Information  X 
Enter a valid email address

Mothercare PLC (MTC)

  Print      Mail a friend

Wednesday 30 January, 2013

Mothercare PLC

Statement re Australia

Statement re Australia

Update on Australia

Following the deterioration of trading conditions in Australia, as announced in November 2012, a decision was taken by our associate Mothercare Australia Limited1 to sell its Mothercare and Early Learning Centre businesses to The Myer Family Company Holdings Pvt Ltd. These discussions have ended inconclusively and Mothercare Australia Limited1 has been placed into administration.

In November 2012, Mothercare plc made a provision of £10.6 million, covering the remaining value of its investment in and other receivables due from Mothercare Australia Limited1. Since then receivables from Mothercare Australia Limited1 have been tightly controlled on short payment terms.

Mothercare Australia Limited1 accounts for circa 7% of International retail sales. The expected profit impact is minimal and does not change our overall view of International profitability going forward.

Apart from the information contained in this update, there has been no significant change to the financial position of the Company.

Note 1: Mothercare Australia Limited is a separate entity in which the UK quoted company Mothercare plc has an indirect minority stake.

Enquiries to:
Mothercare plc
Ramona Tipnis, Director of Investor Relations                 01923 206455

Tulchan Communications
Katharine Wynne & Susanna Voyle                               020 7353 4200

This announcement is distributed by Thomson Reuters on behalf of Thomson Reuters clients.

The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and other applicable laws; and
(ii) they are solely responsible for the content, accuracy and originality of the
information contained therein.

Source: Mothercare Plc via Thomson Reuters ONE


a d v e r t i s e m e n t