TIDMALY
RNS Number : 9264E
Ashley (Laura) Hldgs PLC
15 February 2018
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulation (EU) No. 596/2014 ("MAR"). Upon the
publication of this announcement via a Regulatory Information
Service ("RIS"), this inside information is now considered to be in
the public domain.
15 February 2018
LAURA ASHLEY HOLDINGS plc
("the Group")
Laura Ashley Holdings plc announces its interim results for the
26 weeks to 31 December 2017.
Summary
-- Total Group sales of GBP134.7m (26 weeks to 31 December 2016: GBP146.0m).
-- Total like-for-like retail sales down 0.5%.
-- Margin pressure primarily due to Sterling weakness.
-- Profit before tax of GBP4.3m (26 weeks to 31 December 2016: GBP7.8m).
-- Online revenue of GBP26.9m. (26 weeks to 31 December 2016: GBP25.6m).
-- New license partner signed for Thailand.
-- Laura Ashley Hotel concept to be licensed internationally and domestically.
-- The Board is not recommending payment of an interim dividend
(26 weeks to 31 December 2016: 0.5pence).
Chairman's statement
"Trading conditions have continued to be challenging during the
first six months of the year to 31 December 2017. The impact felt
due to the weakening of Sterling, year on year, was the most
significant single factor in the fall of profit before tax.
The Board have reviewed the first half results and forecasts for
the remainder of the year to 30(th) June 2018 and, given the
continued market challenges, considers that net pre-tax profit for
the year will fall below market expectations.
Despite these challenges, our online performance remains strong,
achieving growth of 5.1% and we look forward to the implementation
of a new digital platform during the second half. We expect that
this will help us to deliver further growth with its enhanced
functionality.
Building on the success of licensing Laura Ashley Hotel, The
Belsfield and customer feedback, we have decided to license the
Hotel concept both domestically and internationally and are
optimistic about the possibilities for growth which it gives the
Group going forward.
The termination of the licensing agreement with Aeon Holdings in
Japan, Taiwan and Hong Kong, that will take place in September
2018, gives us the opportunity to develop the Brand presence
ourselves in these territories through a licensing and online
model. We expect that this model will be profitable as the Brand is
well established and respected.
We will continue to develop our international presence and
explore new partnership opportunities. During the first half, we
have signed a new licence partner for the territory of Thailand. In
China, our website is now available on two major platforms with
another two to be added during the second half.
Our commitment to design, quality and lifestyle remains
resolute. Our customer base continues to grow worldwide and we
strive to give all customers the product and experience they expect
from Laura Ashley. I remain confident that Laura Ashley will
continue its progress and that the Company is well positioned to
make this happen."
Tan Sri Dr Khoo Kay Peng
Chairman
Enquiries:
Laura Ashley Holdings plc
Kwan Cheong Ng ; CEO
Seán Anglim ; CFO / Joint
COO 020 7880 5100
Media Enquiries
Brunswick
Anita Scott
Helen Smith 020 7404 5959
Corporate Broker
Cantor Fitzgerald Europe
Marc Milmo
Catherine Leftley 020 7894 7000
Overview
For the 26 weeks to 31 December 2017, total Group sales were
GBP134.7m (26 weeks to 31 December 2016: GBP146.0m), a fall of
7.7%. This overall fall was due primarily to the closure of 25
stores during the second half of last year. Like-for-like retail
sales fell by 0.5% over the period.
Total e-Commerce sales grew to GBP26.9m (26 weeks to 31 December
2016: GBP25.6m), an increase of 5.1%.
Margins in the period have been affected by the weakness of
Sterling against foreign currencies, especially the US Dollar, and
the additional impact of domestic cost increases. As a result,
gross margin achieved fell to 38.5% (26 weeks to 31 December 2016:
41.4%). To mitigate these adverse factors, operating expenses for
the period were reduced to GBP47.1m as a result of store
optimisation and cost efficiencies (26 weeks to 31 December 2016:
GBP52.3m). The impact felt due to the weakening of Sterling, year
on year, was the most significant single factor in the fall of
profit before tax.
As a result, Group profit before taxation was GBP4.3m (26 weeks
to 31 December 2016: GBP7.8m).
Cash Flow and Balance Sheet
As at 31 December 2017, net debt for the Group stood at GBP29.2m
of which GBP20.7m related to the purchase of the office building in
Singapore. This is in line with cash levels at this time of year.
Inventory of GBP54.2m (26 weeks to 31 December 2016: GBP52.8m) was
in line with the needs of the business.
Dividend
The Board has not recommended the payment of an interim dividend
(26 weeks to 31 December 2016: 0.5 pence per share).
UK Retail and E Commerce
As at 31 December 2017, the property portfolio in the UK
consisted of 161 stores (June 2017: 167), comprising the following
store types: 112 Mixed Product stores, 46 Home stores, 1 Concession
store, 1 Gifts & Accessories store and 1 Clearance outlet.
During the reporting period, 6 stores were closed and none were
opened.
Total UK retail sales of GBP122.9m were recorded during the
period (26 weeks to 31 December 2016: GBP133.4m). On a
like-for-like basis, UK retail sales fell by 0.5%.
Total e-Commerce sales of GBP26.9m were recorded during the
period (26 weeks to 31 December 2016: GBP25.6m). Progress on
re-platforming our website is going well and it is expected to go
live during the second half. We continue to serve ten European
countries through our UK website and, separately, our Chinese
digital platforms have recorded very promising sales growth.
Product
The UK business is split into four main categories. For the 26
weeks ended 31 December 2017, the relative split of UK sales was as
follows: Home Accessories 36%, Furniture 28%, Decorating 19% and
Fashion 17%.
Furniture
The Furniture product category includes upholstered and cabinet
furniture, beds and mirrors.
Furniture sales for the 26 weeks to 31 December 2017 decreased
by 9.0% with like-for-like sales down 4.4%. Although this was quite
a difficult half for furniture, we had some success with new
ranges. Our new season product range has recently been launched
and, supported by our promotions, free delivery and interest free
credit, we are confident that the quality, diversity and style
which it offers will drive improved performance during the coming
year.
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 31 December 2017
decreased by 3.0% with like-for-like performance up by 4.0%. Our
seasonal gift and accessories ranges were the star performers in
this category. Lighting also recorded significant growth.
Decorating
This category includes fabric, curtains, wallpaper, paint and
decorative accessories.
Decorating sales for the 26 weeks to 31 December 2017 fell by
10.9% with like-for-like sales down by 3.9%. The closure of 22
Homebase stores had an effect on this category due to the fact that
our Homebase concessions were a decorating destination for many of
our customers. Having recently launched our new season collections,
we will focus on recovering lost ground in this category,
particularly in ready-made curtains, wallpaper and fabric.
Fashion
This category includes adult fashion, fashion accessories and
perfumery.
Fashion sales for the 26 weeks to 31 December 2017 decreased by
1.0% over the same period last year with like-for-like sales up
1.2%. We are very encouraged by reaction to the new season
collections and the progress which our fashion made during the
second half.
Hotel
The Laura Ashley hotel recorded sales of GBP1.2m over the
period, reflecting the steady performance of recent years. Building
on the success of our licensed hotels and interest from within the
sector, the Company has decided to expand Laura Ashley Hotels by
licensing the concept both domestically and internationally.
Additionally, following the successful launch of the Tea Room,
we are also planning to expand this concept as a license model.
International Operations
On 2(nd) February the Company announced that, on 17(th)
September 2018, the master license agreement with Aeon will be
terminated and, as a result, license rights will revert back to the
UK for Japan, Taiwan and Hong Kong. The Laura Ashley Brand has been
much-loved in these territories for over 30 years, and we see an
exciting opportunity to build on this with the master licensing
rights back under our management. Laura Ashley has a strong future
in these territories and we are grateful to Aeon for its
co-operation and help in building the Brand presence in the
region.
We will continue to develop our international presence and
explore new partnership opportunities. In the reporting period, our
international operations contributed 6.7% of total Group revenue.
As at 31 December 2017 there were 246 franchised stores (243 as at
30 June 2017) in 29 territories worldwide.
Franchise and Licensing revenue of GBP9.9m was recorded during
the first half to 31 December 2017 (26 weeks to 31 December 2016:
GBP10.2m). This decline was primarily due to the performance of the
franchise business reflecting sluggish trading conditions in some
of our franchised territories. However, Licensing performed well,
recording growth of 21%
We signed a new licence partner for the Thailand market during
the period which will further develop the presence of the Laura
Ashley Brand in the South East Asian region. Additional agreements
are being negotiated. As noted above, we are also pleased to now
have entered the Chinese market having established our website on
two e-commerce platforms since its launch in November 2016. We
believe that the Chinese market offers exciting long term growth
opportunities given the appeal of British brands in the region.
Current Trading and Outlook
Trading conditions have been demanding during the first six
months of the year. Like-for-like sales for the six weeks to 10(th)
February 2018 were within expectations. We expect conditions to
remain challenging for the second half but are confident,
nonetheless, that the Brand and the Company are well positioned to
deal with these challenges.
Acknowledgements
I wish to convey my thanks to our staff, management and my
fellow Board members for their hard work and commitment.
I would also like to thank our customers, franchise partners,
license partners, shareholders and suppliers for their continued
support and loyalty to the Group.
Tan Sri Dr Khoo Kay Peng,
Chairman
Principal Risks and Uncertainties
There are a number of potential risks and uncertainties which
could have a material impact on the Group's performance over the
remaining six months of the financial year and beyond, and could
cause actual results to differ materially from expected and
historical results. The Board considers that the majority of
significant risks and uncertainties remain as published in the
Annual Report for the period ended 30 June 2017. These
comprise:
-- Failure of the business to meet sales and margin targets
-- Failure to maintain or increase market share
-- Failure to optimise store portfolio
-- Failure to develop innovative product ranges
-- Failure to attract, develop and retain talent with the
correct skill and capability for further development as part of the
Group's succession policy
-- Failure to deliver sales growth online by failing to meet
customer expectations or through failure of the website. Disruption
to key IT systems from a major incident, including a
cyber-attack
-- Failure to grow our international business successfully
through Franchise and Licensing partnerships
-- Failure to maintain cost efficient funding and react to
changes in foreign currency exchange fluctuations. Unforeseen
financing requirements or treasury exposures
-- Failure of central computer servers that manage points of
sale, contact centre or website
-- The risk of theft of staff, customer or corporate data.
A detailed explanation of these risks can be found on pages 11
and 12 of the 2017 Annual Report which is available at
www.lauraashley.com.
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 Interim Financial Reporting as adopted by
the EU;
-- The interim management report includes a fair review of the information required by:
a) DTR 4.2.7 R of the Disclosure and Transparency Rules, being
an indication of important events that have occurred during the
first six months of the financial year and their impact on the
condensed set of financial statements, and a description of the
principal risks and uncertainties for the remainder of the
financial year; and
b) DTR 4.2.8 R of the Disclosure and Transparency Rules, being
related party transactions that have taken place in the first six
months of the current financial year and that have materially
affected the financial position or performance of the enterprise in
the first six months of the current financial year; and any changes
in the related party transactions described in the last Annual
Report that could have a material effect on the financial position
or performance of the enterprise in the first six months of the
current financial year.
By order of the Board
Seán Anglim
Finance Director
Condensed Group Statement of Comprehensive Income
For the 26 week period ended 31 December 2017
26 weeks 26 weeks 52 weeks
to to to
31 December 31 December 30 June
2017 2016 2017
(unaudited) (unaudited) (audited)
Note GBPm GBPm GBPm
Revenue 2 134.7 146.0 277.0
Cost of sales (82.8) (85.5) (167.8)
------------------------------------- ----- ------------- ------------- -----------
Gross profit 51.9 60.5 109.2
Operating expenses (47.1) (52.3) (98.3)
Impairment of property - - (2.8)
Gains on disposal of stores - - 0.8
------------------------------------- ----- ------------- ------------- -----------
Profit from operations 4.8 8.2 8.9
Share of operating (loss)
of associate - - (1.4)
Finance costs (0.5) (0.4) (1.2)
------------------------------------- ----- ------------- ------------- -----------
Profit before taxation 4.3 7.8 6.3
Taxation (0.9) (1.6) (2.3)
------------------------------------- ----- ------------- ------------- -----------
Profit for the financial period* 3.4 6.2 4.0
Other comprehensive income:
Actuarial gain on defined
benefit pension scheme - - 1.9
Deferred tax effect - - (0.4)
------------------------------------- ----- ------------- ------------- -----------
Total that will not be subsequently
reclassified to profit and
loss - - 1.5
------------------------------------- ----- ------------- ------------- -----------
Exchange differences on translation
of investments (0.4) 0.9 -
Other reserve movements 0.1 0.6 0.5
Total that may be subsequently
reclassified to profit and
loss (0.3) 1.5 0.5
------------------------------------- ----- ------------- ------------- -----------
Other comprehensive profit
for the period net of tax (0.3) 1.5 2.0
------------------------------------- ----- ------------- ------------- -----------
Total comprehensive income
for the period 3.1 7.7 6.0
------------------------------------- ----- ------------- ------------- -----------
*Earnings per share - basic
and diluted calculated based
on profit for the financial
period 0.47p 0.85p 0.55p
------------------------------------- ----- ------------- ------------- -----------
The Group's results shown above are derived entirely from
continuing operations.
Condensed Group Statement of Financial Position
As at 31 December 2017
Restated
At 31 Dec At 31 Dec At 30 June
2017 2016 2017
(unaudited) (unaudited) (audited)
GBPm GBPm GBPm
Non-current assets
------------- ------------- -----------
Intangibles 1.6 2.2 1.9
Property, plant and equipment 46.7 50.2 47.5
Investment property 3.8 4.0 3.5
Deferred tax asset 2.6 3.2 2.6
Investment in associate 1.2 3.9 1.3
55.9 63.5 56.8
Current assets
------------- ------------- -----------
Inventories 54.2 52.8 57.7
Trade and other receivables 19.0 17.6 19.1
Cash and cash equivalents - 5.3 -
------------- ------------- -----------
73.2 75.7 76.8
----------------------------------- ------------- --- ------------- --- -----------
Total assets 129.1 139.2 133.6
----------------------------------- ------------- --- ------------- --- -----------
Current liabilities
------------- ------------- -----------
Current tax liabilities 0.9 1.6 1.0
Trade and other payables 46.5 49.8 50.9
Short-term borrowings 9.8 9.6 12.0
------------- ------------- -----------
57.2 61.0 63.9
Non-current liabilities
------------- ------------- -----------
Retirement benefit liabilities 13.9 16.2 13.8
Deferred tax liabilities 0.1 0.2 0.1
Long-term borrowings 19.4 20.8 20.3
Provisions and other liabilities - 0.3 0.1
------------- ------------- -----------
33.4 37.5 34.3
----------------------------------- ------------- --- ------------- --- -----------
Total liabilities 90.6 98.5 98.2
----------------------------------- ------------- --- ------------- --- -----------
Net assets 38.5 40.7 35.4
----------------------------------- ------------- --- ------------- --- -----------
Equity
Share capital 37.3 37.3 37.3
Share premium 86.4 86.4 86.4
Own shares (3.2) (3.2) (3.2)
Treasury shares (4.6) (4.6) (4.6)
Retained earnings (77.4) (75.2) (80.5)
----------------------------------- ------------- --- ------------- --- -----------
Total equity 38.5 40.7 35.4
----------------------------------- ------------- --- ------------- --- -----------
Condensed Group Statement of Changes in Shareholders' Equity
For the 26 week period ended 31 December 2017
Share Share Own Treasury Retained Total
capital premium shares shares earnings equity
GBPm GBPm GBPm GBPm GBPm GBPm
------------------------------ --------- --------- -------- --------- ---------- --------
Balance as at 30 June 2016
- previously reported 37.3 86.4 (0.8) - (76.0) 46.9
Prior period adjustments - - (2.4) (4.6) 4.0 (3.0)
------------------------------ --------- --------- -------- --------- ---------- --------
Balance as at 30 June 2016
- restated 37.3 86.4 (3.2) (4.6) (72.0) 43.9
Profit for the 26 week
period ended
31 December 2016 - - - - 6.2 6.2
Dividend paid - - - - (10.9) (10.9)
Other comprehensive income - - - - 1.5 1.5
------------------------------ --------- --------- -------- --------- ---------- --------
Balance as at 31 December
2016 - restated 37.3 86.4 (3.2) (4.6) (75.2) 40.7
Profit for the 26 week
period ended
30 June 2017 - - - - (2.2) (2.2)
Dividend paid - - - - (3.6) (3.6)
Other comprehensive income - - - - 0.5 0.5
------------------------------ --------- --------- -------- --------- ---------- --------
Balance as at 30 June 2017 37.3 86.4 (3.2) (4.6) (80.5) 35.4
Profit for the 26 week
period ended
31 December 2017 - - - - 3.4 3.4
Dividend paid - - - - - -
Other comprehensive income - - - - (0.3) (0.3)
------------------------------ --------- --------- -------- --------- ---------- --------
Balance as at 31 December
2017 37.3 86.4 (3.2) (4.6) (77.4) 38.5
------------------------------ --------- --------- -------- --------- ---------- --------
Condensed Group Cash Flow Statement
For the 26 week period ended 31 December 2017
52 weeks
to
26 weeks 26 weeks
to to 30 June
31 December 31 December
2017 2016 2017
(unaudited) (unaudited) (audited)
Note GBPm GBPm GBPm
Operating activities
-------------- -------------- -----------
Net cash generated from
operations 5 6.1 7.3 5.8
Corporation tax paid (1.0) (3.0) (4.2)
Dividend paid - (10.9) (14.5)
Finance cost - - -
-------------- -------------- -----------
5.1 (6.6) (12.9)
Investing activities
-------------- -------------- -----------
Purchase of intangible
assets (0.2) (0.1) (0.5)
Purchase of property, plant
and equipment (1.3) (0.1) (0.3)
(1.5) (0.2) (0.8)
Financing activities
-------------- -------------- -----------
Repayment of bank loan (0.9) (0.7) (1.3)
Interest expense (0.5) (0.4) (0.6)
(1.4) (1.1) (2.0)
Net increase/(decrease)
in cash and cash equivalents 2.2 (7.9) (15.7)
------------------------------- ----- -------------- --- -------------- --- -----------
Reconciliation of Net Cash Flow to movement in Net Funds
For the 26 week period ended 31 December 2017
52 weeks
to
26 weeks 26 weeks
to to 30 June
31 December 31 December
2017 2016 2017
(unaudited) (unaudited) (audited)
GBPm GBPm GBPm
----------------------------- --------------- --- -------------- --- -----------
Net increase/(decrease) in
cash and cash equivalents 2.2 (7.9) (15.7)
Net funds at the beginning
of the period (10.7) 5.0 5.0
------------------------------ -------------- --- -------------- --- -----------
Net funds at the end of the
period (8.5) (2.9) (10.7)
------------------------------ -------------- --- -------------- --- -----------
The above reconciliation includes an amount of GBP8.5m which is
a restricted overdraft.
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 Conduct 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 Group's published financial statements for the
financial period ended 30 June 2017, 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 period ended 30 June 2017
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 six months condensed financial statements are unaudited,
not reviewed in accordance with 'International 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 26 weeks 52 weeks
to to to
31 December 31 December 30 June
2017 2016 2017
(unaudited) (unaudited) (audited)
GBPm GBPm GBPm
------------------------------- ------------- ------------- -----------
Revenue
Retail:
------------- ------------- -----------
Stores 94.3 106.5 196.0
e-Commerce & Mail Order 29.2 27.5 57.3
Hotel 1.2 1.4 2.5
------------- ------------- -----------
Total Retail (inc. Europe
and Hotel) 124.7 135.4 255.8
Non-Retail 10.0 10.6 21.2
------------------------------- ------------- ------------- -----------
Total Revenue 134.7 146.0 277.0
------------------------------- ------------- ------------- -----------
Retail
Contribution:
------------- ------------- -----------
Stores 4.0 6.1 3.9
e-Commerce & Mail Order 6.6 6.8 13.8
Hotel (0.3) (0.1) (0.2)
------------- ------------- -----------
Total contribution 10.3 12.8 17.5
Indirect overhead costs (9.5) (10.0) (18.2)
Finance costs (0.5) (0.4) (1.2)
Exceptional costs - - (2.1)
------------------------------- ------------- ------------- -----------
Profit/(loss) before taxation 0.3 2.4 (4.0)
------------------------------- ------------- ------------- -----------
Non-Retail
Contribution 4.0 5.4 11.7
Share of associate (loss) - - (1.4)
Profit before taxation 4.0 5.4 10.3
------------------------------- ------------- ------------- -----------
Total Retail and Non-Retail
Contribution 14.3 18.2 29.2
Indirect overhead costs (9.5) (10.0) (18.2)
Share of associated (loss) - - (1.4)
Finance costs (0.5) (0.4) (1.2)
Exceptional costs - - (2.1)
------------------------------- ------------- ------------- -----------
Profit before taxation 4.3 7.8 6.3
------------------------------- ------------- ------------- -----------
2 Segmental analysis (continued)
As at As at As at
31 December 31 December 30 June
2017 2016 2017
(unaudited) (unaudited) (audited)
GBPm GBPm GBPm
-------------------------- ------------- ------------- -----------
Non-current assets
Destination
UK, Ireland & France 18.7 20.9 19.1
Japan 2.5 5.3 2.6
Singapore 34.7 37.3 35.1
Rest of the World - - -
-------------------------- ------------- ------------- -----------
Total Non-current assets 55.9 63.5 56.8
-------------------------- ------------- ------------- -----------
26 weeks 26 weeks 52 weeks
to to to
31 December 31 December 30 June
2017 2016 2017
(unaudited) (unaudited) (audited)
GBPm GBPm GBPm
-------------------------- ------------- ------------- -----------
Revenue
Destination
UK, Ireland & France 125.6 136.6 257.6
Continental Europe 1.5 1.4 2.8
Japan 4.6 5.1 9.8
Rest of World 3.0 2.9 6.8
Total Revenue 134.7 146.0 277.0
-------------------------- ------------- ------------- -----------
The reported segments are consistent with the Group's internal
reporting for performance measurement and resource allocation.
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 are 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 26 weeks 52 weeks
to to to
31 December 31 December 30 June
2017 2016 2017
(unaudited) (unaudited) (audited)
GBPm GBPm GBPm
--------------------------------- ------------- ------------- -----------
Profit for the financial period
(GBPm) 3.4 6.2 4.0
Weighted average number of
ordinary shares -
basic and diluted ('000) 727,763 727,763 727,763
Earnings per share 0.47p 0.85p 0.55 p
5 Reconciliation of profit from operations to net cash inflow from
operating activities
26 weeks 26 weeks 52 weeks
to to to
31 December 31 December 30 June
2017 2016 2017
(unaudited) (unaudited) (audited)
GBPm GBPm GBPm
------------------------------------ ------------- ------------- -----------
Profit from operations 4.8 8.2 8.9
Amortisation charge 0.5 0.4 0.8
Depreciation charge 1.3 1.7 3.0
Loss on sale of property,
plant and equipment 0.1 - 0.4
Exchange movement on property,
plant and equipment 0.3 0.1 0.8
Decrease/(increase) in inventories 3.5 (1.7) (6.6)
Decrease/(increase) in receivables 0.1 (0.4) (1.9)
(Decrease)/increase in payables (4.4) (0.7) 0.4
Movement in provisions (0.1) (0.3) -
------------------------------------ ------------- ------------- -----------
Net cash inflow from operating
activities 6.1 7.3 5.8
------------------------------------ ------------- ------------- -----------
6 Related party transactions
The related party transactions that have occurred in the 26 week
period ended 31 December 2017 are not materially different in size
or nature to those reported in the Group's Annual Report for the
financial year ended 30 June 2017.
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 DZLFFVLFBBBF
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