TIDMMUL
RNS Number : 2570R
Mulberry Group PLC
08 December 2016
Mulberry Group plc ("Mulberry" or "the Group")
Unaudited results for the six months ended 30 September 2016
Topline growth and cash generation; new products and
international development
Mulberry Group plc, the English luxury brand, announces
unaudited results for the six months ended 30 September 2016.
FINANCIAL HIGHLIGHTS
-- Total revenue up 10% to GBP74.5 million (2015: GBP67.8 million)
-- Strong balance sheet with cash of GBP11.3 million at the end
of the period (2015: GBP4.1 million)
-- Loss before tax GBP0.5 million (2015: Profit before tax
GBP0.1 million) after increased product investment of c. GBP1.0
million and additional foreign exchange costs on overseas
subsidiaries of c. GBP0.4 million
OPERATING HIGHLIGHTS
-- Increased investment in customer experience, creative talent
and product design with new Mulberry collection meeting
expectations and broadening brand interest
-- Digital sales up 32%, accounting for 14% of Group sales (2015: 12%)
-- Inventory reduced to GBP43.7 million (2015: GBP47.7 million) through strategic initiative
CURRENT TRADING
-- Total Retail sales for the 10 weeks to 3 December 2016 up 4% (like-for-like up 3%)
-- International development strategy progressed with creation
of majority-owned new business across China, Hong Kong and
Taiwan
-- Tourist spending has benefitted sales in London, although
domestic demand has softened in recent weeks
-- For the full year to 31 March 2017, the Group anticipates
additional costs of c. GBP1.0 million due to foreign exchange
movements and an additional c. GBP2.0 million for strategic
investments into North Asia
THIERRY ANDRETTA, CHIEF EXECUTIVE OFFICER, COMMENTED:
"Mulberry's new collection under the creative direction of
Johnny Coca has been well received by our existing customers and a
new audience. We have strengthened our balance sheet with tight
inventory management leading to strong cash generation, enabling us
to invest in international development and new products. The new
business announced today in North Asia will progress our strategy
of developing our retail and omni-channel model in key luxury
markets.
The UK and global outlook has become more uncertain since we
last reported, however we are in a good position to continue to
build our business."
FOR FURTHER DETAILS PLEASE CONTACT:
Bell Pottinger
Daniel de Belder
/ Anna Legge 020 3772 2559
Mulberry Investor
Relations
Allegra Perry 020 7605 6795
GCA Altium
Sam Fuller / Tim
Richardson 020 7484 4040
Barclays
Nicola Tennent 020 3134 9801
Copies of this Half Year Report are available from the Group's
registered office and from its website www.mulberry.com.
BUSINESS REVIEW
Sales
The first collection under the creative direction of Johnny Coca
was introduced across the network during the period with the full
range available from August 2016. A total of nine new bags were
launched during the period, including an evolution and
re-interpretation of the bestselling Bayswater design. Small
leather goods have seen good growth following extensive
redevelopment. Product design and innovation will remain a key
focus going forward.
Retail sales were up 10% to GBP55.4 million for the period
(2015: GBP50.4 million) with like-for-like sales up 7%.
-- UK Retail sales (including Digital) were up 12%
(like-for-like up 7%) for the period to GBP45.0 million (2015:
GBP40.2 million);
-- International Retail sales (including Digital) were up 2%
(like-for-like up 10%) for the period to GBP10.5 million (2015:
GBP10.2 million);
-- Global Digital sales were up 32% to GBP10.4 million for the
period (2015: GBP7.9 million), accounting for 14% of Group sales
(2015: 12%);
-- During the period, the Covent Garden store was relocated to a
larger, more prominent location, a House of Fraser digital
concession was launched, the Sydney store in Australia was acquired
from our franchise partner, Club 21 and upon the expiry of its
lease, the Madison Avenue store in New York closed;
-- In Continental Europe, the Group's Digital offer was extended
with full omni-channel services in store; and
-- There were 67 directly-operated stores at the end of the period (2015: 66 stores).
Wholesale revenue for the period increased 10% to GBP19.1
million (2015: GBP17.4 million).
-- The Wholesale sales trend reflects a positive reaction to the
new collections introduced; and
-- The franchise store network at the period end had a total of
55 stores in Asia, Europe and the Middle East (2015: 57
stores).
Financial
Gross margin for the six months to 30 September 2016 was 59.1%
(2015: 61.5%). As set out in the previous report during June 2016,
there was a higher level of investment in product design and
development to support the creative vision of Johnny Coca, which
has led to an increased level of innovation. In the short to medium
term, this has a negative impact on gross margins due to a higher
level of training and change in our factories.
Operating expenses for the six months increased to GBP44.9
million (2015: GBP43.0 million) due to higher retail costs of
GBP1.4 million and increased product development costs of GBP1.0
million.
During the period, sterling weakened significantly resulting in
higher input costs to UK production and higher running costs of
overseas subsidiaries. Conversely, the Group's London stores have
benefitted from higher tourist spending.
The Group generated cash during the period with cash balances of
GBP11.3 million as at 30 September 2016 (2015: GBP4.1 million) and
no debt.
Loss before tax was GBP0.5 million (2015 profit before tax:
GBP0.1 million).
Capital expenditure for the period was GBP1.9 million, including
GBP1.2 million related to stores and GBP0.5 million to investment
in the Digital platform and IT systems.
Inventories decreased to GBP43.7 million at 30 September 2016
from GBP47.7 million at 30 September 2015 reflecting an initiative
to maintain lower inventory levels in the business.
NORTH ASIA new business
The Group today announced the signing of an agreement with
Challice Limited ("Challice") to form a new entity to operate its
business in China, Hong Kong and Taiwan. Challice, which owns c.
56% of the Group's share capital, is under the same ultimate
shareholder control as Mulberry's existing distributor in the
region, Club 21.
-- The Group will own 60% of the share capital of the new
company, Mulberry (Asia) Limited ("Mulberry Asia")
-- Mulberry Asia will develop the offer to customers in the
region, benefitting regional and global sales
-- Initial platform to consist of four stores, wholesale and
omni-channel, including Chinese language mulberry.com site
-- Mulberry Asia is expected to be loss-making during its first
two years before moving into profit
-- Losses of Mulberry Asia in the start-up period will be partly
offset on consolidation as a result of the Group's manufacturing
profit generated on the sale of goods to the new business
-- Mulberry Asia will be consolidated in the Group's financial statements
-- The Group expects to directly invest c. GBP3.0 million in
additional regional marketing support over the next two years
Further details of the new entity arrangements can be found in
the accompanying announcement on www.mulberry.com.
CURRENT TRADING AND OUTLOOK
Sales
Total Retail sales for the 10 weeks to 3 December 2016 were up
4% relative to the same period last year (like-for-like Retail
sales up 3%). Sales continue to benefit from a significant increase
in tourist spending in London although domestic demand has softened
in recent weeks. Whilst sales growth is encouraging, the full year
results are dependent on Christmas trade.
Retail total sales Retail like-for-like sales
This year vs. last year (%) 26 weeks to 30-Sep 10 weeks to 3-Dec 26 weeks to 30-Sep 10 weeks to 3-Dec
2016 2016 2016 2016
----------------------------- ------------------- ------------------ ------------------- ------------------
UK Retail* +12% +6% +7% +3%
International Retail* +2% -3% +10% +1%
Group Retail total +10% +4% +7% +3%
* Regional splits include Digital sales
** Digital sales increased by 32% in the 26 weeks to 30
September 2016 and increased by 1% in the 10 weeks to 3 December
2016
The Group continues to focus on improving productivity in
existing stores, particularly in Europe and North America, with
limited new store openings and strategic refinement of the store
network as opportunities arise. Since the end of September 2016,
the store in Bicester Village has been relocated to larger
premises.
Wholesale
In the second half of the current financial year, the Wholesale
business is expected to grow, driven by interest in the new
collections.
International
The expansion of the international business remains a core
focus.
In Asia, the new business agreement with Challice announced
today sets the foundations for the development of the key markets
of China, Hong Kong and Taiwan, where the Group believes there is a
growth opportunity for the Mulberry brand. Costs associated with
establishing the new business are anticipated to total GBP2.0
million during the current financial year, representing the
re-purchase of stock by Mulberry Asia from the existing
distributor, Club 21 and set up expenses.
In Europe, the Group will continue to focus on productivity and
refining its own store network, as well as improving the quality of
the wholesale distribution.
In the USA, the Group continues to develop its omni-channel
capability while refining the store network over time to focus on
key strategic locations.
Omni-channel
Since the end of the period under review, the Group has further
extended its omni-channel offer in international markets. During
October 2016, the omni-channel offering was extended to the USA
stores following the opening of a local distribution centre in that
market during July 2016.
In Asia, the Group enhanced the customer experience through the
introduction of localised mulberry.com sites. In China, the Group
launched local language, local currency and local payment websites.
In Korea, a local language and local currency site has been
introduced. In addition, local currency functionality was
introduced to mulberry.com sites in Australia and in Canada.
Omni-channel will remain a key area of investment for the Group
going forward.
Currency
The recent devaluation of the British pound relative to global
currencies has implications for the Group. First, the operating
costs of the overseas subsidiaries will increase and this will have
a negative impact on results. Second, the weaker British pound has
increased the cost of purchasing materials for production, a high
proportion of which are sourced in euro and US$. Third, the
currency fluctuations have driven an increase in tourism into the
UK which has boosted the Group's London store performance, but has
impacted sales achieved in some European and US tourist
destinations.
The Group has hedged currency positions through to mid-2017.
In total, the currency factors explained above are expected to
give rise to c. GBP1.0 million in additional costs in the current
financial year.
Capital expenditure
Capital expenditure for the full year to 31 March 2017 is
expected to be in the region of GBP4.0 million (2016: GBP5.7
million), of which the majority will be on stores.
STRATEGY
The Board's long term objective is to grow Mulberry as a global
luxury brand, offering unique and desirable product at the best
value for price, and thereby create shareholder value. The Group
considers that revenue growth is the key performance indicator with
which this goal can be measured.
Product
Leather goods remain the core commercial focus of the Group. New
products introduced by the Creative Director have created
additional brand interest and additional bag families and sizes are
planned for coming seasons. Some of Mulberry's bestsellers, such as
the Bayswater family, have been revitalized to reflect a new and
more modern aesthetic.
Over the longer term, the objective is to reinforce Mulberry as
a lifestyle brand by strengthening complementary categories, in
particular shoes and ready-to-wear. Style "stories" across
categories are being introduced with co-ordinated merchandising and
marketing initiatives. The style and price point of these
categories have been aligned with bags, in order to make them
attractive to the Group's core customers, as well as appealing to a
new audience. The license agreements signed for the manufacture and
co-distribution of shoes and ready-to-wear from Autumn Winter 2016
have enabled Mulberry to deliver quality product and achieve its
target price range.
Marketing and Brand
The brand's British DNA is emphasised as a point of distinction
which is conveyed through all communication and customer touch
points, including the factories in Somerset, Mulberry stores
globally and mulberry.com.
Mulberry continues to invest in building the brand globally via
a dynamic marketing and communication strategy, aiming to engage
with new and loyal customers whilst enhancing the understanding of
the brand in new and emerging markets. The Group aims to connect
with its existing and potential customers via a greater and more
targeted use of digital, mobile and social media. Digital is
expected to remain the majority of all media investment.
Retail, Digital and Omni-channel
The Group will continue to strengthen its position in the UK and
expand internationally through its omni-channel strategy, with well
situated stores complemented by a strong digital presence.
In the short to medium term, the Group plans to continue to
strategically refine the store network while focusing upon
improving the range of omni-channel services to match rapidly
evolving customer buying behaviour.
Operations
The Group continues to invest in its operational capability to
maintain a high quality, scalable platform.
The Group's two factories in Somerset manufacture approximately
50% of its bags, reinforcing the authenticity of the Mulberry brand
and, at a practical level, contributing to the attainment of high
product quality standards. Looking forward, the Group is committed
to its "Made in England" strategy and intends to maintain its UK
production of handbags at approximately 50%.
As part of the strategic goal of best-in-class service to our
customers, the Group will continue to invest in IT and Digital
infrastructure and orientate organisational structures around the
customer.
CONSOLIDATED INCOME STATEMENT
six monthsED 30 september 2016
Note Unaudited six months to 30 Unaudited six months to 30 Audited year ended
September 2016 GBP'000 September 2015 GBP'000 31 March 2016
GBP'000
Revenue 74,505 67,768 155,867
Cost of sales (30,506) (26,083) (59,300)
Gross profit 43,999 41,685 96,567
Other operating expenses (44,877) (42,077) (90,346)
Exceptional operating
expenses 5 - (942) (1,615)
------------------------------ ----- ---------------------------- ---------------------------- -------------------
Operating expenses (44,877) (43,019) (91,961)
Other operating income 237 198 426
Exceptional operating income 4 - 1,078 1,078
------------------------------ ----- ---------------------------- ---------------------------- -------------------
Other operating income 237 1,276 1,504
Operating (loss)/profit (641) (58) 6,110
Share of results of
associates 61 128 169
Finance income 66 2 4
Finance expense (1) (12) (66)
(Loss)/profit before tax (515) 60 6,217
Tax credit/(charge) 6 173 60 (3,532)
(Loss)/profit for the period (342) 120 2,685
Attributable to:
Equity holders of the parent (342) 120 2,685
Basic (loss)/earnings per
share 9 (0.6p) 0.2p 4.5p
Diluted (loss)/earnings per
share 9 (0.6p) 0.2p 4.5p
All activities arise from continuing operations.
Reconciliation of adjusted (loss)/profit before tax:
Unaudited six months to 30 Unaudited six months to 30 Audited year ended
September 2016 GBP'000 September 2015 GBP'000 31 March 2016
GBP'000
(Loss)/profit before tax (515) 60 6,217
Exceptional items:
Impairment relating to retail
assets - 942 1,615
Profit on disposal of retail
stores - (1,078) (1,078)
Adjusted (loss)/profit before
tax - non-GAAP measure (515) (76) 6,754
Adjusted basic
(loss)/earnings per share 9 (0.6p) 0.0p 5.4p
Adjusted diluted
(loss)/earnings per share 9 (0.6p) 0.0p 5.4p
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
six monthsED 30 september 2016
Unaudited six months to 30 Unaudited six months to 30 Audited year ended
September 2016 GBP'000 September 2015 GBP'000 31 March 2016
GBP'000
(Loss)/profit for the period (342) 120 2,685
Exchange differences on
translation of foreign
operations 1,656 (218) 1,330
Tax impact arising on above
exchange differences (331) 44 (276)
Total comprehensive
income/(expense) for the
period 983 (54) 3,739
Attributable to:
Equity holders of the parent 983 (54) 3,739
CONSOLIDATED BALANCE SHEET
AT 30 SEptember 2016
Unaudited 30 September 2016 Unaudited 30 September 2015 Audited
GBP'000 GBP'000 31 March 2016
GBP'000
Non-current assets
Intangible assets 11,027 11,125 11,088
Property, plant and equipment 26,812 28,918 28,143
Interests in associates 266 155 206
Deferred tax asset 1,443 1,381 1,467
39,548 41,579 40,904
Current assets
Inventories 43,749 47,666 44,378
Trade and other receivables 13,620 12,864 10,767
Current tax asset 226 110 -
Cash and cash equivalents 11,332 4,057 14,014
68,927 64,697 69,159
Total assets 108,475 106,276 110,063
Current liabilities
Trade and other payables (27,348) (27,380) (27,805)
Current tax liabilities - - (2,342)
Total liabilities (27,348) (27,380) (30,147)
Net assets 81,127 78,896 79,916
Equity
Share capital 3,000 3,000 3,000
Share premium account 11,961 11,961 11,961
Own share reserve (1,474) (1,498) (1,474)
Capital redemption reserve 154 154 154
Foreign exchange reserve 946 (1,607) (379)
Retained earnings 66,540 66,886 66,654
Total equity 81,127 78,896 79,916
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
six monthsED 30 september 2016
Equity attributable to equity holders of the parent
Share Share Own Capital Special Foreign Retained
capital premium share reserve reserves exchange earnings Total GBP'000
GBP'000 account reserve GBP'000 GBP'000 reserve GBP'000
GBP'000 GBP'000 GBP'000
As at 1 April
2015 3,000 11,961 (1,601) 154 1,467 (1,433) 65,141 78,689
Total
comprehensive
(expense)/income
for the period - - - - - (174) 120 (54)
Charge for
employee
share-based
payments - - - - - - 259 259
Exercise of share
options - - - - - - (101) (101)
Own shares - - 103 - - - - 103
Redemption of
reserve - - - - (1,467) - 1,467 -
As at 30
September 2015 3,000 11,961 (1,498) 154 - (1,607) 66,886 78,896
Total
comprehensive
income for the
period - - - - - 1,228 2,565 3,793
Charge for
employee
share-based
payments - - - - - - 219 219
Exercise of share
options - - - - - - (48) (48)
Own shares - - 24 - - - - 24
Ordinary
dividends paid - - - - - - (2,968) (2,968)
As at 31 March
2016 3,000 11,961 (1,474) 154 - (379) 66,654 79,916
Total
comprehensive
income/(expense)
for the period - - - - - 1,325 (342) 983
Charge for
employee
share-based
payments - - - - - - 346 346
Exercise of share
options - - - - - - (118) (118)
As at 30
September 2016 3,000 11,961 (1,474) 154 - 946 66,540 81,127
CONSOLIDATED CASH FLOW STATEMENT
six monthsED 30 september 2016
Unaudited six months to 30 Unaudited six months to 30 Audited year ended
September 2016 GBP'000 September 2015 GBP'000 31 March 2016
GBP'000
Operating (loss)/profit for
the period (641) (58) 6,110
Adjustments for:
Depreciation and impairment of
property, plant and equipment 3,477 4,104 8,442
Amortisation of intangible
assets 937 904 1,949
Loss/(profit) on sale of
property, plant and equipment 131 (1,082) (1,316)
Effects of foreign exchange (18) 8 (120)
Share-based payments charge 346 259 478
Operating cash flows before
movements in working capital 4,232 4,135 15,543
Decrease/(increase) in
inventories 1,245 (8,346) (4,485)
(Increase)/decrease in
receivables (2,649) 398 2,574
Decrease in payables (545) (634) (1,041)
Cash generated by/(used in)
operations 2,283 (4,447) 12,591
Corporation taxes paid (2,702) (2,599) (4,145)
Interest paid (1) (12) (66)
Net cash (outflow)/inflow from
operating activities (420) (7,058) 8,380
Investing activities:
Interest received 3 2 4
Dividend received from
associate - - 167
Purchases of property, plant
and equipment (1,881) (2,036) (5,050)
Proceeds from sales of
property, plant and equipment 43 2,089 4,460
Acquisition of intangible
fixed assets (309) (335) (855)
Proceeds from sales of - 1,495 -
intangible assets
Net cash (used in)/generated
from investing activities (2,144) 1,215 (1,274)
Financing activities:
Dividends paid - - (2,968)
Settlement of share awards (118) - (24)
Net cash used in financing
activities (118) - (2,992)
Net (decrease)/increase in
cash and cash equivalents (2,682) (5,843) 4,114
Cash and cash equivalents at
beginning of period 14,014 9,900 9,900
Cash and cash equivalents at
end of period 11,332 4,057 14,014
Notes to the condensed financiAL statements
SIX MONTHSED 30 SEPTEMBER 2016
1. GENERAL INFORMATION
Mulberry Group plc is a company incorporated in the United
Kingdom under the Companies Act 2006. The half year results and
condensed consolidated financial statements for the six months
ended 30 September 2016 (the interim financial statements) comprise
the results for the Company and its subsidiaries (together referred
to as the Group) and the Group's interest in associates.
The information for the year ended 31 March 2016 does not
constitute statutory accounts as defined in section 434 of the
Companies Act 2006. A copy of the statutory accounts for that year
has been delivered to the Registrar of Companies. The auditor's
report on those accounts was not qualified, did not include a
reference to any matters to which the Auditor drew attention by way
of emphasis without qualifying the report and did not contain
statements under section 498(2) or (3) of the Companies Act
2006.
The interim financial statements for the six months ended 30
September 2016, have not been reviewed or audited.
2. SIGNIFICANT ACCOUNTING POLICIES
The accounting policies and methods of computation followed in
the interim financial statements are consistent with those as
published in the Group's Annual Report and Financial Statements for
the year ended 31 March 2016.
During the current period, the following new and revised
Standards and Interpretations have been adopted but have not had an
impact on the Group:
-- Amendments to IAS 16: Property, Plant and Equipment and IAS 38: Intangible assets.
At the date of approval of these financial statements, the
following Standards and Interpretations which have not been applied
in these financial statements were in issue but not yet
effective:
-- IFRS 9: Financial Instruments;
-- IFRS 15: Revenue from Contracts with Customers; and
-- IFRS 16: Leases.
IFRS 16 sets out the principles for the recognition,
measurement, presentation and disclosure of leases for both lessees
and lessors. It replaces IAS 17 Leases and IFRIC 4 Determining
whether an arrangement contains a lease. The most significant
changes are in relation to lessee accounting. Under the new
Standard, the concept of assessing a lease contract as either
operating or financing is replaced by a single lessee accounting
model. Under this new model, substantially all lease contracts will
result in a lessee acquiring a right-to-use asset and obtaining
financing. The lessee will be required to recognise a corresponding
asset and liability. The asset will be depreciated over the term of
the lease and the interest on the financing liability will be
charged over the same period. The Standard is effective for annual
periods beginning on or after 1 January 2019, however it is not
currently endorsed by the European Union. Adopting this new
Standard will result in a fundamental change to the Group's balance
sheet, with right-to-use assets and accompanying financing
liabilities for the Group's retail stores, warehouses and offices
being recognised for the first time. The income statement will also
be impacted, with rent expense relating to operating leases being
replaced by a depreciation charge arising from the right-to-use
assets and interest charges arising from lease financing. The full
impact of these changes will be quantified closer to the date of
adoption.
Except for IFRS 16, the Directors do not expect that the
adoption of these Standards will have a material impact on the
financial statements of the Group in future periods. Beyond the
information above, it is not practicable to provide a reasonable
estimate of the effect of these Standards until a detailed review
has been completed.
The Annual Report and Financial Statements are available from
the Group's website (www.mulberry.com) or from the Company
Secretary at the Company's registered office, The Rookery,
Chilcompton, Bath, England, BA3 4EH.
3. GOING CONCERN
The Group has considerable financial resources together with a
customer base split across different geographic areas and between
directly operated stores, partner stores and wholesale accounts.
The Group's forecasts and projections, taking account of reasonably
possible changes in trading performance, show that the Group should
be able to operate within the level of its current facilities. As a
consequence, the Directors believe that the Group is well placed to
manage its business risks successfully despite the uncertain
economic outlook.
After making enquiries, the Directors have a reasonable
expectation that the Company and the Group will have adequate
resources to continue in operational existence for the foreseeable
future. Accordingly, they continue to adopt the going concern basis
in preparing the half year results.
4. EXCEPTIONAL OPERATING INCOME
There is no exceptional operating income in the six months ended
30 September 2016.
The exceptional operating income in the six months ended 30
September 2015 of GBP1,078,000 represented the profit on disposal
of the interest in two store leases (207 Rue Saint Honoré, Paris
and Grant Avenue, San Francisco).
5. EXCEPTIONAL OPERATING EXPENSES
There are no exceptional operating expenses in the six months
ended 30 September 2016.
The exceptional operating expenses in the six months ended 30
September 2015 of GBP942,000 represented:
-- An impairment charge of GBP548,000 relating to the retail
assets of one international store. The store had not been trading
in line with its expected potential; and
-- An impairment charge of GBP394,000 for the contribution
towards the opening of a flagship store for a franchise partner in
prior years and where the store has now been closed.
6. TAXATION
The tax credit is calculated by applying the forecast full year
effective tax rate to the interim loss and calculating the deferred
tax balance for the period.
7. CONTINGENT LIABILITY
The Group is currently in discussion with the UK tax authorities
regarding the residency of its US subsidiary for tax purposes.
Following the acquisition of the retail store business during 2009,
Mulberry Company (USA) Inc has been treated as dual resident and
taxes paid in the UK when the company made profits and any losses
used to offset the UK taxable profits. In arriving at the overall
Group tax charge, the US tax losses have been group relieved
reducing the tax payable in the UK by a total of GBP7,000,000
(GBP700,000 in the current period and GBP6,300,000 in prior years).
The Directors are satisfied that the business is operated and
controlled in the UK and therefore meets the relevant UK Central
Management and Control test and can offset the losses. Should HMRC
successfully challenge the Group's position, additional tax and
interest may need to be paid.
8. DIVID
Unaudited six months to 30 Unaudited six months to 30 Audited year ended
September 2016 GBP'000 September 2015 GBP'000 31 March 2016
GBP'000
Dividend of 5p per ordinary
share paid during the period - - 2,968
The final dividend for the year ended 31 March 2016 was paid to
shareholders on 24 November 2016.
The final dividend for the year ended 31 March 2015 was paid on
26 November 2015.
9. EARNINGS PER SHARE ( 'EPS' )
Unaudited six months to 30 Unaudited six months to 30 Audited year ended
September 2016 September 2015 31 March 2016
Basic (loss)/earnings per
share (0.6p) 0.2p 4.5p
Diluted (loss)/earnings per
share (0.6p) 0.2p 4.5p
Adjusted basic (loss)/earnings
per share (0.6p) 0.0p 5.4p
Adjusted diluted
(loss)/earnings per share (0.6p) 0.0p 5.4p
Earnings per share is calculated based on the following
data:
Unaudited six months to 30 Unaudited six months to 30 Audited year ended
September 2016 GBP'000 September 2015 GBP'000 31 March 2016
GBP'000
(Loss)/profit for the period
for basic and diluted
earnings per share (342) 120 2,685
Adjustments to exclude
exceptional items:
Impairment relating to retail
assets - 942 1,615
Profit on disposal of retail
stores - (1,078) (1,078)
Adjusted (loss)/profit for the
period for basic and diluted
earnings per share (342) (16) 3,222
Unaudited six months to 30 Unaudited six months to 30 Audited year ended
September 2016 Million September 2015 Million 31 March 2016
Million
Weighted average number of
ordinary shares for the
purpose of basic EPS 59.4 59.3 59.3
Effect of dilutive potential
ordinary shares: share
options 0.5 0.5 0.5
Weighted average number of
ordinary shares for the
purpose of diluted EPS 59.9 59.8 59.8
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR LLFETFDLDIIR
(END) Dow Jones Newswires
December 08, 2016 02:00 ET (07:00 GMT)