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.

 Information  X 
Enter a valid email address

Ashley (Laura) Hldgs (ALY)

  Print      Mail a friend

Friday 05 September, 2014

Ashley (Laura) Hldgs

Interim Results

RNS Number : 9054Q
Ashley (Laura) Hldgs PLC
05 September 2014
 



 

 

LAURA ASHLEY HOLDINGS PLC

Results for the 26 weeks to 26 July 2014

 

 

Summary 

 

·    Total Group sales up 4.9% to £144.0m (2013: £137.3m)

·    Like-for-like retail sales up by 1.2%

·    Profit before taxation up £1.1m (14.9%) to £8.5m (2013: £7.4m)

·    Profit before taxation (excluding exceptional items) up £0.7m (9%) to £8.5m (2013: £7.8m)

·    e-Commerce revenue up by 6.1%

·    International business up by 13.6%

·    £13.8m net cash balance

·    Second Laura Ashley Hotel launched

·    Interim dividend maintained at 1.00 pence per share (2013: 1.00 pence per share)

·    Trading for the five weeks to 30 August is up 8% on a like-for-like basis, taking the cumulative like-for-like performance for the year to +2.3%.

 

 

Commenting on the results, Tan Sri Dr Khoo Kay Peng, Chairman, said:

 

"In what continues to be an extremely competitive sector, we are pleased to report an increase in profit before taxation of 14.9% and sales growth of 4.9% over the first half compared to the same period last year.  We are particularly pleased with growth of 13.6% in our international business and with the improved performance of our e-Commerce business.  We are very proud of the second Laura Ashley hotel, The Belsfield, which was launched at the end of July 2014 to both customer and media acclaim.

 

We look forward to the rest of this year with confidence in the strength of our brand, in the quality of our products and in the loyalty of our many customers.  We will continue to develop our international presence as well as focusing on our UK retail business with continued enhancement of our website, for both our domestic and international customers, and improvements to our store portfolio."

  

 

Enquiries:

 

 

Laura Ashley Holdings plc

Seán Anglim CFO / Joint COO

 020 7880 5100

 

Media Enquiries

Brunswick

Anita Scott

James Olley

 

 

020 7404 5959

 

Corporate Broker

Cantor Fitzgerald Europe

Richard Redmayne

Mark Percy

 



020 7894 7000

 

 

 

Overview

 

For the 26 weeks to 26 July 2014, total Group sales increased by 4.9% to £144.0m compared with the same period last year (2013: £137.3m).  Total UK retail sales increased by 3.8% to £124.6m (2013: £120.0m).  Like-for-like sales grew by 1.2% over the same period. e-Commerce sales grew by £1.3m (6.1%) to £22.5m (2013: £21.2m).

 

Profit before taxation, excluding exceptional items, increased by 9.0% to £8.5m, (2013: £7.8m).  Profit before taxation, including exceptional items grew by 14.9% to £8.5m (2013: £7.4m).

 

Operating expenses, excluding exceptional items, fell by 0.7% compared to the same period last year.

 

 

Cash Flow and Balance Sheet

 

The net cash balance at 26 July 2014 was £13.8m.  There are no bank borrowings and inventory is in line with requirements.

 

 

Dividend

 

The Board has approved the payment of an interim dividend of 1.00 pence per share (2013: 1.00 pence per share).  The interim dividend will be paid on 3 October 2014 to all shareholders on the register at the close of business on 19 September 2014.  The ex dividend date will be 17 September 2014. 

 

 

UK Retail      

 

As at 26 July 2014, the property portfolio in the UK comprised 208 stores (January 2014: 209).  The portfolio is as follows: 128 Mixed Product stores, 49 Home stores, 26 Home concession stores, 4 Gifts & Accessories stores and 1 Clearance outlet.  During the first half, two new stores were opened and three were closed, reducing total selling space by 1.3% to 776,000 square feet.

 

Our multi-channel strategy is at the heart of our UK retail business with e-Commerce, Mail Order and Retail Stores working together to drive sales and deliver a positive and comprehensive customer experience.  Total e-Commerce sales were up 6.1% on last year and now represent 18.0% of total UK Retail sales (2013: 17.7%).

 

 

Product

 

The UK business is split into four main categories.  For the 26 weeks ended 26 July 2014, the relative split of UK sales is as follows: Furniture 30%, Home Accessories 27%, Decorating 24% and Fashion 19%.

 

Furniture

The Furniture product category includes upholstered and cabinet furniture, beds and mirrors.

 

Furniture sales for the 26 weeks to 26 July 2014 decreased by 2.2% over the same period last year with like-for-like sales down 1.2%.  Whereas this product category was the only one to under perform compared to last year, we were nonetheless, encouraged by the performance of the new products which were introduced this season.  New ranges have also been launched for the second half, which will add variety to our collections and will encourage sales.

 

Home Accessories

The Home Accessories product category includes lighting, gifts, bed linen, rugs, throws, cushions and children's accessories.

 

Home Accessories sales for the 26 weeks to 26 July 2014 increased by 2.9% over the same period last year with like-for-like performance up by 4.3%, which significantly outperformed the market.  Our star performers in this category were lighting and our increasingly popular gifts and accessories ranges.  The strength of this category lies in its diversity, quality and how it complements our decorating themes.  We have also increased our seasonal gifting and accessories ranges.

 

Decorating

This category includes fabric, curtains, wall coverings, paint and decorative accessories.

 

Decorating sales for the 26 weeks to 26 July 2014 increased by 0.8%, with like-for-like sales up 1.3% which outperformed the market during the period.  Decorating lies at the heart of the business.  Our signature designs, colours and prints are both the foundation and inspiration for the Laura Ashley home furnishing style.  Our best performing products in this category were our readymade curtains and paint ranges.

 

Fashion

This category includes adult fashion, fashion accessories and perfumery. 

 

Fashion sales for the 26 weeks to 26 July 2014 decreased by 2.6% over the same period last year, with like-for-like sales up 0.1%, which under performed the market for this period.  We are encouraged by the success of many of our ranges during the first half and are optimistic that this will continue over the coming seasons as we improve the design and quality of our products.

 

 

Hotel

 

In addition to the company owned hotel in Elstree, Laura Ashley has recently partnered, under brand licence, with a hotel in Windermere to launch Laura Ashley Hotel-The Belsfield. Located by the shores of Lake Windermere, this 62 room hotel has been decorated entirely in Laura Ashley product to create a truly stunning retreat.  Customer, social media and press response has been extremely favourable.

 

 

International Operations

 

Our international Franchising and Licensing operations are an increasingly important part of our business.  As at 26 July 2014, there were 296 franchised stores (286 as at January 2014) in 32 territories worldwide.  Additional stores were opened in Japan, Australia, South Korea and Russia.

 

Franchise and Licensing revenue grew by 13.6% to £17.1m (2013: £15.1m) during the 26 weeks to 26 July 2014.

 

 

Current Trading and Outlook

 

Trading for the five weeks to 30 August is up 8% on a like-for-like basis, taking the cumulative like-for-like performance for the year to +2.3%.

 

 

Responsibility Statement

 

We confirm that to the best of our knowledge:

 

The condensed set of financial statements has been prepared in accordance with IAS 34;

 

The interim management report includes a fair review of the information required by DTR 4.2.7R (indication of important events during the first six months and description of principal risks and uncertainties for the remaining six months of the year); and

 

The interim management report includes a fair review of the information required by DTR 4.2.8R (disclosure of material related party transactions and changes therein).

 

 

Condensed Group Statement of Comprehensive Income

For the 26 weeks ended 26 July 2014

 

 

Note

26 weeks to

26 July 2014

(unaudited)

£m

26 weeks to

27 July 2013

(unaudited)

£m

52 weeks to

25 January 2014

(audited)

£m

Revenue

2

144.0

137.3

294.5

Cost of sales


(83.2)

(77.0)

(169.3)

Gross profit


60.8

60.3

125.2

 

Operating expenses


(53.0)

(53.4)

(106.1)

Profit from operations


7.8

6.9

19.1

 

Share of operating profit of associate


0.7

0.7

0.5

Dividend received


-

0.1

0.1

Finance income


-

0.2

0.2

Finance costs


-

(0.1)

(0.6)

Profit before taxation excluding

exceptional items


8.5

7.8

19.3

 

Exceptional items

 

 

-

(0.4)

1.2

Profit before taxation


8.5

7.4

20.5

 

Taxation


(2.2)

(1.9)

(4.8)

Profit for the financial period*


6.3

5.5

15.7






Other comprehensive income:





Actuarial (loss)/income on defined benefit pension scheme


-

(1.0)

1.9

Deferred tax effect


-

0.2

(0.4)

Total that will not be subsequently reclassified to profit and loss


-

(0.8)

1.5






Exchange differences on translation of investments


1.0

(0.7)

(0.2)

Other reserve movements


(1.2)

0.1

(0.7)

Unrealised investment (loss)/gain/sale of investment transferred to income statement


-

(1.0)

(1.8)

Deferred tax effect


-

0.4

-

Total that may be subsequently reclassified to profit and loss


(0.2)

(1.2)

(2.7)

Other comprehensive loss for the period net of tax


(0.2)

(2.0)

(1.2)

 

Total comprehensive income for the period


6.1

3.5

14.5

 

*Earnings per share - basic and diluted calculated based on profit for the financial period


0.87p

0.76p

2.15p

 

The Group's results shown above are derived entirely from continuing operations.

Condensed Group Balance Sheet

As at 26 July 2014

 


At  26 July 2014

(unaudited)

£m


At 27 July 2013

(unaudited)

£m


At 25 January 2014

(audited)

£m

Non-current assets






Intangibles

2.1


2.4


2.4

Property, plant and equipment

22.1


22.7


23.3

Deferred tax asset

1.9


2.1


1.9

Investment in associate

5.0


5.3


4.4

Investment in quoted shares

-


5.8


-


31.1


38.3


32.0







Current assets






Inventories

50.5


53.5


52.3

Trade and other receivables

23.6


24.8


32.2

Cash and cash equivalents

13.8


17.8


24.1


87.9


96.1


108.6

Total assets

119.0


134.4


140.6

 






Current liabilities






Current tax liabilities

2.6


2.2


2.1

Trade and other payables

59.0


68.8


79.9

 

61.6


71.0


82.0

Non-current liabilities






Retirement benefit liabilities

8.8


7.6


8.8

Deferred tax liabilities

0.3


0.3


0.3

Provisions and other liabilities

0.8


-


0.9

 

9.9


7.9


10.0

Total liabilities

71.5


78.9


92.0

 






Net assets

47.5


55.5


48.6







Equity






Share capital

37.3


37.3


37.3

Share premium

86.4


86.4


86.4

Own shares

(0.8)


(0.8)


(0.8)

Retained earnings

(75.4)


(67.4)


(74.3)

Total equity

47.5


55.5


48.6

 

Condensed Group Statement of Changes in Shareholders' Equity

As at 26 July 2014

 


Share capital

£m

Share premium

£m

Own shares

£m

Retained earnings

£m

Total equity

£m

Balance as at 26 January 2013 (restated as reported at 25 January 2014)

37.3

86.4

(0.8)

(63.4)

59.5







Profit for the period ended 27 July 2013

-

-

-

5.5

5.5

Dividend paid

-

-

-

(10.9)

(10.9)

Other comprehensive loss

-

-

-

(2.0)

(2.0)

Balance as at 27 July 2013

37.3

86.4

(0.8)

(70.8)

52.1







Profit for the period ended 25 January 2014

-

-

-

10.2

10.2

Dividend paid

-

-

-

(14.5)

(14.5)

Other comprehensive income

-

-

-

0.8

0.8

Balance as at 25 January 2014

37.3

86.4

(0.8)

(74.3)

48.6







Profit for the period ended 26 July 2014

-

-

-

6.3

6.3

Dividend paid

-

-

-

(7.2)

(7.2)

Other comprehensive loss

-

-

-

(0.2)

(0.2)

Balance as at 26 July 2014

37.3

86.4

(0.8)

(75.4)

47.5

 

Condensed Group Cash Flow Statement

For the 26 weeks ended 26 July 2014

 

 

Reconciliation of Net Cash Flow to movement in Net Funds

for the 26 weeks ended 26 July 2014

 


26 weeks to

 26 July 2014

(unaudited)

£m


26 weeks to

 27 July 2013

(unaudited)

£m


52 weeks to

 25 January 2014

(audited)

£m

 






Net decrease in cash and cash equivalents

(10.3)


(16.8)


(10.5)

Net funds at the beginning of the period

24.1


34.6


34.6

Net funds at the end of the period

13.8


17.8


24.1

 

 

Notes

 

1   Basis of preparation

This condensed set of financial statements has been prepared in accordance with the requirements of IAS 34 'Interim Financial Reporting' as adopted by the European Union ('EU').

 

As required by the Disclosure and Transparency Rules of the UK's Financial Services Authority and other than described below, this condensed set of financial statements has been prepared by applying the accounting policies and presentation that were applied in the preparation of the Company's published financial statements for the financial year ended 25 January 2014, which were prepared in accordance with International Financial Reporting Standards as adopted by the EU. 

 

No new or amended financial accounting standards have been adopted in these financial statements.

 

The statutory audited accounts for the year ended 25 January 2014 have been delivered to the Registrar of Companies in England and Wales.  The Auditor's report on these accounts was unqualified and did not contain statements under Section 498 of the Companies Act 2006.

 

These half-year condensed financial statements are unaudited, not reviewed in accordance with 'Interim Standard on Review Engagements (UK and Ireland) 2410' and do not constitute statutory accounts within the meaning of Section 434(3) of the Companies Act 2006.

 

2          Segmental analysis


26 weeks to

26 July 2014

(unaudited)

£m

26 weeks to

27 July 2013

(unaudited)

£m

52 weeks to

25 January 2014

(audited)

£m

Revenue




Retail:




Stores

103.0

99.9

215.6

e-Commerce & Mail Order

22.5

21.2

44.7

Hotel

0.8

0.6

1.4

Total Retail

126.3

121.7

261.7

Non-Retail

17.7

15.6

32.8

Total Revenue

144.0

137.3

294.5

Retail




Contribution:




Stores

7.0

6.4

16.3

e-Commerce & Mail Order

4.6

4.1

8.8

Hotel

(0.2)

(0.1)

(0.5)

Total contribution

11.4

10.4

24.6

Indirect overhead costs

(10.2)

(9.8)

(20.2)

Finance income

-

0.2

0.2

Finance costs

-

(0.1)

(0.6)

Exceptional costs

-

-

1.2

Profit before taxation

1.2

0.7

5.2

Non-Retail




Contribution

6.6

5.9

14.7

Share of associate profit

0.7

0.7

0.5

Dividend received

-

0.1

0.1

Profit before taxation

7.3

6.7

15.3

Total Retail and Non-Retail




Contribution

18.0

16.3

39.3

Indirect overhead costs

(10.2)

(9.8)

(20.2)

Share of associated profit

0.7

0.7

0.5

Dividend received

-

0.1

0.1

Finance income

-

0.2

0.2

Finance costs

-

(0.1)

(0.6)

Exceptional costs

-

-

1.2

Profit before taxation

8.5

7.4

20.5

 

2    Segmental analysis (continued)


26 weeks to

26 July 2014

(unaudited)

£m

26 weeks to

27 July 2013

(unaudited)

£m

52 weeks to

25 January 2014

(audited)

£m

Non-Current Assets




Destination




UK, Ireland & France

26.1

33.0

27.6

Rest of the World

5.0

5.3

4.4

Total Non-Current Assets

31.1

38.3

32.0

Revenue




Destination




UK, Ireland & France

126.3

121.7

264.3

Continental Europe

2.8

2.3

4.0

Rest of World

14.9

13.3

26.2

Total Revenue

144.0

137.3

294.5

 

The reported segments are consistent with the Group's internal reporting for performance measurement and resource allocation.  The Group does not allocate indirect overhead costs between its retail and non-retail segments.  As significant elements of the indirect overhead costs, being head office expenditure, arise from the retail segment, it is decided that the entire indirect costs are allocated to this segment.


Retail revenue reflects sales through Laura Ashley's Managed Stores, Mail Order, e-Commerce and Hotel.   Non-retail revenue includes Licensing, Franchising and Manufacturing.  Contribution is stated after deducting direct operating expenses, buying, marketing and administrative costs. 

 

3    Taxation

Taxation has been calculated by applying the forecast full year effective rate of tax in the individual fiscal territories to the results for this period. 

 

4    Earnings per share

Earnings per share is calculated by dividing the profit for the financial period by the weighted average number of ordinary shares during the year (excluding treasury shares of 18,272,500).

 


26 weeks to

26 July 2014

(unaudited)

26 weeks to

27 July 2013

(unaudited)

52 weeks to

25 January 2014

(audited)

Profit for the financial period (£m)

6.3

5.5

15.7

Weighted average number of ordinary shares -

basic and diluted ('000)

727,763

727,763

727,763

Earnings per share

0.87p

0.76p

2.15 p

 

5    Reconciliation of profit from operations to net cash (outflow)/inflow from

operating activities

 


26 weeks to

26 July 2014

(unaudited)

£m

26 weeks to

27 July 2013

(unaudited)

£m

52 weeks to

25 January 2014

(audited)

£m

Profit from operations

7.8

6.9

19.1

Exceptional items

-

(0.4)

(2.0)

Exchange loss

-

-

1.1

Amortisation charge

0.3

0.1

0.4

Depreciation charge

1.5

1.7

3.2

Loss on sale of property, plant and equipment

-

-

0.3

Decrease/ (increase) in inventories

1.8

(6.1)

(4.9)

Decrease/(increase) in receivables

8.6

(2.2)

(1.6)

(Decrease)/increase in payables

(20.9)

(2.8)

1.0

Movement in provisions

(0.1)

(0.1)

0.2

Net cash (outflow)/inflow from operating activities

(1.0)

(2.9)

16.8

 

 

6    Related party transactions

The related party transactions that have occurred in the 26 weeks ended 26 July 2014 are not materially different in size or nature to those reported in the Group's Annual Report for the financial year ended 25 January 2014.

 

 

7    Group pension arrangements

The assets and liabilities of the defined benefit pension scheme are considered on an annual basis at the end of each financial year.

 

 


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