TIDMJLH
RNS Number : 6894U
John Lewis Of Hungerford PLC
30 March 2023
The information contained within this announcement is deemed to
constitute inside information as stipulated under the retained EU
law version of the Market Abuse Regulation (EU) No. 596/2014 (the
"UK MAR") which is part of UK law by virtue of the European Union
(Withdrawal) Act 2018. The information is disclosed in accordance
with the Company's obligations under Article 17 of the UK MAR. Upon
the publication of this announcement, this inside information is
now considered to be in the public domain.
30 March 2023
John Lewis of Hungerford plc
(the "Company")
Half-year report
John Lewis of Hungerford Plc (AIM: JLH), the specialist
manufacturer and retailer of kitchens, bedrooms and freestanding
furniture, is pleased to announce its unaudited interim results for
the six months ended 31 December 2022.
Overview
The Company is pleased to report that the revenue for the half
year to 31 December 2022 of GBP5.4 million (2021: GBP4.6 million)
reflected an improvement of 18% over the corresponding period in
2021 and a 60% growth over the pre-pandemic half year period to 31
December 2019. The total of dispatched sales and confirmed forward
orders for the first 38 weeks of trading in the current financial
year stands at GBP9.2 million (2022: GBP8.5 million).
The underlying adjusted loss before tax* for the half year to 31
December 2022, was GBP105k (2021: Loss before tax GBP81k). In the
2022 calendar year, the Company experienced substantial and sudden
increases in costs of some key raw materials. The Company took
swift action to raise prices on all new orders from the start of
the 2022/23 financial year in order to offset cost increases.
However, it should be noted that the average lead time between
taking an order and completing the installation and recognising the
sale is six months. The sales recognised in the first half of the
current financial year were predominantly at the previous retail
prices before any price increase had been applied, and consequently
the gross margin was lower at 42% (FY2021/22: 45%). The Board
expects that the gross margin in the second half of the current
financial year will benefit from these price increases, which
customers have accepted as necessary and market standard increases,
and be closer to its historic run rate. The Board also notes that
the significant cost pressures suffered in 2022 are easing, as the
current year progresses, with the management team focused on
increasing the gross margin through improved purchasing and
improving operational efficiencies.
The movement in administration costs is split between additional
infrastructure costs in the support functions which have been
strengthened to enable the front-line team to focus on conversion;
and delivering an unrivalled customer experience. The high levels
of quoted business throughout the first half of the financial year
demonstrate the brand continuing to build on its digital reach and
share of voice in all online platforms. Investment to optimise the
website experience for mobile devices has been instrumental in the
increase in enquiries into the business. Additional investments in
the Company's production capacity, through the recruitment and
development of a larger team, will allow the Company to capitalise
on a traditionally busier second half year.
*Loss before tax and non-recurring costs of GBP105k is after
adjusting for GBP69k of one-off, non-recurring costs which occurred
in the half year to 31 December 2022, which are not expected to be
repeated going forward. These non-recurring costs are related to
project and one-off restructuring costs. Reported unaudited loss
before tax for the half year to 31 December 2022 was GBP174k.
Outlook
As stated above, the dispatched sales and confirmed orders
(which the Board believes to be the best measure of trading) for
the first 38 weeks of trading of the current financial year stood
at GBP9.2 million (2022: GBP8.5 million). Future orders, against
which a first stage deposit has been taken, are tracking the prior
year and the Board's central scenario is to deliver a cGBP12
million full year revenue performance, which the Board believes
would result in the profit before tax and non-recurring costs being
ahead of the prior year.
Kiran Noonan
Chief Executive Officer and Acting Chairman
29 March 2023
Enquiries:
John Lewis of Hungerford plc 01235 774300
Kiran Noonan - Chief Executive Officer and Acting Chairman
Allenby Capital Limited (Nominated Adviser and Broker) 020 3328
5656
David Worlidge / Nick Naylor / George Payne (Corporate
Finance)
Matt Butlin / Amrit Nahal (Sales and Corporate Broking)
INCOME STATEMENT
FOR THE SIX MONTHSED 31 DECEMBER
2022
Audited
Unaudited 6 months Year
ended ended
31 December 31 December 30 June
2022 2021 2022
GBP'000 GBP'000 GBP'000
Revenue 5,374 4,561 10,325
------------ -------------- --------
Cost of sales (3,102) (2,530) (5,580)
Gross profit 2,272 2,031 4,745
Selling and distribution
costs (223) (245) (546)
Administration expenses:
Other (2,099) (1,758) (3,968)
Other operating income - 3 2
------------ -------------- --------
Total (2,099) (1,755) (3,966)
(Loss)/Profit from operations (50) 31 233
Finance expenses (124) (112) (219)
(Loss)/Profit before tax (174) (81) 14
Taxation - - -
(Loss)/Profit after taxation (174) (81) 14
============ ============== ========
(Loss)/Earnings per share
Basic (0.09)p (0.04)p 0.01p
Fully diluted (0.08)p (0.04)p 0.01p
STATEMENT OF COMPREHENSIVE INCOME
FOR THE SIX MONTHSED 31 DECEMBER
2022
Audited
Unaudited 6 months Year
ended ended
31 December 31 December 30 June
2022 2021 2022
GBP'000 GBP'000 GBP'000
(Loss)/Profit for the
period (174) (81) 14
Revaluation of freehold
land and buildings - - 584
Total Comprehensive (Loss)/Income (174) (81) 598
============ ============ ========
BALANCE SHEET
AS AT 31 DECEMBER 2022
Unaudited Audited
As at As at
31 December 31 December 30 June
2022 2021 2022
GBP'000 GBP'000 GBP'000
Non-Current Assets
Intangible assets 128 124 148
Tangible assets 4,547 3,811 4,705
Trade and other receivables 32 32 32
----------------
4,707 3,966 4,885
---------------- ------------------- ----------------
Current assets
Inventories 234 167 252
Trade and other receivables 1,712 1,140 1,864
Deferred Tax asset 82 82 82
Cash and cash equivalents 680 824 1,473
---------------- ------------------- ----------------
2,708 2,214 3,671
Current liabilities (3,639) (3,070) (4,484)
Net current liabilities (931) (856) (813)
---------------- ------------------- ----------------
Total assets less current
liabilities 3,776 3,110 4,072
Non-current liabilities
Borrowings (1,102) (1,127) (1,116)
Lease Liabilities (1,401) (1,208) (1,503)
Provisions for liabilities
and charges (47) (53) (53)
Net Assets 1,226 722 1,400
================ =================== ================
Equity
Share capital 194 194 194
Other reserves 1 1 1
Share premium account 1,222 1,222 1,222
Revaluation Reserve 1,102 518 1,102
Retained Earnings (1,293) (1,214) (1,119)
Total Equity 1,226 722 1,400
================ =================== ================
STATEMENT OF CHANGES IN EQUITY
FOR THE SIX MONTHS ENDED 31 DECEMBER
2022
Share Share Other Revaluation Retained
Capital Premium Reserves Reserves Earnings Total
------------------------- ---------------- ---------------- ----------- --------------- ----------- ----------
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
At 30 June 2021
(Audited) 194 1,222 1 518 (1,132) 803
Loss for the period - - - - (81) (81)
At 31 December 2021
(Unaudited) 194 1,222 1 518 (1,213) 722
============ ============= ================= ========== ============ ==========
Profit for the period - - - - 94 94
Share issue - - - - - -
Revaluation of freeholds - - - 584 - 584
Deferred tax on - - - - - -
Revaluation
of freeholds
Share based payments - - - - - -
At 30 June 2022
(Audited) 194 1,222 1 1,102 (1,119) 1,400
Loss for the period - - - - (174) (174)
At 31 December 2022
(Unaudited) 194 1,222 1 1,102 (1,293) 1,226
============ ============= ================= ========== ============ ==========
STATEMENT OF CASH FLOWS
FOR THE SIX MONTHS ENDED 31 DECEMBER
2022
Unaudited 6 months
ended Audited
Year ended
31 December 31 December 30 June
2022 2021 2022
GBP'000 GBP'000 GBP'000
(Loss)/Profit from operations (51) 31 233
Depreciation, impairment, and amortisation 259 239 466
Decrease/(Increase) in inventories - 26 (58)
Decrease/(Increase) in receivables 170 (271) (995)
(Decrease)/Increase in payables (331) (506) 377
(Decrease)/Increase in Customer Deposits (475) 298 791
Loss/(Profit) on disposal of property
plant and equipment (8) 0 2
Decrease in provisions - - (6)
Net cash from operating activities (436) (183) 809
Cash flows from financing activities (284) (263) (505)
Cash flows from investing activities (73) (32) (133)
Net (decrease)/increase in cash and
cash equivalents (793) (478) 171
Net cash and cash equivalents at the
start of the period 1,473 1,302 1,302
Net cash and cash equivalents at the
end of the period 680 824 1,473
============ ============ ============
NOTES:
1. This interim financial statement has been prepared on the basis
of accounting policies adopted by the Company and set out in the
annual report and accounts for the year ended 30 June 2022. The Company
does not anticipate any change in these accounting policies for the
year ending 30 June 2023. As permitted, this interim report has been
prepared in accordance with the AIM Rules and not in accordance with
IAS 34 "Interim financial reporting". The principal risks and uncertainties
facing the Company are disclosed in the Company's financial statements
for the year ended 30 June 2022, available from www.john-lewis.co.uk
and remain unchanged.
2. Loss/Earnings per share
Basic and fully diluted loss per ordinary share is calculated as
follows:
6 months 6 months Year
ended ended ended
31 December 31 December 30 June
2022 2021 2022
(Loss/Profit attributable to ordinary
shareholders (GBP'000) (174) (81) 14
Weighted average number
of shares in issue 193,945,519 193,945,519 193,945,519
Shares used to calculate diluted earnings
per share 211,424,385 193,945,519 211,424,385
Basic(loss)/earnings per
ordinary share (pence) (0.09)p (0.04)p 0.01p
Diluted (loss)/earnings
per ordinary share (pence) (0.08)p (0.04)p 0.01p
3. Availability of the 2022 Interim accounts
Copies of the interim accounts for the six months ended 31 December
2022 will be available to shareholders on the Company's website -
www.john-lewis.co.uk
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END
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