Partners Holdings - Interim Results
15 Novembre 1999 - 9:00AM
UK Regulatory
RNS Number:7847A
Partners Holdings PLC
15 November 1999
Partners Holdings plc
("Partners")
Interim Results for the 28 weeks ended 9 October 1999
Partners Holdings plc, the operator of 105 specialist retail
stationery stores, today announces Interim results for the 28
weeks to 9th October 1999.
* Turnover increased 11.6% to #20.5m (1998: #18.3m)
* Pre tax loss of #799,000 including an exceptional profit on
sale of property leases of #286,000 (1998: loss #1.17m)
* Loss per share reduced to 4.3p (1998: loss 5.7p)
15 November 1999
Enquiries:
Partners Holdings plc Tel: 01270 505888
Michael Scorey, Chairman
Peter Davey, Chief Executive
Alan Goodwin, Finance Director
College Hill Tel: 0171 457 2020
Mathew Smallwood
Interim Report for the 28 weeks ended 9 October 1999
CHAIRMAN'S STATEMENT
Turnover during the period increased by 11.6% to #20.47 million. Operating
losses, before exceptional items, were #997,000 compared with a loss last
year of #1,092,000. Pre tax losses were #799,000 compared to #1,170,000
last year. Exceptional profits of #286,000 arose from the disposal of
operating leases following the relocation of two stores.
Net cash outflow for the period was #0.9million after capital investment of
#0.5million. Group net assets were #4.4million.
As previously stated the Board expects the current year to be one of
continued restructuring whilst the business is re-focussed and re-positioned
for the future. Although sales growth during the period has, on a comparable
basis, been positive we have suffered an erosion in gross margin which has
resulted in only a small improvement in the level of interim losses.
DIVIDENDS
In the light of the results, the Board has decided, that payment of an
interim dividend would not be appropriate. (1998 - 0.5p)
FUTURE PROSPECTS
Whilst our results, are in line with our expectations and show some
improvement on last year there remains much to be done.
Our strategy in the short term is focussed on generating growth in our core
stores by means of two key initiatives as follows:
Firstly the process of fully reviewing our existing product ranges has
continued although it will be some months before this exercise will be
complete.
Secondly the store modernisation programme, which was initiated last year,
has continued. In addition to the four stores that were previously converted
to our new retail format, we have also converted 2 further stores following
re-location and 16 stores into a lower cost version of this format. We are
continuing to monitor performance in both groups of stores to determine the
optimum configuration for the future
The results for the second half of the year will be largely determined by
our sales in the important Christmas trading period which has just begun.
Michael Scorey
Chairman
CONSOLIDATED PROFIT AND LOSS ACCOUNT (unaudited)
Before Before
Excep- Excep- Excep- Excep-
tional tional tional tional
Items Items Items Items
28 weeks 28 weeks 28 weeks 28 weeks Year to Year to Year to
9 October 9 October 9 October 10 October 31 March 31 March 31 March
1999 1999 1999 1998 1999 1999 1999
#000 #000 #000 #000 #000 #000 #000
TURNOVER 20,472 - 20,472 18,336 38,880 - 38,880
Cost of sales(19,551) - (19,551) (17,828) (36,194) (104) (36,298)
GROSS PROFIT 921 - 921 508 2,686 (104) 2,582
Distribution
costs (261) - (261) (234) (479) - (479)
Administration
expenses (1,677) - (1,677) (1,386) (2,664) (302) (2,966)
(1,017) - (1,017) (1,112) (457) (406) (863)
Other net-
operating
income 20 286 306 20 38 - 38
OPERATING
(LOSS)/PROFIT(997) 286 (711) (1,092) (419) (406) (825)
Interest
receivable 4 - 4 2 5 - 5
Interest
payable (92) - (92) (80) (135) - (135)
(LOSS)/PROFIT
ON ORDINARY
ACTIVITIES
BEFORE
TAXATION (1,085) 286 (799) (1,170) (549) (406) (955)
Tax on (loss)/profit
on ordinary
activities 178 - 178 100 87 64 151
(LOSS)/PROFIT FOR
THE PERIOD (907) 286 (621) (1,070) (462) (342) (804)
Dividends on
equity shares - - - (93) (93)
RETAINED (LOSS)
/PROFIT (907) 286 (621) (1,163) (897)
(Loss)/profit per
share - basic & diluted (4.3p) (5.7p) (4.3p)
There are no recognised gains or losses other than the loss for the relevant
periods.
CONSOLIDATED BALANCE SHEET (unaudited)
as at as at as at
9 October 10 October 31 March
1999 1998 1999
#000 #000 #000
FIXED ASSETS
Tangible Assets 6,512 7,010 6,848
CURRENT ASSETS
Stock 6,980 5,928 5,788
Debtors 2,361 2,305 2,170
Cash at bank and in hand 59 60 58
9,400 8,293 8,016
CREDITORS:amounts falling due within one year. (11,207) (9,512) (9,119)
NET CURRENT ASSETS / (LIABILITIES) (1,807) (1,219) (1,103)
TOTAL ASSETS LESS CURRENT LIABILITIES 4,705 5,791 5,745
PROVISIONS FOR LIABILITIES AND CHARGES
Deferred taxation - (253) (179)
ACCRUALS AND DEFERRED INCOME
Deferred income (275) (754) (516)
(275) (1,007) (695)
4,430 4,784 5,050
CAPITAL AND RESERVES
Called up share capital 187 187 187
Share premium account 5,691 5,691 5,691
Capital redemption reserve 9 9 9
Profit and loss account (1,457) (1,103) (837)
Shareholder's funds:
Equity 4,430 4,784 5,050
GROUP CASH FLOW STATEMENT (unaudited)
28 weeks 28 weeks Year to
9 October 10 October 31 March
1999 1998 1999
#000 #000 #000
NET CASH (OUTFLOW) / INFLOW FROM
OPERATING ACTIVITIES (280) 677 1,556
RETURNS ON INVESTMENTS AND SERVICING
OF FINANCE
Interest Paid (88) (80) (135)
Interest Received - 2 5
NET CASH OUTFLOW FROM RETURNS ON
INVESTMENTS AND SERVICING OF FINANCE (88) (78) (130)
TAXATION
Corporation tax paid (including ACT) - (47) (240)
CAPITAL EXPENDITURE AND FINANCIAL
INVESTMENTS
Capital Expenditure (534) (724) (1,228)
Sale of tangible fixed assets - - -
NET CASH OUTFLOW FROM INVESTING ACTIVITIES (534) (724) (1,228)
EQUITY DIVIDENDS PAID - (187) (280)
FINANCING
Issue of Ordinary Shares - - -
Costs incurred in the issue of Ordinary Shares - - -
Deferred ordinary share issue costs - - -
Repayment of capital element of finance lease rentals
and hire purchase contract payments (13) (18) (26)
Repayment of loans - - -
Redemption of Deferred Ordinary Shares - - -
NET CASH OUTFLOW FROM FINANCING (13) (18) (26)
DECREASE IN CASH (915) (377) (348)
NOTES ON THE ACCOUNTS
1. Reconciliation of operating (loss) / profit to net cash inflow from
operating activities
28 weeks 28 weeks Year to
9 October 10 October 31 March
1999 1998 1999
#000 #000 #000
Operating loss (711) (1,092) (825)
Depreciation 826 871 1,537
Amortisation of deferred income (241) (231) (469)
Profit on disposal of fixed assets 44 - -
Increase in debtors (191) (347) (114)
Increase in stocks (1,192) (1,165) (1,025)
Increase in trade creditors 1,135 2,069 1,962
Increase in other creditors 50 572 490
Net cash (outflow)/inflow from continuing
operating activities (280) 677 1,556
2. Exceptional Items
Costs relating to the restructuring of the business and income relating to
profit on disposals of leases have been treated as exceptional items before
arriving at operating profit:
28 weeks 28 weeks Year to
9 October 10 October 31 March
1999 1998 1999
#000 #000 #000
Profit on disposals of leases 286 - -
Costs relating to restructuring - - (406)
286 - (406)
3. Reconciliation of net cash flow to movement in net debt
at 31 March Cash at 9 October
1999 Flows 1999
#000 #000 #000
Cash in hand 58 1 59
Overdrafts (2,123) (916) (3,039)
(2,065) (915) (2,980)
Debt due within 1 year (27) 13 (14)
Total (2,092) (902) (2,994)
4. The Group results for the 28 weeks ended 9th October 1999 are unaudited
but have been reviewed by the auditors whose report to the shareholders is
shown below. The results for the year ended 31st March 1999 set out above
are an abridged version of the Group's full accounts for that year. Full
1999 accounts, incorporating an unqualified auditors' report, have been
delivered to the Registrar of Companies.
5. The interim financial information has been prepared in accordance with
the accounting policies set out in the Annual Report and Financial
Statements for the year ended 31st March 1999.
6. Diluted earnings per share has been calculated and disclosed in
accordance with FRS 14.
7. This report is being posted to shareholders on 24th November 1999 and
copies are available at the Company's registered office, Savoy Road, Off
Weston Road, Crewe, Cheshire, CW1 6NA.
AUDITORS' REVIEW
We have reviewed the interim financial information set out on pages 2 to 6
in respect of the 28 weeks ended 9th October 1999, which is the
responsibility of, and has been approved by, the directors. Our
responsibility is to report on the results of our review.
Our review was carried out having regard to the Bulletin, Review of interim
financial information, issued by the Auditing Practices Board. This review
consisted principally of obtaining an understanding of the process for the
preparation of the interim financial information, applying analytical
procedures to the underlying financial data, assessing whether accounting
policies have been consistently applied, and making enquiries of the group's
management responsible for the financial and accounting matters. The review
excluded audit procedures such as tests of controls and verification of
assets and liabilities and was therefore substantially less in scope than an
audit performed in accordance with Auditing Standards. Accordingly, we do
not express an audit opinion on the interim financial information.
On the basis of our review:
we are not aware of any material modifications that should be made in the
interim financial information as presented; and
in our opinion the interim financial information has been prepared using
accounting policies consistent with those adopted by the Group in its
statutory accounts for the year ended 31st March 1999.
Ernst & Young
Registered Auditors
Manchester
Partners Holdings plc
Savoy Road
Off Weston Road
Crewe
Cheshire CW1 6NA
END
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