Financial Express (Holdings) Limited (“we”, “our”, “us” and derivatives) are committed to protecting and respecting your privacy. This Privacy Policy, together with our Terms of Use, sets out the basis on which any personal data that we collect from you, or that you provide to us, will be processed by us relating to your use of any of the below websites (“sites”).

  • FEAnalytics.com
  • FEInvest.net
  • FETransmission.com
  • Investegate.co.uk
  • Trustnet.hk
  • Trustnetoffshore.com
  • Trustnetmiddleeast.com

For the purposes of the Data Protection Act 1998, the data controller is Trustnet Limited of 2nd Floor, Golden House, 30 Great Pulteney Street, London, W1F 9NN. Our nominated representative for the purpose of this Act is Kirsty Witter.

WHAT INFORMATION DO WE COLLECT ABOUT YOU?

We collect information about you when you register with us or use any of our websites / services. Part of the registration process may include entering personal details & details of your investments.

We may collect information about your computer, including where available your operating system, browser version, domain name and IP address and details of the website that you came from, in order to improve this site.

You confirm that all information you supply is accurate.

COOKIES

In order to provide personalised services to and analyse site traffic, we may use a cookie file which is stored on your browser or the hard drive of your computer. Some of the cookies we use are essential for the sites to operate and may be used to deliver you different content, depending on the type of investor you are.

You can block cookies by activating the setting on your browser which allows you to refuse the setting of all or some cookies. However, if you use your browser settings to block all cookies (including essential cookies) you may not be able to access all or part of our sites. Unless you have adjusted your browser setting so that it will refuse cookies, our system will issue cookies as soon as you visit our sites.

HOW WE USE INFORMATION

We store and use information you provide as follows:

  • to present content effectively;
  • to provide you with information, products or services that you request from us or which may interest you, tailored to your specific interests, where you have consented to be contacted for such purposes;
  • to carry out our obligations arising from any contracts between you and us;
  • to enable you to participate in interactive features of our service, when you choose to do so;
  • to notify you about changes to our service;
  • to improve our content by tracking group information that describes the habits, usage, patterns and demographics of our customers.

We may also send you emails to provide information and keep you up to date with developments on our sites. It is our policy to have instructions on how to unsubscribe so that you will not receive any future e-mails. You can change your e-mail address at any time.

In order to provide support on the usage of our tools, our support team need access to all information provided in relation to the tool.

We will not disclose your name, email address or postal address or any data that could identify you to any third party without first receiving your permission.

However, you agree that we may disclose to any regulatory authority to which we are subject and to any investment exchange on which we may deal or to its related clearing house (or to investigators, inspectors or agents appointed by them), or to any person empowered to require such information by or under any legal enactment, any information they may request or require relating to you, or if relevant, any of your clients.

You agree that we may pass on information obtained under Money Laundering legislation as we consider necessary to comply with reporting requirements under such legislation.

ACCESS TO YOUR INFORMATION AND CORRECTION

We want to ensure that the personal information we hold about you is accurate and up to date. You may ask us to correct or remove information that is inaccurate.

You have the right under data protection legislation to access information held about you. If you wish to receive a copy of any personal information we hold, please write to us at 3rd Floor, Hollywood House, Church Street East, Woking, GU21 6HJ. Any access request may be subject to a fee of £10 to meet our costs in providing you with details of the information we hold about you.

WHERE WE STORE YOUR PERSONAL DATA

The data that we collect from you may be transferred to, and stored at, a destination outside the European Economic Area (“EEA”). It may be processed by staff operating outside the EEA who work for us or for one of our suppliers. Such staff may be engaged in, amongst other things, the provision of support services. By submitting your personal data, you agree to this transfer, storing and processing. We will take all steps reasonably necessary, including the use of encryption, to ensure that your data is treated securely and in accordance with this privacy policy.

Unfortunately, the transmission of information via the internet is not completely secure. Although we will do our best to protect your personal data, we cannot guarantee the security of your data transmitted to our sites; any transmission is at your own risk. You will not hold us responsible for any breach of security unless we have been negligent or in wilful default.

CHANGES TO OUR PRIVACY POLICY

Any changes we make to our privacy policy in the future will be posted on this page and, where appropriate, notified to you by e-mail.

OTHER WEBSITES

Our sites contain links to other websites. If you follow a link to any of these websites, please note that these websites have their own privacy policies and that we do not accept any responsibility or liability for these policies. Please check these policies before you submit any personal data to these websites.

CONTACT

If you want more information or have any questions or comments relating to our privacy policy please email publishing@financialexpress.net in the first instance.

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JJB Sports PLC (JJB)

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Thursday 19 July, 2012

JJB Sports PLC

AGM Update

RNS Number : 0205I
JJB Sports PLC
19 July 2012
 



JJB Sports Plc

AGM Update

 

JJB Sports Plc ("JJB" or the "Group") will today give the following update at its AGM.

 

Trading

 

As announced on 9 July 2012, since the beginning of April the Group has experienced a deterioration in trading performance against management expectation, particularly during May and June owing principally to poor sales of football replica kits and product associated with the European Football Championships, exacerbated by the poor early summer weather. Consequently, as previously indicated, sales and cash margins have fallen materially short of expectations.  

 

Group like for like sales for the 24 weeks ended 15 July 2012 decreased by 8.7% and cash margin decreased by 16.6%.   As at 18 July 2012 net bank debt was £17.7m.

 

Refurbishment Programme

 

The Group has refitted 5 stores this year which have shown an increase in sales and cash margin compared to the rest of the core estate of 22.0 percentage points and 23.4 percentage points respectively in the post refit period. While the results of the refurbishment programme to date have been encouraging, in light of the deterioration in trading the Board is reviewing the timing of the refurbishment programme, while also continuing to work with its key strategic partners to refine the refit design and scope.

 

In addition to the net bank debt of £17.7m as at 18 July 2012, the Group has also drawn down £1.1m under the trade loan facility (details of which are set out in the circular published by the Group on 4 April 2012).

 

Impact of trading on future financing

 

At the time of the publication of our audited results for the 52 week period ended 29 January 2012 ("2012 Results") on 4 April 2012 the Directors recognised that there were material uncertainties facing the business which included the ability of the Group to continue to implement its business recovery turnaround strategy in light of the macroeconomic environment and the Group's stock profile.

 

These factors were seen as critical to the achievability of the Group's business plan, and were vital in maintaining sufficient headroom on its working capital facilities and financial covenants, but also important in determining the additional funding which had been expected to be required in the first quarter of 2013.

 

In light of the deterioration in trading, the Directors have sought to implement a combination of management initiatives, which were identified in the 2012 Results, and have been successful in mitigating the trading and cash shortfall to a certain extent.  However these actions have not fully mitigated the shortfall.  As a consequence, and in light of the continuing poor macroeconomic environment, the level of future headroom on working capital facilities and financial covenants will be significantly reduced in the short and medium term. This is likely to accelerate the timing of the additional funding required, which is dependent upon the trading performance of the business and the successful implementation of the management initiatives.  Given the potential requirement to accelerate funding to implement the turnaround, the Group is in discussions with its strategic partners.

 

In conjunction with these discussions, Bob Corliss, who was appointed as Deputy Chairman/Chairman elect with effect from 9 July 2012, is working with the management team to review ways in which the group's trading performance can be improved both in the short and medium term.  Mr Corliss has significant retail experience and, in particular, has worked extensively in the sporting goods segment. 

 

Mr Corliss stated:

"There is a lot of work to do, and we have hit the ground running.  We are continuing to work collaboratively with our business partners to address the challenges faced by JJB.  I am excited to work with a brand that has a strong heritage in such an important market."

 

 

For further information, please contact:

Keith Jones

Dave Williams

JJB Sports plc

01942 221400

Neil Bennett

Daniel Yea

Maitland

020 7379 5151

Heraclis Economides

Richard Thomas

Numis Securities

020 7260 1000

 

A copy of this press release can also be viewed on the JJB Sports plc corporate website, www.jjbcorporate.co.uk.

About JJB

JJB Sports plc (JJB: LSE) is one of the UK's leading sports retailers. The Group is headquartered in Wigan and listed on the AIM, trades from over 180 JJB branded retail stores in the UK and Ireland and employs over 4,000 people.  Further information about the Group can be found on the Group's corporate website, www.jjbcorporate.co.uk.


This information is provided by RNS
The company news service from the London Stock Exchange
 
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