TIDMJLH
RNS Number : 1411G
John Lewis Of Hungerford PLC
28 March 2022
The information contained within this announcement is deemed by
the Company to constitute inside information pursuant to Article 7
of EU Regulation 596/2014 as it forms part of UK domestic law by
virtue of the European Union (Withdrawal) Act 2018 as amended.
28 March 2022
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 2021
Overview
The Company is pleased to report that the first half sales to 31
December 2021 are the highest in our history, at GBP4.6 million
(2020: GBP3.3 million), with the current full year total of
despatched sales and confirmed forward orders standing at GBP8.5
million. After 38 weeks of trading, our future orders, combined
with the confirmed order book above, would indicate a full year
turnover, in excess of GBP10 million for the first time in our
history. Given the uncertain climate in which we are operating, the
Board have modelled a range of scenarios for the financial out-turn
in the current year, and our central scenario would deliver a
profit which is materially ahead of the prior year.
Sales for the six months to 31 December 2021 stood at GBP4,561k
(2020: GBP3,326k) and the loss before tax for the period is GBP81k
(2020: loss before tax GBP213k), with an improved cash position of
GBP824k (2020: GBP504k).
The Company has taken steps to put in place important building
blocks over the last two years, including significant investment in
our Digital Strategy, the Novuna (formerly known as Hitachi)
Finance - customer financing facility, together with the addition
of key heads, to improve productivity around the business.
These initiatives have delivered a structural change in our
model, with now sustained levels of consumer interest, as a result
of our improved visibility online, which has reduced the dependency
on local footfall in our territories. The investment in heads
required to support this increase in new business span across
front-end sales support, additional production heads and enhanced
installation management, to ensure the customer experience remains
a priority as we grow and scale the business.
The cost of the additional heads offset by the non-recurring
government support during the pandemic, reflect the movement on the
administration costs. The year-on-year movement on selling and
distribution spend demonstrates costs related to increased sales
including logistics, together with a return to pre-pandemic levels
of marketing spend, delivering around 30% more new business into
the Company, which has greatly contributed to the sales we report
today. Both areas of spend play an important part in supporting our
teams through the growth we are seeing in all areas of the
Company.
With the majority of roles required now recruited, we are
confident that there will be a minimal need to add additional heads
moving forward into the next financial year FY23, as we capitalise
on the strength of our brand positioning during our 50(th) Birthday
year.
Our investments in the core building blocks, including the
Digital Strategy, the Consumer Finance and the headcount required
to ensure continuous improvements to our sales conversion are now
bearing fruit, and we are pleased with the robust future order book
as we near the end of the financial year.
Globally disrupted supply chains continue to have an impact on
our purchasing activities, with our UK suppliers bearing additional
costs to manage their businesses. We have passed on price increases
of 8% to our customers in this financial year FY22 and anticipate
further inflationary pressures necessitating another increase as we
begin our new financial year FY23 on 1 July 2022.
Current Trading and Outlook
As stated above our despatched sales and confirmed forward
orders (which we consider to be the best measure of current
trading) for the first 38 weeks of trading of the current financial
year stood at GBP8.5 million (2021: GBP6.5 million). Future orders
against which a first stage deposit has been taken are
substantially higher than the prior year, which we expect will
deliver in excess of GBP10 million+ full year revenue performance.
Our central scenario as stated above, would deliver a profit
materially ahead of the prior year, together with a forward order
book which is a substantially higher than the prior year.
Given the current levels of market fluctuations impacted by the
unfolding global uncertainties, the Board remains cautious
regarding any significant disruption to our production and
logistics capabilities. The Company remains confident that the
resilience in the order book would mean that any in-year disruption
for this financial year FY22, would move a portion of the profits
into the next financial year FY23 reporting period.
Kiran Noonan
Chief Executive Officer and Acting Chairman
28 March 2022
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)
Amrit Nahal (Sales and Corporate Broking)
INCOME STATEMENT
FOR THE SIX MONTHSED 31 DECEMBER
2021
Audited
Unaudited 6 months Year
ended ended
31 December 31 December 30 June
2021 2020 2021
GBP'000 GBP'000 GBP'000
Revenue 4,561 3,326 7,877
------------ ------------ --------
Cost of sales (2,530) (1,807) (4,165)
Gross profit 2,031 1,519 3,712
Selling and distribution
costs (245) (146) (409)
Administration expenses:
Other (1,758) (1,469) (3,160)
Other operating income 3 - 165
------------ ------------
Total (1,755) (1,469) (2,995)
Profit/(Loss) from operations 31 (96) 307
Finance expenses (112) (117) (227)
(Loss)/Profit before tax (81) (213) 81
Taxation - - 125
(Loss) after taxation (81) (213) 205
============ ============ ========
(Loss)/Earnings per share
Basic (0.04)p (0.11)p 0.11p
Fully diluted (0.04)p (0.11)p 0.10p
STATEMENT OF COMPREHENSIVE INCOME
FOR THE SIX MONTHSED 31 DECEMBER
2021
Audited
Unaudited 6 months Year
ended ended
31 December 31 December 30 June
2021 2020 2021
GBP'000 GBP'000 GBP'000
(Loss)/Profit for the
period (81) (213) 205
Deferred tax on revaluation
of freehold land and buildings - - (43)
Total Comprehensive (Loss)/Income (81) (213) 163
============ ============ ========
BALANCE SHEET
AS AT 31 DECEMBER 2021 Audited
Unaudited As at As at
31 December 31 December 30 June
2021 2020 2021
GBP'000 GBP'000 GBP'000
Non-Current Assets
Intangible assets 124 140 140
Tangible assets 3,811 4,030 4,001
Trade and other receivables 32 43 32
-----------------------
3,966 4,213 4,173
---------------- ------------ -----------------------
Current assets
Inventories 167 174 193
Trade and other receivables 1,140 570 869
Deferred Tax asset 82 - 82
Cash and cash equivalents 824 507 1,302
---------------- ------------ -----------------------
2,214 1,251 2,446
Current liabilities (3,070) (2,571) (3,291)
Net current liabilities (856) (1,320) (845)
---------------- ------------ -----------------------
Total assets less current
liabilities 3,110 2,894 3,329
Non-current liabilities
Borrowings (1,127) (1,147) (1,137)
Lease Liabilities (1,208) (1,309) (1,336)
Provisions for liabilities
and charges (53) (56) (53)
Net Assets 722 381 803
================ ============ =======================
Equity
Share capital 194 187 194
Other reserves 1 1 1
Share premium account 1,222 1,188 1,222
Revaluation Reserve 518 561 518
Retained Earnings (1,214) (1,556) (1,133)
Total Equity 722 381 803
================ ============ =======================
STATEMENT OF CHANGES IN EQUITY
FOR THE SIX MONTHS ENDED 31 DECEMBER
2021
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 2020 (Audited) 187 1,188 1 560 (1,474) 594
Loss for the period - - - - (213) (213)
At 31 December 2020
(Unaudited) 187 1,188 1 560 (1,687) 381
Profit for the period - - - - 418 418
Share issue 7 34 - - - 42
Deferred tax on Revaluation
of freeholds - - - (43) - (43)
Share based payments - - - - 4 4
At 30 June 2021 (Audited) 194 1,222 1 518 (1,264) 803
Loss for the period - - - - (81) (81)
At 31 December 2021
(Unaudited) 194 1,222 1 518 (1,345) 722
================ ============ ========= ============ ========= ========
STATEMENT OF CASH FLOWS
FOR THE SIX MONTHS ENDED 31 DECEMBER
2021
Unaudited 6 months
ended Audited
Year ended
31 December 31 December 30 June
2021 2020 2021
GBP'000 GBP'000 GBP'000
Profit/(Loss) from operations 31 (96) 432
Depreciation, impairment and amortisation 239 239 478
Share based payments - - 4
Decrease/(Increase) in inventories 26 (21) (41)
(Increase) in receivables (271) (28) (315)
(Decrease)/Increase in payables (506) (22) 598
Increase in Customer Deposits 298 254 363
Loss on disposal of property plant
and equipment 0 1 3
Increase in provisions - - (34)
Tax (credit) on operations - - (125)
Net cash from operating activities (183) 328 1,364
Cash flows from financing activities (263) (361) (575)
Cash flows from investing activities (32) (19) (46)
Net (decrease) / increase in cash and
cash equivalents (478) (52) 743
Net cash and cash equivalents at the
start of the period 1,302 559 559
Net cash and cash equivalents at the
end of the period 824 507 1,302
============ ============ ============
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 period ended 30 June 2021. The
Company does not anticipate any change in these accounting policies
for the year ending 30 June 2022. 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 period ended 30 June 2021, 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
2021 2020 2021
(Loss) / Profit attributable to ordinary
shareholders (GBP'000) (81) (213) 205
Weighted average number
of shares in issue 193,945,519 186,745,519 189,388,807
Shares used to calculate diluted earnings
per share 193,945,519 186,745,519 206,867,673
Basic(loss) / earnings per
ordinary share (pence) (0.04)p (0.11)p 0.11p
Diluted (loss) / earnings
per ordinary share (pence) (0.04)p (0.11)p 0.10p
3. Availability of the 2021 Interim accounts
Copies of the interim accounts for the six months ended 31 December
2021 will be available to shareholders on the Company's website -
www.john-lewis.co.uk
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END
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