Interim Results
25 Novembre 2005 - 4:35PM
UK Regulatory
RNS Number:7113U
Strategic Retail PLC
25 November 2005
STRATEGIC RETAIL Plc
(the "Company")
INTERIM REPORT 2005
Chairman's statement
On 30 August 2005 the Company acquired 9 'Texstyle World Home' stores. These
stores are all based in Scotland, with six situated around Glasgow and three in
the far North. The stores have been successfully integrated into the Group's
management structure based in Cheshire.
The Group has opened a new Fads (Trading) Limited store at Blairgowrie and
successfully re-sited to better placed stores at Rutherglen, Bradford and
Arbroath. The Group now trades out of 80 stores.
Results for the 26 weeks ended 27 August 2005
The company produced a loss before taxation for the period, of #47,000 on a
turnover of #9,274,000. This reflects the poor state of retail on the high
street and DIY retailing in particular. The fall in consumer spending has lead
to a fall in like for like sales, particularly acute with regard to
wall-coverings, and corresponding falls in margin and net profit.
Outlook
The acquisition of the Texstyle World business is a significant step for the
Company and has increased our retail space by 130,000 square feet. As retail
conditions worsened throughout the period under review, we have concentrated on
maintaining a strong balance sheet and cash position. Whilst we have seen a
small improvement in trading since the period end, we believe that the way
forward continues to be through selective acquisitions.
I W Currie
Chairman
25 November 2005
Profit and Loss Account
(Unaudited) (Unaudited) Audited
26 wks ended 26 wks ended 52 wks ended
27th Aug 2005 28th Aug 2004 26th Feb 2005
#000 #000 #000
NOTE
Turnover 9,274 7,050 16,201
Operating (Loss)/Profit (47) 65 118
Interest Receivable - 2 10
(Loss)/Profit on Ordinary
Activities before Taxation (47) 67 128
Taxation - - 51
Retained (Deficit)/ Profit for the Period (47) 67 179
(Loss)/Earnings per Ordinary Share 3 (0.30p) 0.50p 1.26p
The Company has no other recognised gains and losses other than as shown above
and therefore no separate statement of total recognised gains or losses has been
presented.
Consolidated Cash flow Statement for the 26 week period ended 27 August 2005
(Unaudited) (Unaudited) Audited
26 weeks ended 26 weeks ended 52 weeks ended
27.08.2005 28.02.2004 26.02.2005
#000 #000 #000
Cash flow from operating activities (76) (159) (340)
Net cash flow for Returns on Investments and - - 10
Servicing finance
Capital Expenditure (152) (78) (156)
Acquisitions and disposals
Purchase of subsidiary - - (654)
Net cash acquired with subsidiary - - 118
Net cash outflow for acquisitions and disposals - - (536)
Cash Outflow before financing (228) (237) (1,022)
Financing
Issue of ordinary share capital - - 1,138
Share issue expenses - - (32)
Net cash inflow from financing - - 1,106
Increase/(decrease) in cash for the period (228) (237) 84
Reconciliation of Operating Profit to net cash Outflow from operating activities
Operating (loss)/profit (47) 67 118
Depreciation 133 60 138
Amortisation of goodwill - - 8
Loss on disposal - - 25
Decrease/(increase) in stock 37 (160) (454)
Decrease in debtors 166 21 82
Decrease in creditors (365) (147) (257)
Cash flow from Operating activities (76) (159) (340)
Analysis of net funds
at 26.02.2005 cash flow at 27.08.2005
Cash in hand and at bank 1,183 (228) 955
Summarised Balance Sheet
At 27.08.05 At 28.08.04 At 26.02.05
(Unaudited) (Unaudited) (Audited)
#000 #000 #000
FIXED ASSETS
Intangible assets 368 - 368
Tangible assets 628 467 610
996 467 978
CURRENT ASSETS
Stocks 3,258 2,401 3,295
Debtors 713 500 879
Cash at bank and in hand 955 862 1,183
4,926 3,763 5,357
CREDITORS - amounts falling due within 1 year (2,981) (2,459) (3,346)
Net current assets 1,945 1,305 2,011
NET ASSETS 2,941 1,771 2,989
CAPITAL & RESERVES
Called up share capital 80 65 80
Share premium account 2,729 1,638 2,729
Profit & loss account 132 68 180
2,941 1,771 2,989
NOTES TO THE FINANCIAL INFORMATION
1. The interim results are unaudited and do not comprise full accounts within
the meaning of Section 240 of the Companies Act 1985. The results for the year
ended 26th February 2005 are in abbreviated form and have been extracted from
the published accounts filed with the Registrar of Companies. These were audited
and reported upon without qualification by Baker Tilly and did not contain a
statement under Section 237(2) or (3) of the Companies Act 1985.
2. No interim dividend is being proposed or paid.
3. The earnings per share has been calculated on the 15,928,222 shares in
issue.
4. The accounts have been despatched to shareholders today, 25 November, 2005.
Copies are available upon request, free of charge, at the Company's registered
office: 3 Ralli Courts, West Riverside, Manchester, M3 5FT.
For further information, please contact:
Ian Currie, Strategic Retail plc Tel: 0161 831 1512
David Youngman, WH Ireland Limited Tel: 0161 832 2174
This information is provided by RNS
The company news service from the London Stock Exchange
END
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