TIDMJLH

RNS Number : 6349S

John Lewis Of Hungerford PLC

18 March 2021

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse (Amendment) (EU EXIT) Regulations 2019/310.

18 March 2021

JOHN LEWIS OF HUNGERFORD PLC

FINAL RESULTS

John Lewis of Hungerford plc ("John Lewis of Hungerford" or the "Company"), the specialist kitchen manufacturer and retailer, announces its final results for the year ended 30 June 2020.

Chief Executive's Business Review

Due to the COVID-19 pandemic, the Company was not able to announce and post its annual audited report and accounts for the financial year ended 30 June 2020 (the "Annual Report") to shareholders by 31 December 2020. The Company therefore applied to AIM Regulation, pursuant to the guidance provided by AIM Regulation, for an additional period of up to three months to publish the Annual Report which was granted. I am now pleased to be able to report the results for the year ended 30 June 2020, together with an update on trading since that date. The unaudited interim results for the six months ended 31 December 2020 will be released shortly after this announcement.

Prior year comparatives are restated for the impact of the adoption of IFRS16: Leases. The impact is fully disclosed in Note 2 to the financial statements.

Overview

As reported within our Finance and Operations Update released on 30 June 2020, the timing of the initial lockdown period of 12 weeks from 23 March 2020 restricted the Company's ability to trade during its seasonal peak in the final quarter, which has had a significant impact on the final results for the year ended 30 June 2020, with the resulting revenues for the year of GBP5.55 million (2019: GBP8.31 million). The Company recognises revenues at the point of delivery of orders to customers, and, therefore, the financial performance in the second half of the financial year was particularly adversely affected. The restrictions on trades operating in peoples' homes, combined with customers who were shielding or self-isolating, severely restricted customer deliveries for much of the final quarter of the financial year. The underlying loss before tax for the year was GBP886k (2019: restated loss before tax of GBP220k).

Since re-opening our showrooms on 15 June 2020, we have seen record breaking levels of customers engaging with the business through both our digital channels and face-to- face during the periods when the showrooms have been open. The aggregate value of first design quotations provided to customers ("quoted business") in the period since our re-opening through to February 2021 is double the figure for the comparable period in the previous financial year. We are pleased with the progress to date and can see latent demand, arising from the earlier lockdowns and from customers with delayed projects, now moving forward.

With FCA approval granted, we are now offering finance facilities to our customers, which has been well received. We look forward to assessing the benefit that this new service offering brings over the coming period.

The new financing facility with Devon & Cornwall Securities Limited for GBP1.079 million, announced on 30 June 2020, supported the working capital requirements of the business with operating costs as we emerged from the earlier lockdown. Liquidity (cash and unutilised overdraft) as at 30 June 2020 was GBP559k (2019: GBP538k).

The first six months of our new financial year for the year ending 30 June 2021 have seen a broadly comparable sales performance with the year ended 30 June 2020. The unaudited results for the six months ended 31 December 2020 show sales of GBP3.33 million (2020: GBP3.35 million), suppressed in part due to delays arising from the additional November lockdown. The loss before tax is GBP213k (2020: restated loss before tax GBP398k)

Marketing

The switch to digital advertising has been a strategic shift for the business over the last two years. Developing our website and our social media following, combined with using influencers to support our brand strategy and positioning, has been instrumental in generating the increase in online traffic we have seen, and this has continued into the new financial year. With a more sophisticated PPC and SEO strategy, combined with our enhanced website offering, we have been able to attract online visitors at a time that we could no longer rely on footfall. Our website and social media channels became a very critical way for customers to engage with the business. Despite the complete closure of the showrooms for the final quarter of the year, we still achieved committed orders at a rate of around 30% of the prior year levels during this difficult period.

During the subsequent lockdowns, we have successfully switched our design teams back online, with virtual consultations working well through popular video conferencing systems such as Zoom and MS Teams, as seen during the November and the new year 2021 lockdowns. Our online tools and services, including Virtual Showroom Tours and Product Demonstration Videos, have aided the customer decision making in this high value spend on the home. Having created an effective and seamless virtual proposition to provide either a blended, or fully virtual experience, for customers who may find themselves unable to visit showrooms, we are confident that our customers will experience an immersive and engaging virtual experience.

Operations

Within this challenging environment, we took steps to remove approximately GBP275k of costs in the year ended 30 June 2020, with an annualised benefit of around GBP450k. As a result of the recent uplift in quoted business, selected re-investments will be made within the business. However, we continue to pursue additional cost savings to ensure that we optimise the cost base for the business and maximise agility during this challenging time. Operating margins for the year ended 30 June 2020 were broadly in line with the prior year, achieved through improvements in our production facility following our investment in the spray booths and ovens in 2019. Improved productivity, combined with more proficient procurement, has led to additional cost savings.

Our commitment to building our professional relationships with architects, developers and interior designers continues to gather pace.

Our modern Shaker and handless Pure ranges continue to dominate our sales, although we have seen a sustained interest in our traditional framed kitchens, representing 18% of our sales during the year to 30 June 2020.

 
         12 months to   12 months 
            June 2020          to 
                        June 2019 
---------------------  ---------- 
               GBP000      GBP000 
Total Sales 5,553           8,306 
Cost of sales 3,004         4,374 
---------------------  ---------- 
Gross margin 2,549          3,932 
=====================  ========== 
Gross Margin % 45.9%        47.3% 
 

The movement in the gross margin is a result of the fixed labour costs incurred when running our production facility during the period that the showrooms remained closed. The Board took the decision to complete production of all committed orders, even where customers were self-isolating or shielding, or were unable to take delivery or resume building works, until after the year end.

Financials

Given the strong design quoted activity during January and February 2020, together with the effect of the cost saving measures already implemented, the Board had previously been cautiously confident of a profitable second half, which was expected to approximately offset the first half loss.

However, since the national lockdown began in March 2020, the Company's immediate focus switched to cash preservation. As soon as it became clear that the final quarter disruption would have an adverse impact on our cash reserves, the Company explored all available options to mitigate the revenue loss by implementing cost-cutting measures immediately. We sought to agree preferential terms from our landlords and suppliers, and we thank them for their support during this difficult period. We continue to look to our strategic partners for their ongoing support with preferential payment terms until our showrooms reopen and we can see more certainty moving forwards.

In addition, the Company utilised UK Government support measures, including VAT payment holidays and PAYE deferral, the local business grants, business rates relief and the Coronavirus Job Retention Scheme. This support helped the business to reduce monthly cash operating costs throughout the earlier lockdown.

The Board met regularly to ensure support for the executive team and provided valuable guidance for the many challenges we encountered, and assisted in making critical decisions, which were needed to secure the financial resilience of the Company. The Directors continue to meet as often as is required to support the executive team.

Covid-19 Response

As soon as the Government advised retail outlet closures in March 2020, we suspended all manufacturing activities for the initial three-week lockdown and our installation teams completed essential works only, before pausing operations completely. All delivery services were also deferred with the health and safety of our teams being of vital importance.

With nearly 70% of the workforce furloughed initially, the business continued to support our teams on full pay initially and then at 80% until the teams returned to work. The Board also took a 20% reduction in pay for three months. Any colleagues who suffered Covid-19 symptoms were paid full sick pay until they recovered, or until their self-isolation ended. Supporting our teams has been central to our policies throughout the period, with our Employee Assistance Programme also providing a Health & Wellbeing Helpline, for those who found the experience of lockdown stressful. Contact was maintained throughout the lockdown period with the teams to ensure they were fully informed of progress being made within the business.

Reopening our sites was carefully managed to ensure that both the showrooms and the factory teams were COVID-Safe. Additional safety measures including strict social distancing and hygiene measures have been taken, with customers returning to the showrooms in June 2020, on an 'appointment only basis'. This helped restore customer confidence in visiting our showrooms, with the design team now able to fully interact with a customer on a one-to-one basis.

With customer deliveries fully resumed and the manufacturing facility operating at normal lead times with effect from May 2020, our performance to date in the new financial year has been ahead of our expectations. Customers continue to prioritise works in their homes, ahead of any future lockdowns or restrictions being imposed on trades operating in peoples' homes.

The Board continues to work closely with all of its partners to ensure the safety of its employees, customers and suppliers. Any action needed to improve our ability to protect the health, safety and wellbeing of our people, both at work and at home, continues to be paramount as we move forward during this period.

Trading Outlook

The first six months of our new financial year for the year ended 30 June 2021 have seen a broadly comparable sales performance with the year ended 30 June 2020. The unaudited results for the six months ended 31 December 2020 show sales of GBP3.33 million (2020: GBP3.35 million), due in part to the additional November lockdown and a loss before tax of GBP213k (2020: restated loss before tax GBP398k). The impact of the November lockdown has deferred sales into the second half of our current financial year, as supported by the high level of deposits taken to date, as detailed below.

Our despatched sales and forward orders (which we normally consider to be the best measure of current trading) for the first 35 weeks of trading of the current financial year stood at GBP6.2 million (2020: GBP5.7 million). Future orders against which a first stage deposit has been taken stood at GBP2.1 million (2020: GBP0.7 million), of which GBP1.5 million is currently scheduled for completion by the June 2021 year end (2020: GBP0.5 million). Therefore, the total of all despatched sales and forward orders is GBP8.3 million, which is 30% ahead of the corresponding period in the previous year, which was prior to the first lockdown beginning on 23 March 2020. Quotation activity within the business continues to be substantially up on the previous year which reflects a now, sustained consumer interest in home improvements.

The Government's road map out of lockdown currently states that our showrooms can re-open on 12 April 2021. Although this remains uncertain whilst the government assess the steps taken to start to reopen society. Whilst conscious of the inherent uncertainties, we remain cautiously optimistic for an improved performance over recent years, however, we are prepared for further disruption from the pandemic, including further building delays for the trades people, caused by a backlog of projects arising from the succession of lockdowns, that could impact our results and cashflows in the current year. The work done to move the business online in the event of extensions to local lockdowns, however, should support customers to continue their buying journey with our design team and reduce the adverse impact on our order book.

The year under review has been one of the most challenging in the history of the Company. The dedication and loyalty of our employees to come together during this period of significant disruption has been inspiring. They have continued to work hard to serve our customers to fulfil their ambitions for their homes and we thank them most sincerely for their efforts and their determination to see the business through these difficult times. We also thank our shareholders for their continued support and assure them of our commitment to return the business to profitability.

Kiran Noonan

Chief Executive Officer

17 March 2021

Enquiries:

John Lewis of Hungerford plc 01235 774300

Kiran Noonan - Chief Executive Officer

Allenby Capital Limited (Nominated Adviser and Broker) 020 3328 5656

David Worlidge/Nick Naylor

 
 Income Statement for the year ended 30 June 2020 
 
                                                                Restated 
                                                      2020          2019 
 
                                     Notes             GBP           GBP 
 
 Revenue                                         5,552,564     8,305,948 
 
 Cost of sales                                 (3,003,810)   (4,374,380) 
                                             -------------  ------------ 
 
 Gross profit                                    2,548,754     3,931,568 
 
 Selling and distribution 
  costs                                          (413,375)     (498,435) 
 
 Administrative expenses                       (3,080,877)   (3,491,059) 
 Other operating income                            210,000             - 
                                             -------------  ------------ 
 
 Total                                         (2,870,877)   (3,491,059) 
 
 
 Loss from operations                            (735,498)      (57,926) 
 
 
 Finance income                                        336           246 
 
 Finance expenses                                (150,654)     (162,345) 
                                             -------------  ------------ 
 
 Loss before tax                                 (885,816)     (220,025) 
 
 
 Tax Credit/(charge)                 3              94,592      (68,531) 
                                             -------------  ------------ 
 
 
 Loss for the year                               (791,224)     (288,556) 
                                             =============  ============ 
 
 Loss per share                      4 
 Basic                                             (0.42)p       (0.15)p 
 Fully diluted                                     (0.42)p       (0.15)p 
 
 
 Statement of Comprehensive Income for the year ended 
  30 June 2020 
 
                                                         Restated 
                                                 2020        2019 
 
                                    Notes         GBP         GBP 
 Loss for the 
 year                                       (791,224)   (288,556) 
                                           ----------  ---------- 
 
 Revaluation of freehold 
  land and buildings                  6       692,477           - 
 
 Deferred tax on revaluation 
  of freehold land and 
  buildings                          13     (131,571)           - 
 Total Comprehensive Income                 (230,318)   (288,556) 
                                           ==========  ========== 
 
 
 
 Statement of financial position as at 30 June 
  2020                                                                 Restated 
                                                         30 June        30 June 
                                                            2020           2019 
 
                                        Notes                GBP            GBP 
 
 Non-current assets 
 Intangible assets                      5                157,190        179,292 
 Property, plant and 
  equipment                             6              2,790,875      2,299,873 
 Right of use assets                    7              1,444,476      1,758,101 
 Trade and other receivables            10                42,750         42,750 
                                                ----------------  ------------- 
                                                       4,435,291      4,280,016 
 Current assets 
 Inventories                            9                152,530        144,022 
 Trade and other receivables            10               542,526        736,593 
 Cash and cash equivalents                               558,765        287,187 
                                                ----------------  ------------- 
                                                       1,253,821      1,167,802 
 
 Total assets                                          5,689,112      5,447,818 
                                                ----------------  ------------- 
 
 Current liabilities 
 Trade and other payables               11           (1,454,231)    (1,550,346) 
 Customer deposits                                     (581,058)      (369,252) 
 Lease liabilities                      8              (242,253)      (327,452) 
 Provisions                             14              (60,998)              - 
 Borrowings                             12             (111,701)      (122,289) 
                                                ----------------  ------------- 
                                                     (2,450,241)    (2,369,339) 
 
 Non-current liabilities 
 Borrowings                             12           (1,156,033)      (479,034) 
 Lease liabilities                      8            (1,432,063)    (1,674,319) 
 Provisions                             14              (56,055)      (105,053) 
                                                ----------------  ------------- 
                                                     (2,644,151)    (2,258,406) 
 
 Total liabilities                                   (5,094,392)    (4,627,745) 
                                                ----------------  ------------- 
 
 Net assets                                              594,720        820,073 
                                                ================  ============= 
 
 Equity 
 Share Capital                                           186,745        186,745 
 Share Premium                                         1,188,021      1,188,021 
 Other Reserves                                            1,421          1,421 
 Revaluation reserve                    13               560,906              - 
 Retained Earnings                                   (1,342,373)      (556,114) 
                                                ----------------  ------------- 
 
 
 Total equity                                            594,720        820,073 
                                                ================  ============= 
 
 The financial statements were approved by the Board of Directors 
  and authorised for issue on 
  17 March 2021 and were signed on its behalf by: 
 Kiran Noonan                                    Stephen Huggett 
 Director                                        Director 
 

Statement of Changes in Equity for the year ended 30 June 2020

 
  Share    Share     Other  Revaluation      Retained 
Capital  Premium  Reserves      Reserve     Earnings         Total 
 
 
                 GBP         GBP          GBP                 GBP              GBP          GBP 
--------------------  -------------  ------------  --------------  ---------------  ----------- 
 
  At 30 June 2018 
  186,745                1,188,021        1,421                 -         (16,589)    1,359,598 
application of 
 IFRS 16 -                        -             -               -        (252,285)    (252,285) 
--------------------  -------------  ------------  --------------  ---------------  ----------- 
At 01 July 2018 
 - restated 186,745      1,188,021        1,421                 -        (268,874)    1,107,313 
year -                            -           -                 -        (288,556)    (288,556) 
Share based 
 payments -                       -           -                 -          1,316          1,316 
--------------------  -------------  ------------  --------------  ---------------  ----------- 
 
  At 30 June 2019 
  186,745                 1,188,021        1,421                -        (556,114)      820,073 
Loss for the 
 year -                           -             -               -        (791,224)    (791,224) 
Revaluation of 
 freeholds - 
 Deferred tax on                  -             -        692,477                 -      692,477 
Revaluation of 
 freeholds -                      -             -       (131,571)                -    (131,571) 
Share based 
 payments -                       -             -               -            4,965        4,965 
--------------------  -------------  ------------  --------------  ---------------  ----------- 
At 30 June 
 2020 186,745            1,188,021        1,421          560,906       (1,342,373)      594,720 
--------------------  -------------  ------------  --------------  ---------------  ----------- 
 
 
 Statement of Cash Flows for the year ended 30 June 
  2020 
 
                                                               Restated 
                                                       2020        2019 
 
                                                        GBP         GBP 
 Cash flows from operating activities 
 Loss from operations 
  after tax                                       (640,906)   (126,457) 
 Amortisation 
  of intangible 
  assets                                             32,839      22,336 
 Depreciation 
  and impairment 
  of property, 
  plant and equipment                               219,769     233,759 
 Depreciation 
  of right of use 
  assets                                            313,625     318,327 
 Share based payments                                 4,965       1,316 
 (Profit)/loss 
  on disposal of 
  property, plant 
  and equipment                                     (1,237)       9,738 
 (Increase)/decrease 
  in inventories                                    (8,508)      25,514 
 Decrease/(increase) 
  in receivables                                    157,088   (206,392) 
 (Decrease)/increase 
  in payables                                      (96,114)       9,378 
 Increase in Customer 
  Deposits                                          211,806      75,224 
 Increase in provisions                              12,000       4,000 
                                                 ----------  ---------- 
 Cash generated from operations                     205,327     366,743 
 Tax (Credit) 
  / Charge on Operations                           (94,592)      68,531 
 Net cash from operating activities                 110,735     435,274 
                                                 ----------  ---------- 
 
 Cash flows from investing activities 
 Purchase of intangible 
  assets                                           (10,737)   (145,183) 
 Purchase of property, 
  plant and equipment                              (27,538)   (196,248) 
 Net proceeds 
  from sale of 
  property, plant 
  and equipment                                      10,480       9,845 
 Interest received                                      336         246 
 Net cash used 
  in investing 
  activities                                       (27,459)   (331,340) 
                                                 ----------  ---------- 
 
 Cash flows from financing activities 
 Interest 
 paid                                             (150,654)   (162,345) 
 Increase in borrowings                           1,079,000     100,876 
 Repayment of borrowings - finance 
  leases                                           (32,483)    (27,981) 
 Repayment of borrowings - bank loans             (380,106)    (86,076) 
 Repayment of IFRS 16 lease liabilities           (327,455)   (326,943) 
 Net cash used in financing activities              188,302   (502,469) 
                                                 ----------  ---------- 
 
 
 Net increase/(decrease) 
  in cash and cash 
  equivalents                                       271,578   (398,535) 
                                                 ----------  ---------- 
 Net cash and 
  cash equivalents 
  at the start 
  of the period                                     287,187     685,722 
 Net cash and 
  cash equivalents 
  at the end of 
  the year                                          558,765     287,187 
                                                 ==========  ========== 
 
 
 Net cash and 
  cash equivalents 
  comprise: 
 Cash at bank 
  and in hand                                       558,765     287,187 
 Bank overdrafts                                          -           - 
                                                    558,765     287,187 
                                                 ==========  ========== 
 

The table below sets out an analysis of net debt and the movements in net debt for each of the periods presented.

 
 Net debt reconciliation 
 
                           Liabilities from financing                 Other 
                                    activities                       assets 
                                          Lease 
                      Borrowings    liabilities   Sub-total   Cash balances 
 Net debt as at 
  1 July 2018            614,504      1,950,968   2,565,472         685,722 
 Cash 
  Flows                 (13,181)      (326,943)   (340,124)       (398,535) 
 New leases                    -        377,746     377,746               - 
 Net debt as at 
  30 June 2019           601,323      2,001,771   2,603,094         287,187 
                     -----------  -------------  ----------  -------------- 
 Cash 
  Flows                  666,411      (327,455)     338,956         271,578 
 New leases                    -              -           -               - 
 Net debt as at 
  30 June 2020         1,267,734      1,674,316   2,942,050         558,765 
                     ===========  =============  ==========  ============== 
 
 
 
 
Notes to the financial Statements 
 
 
 
1. STATUTORY ACCOUNTS 
 
   The financial information set out above does not constitute 
    statutory accounts for the years ended 30 June 2020 
    or 2019 within the meaning of sections 435(1) and (2) 
    of the Companies Act 2006 or contain sufficient information 
    to comply with the disclosure requirements of International 
    Financial Reporting Standards. 
 
    The Financial Statements for the year ended 30 June 
    2019, upon which the Company's auditors have given a 
    report which was unqualified and did not include reference 
    to any matters to which the auditors drew attention 
    by way of emphasis without qualifying their report and 
    did not contain any statement under section 498(2) or 
    (3) of the Companies Act 2006, have been delivered to 
    the Registrar of Companies. 
 
 
   The Financial Statements for the year ended 30 June 
    2020, upon which the Company's auditors have given a 
    report which was unqualified and included reference 
    to the material uncertainty related to going concern 
    [and did not contain any statement under section 498(2) 
    or (3) of the Companies Act 2006]: 
 
    "Material uncertainty related to going concern" 
 
    We draw attention to the going concern accounting policy 
    in note 1.1 to the financial statements which indicates 
    that the ability of the Company to continue as a going 
    concern is subject to material uncertainty. 
    The Company recorded a loss for the year ended 30 June 
    2020 of GBP791,224 and at 30 June 2020 had cash reserves 
    of GBP558,765, net current liabilities of GBP1,196,420 
    and net assets of GBP594,720. The Company's revenues 
    and timing of the associated cash flows have been adversely 
    affected by the Covid-19 pandemic and lockdown restrictions. 
    As the Company operates a made-to-order, negative working 
    capital model, it is reliant on the cash flows from 
    customer deposits and completion of sales to be able 
    to meet its 
    liabilities as they fall due. 
 
    These events or conditions, along with other matters 
    set out in note 1.1, indicate that a material uncertainty 
    exists that may cast significant doubt on the Company's 
    ability to continue as a going concern. Our opinion 
    is not modified in respect of this matter. 
 
    The financial statements do not include adjustments 
    that would be necessary if the Company was unable to 
    continue as a going concern. Our opinion is not modified 
    in respect of this matter." 
 
 
    The Financial Statements for the year ended 30 June 
    2020 will be delivered to the Registrar of Companies 
    in due course. 
 
 
2.  ACCOUNTING POLICIES 
 
 
  Basis of preparation 
  John Lewis of Hungerford plc is a public limited company 
   listed on the London AIM market and incorporated and 
   domiciled in England and Wales. The Company's financial 
   statements are prepared under the historical cost convention 
   and in accordance with International Financial Reporting 
   Standards (IFRS) as adopted by the European Union and 
   with those parts of the Companies Act 2006 applicable 
   to companies reporting under IFRS. The Company's financial 
   statements are presented in Sterling and 
   rounded to whole pounds. 
 
 
   Going concern 
   The financial statements are prepared on a going concern 
    basis, which the directors believe to be appropriate 
    for the following reasons: 
 
    The strength of the current order book, as discussed 
    in the Trading Outlook within the Chief Executives Business 
    Review and with the current lockdown due to allow the 
    re-opening of non-essential retail on 12 April 2021, 
    will allow the Company to maintain the ongoing conversion 
    of quoted business into committed orders, further supported 
    by the sustained consumer interest in the home improvement 
    sector. 
 
 
 
     The results show that the Company made a loss after 
     tax during the year of GBP791k (2019: restated loss 
     after tax of GBP289k) and had net current liabilities 
     of GBP1,196k (2019: GBP1,202k) as at 30 June 2020, as 
     the pandemic had a significant impact on the Company's 
     performance particularly during its seasonally important, 
     final quarter. The Company own the Freehold of its Head 
     Office and Factory in Wantage and it's Hungerford Showroom, 
     which was revalued in February of this financial year, 
     and has a Net Book Value of GBP1,896k as at 30 June 
     2020. The total Net Assets at 30 June 2020 were GBP595k. 
     The Company operates a made-to-order, negative working 
     capital model and therefore to minimise disruption to 
     the Company's cash flows it has taken a number of measures 
     since the start of the Covid-19 pandemic. The Company 
     has refinanced to release additional working capital 
     combined with measures taken to ensure an ongoing focus 
     on cash preservation. The Company has undertaken a series 
     of cost-cutting measures, and successfully agreed preferential 
     terms from landlords and suppliers. In addition, the 
     Company has been utilising the government support available 
     during the pandemic, including VAT payment holidays, 
     PAYE deferral, local business grants, business rates 
     relief and the Job Retention Scheme. 
   Despite the losses made during the year and subsequent 
    to the year end, as stated, in the Trading Outlook within 
    the Chief Executive's Business review, the Company's 
    forward orders against which a first stage deposit has 
    been taken, together with the significant increase in 
    quoted business compared to the corresponding period 
    in the prior year, leads the Directors to believe that 
    there is now sustained levels of consumer interest in 
    home improvements, and this is expected to continue. 
 
    The Directors have prepared cash flow forecasts for 
    the Company for a period of at least 12 months from 
    the date of signing of these financial statements. These 
    forecasts include a number of assumptions in relation 
    to the timing of cash flows, level of customer order 
    intake; gross profit margins; and achievement of cost 
    savings in line with the Company's strategic plans. 
   The Directors have also prepared severe, but plausible, 
    downside sensitivity scenarios, which cover the same 
    period as our cash flow forecasts for a period of at 
    least 12 months from the date of signing. These downside 
    scenarios include specific consideration of a range 
    of impacts that could arise from a continued impact 
    of the coronavirus pandemic. These scenarios include 
    lockdown continuing beyond the expected date that the 
    showrooms are scheduled to re-open on 12 April 2021; 
    reduced customer spending; and further lockdowns beyond 
    12 April 2021 of up to 12 weeks. As part of this analysis, 
    mitigating actions within the Company's control should 
    these severe, but plausible, scenarios occur, have also 
    been considered. These mitigating actions included reducing 
    discretionary spend across the Company and other measures 
    to protect cash balances. The forecast cash flows for 
    this scenario allow for the ability and the intention 
    of the Directors to implement mitigating actions should 
    they need to. 
 
     As the Company operates a made-to-order, negative working 
     capital model, it is reliant on the cash flows from 
     customer deposits and completion of sales to be able 
     to meet its liabilities as they fall due. These cashflows 
     have been adversely impacted by the pandemic. The timing 
     of these cash receipts is a key consideration in the 
     cash flow forecasts and sensitivity scenarios that have 
     been reviewed. The Directors have considered all of 
     the factors noted above, including the Company's forward 
     orders and quoted business; the support of its landlords 
     and suppliers; plus, the government support available. 
     Taking these factors into account, balanced with the 
     inherent uncertainty associated with forecasting the 
     impact of the Covid-19 pandemic, the Directors are confident 
     that the Company has adequate resources to continue 
     to meet all liabilities, as and when they fall due, 
     for the foreseeable future and, at least for the period 
     of twelve months from the date of approval of these 
     financial statements. 
 
     Whilst the current pandemic has resulted in there being 
     delays in the timings of cash receipts, the Directors 
     are further encouraged by the early effects of the vaccination 
     programme and remain positive regarding the prospects 
     for the Company. However, we recognise that these circumstances 
     represent a material uncertainty which may cast significant 
     doubt over the Company's ability to continue as a going 
     concern. 
 
     Notwithstanding the above, the Directors believe that 
     with the current Government Road Map suggesting that 
     all restrictions are due to be lifted by June 2021, 
     there is reasonable evidence to conclude that a further 
     period of extended lockdown or disruption is unlikely. 
     Accordingly, the financial statements are prepared on 
     a going concern basis. 
 
 
  3   TAX ON (LOSS) / PROFIT FROM OPERATIONS 
                                                            2020        2019 
 
                                                             GBP         GBP 
 
      Current period taxation 
 
      UK Corporation tax charge for the 
       period                                                  -           - 
      Research and development tax credit                      -           - 
                                                      ----------  ---------- 
 
      Total current 
      tax                                                      -           - 
  Origination and reversal of temporary 
   timing differences                                    229,886      33,665 
  Current year deferred tax asset not 
   recognised                                          (229,886)    (33,665) 
  Reversal of previously recognised 
   Deferred Tax asset                                          -    (68,531) 
      Deferred tax credit on losses                      131,571           - 
      Adjustment in respect of previous                 (36,979)           - 
       years Research and Development tax 
       credit 
                                                          94,592    (68,531) 
                                                      ==========  ========== 
 
 
      The tax assessed for the period differs from the standard 
       rate of corporation tax in the UK. The differences are 
       explained below: 
 
                                                            2020        2019 
 
                                                             GBP         GBP 
  Loss on ordinary activities before 
   tax                                                 (885,816)   (228,640) 
                                                      ----------  ---------- 
 
  Loss on ordinary activities multiplied 
   by standard rate of corporation tax 
   in the UK of 
   19%                                                 (168,305)    (43,442) 
      Effect of: 
  Expenses not deductible for tax purposes                 1,425       4,715 
  Depreciation on assets not qualifying 
   for tax allowances                                      4,498       4,658 
  Other permanent differences                            (7,547)    (11,446) 
      Adjustment in respect of previous                 (36,979)           - 
       years Research and Development tax 
       credit 
      Prior year adjustment on IFRS16 adoption          (47,934)           - 
  Effect of change in local corporation 
   tax rate                                             (12,023)      11,850 
  Deferred tax asset not recognised                      229,886      33,665 
      Deferred tax credit on losses                      131,571           - 
  Reversal of previously recognised 
   deferred tax asset                                          -    (68,531) 
 
  Total tax credit / (charge) in income 
   statement                                              94,592    (68,531) 
                                                      ==========  ========== 
 
  On 3rd March 2021, the Chancellor of the Exchequer announced 
   an increase in rate of Corporation tax to 25% to take 
   effect from 1st April 2023 for companies whose profits 
   are greater than GBP250,000 per annum. 
 
 
  4   EARNINGS PER SHARE 
 
                                                                       Restated 
                                                            2020           2019 
 
      Loss per ordinary share is 
       calculated as 
      follows: 
 
      Basic 
  Loss attributable to ordinary 
   shareholders (GBP)                                  (791,224)      (288,555) 
      Weighted average number of 
       ordinary 
  shares in issue                                    186,745,519    186,745,519 
  Loss per ordinary share                                (0.42)p        (0.15)p 
                                                   -------------  ------------- 
 
      Fully diluted 
  Loss attributable to ordinary 
   shareholders (GBP)                                  (791,224)      (288,555) 
      Weighted average number of 
       ordinary 
  shares in issue                                    186,745,519    186,745,519 
      Weighted average number of 
       ordinary 
  shares under option                                  4,369,961      6,553,983 
  Loss per ordinary share                                (0.42)p        (0.15)p 
                                                   =============  ============= 
 
 
  Basic earnings per share amounts are calculated by dividing 
   loss for the year attributable to ordinary equity holders 
   of the Company by the weighted average number of Ordinary 
   shares outstanding during the year. 
 
   Diluted earnings per share is calculated by dividing 
   the loss attributable to ordinary equity holders of 
   the Company by the weighted average number of Ordinary 
   shares outstanding during the year plus the weighted 
   average number of Ordinary shares that would have been 
   issued on the conversion of all dilutive potential Ordinary 
   shares into Ordinary shares. The potential Ordinary 
   shares relating to outstanding share options were anti-dilutive 
   because the Company reported a loss from continuing 
   operations for the year, and therefore were excluded 
   from the diluted earnings per share calculation. 
 
 
  5    INTANGIBLE NON-CURRENT ASSETS 
                                                     Development 
                             Software   Trademarks         Costs     Total 
                                  GBP          GBP           GBP       GBP 
      Cost 
  At 1 July 2018               60,260       57,154       115,988   233,402 
  Additions                    93,000            -        52,183   145,183 
 
  At 30 June 
   2019                       153,260       57,154       168,171   378,585 
                            ---------  -----------  ------------  -------- 
  Additions                         -        3,387         7,350    10,737 
 
  At 30 June 2020             153,260       60,541       175,521   389,322 
                            ---------  -----------  ------------  -------- 
 
 
 
      Amortisation 
  At 1 July 2018               50,762       56,569        69,626   176,957 
  Charge for the 
   year                         5,391          128        16,817    22,336 
                            ---------  -----------  ------------  -------- 
 
  At 30 June 
   2019                        56,153       56,697        86,443   199,293 
                            ---------  -----------  ------------  -------- 
  Charge for the 
   year                        10,266          354        22,219    32,839 
 
  At 30 June 2020              66,419       57,051       108,662   232,132 
                            ---------  -----------  ------------  -------- 
 
      Net book value 
  At 30 June 2020              86,841        3,490        66,859   157,190 
                            =========  ===========  ============  ======== 
 
  At 30 June 
   2019                        97,107          457        81,728   179,292 
                            =========  ===========  ============  ======== 
 
 
  Disclosures relating to the impairment review 
   of assets can be seen under the accounting policies 
   note 1.1. 
 
 
  6   PROPERTY, PLANT AND EQUIPMENT 
 
                                                                                    Office 
                                                 Showroom                        fixtures, 
                                     Freehold     display   Plant & machinery     fittings 
                                     land and      & shop           and loose         & IT 
                                    buildings    fittings               tools    equipment       Total 
 
      Cost or Revaluation                 GBP         GBP                 GBP          GBP         GBP 
  At 1 July 2018                    1,754,752   2,274,822             425,790      256,155   4,711,519 
  Additions                                 -      21,075             138,074       37,099     196,248 
  Disposals                                 -    (82,668)             (3,000)            -    (85,668) 
  Re-classification                  (25,332)      25,332                   -            -           - 
 
  At 30 June 2019                   1,729,420   2,238,561             560,864      293,254   4,822,099 
                                  -----------  ----------  ------------------  -----------  ---------- 
 
  Additions                                 -      10,490               3,035       14,012      27,537 
  Disposals                                 -    (12,279)                   -            -    (12,279) 
  Revaluation                         956,466           -                   -            -     956,466 
 
  At 30 June 2020                   2,685,886   2,236,772             563,899      307,266   5,793,823 
                                  -----------  ----------  ------------------  -----------  ---------- 
 
      Depreciation and impairment 
  At 1 July 2018                      489,135   1,424,847             239,634      200,936   2,354,552 
      Charge for 
       the 
  year                                 24,030     148,425              41,630       17,679     231,764 
  Disposals                                 -    (64,685)             (1,400)            -    (66,085) 
  Reclassification                   (18,207)      18,207                   -            -           - 
  Dilapidations 
   Amortisation                         1,995           -                   -            -       1,995 
 
  At 30 June 2019                     496,953   1,526,794             279,864      218,615   2,522,226 
                                  -----------  ----------  ------------------  -----------  ---------- 
      Charge for 
       the 
  year                                 23,273     115,874              48,078       27,077     214,302 
  Revaluation                         263,989           -                   -            -     263,989 
  Disposals                                 -     (3,036)                   -            -     (3,036) 
  Dilapidations 
   Amortisation                         5,467           -                   -            -       5,467 
  At 30 June 2020                     789,682   1,639,632             327,942      245,692   3,002,948 
                                  -----------  ----------  ------------------  -----------  ---------- 
 
      Net book 
       value 
  At 30 June 2020                   1,896,204     597,140             235,957       61,574   2,790,875 
                                  ===========  ==========  ==================  ===========  ========== 
 
  At 1 July 2019                    1,232,467     711,767             281,000       74,639   2,299,873 
                                  ===========  ==========  ==================  ===========  ========== 
 
  The freehold land element of freehold land and buildings 
   which was not depreciated was GBP503,624 (2019 - GBP503,624). 
   The net book value of items held under finance leases was 
   GBP105,956 (30 June 2019: GBP186,601). The depreciation 
   charge for items held under finance leases is shown in note 
   5. 
 
 
  7   RIGHT OF USE ASSETS 
 
                                                            Right 
                                                           of Use 
                                                         property       Total 
                                                              GBP         GBP 
      Cost 
  At 1 July 2018                                        3,859,120   3,859,120 
  Additions                                               377,747     377,747 
 
  At 30 June 
   2019                                                 4,236,867   4,236,867 
                                                      -----------  ---------- 
      Additions                                                 -           - 
 
  At 30 June 2020                                       4,236,867   4,236,867 
                                                      -----------  ---------- 
 
 
 
      Depreciation 
  At 1 July 2018                                        2,160,439   2,160,439 
  Charge for the 
   year                                                   318,327     318,327 
                                                      -----------  ---------- 
 
  At 30 June 
   2019                                                 2,478,766   2,478,766 
                                                      -----------  ---------- 
  Charge for the 
   period                                                 313,625     313,625 
 
  At 30 June 2020                                       2,792,391   2,792,391 
                                                      -----------  ---------- 
 
      Net book value 
  At 30 June 2020                                       1,444,476   1,444,476 
                                                      ===========  ========== 
 
  At 30 June 
   2019                                                 1,758,101   1,758,101 
                                                      ===========  ========== 
 
 
      The Company's portfolio of leases consists of 11 leases 
       over showroom premises. Leases generally have an initial 
       term of 15 years, with an option to extend for an additional 
       period of 10 years. Rents payable are generally reviewed 
       at five year intervals. 
 
                                                             2020        2019 
      Amounts recognised in profit 
       and loss 
                                                              GBP         GBP 
  Depreciation expense on right-of-use 
   assets                                                 313,625     318,327 
  Interest expense on lease liabilities                   113,388     124,015 
 
 
 
   8   LEASE LIABILITIES 
                                                            2020          2019 
                                                             GBP           GBP 
 
  Total lease liabilities                              1,674,316     2,001,771 
 
 
 
       Maturity analysis 
                                                    ------------  ------------ 
  to 1 year                                              242,253       327,452 
  1 to 2 
   years                                                 228,480       242,253 
  2 to 3 
   years                                                 204,381       228,480 
  3 to 4 
   years                                                 182,054       204,381 
  4 - 5 years                                            187,357       182,054 
  > 5 years                                              629,791       817,151 
 
 
       The average lease term remaining is 6 years. For the 
        year ended 30 June 2020, the average effective borrowing 
        rate was 6.13% which is management's best estimate of 
        the incremental rate of borrowings. Interest rates are 
        fixed at the contract date. All leases are on a fixed 
        repayment basis and no arrangements have been entered 
        into for contingent rental payments. All lease obligations 
        are denominated in Sterling 
 
        The Company's obligations under leases are secured by 
        the lessors' rights over the leased assets. 
   9   INVENTORIES 
                                                            2020          2019 
 
                                                             GBP           GBP 
  Raw materials and consumables                          116,980       132,761 
  Work in progress                                        35,550        11,261 
                                                         152,530       144,022 
                                                    ============  ============ 
 
       Raw materials & consumables stated net of a provision 
        for obsolete stock of GBP8,882 (2019: GBP8,882) 
 
 
  10   TRADE AND OTHER RECEIVABLES 
                                                            2020          2019 
 
       Current assets:                                       GBP           GBP 
  Trade receivables                                       79,495       280,907 
  Other receivables                                      218,533        15,228 
  Prepayments and accrued income                         244,498       440,458 
                                                    ------------  ------------ 
                                                         542,526       736,593 
                                                    ============  ============ 
 
       Non-current assets: 
  Other receivables                                       42,750        42,750 
                                                    ============  ============ 
 
  Non-current other receivables relate to lease deposits 
   totalling GBP42,750 (2019: GBP42,750) which are recoverable 
   after more than one year. These have not been discounted 
   as the impact is not material to the financial statements 
 
  Trade receivables are stated net of provisions for doubtful 
   debts of GBP12,778 (2019: GBP17,161). The Directors consider 
   that the carrying amount of trade and other receivables 
   approximates to their fair value. 
 
 
 
       Aging of Trade Receivables                              2020         2019 
 
                                                                GBP          GBP 
  0-30 Days                                                  45,757      400,327 
  30-60 Days                                                  2,000    (124,892) 
  60-90 Days                                                      -     (24,321) 
  90 Days +                                                  31,738       29,793 
  Total                                                      79,495      280,907 
                                                       ============  =========== 
 
       Financial Assets at amortised cost comprise of Trade 
        & Other receivables. 
 
  11   TRADE PAYABLES AND OTHER PAYABLES 
 
                                                               2020         2019 
 
                                                                GBP          GBP 
 
  Trade payables                                            526,052      552,011 
  Other taxes and social security 
   costs                                                    453,986      325,174 
  Other payables                                              8,055       10,769 
  Accruals and deferred income                              466,138      662,392 
                                                                     ----------- 
                                                          1,454,231    1,550,346 
                                                       ============  =========== 
 
       Trade Payables are settled on average End of Month following 
        delivery or c45 days. 
 
       Financial Liabilities at amortised cost comprise of trade 
        payables, other payables and accruals. 
 
 
  12   BORROWINGS 
 
                                                               2020         2019 
                                                                GBP          GBP 
 
  Loans                                                   1,190,701      491,807 
  Finance lease liabilities                                  77,033      109,516 
                                                       ------------  ----------- 
                                                          1,267,734      601,323 
                                                       ============  =========== 
 
       Presented in the balance sheet 
        as: 
  Lease liabilities - current                               242,253      327,452 
  Borrowings - current                                      111,701      122,289 
  Borrowings - non-current                                1,156,033      479,034 
                                                       ------------  ----------- 
                                                          1,509,987      928,775 
                                                       ============  =========== 
 
       (a) Bank & other borrowings 
       Analysis of bank loan repayments: 
  In one year or less                                       111,701       92,383 
       In more than one year but 
        not 
  more than two years                                             -       95,054 
       In more than two years but 
        not 
  more than five years                                            -      259,395 
  In more than five years                                 1,079,000       44,975 
                                                          1,190,701      491,807 
                                                       ============  =========== 
 
  The loan is secured by a legal charge over the Company's 
   freehold properties at Park Street, Hungerford, Berkshire 
   and Grove Business Park, Downsview Road, Wantage, Oxfordshire. 
   The interest only loan facility has an interest rate 
   of 10.55% above base rate with a minimum rate of 10.8% 
   per annum, payable monthly on drawn down funds. In case 
   of default, an additional 7.2% interest would be payable 
   under the loan. 
 
 
  In the previous year the company held four bank loans 
   secured by a legal charge over the Company's freehold 
   properties at Park Street, Hungerford, Berkshire and 
   Grove Business Park, Downsview Road, Wantage, Oxfordshire. 
  The first bank loan was repayable over 15 years from 
   4 February 2010 and carried interest at a floating annual 
   rate of 4.55% over Bank of England base rate. The first 
   loan had a value of GBP0, (2019: GBP132,971) denominated 
   in Sterling. 
 
   The second loan was repayable over 15 years from 22 
   March 2010 and carried interest at a fixed rate of 7.55% 
   per annum for a period of 10 years and thereafter at 
   a floating rate linked to the Bank of England base rate. 
   The second loan has a value of GBP111,701, (2019: GBP123,148) 
   denominated in Sterling. 
  The third loan was repayable over 10 years from 24 August 
   2011 and carried interest at a floating annual rate 
   of 4.8% over Bank of England base rate. The third loan 
   had a value of GBP0, (2019: GBP40,432) denominated in 
   Sterling. 
 
   The fourth loan was repayable by 31 May 2022 by monthly 
   installments and carried interest at a floating annual 
   rate of 4.35% over Bank of England base rate. The fourth 
   loan had a value of GBP0, (2019 GBP195,256) denominated 
   in Sterling. 
 
                                                          2020        2019 
                                                           GBP         GBP 
  (b) Finance lease liabilities 
  Gross nance lease liabilities- 
   minimum lease payments: 
  In one year or 
  less                                                  26,484      42,909 
  Between one and five 
   years                                                66,212      77,247 
  More than five years                                       -      15,449 
                                                        92,696     135,605 
                                                   -----------  ---------- 
  Future finance charges on finance 
   lease liabilities                                  (15,663)    (26,089) 
  Present value of finance lease 
   liabilities                                          77,033     109,516 
                                                   ===========  ========== 
 
  Future finance charges on finance lease liabilities 
   are analysed as follows: 
                                                          2020        2019 
                                                           GBP         GBP 
  In one year or less                                  (7,597)    (10,426) 
  Between one and five 
   years                                               (8,066)    (15,663) 
                                                      (15,663)    (26,089) 
                                                   ===========  ========== 
  Finance lease liabilities are effectively secured as 
   the rights to the leased asset revert to the lessor 
   in the event of default. 
 
 
  13   DEFERRED TAX ASSETS / LIABILITIES 
                                                                                     Deferred 
                                                                                     taxation 
                                                                              GBP         GBP 
       Balance at 1 July 
        2019                                                                                - 
 
  Accelerated capital 
   allowances                                                             (7,165) 
  Tax losses carried 
   forward                                                              (165,026) 
  Research and development accelerated deductions                         (1,509) 
  Short term timing 
   differences                                                            (8,252) 
  Deferred tax on revaluation 
  of freehold property 
  in Other Comprehensive 
  Income                                                                (131,571) 
  Deferred tax recognised on losses                                       131,571 
  Prior year adjustment on IFRS16 adoption                               (47,934) 
  Profit and loss account charge/(credit)                                           (229,886) 
                                                                                   ---------- 
 
  Deferred tax asset not recognised                                                   229,886 
 
       Balance at 30 June 
        2020                                                                                - 
                                                                                   ========== 
 
 
       The provision for deferred taxation consists of the following 
        amounts: 
 
                                                                 2020                    2019 
 
                                                                  GBP                     GBP 
  Capital allowances in excess of depreciation                115,358                 122,523 
  Tax losses carried 
   forward                                                  (395,655)               (230,629) 
  Research and development accelerated 
   deductions                                                   4,401                   5,910 
       Short term timing 
        differences                                          (56,186)                       - 
  Transfer to non-current receivables                               -                  68,531 
       Deferred tax on revaluation                          (131,571)                       - 
       of freehold property 
       in Other Comprehensive 
       Income 
       Deferred tax recognised on losses                      131,571                       - 
  Deferred tax asset not recognised                           332,082                  33,665 
                                                                    -                       - 
                                                           ==========              ========== 
 
 
  The remaining deferred tax asset has not been recognised 
   as while the Directors continue to believe that the availability 
   of tax losses will in due course reduce the Company's tax 
   liability in future accounting periods, given the current 
   uncertainty in relation to the ongoing restrictions related 
   to the pandemic, the Board have not recognised a deferred 
   tax asset in this reporting period. 
 
 
    14   PROVISIONS 
 
                                                             Warranty   Dilapidations                  Total 
                                                            provision       provision 
                                                                                  GBP                    GBP 
  At 1 July 
   2018                                                        41,575          59,478                101,053 
  Arising during the year                                       4,000               -                  4,000 
         Utilised during the year                                   -               -                      - 
  At 30 June 
   2019                                                        45,575          59,478                105,053 
                                                          -----------  --------------  ------  ------------- 
  Arising during the period                                    48,782               -                 48,782 
  Utilised during the period                                 (36,782)               -               (36,782) 
  At 30 June 
   2020                                                        57,575          59,478                117,053 
                                                          ===========  ==============  ======  ============= 
 
                                                                                 2020                   2019 
                                                                                  GBP                    GBP 
         Current                                                               60,998                      - 
  Non-Current                                                                  56,055                105,053 
                                                                              117,053                105,053 
                                                                       ==============          ============= 
 
 
         Warranty provision 
         The Company makes provision for potential future warranty 
          claims on kitchens & bedrooms sold. This provision is 
          reviewed and adjusted annually based on the levels of 
          turnover achieved and the claims recorded in the same 
          period. 
 
         Dilapidations provision 
         The Company makes such provision for dilapidations relating 
          to its leasehold showroom estate as it considers necessary 
          based on the length of the remaining term for each showroom 
          & the future plans for each showroom. Based on this, 
          experience of exiting previous showrooms and industry 
          averages, Management have estimated that a provision 
          of GBP5 per square foot will give a reasonable estimate 
          of any futures costs. On exit from a showroom, once the 
          costs have been finalised and the showroom exited, the 
          provision would be released. 
    15   POST BALANCE SHEET EVENTS 
 
         Share Issue and subscription 
         The company issued 7,200,000 of ordinary shares of 0.1p 
          each in the Company at a subscription prices of 0.675 
          pence per share generating a total consideration of 
          GBP48,600. The proceeds of the issue will be used for 
          Working Capital purposes. 
 
          The subscription shares being issued to the Directors 
          of the Company and their resulting interests are set 
          out below: 
                                                   Total                     Interest           Percentage 
                                                  Shares                  in ordinary            of Issued 
                                                                               shares                share 
                                                                                 upon              capital 
                                                                            Admission 
 
  Kiran Noonan                                   500,000                      500,000                0.26% 
  Alan Charlton                                5,000,000                    9,423,178                4.86% 
  Stephen Huggett                              1,500,000                    1,500,000                0.77% 
 
 
 
 
 16   POSTING OF ACCOUNTS 
 

Copies of the statutory accounts for the financial period ended 30 June 2020 will be posted shortly to shareholders with the notice of the Annual General Meeting. An electronic copy will be available on the Company's website www.john-lewis.co.uk.

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