,951 11,769,652
--------- ---------
Cost of sales (12,512,358) (10,620,384)
--------- ---------
Gross profit 1,305,593 1,149,268
--------- ---------
Administrative expenses 1 (1,141,316) (938,913)
Exceptional item - (103,668)
--------- ---------
Total administrative expenses (1,141,316) (1,042,581)
--------- ---------
Operating profit 164,277 106,687
Net interest payable 2 (68,489) (75,280)
--------- ---------
Profit on ordinary activities
before taxation 3 95,788 31,407
Tax on profit on ordinary a
acivities 4 17,881 -
--------- ---------
Profit for the year 15, 16 113,669 31,407
Dividends - -
--------- ---------
Retained profit for the year 113,669 31,407
--------- ---------
Basic and diluted earnings per
share 6 0.70p 0.19p
--------- ---------
There were no recognised gains or losses other than the profit for the financial
year.
All turnover arises from continuing operations.
The accompanying notes form an integral part of these financial statements.
Theo Fennell plc
Balance Sheet
as at 31 March 2003
Note 2003 2002
# # # #
Fixed assets
Tangible assets 8 465,868 416,390
Current assets
Stocks 9 7,941,654 6,927,288
Debtors 10 1,894,656 1,616,733
Cash at bank and
in hand 8,454 6,397
-------- --------
9,844,764 8,550,418
Creditors:
amounts falling
due within one year 12 (4,594,444) (3,364,289)
Net current assets 5,250,320 5,186,129
--------- ---------
Total assets
less current
liabilities 5,716,188 5,602,519
--------- ---------
Net assets 5,716,188 5,602,519
--------- ---------
Capital and reserves
Called up share
capital 14 808,892 808,892
Share premium
account 15 3,879,752 3,879,752
Profit and loss
account 15 1,027,544 913,875
--------- ---------
Equity shareholders'
funds 16 5,716,188 5,602,519
--------- ---------
The accompanying notes form an integral part of these financial statements.
Theo Fennell plc
Cash Flow Statement
For the year ended 31 March 2003
2003 2002
Note # # # #
Net cash
(outflow) /inflow
from operating
activities 20 (403,420) 225,029
Returns on investments
and servicing of finance
Interest paid on bank
loans, overdrafts
and other loans (104,769) (112,072)
Interest paid on hire
purchase agreements (408) (1,633)
Other interest paid - (3,808)
Interest received 36,688 42,233
------ ------
(68,489) (75,280)
Taxation
Corporation tax received - 170,000
Capital expenditure
Purchase of tangible
fixed assets (235,974) (283,638)
Receipts from sales
of tangible fixed assets 12,399 9,000
------- -------
(223,575) (274,638)
-------- --------
Net cash (outflow)/
inflow before financing (695,484) 45,111
Financing
Capital element of
hire purchase agreements (2,292) (9,167)
------ -------
(Decrease)/Increase in
cash 21 (697,776) 35,944
--------- -------
The accompanying notes form an integral part of these financial statements.
Notes to the Financial Statements
For the year ended 31 March 2003
1. Exceptional Item
The exceptional item of #103,668 in 2002 related to the costs of the Company's
former premises at 175/177 Fulham Road. The Company assigned these premises on 3
November 1997 to the Organic Trading Company (trading as Voyage), which is in
receivership. The costs related to professional fees, rent and dilapidation
costs. The lease was assigned to a new lessee on 31 May 2002.
2. Net interest payable
2003 2002
# #
On bank loans, overdrafts and other loans 104,769 112,072
On hire purchase agreements 408 1,633
Other interest - 3,808
-------- --------
105,177 117,513
Interest receivable (36,688) (42,233)
-------- --------
68,489 75,280
-------- --------
3. Profit on ordinary activities before taxation
This is stated after charging / (crediting) the following items:
2003 2002
# #
Exceptional item - see note 1 - 103,668
Depreciation 176,809 206,951
(Surplus) / Deficit on disposal of fixed assets (2,712) 2,979
Auditors' remuneration - audit services 16,500 16,062
- other services 3,700 3,700
Loss on foreign currency transactions 8,281 6,941
Operating lease rentals on land and buildings 410,000 320,164
4. Tax on profit on ordinary activities
The taxation credit is based on the profit for the year and represents:
2003 2002
# #
Current tax:
UK Corporation tax at 20% / 20 % 20,902 20,281
Adjustment in respect of prior years 3,466 (20,281)
-------- --------
24,368 -
Deferred Tax:
Origination and reversal of timing differences
(see note 11) (42,249) -
-------- --------
(17,881) -
-------- --------
5. Factors affecting the tax charge for the period
The tax assessed for the period is lower than the standard rate of corporation
tax in the UK 30% (2002: 30%). The differences are explained as follows:
2003 2002
# #
Profit on ordinary activities before tax 95,788 31,407
-------- --------
Tax at standard rate of 30% (2002: 30%)
Effect of: 28,736 9,422
Capital allowances for the period in excess of
depreciation (14,247) -
Other short term timing differences 15,521 -
Small companies difference in tax rate (12,100) (3,141)
Expenses not deductible for tax purposes 12,661 14,000
Tax losses (utilised) (9,669) (20,281)
Adjustment to tax charge in respect of previous
periods 3,466 -
periods -------- --------
24,368 -
-------- --------
6. Earnings per share
The calculation of earnings per share is based upon the profit on ordinary
activities after taxation of #113,669 (2002: #31,407) and the weighted average
number of shares of 16,177,831 (2002: 16,177,831). There is no difference
between the basic and diluted earnings per share as, during the year, share
options were anti-dilutive.
7. Directors and employees
The aggregate payroll costs of directors and employees for the year were:
2003 2002
# #
Wages and salaries 2,490,319 2,036,172
Social security costs 261,471 209,626
Pension costs 75,554 81,141
-------- --------
2,827,344 2,326,939
-------- --------
The average number of persons employed by the Company (including executive
directors), during the year, was as follows:
2003 2002
Average number of employees Number Number
Sales 39 28
Manufacturing 9 10
Design, marketing and administration 30 23
-------- --------
78 61
-------- --------
Remuneration in respect of directors was as follows:
2003 2002
# #
Emoluments 370,165 310,561
Pension contributions to money purchase schemes 33,250 28,282
-------- --------
403,415 338,843
Ex gratia payment - 35,650
-------- --------
403,415 374,493
-------- --------
During the year, three directors (2002: four directors) participated in money
purchase pension schemes.
The amounts set out above include remuneration in respect of the highest paid
director as follows:
2003 2002
# #
Emoluments 166,493 126,052
Pension contributions to money purchase schemes 17,450 15,450
-------- --------
183,943 141,502
-------- --------
During the year ended 31 March 2003 the directors purchased goods, in the
ordinary course of business, to the value of #50,638 (2002: #16,607), of which
#7,568 (2002: #12,282) was outstanding at the year end.
8. Tangible fixed assets
Motor Fixtures, Moulds and Total
vehicles tings and tooling
computer
equipment
# # # #
Cost
At 1 April 2002 42,500 1,262,620 566,850 1,871,970
Additions - 214,069 21,905 235,974
Disposals (15,000) - - (15,000)
-------- --------- -------- ---------
At 31 March 2003 27,500 1,476,689 588,755 2,092,944
-------- --------- -------- ---------
Depreciation
At 1 April 2002 20,260 979,983 455,337 1,455,580
Charge for the
year 9,688 116,714 50,407 176,809
Disposals (5,313) - - (5,313)
------- ------- ------- --------
At 31 March 2003 24,635 1,096,697 505,744 1,627,076
-------- -------- -------- ---------
Net book value
At 31 March 2003 2,865 379,992 83,011 465,868
------ -------- -------- --------
At 31 March 2002 22,240 282,637 111,513 416,390
------ -------- -------- --------
Included within the above figures are motor vehicles under hire purchase
agreements with a net book value of #Nil (2002: #9,740). The depreciation
charged on these assets during the year was #Nil (2002: #6,875).
9. Stocks
2003 2002
# #
Raw materials 500,134 603,711
Work in progress 93,406 156,436
Finished goods 7,348,114 6,167,141
-------- --------
7,941,654 6,927,288
-------- --------
The Company held #1,339,606 of stock on consignment as at 31 March 2003 (2002:
#1,270,169) which is not recorded on the balance sheet. The principal terms of
the consignment agreements, which can generally be terminated by either side,
are such that the Company can return any or all of the stock to the relevant
suppliers without financial and commercial penalties and the supplier can vary
stock prices.
10. Debtors
2003 2002
# #
Trade debtors 1,302,583 1,104,583
Other debtors 330,548 339,523
Deferred tax 78,397 36,148
Prepayments and accrued income 183,128 136,479
-------- --------
1,894,656 1,616,733
-------- --------
Included in other debtors is a rent deposit of #300,000 (2002: #300,000) which
is receivable after more than one year.
11. Deferred Tax
2003 2002
# #
Accelerated capital allowances (62,876) (36,148)
Other timing differences (15,521) -
-------- --------
Provision for deferred tax (78,397) (36,148)
Provision at 1 March 2002 (36,148) (36,148)
Deferred tax credit in the profit and loss account
for the period (note 4) (42,249) -
-------- --------
Deferred tax asset at 1 April 2003 (78,397) (36,148)
-------- --------
12. Creditors: amounts falling due within one year
2003 2002
# #
Bank overdrafts 2,137,252 1,437,419
Trade creditors 1,622,249 1,402,740
Corporation tax 24,368 -
Social security and other taxes 218,518 215,608
Other creditors 151,920 38,121
Accruals and deferred income 440,137 268,109
Amounts due under hire purchase agreements - 2,292
-------- --------
4,594,444 3,364,289
-------- --------
The bank overdrafts are secured by a debenture over the assets and undertakings
of the Company.
13. Borrowings
Borrowings are repayable as follows:
2003 2002
# #
Within one year
Bank overdrafts 2,137,252 1,437,419
Amounts due under hire purchase agreements - 2,292
-------- --------
2,137,252 1,439,711
14. Share Capital
2003 2002
# #
Authorised
30,000,000 Ordinary Shares of 5p 1,500,000 1,500,000
-------- --------
Allotted, called up and fully paid
16,177,831 Ordinary Shares of 5p 808,892 808,892
-------- --------
Options have been granted, and remain outstanding, over the Company's Ordinary
shares of 5p under the Approved Employee Share Option Scheme, Unapproved
Employee Share Option Schemes and Enterprise Management Incentive Scheme as
follows:
Date of Grant Number of shares Option
Approved Unapproved EMI Price
7 September 2000 16,000 - - #0.50
10 November 2000 - - 90,000 #0.50
25 March 2002 - - 165,000 #0.25
25 March 2002 - 113,000 832,000 #0.50
25 March 2002 - - 100,000 #1.00
10 September 2002 - 120,635 129,365 #0.35
These options can normally only be exercised at any time between three and ten
years from the date of grant except for 745,000 of the options granted on 25
March 2002 which can be exercised at any time. There are no performance criteria
on which the exercise of options is conditional.
The movement on share options in the year was as follows:
Number
Outstanding at 1 April 2002 1,505,000
Lapsed (189,000)
Granted 250,000
-------
Outstanding at 31 March 2003 1,566,000
-------
15. Reserves
Profit and loss Share premium
account account
# #
At 1 April 2002 913,875 3,879,752
Profit for the year 113,669 -
-------- --------
At 31 March 2003 1,027,544 3,879,752
-------- --------
16. Reconciliation of movements in shareholders' funds
2003 2002
# #
Profit for the financial year 113,669 31,407
Shareholders' funds at 1 April 5,602,519 5,571,112
-------- --------
Shareholders' funds at 31 March 5,716,188 5,602,519
-------- --------
17. Capital commitments and contingent liabilities
The Company had committed to capital expenditure of #330,000 at 31 March 2003
(2002: Nil).
18. Leasing commitments
The Company had commitments as at 31 March 2003 to make annual payments under
non-cancellable operating leases of #372,500 (2002: #372,500) in respect of land
and buildings. The leases to which these payments relate expire after more than
five years.
19. Analysis of changes in net debt
At 1 April Cash At 31 March
2002 flows 2003
# # #
Cash at bank and in hand 6,397 2,057 8,454
Bank overdraft (1,437,419) (699,833) (2,137,252)
----------- --------- -----------
(1,431,022) (697,776) (2,128,798)
Finance Leases (2,292) 2,292 -
----------- --------- ---------
(1,433,314) (695,484) (2,128,798)
----------- --------- ----------
20. Reconciliation of operating profit to net cash (outflow)/inflow from
operating activities
2003 2002
# #
Operating profit 164,277 106,687
Depreciation charges 176,809 206,951
(Surplus)/ deficit on disposal of fixed assets (2,712) 2,979
(Increase) / decrease in stocks (1,014,366) 350,641
(Increase) / decrease in debtors (235,674) 70,670
Increase /(Decrease) in creditors 508,246 (512,899)
---------- ---------
Net cash (outflow) / inflow from operating
activities (403,420) 225,029
---------- ---------
21. Reconciliation of net cash flow to movement in net debt
2003 2002
# #
(Decrease)/ Increase in cash during the year (697,776) 35,944
Decrease in amounts owed under hire purchase
agreements 2,292 9,167
--------- -------
(Increase) / decrease in net debt due to cash
movements (695,484) 45,111
Net debt at 1 April (1,433,314) (1,478,425)
----------- -----------
Net debt at 31 March (2,128,798) (1,433,314)
----------- -----------
22. Pensions
The Company operates defined contribution pension schemes for the benefit of
employees and directors. The assets of the executive scheme are administered by
trustees in a fund independent from the assets of the Company. In addition the
Company operates a separate group personal pension scheme for employees.
23. Financial Instruments
The Company's financial instruments comprise borrowings, cash, and various
items, such as trade debtors, trade creditors etc, that arise directly from its
operations. The Company has applied the exemption allowed under FRS 13
'Derivatives and other financial instruments: disclosures' in making no
disclosures on short term debtors and creditors. The main purpose of these
financial instruments is to raise finance for the Company's operations.
It is, and has been throughout the year under review, the Company's policy that
no trading in financial instruments shall be undertaken.
The main risks arising from the Company's financial instruments are interest
rate risk and liquidity risk. The Board reviews and agrees policies for managing
each of these risks and they are summarised below.
Interest rate risk
The Company finances its operations through a mixture of retained profits and
bank overdrafts. The Company borrows at a floating interest rate of 1.5% above
its Bank's base rate. The effects of interest rate fluctuations are not
considered a significant risk at the current borrowing levels.
Liquidity risk
The Company ensures short-term flexibility through the use of the overdraft
facilities. The Board does not at present consider that it is necessary to adopt
a detailed borrowings policy as there are sufficient funds available within the
current facilities.
Borrowing facilities
The Company has undrawn overdraft facilities available of #862,748 (2002:
#562,581) at 31 March 2003 which expire within one year. These facilities are
subject to review by the providers of the facilities on 1 July 2003. The Company
policy is not to fix interest rates in respect of its borrowings
Currency risk
The Company's exposure to exchange rate fluctuations is small and it is
therefore the Company's policy not to hedge against foreign currency
transactions.
Financial assets and liabilities
The Company has no financial assets, other than debtors and cash at bank.
The bank overdrafts are repayable on demand and are included in the balance
sheet as a creditor due in less than one year.
The balance sheet values for financial assets and liabilities are not considered
materially different to the fair values.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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