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(ACR.L) Abbeycrest PLC Buy/Sell
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| Date/Time | Headline | Source |
|---|---|---|
| 05-11-09 | RNS |
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RNS Number : 0555C Abbeycrest PLC 05 November 2009 5 November 2009 Abbeycrest plc ("Abbeycrest" or the "Company") Disclosure of Interest in Shares Rensburg Sheppards Investment Management Limited ("RSIM") today informed the board of Abbeycrest that on 4 October 2009, certain of its clients' beneficial holdings of ordinary shares of 1 pence each in the issued share capital of the Company ("Ordinary Shares") were transferred into nominee companies wholly owned by RSIM. As a result of this transfer, RSIM now holds a notifiable interest in the Company's issued share capital. RSIM's notifiable interest is in respect of 2,629,000 Ordinary Shares, representing 3.57% of the Company's total voting rights of 73,548,641.
For further information:
Abbeycrest plc
Director
Evolution Securities Limited
This information is provided by RNS The company news service from the London Stock Exchange END
HOLZELFBKFBEFBL More |
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| 28-10-09 | RNS |
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This news article is displayed preformatted as it may contain results tables
RNS Number : 5348B Abbeycrest PLC 28 October 2009 For Immediate Release 28 October 2009 Abbeycrest plc - Doc re Interim Financial Statements 2009 The Board of Abbeycrest plc would like to notify the market of the following information: The Condensed Consolidated Interim Financial Statements of Abbeycrest plc for the six months ended 31 August 2009 have now been sent to shareholders and submitted to the UK Listing Authority and will shortly be available for inspection at the UK Listing Authority's Document Viewing Facility which is situated at: Financial Services Authority 25 The North Colonnade Canary Wharf London E14 5HS Tel: 020 7066 1000 The Interim Financial Statements 2009 can also be viewed on the company's website at www.abbeycrest.co.uk. ENDS For further information: Abbeycrest plc Graham Partridge Group Finance and Operations Director Tel: +44(0) 113 397 0864 This information is provided by RNS The company news service from the London Stock Exchange END DOCEVLFLKBBFFBK More |
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| 23-10-09 | RNS |
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This news article is displayed preformatted as it may contain results tables
RNS Number : 2622B
Abbeycrest PLC
23 October 2009
23 October 2009
Abbeycrest plc
("Abbeycrest" or "the Group")
Interim Results
Abbeycrest plc, (LSE: ACR) a leading international jewellery designer and manufacturing company, today announces its unaudited interim results for the six months ended 31 August 2009.
Highlights
* In line with strategy, revenue down by 24% to £17.9m (2008: £23.5m)
* Operating profit pre-exceptional items of £0.2m (2008: £nil m)
* Exceptional operating profit of £1.5m (2008: exceptional costs of £1.2m)
* Post-exceptional items pre-tax profit of £1.3m (2008: £2.2m loss)
* Reduced inventory by 40% to £8.5m (2008: £14.2m)
* Reduced net debt by 37% to £8.1m (2008: £12.8m)
* Share placement announced in August 2009 successfully completed
Commenting on the interim results, Simon Ashton, Executive Chairman of Abbeycrest, said: "I am pleased to report that the Group's results are in line with management expectations. Whilst this is encouraging, the key selling season for the Group is the period up to Christmas and, as ever, our performance for the full year will largely be dependent upon retail market conditions during this time, both in the UK and overseas."
- Ends -
For further information:
Abbeycrest plc
Simon Ashton, Executive Chairman Tel:+44 (0) 113 3970 865
www.abbeycrest.co.uk
Evolution Securities Limited
Joanne Lake / Peter Steel Tel: +44 (0)113 243 1619
joanne.lake@evosecurities.com www.evosecurities.com
Media enquiries:
Abchurch Communications
Sarah Hollins / Stephanie Cuthbert / Mark Dixon Tel: +44 (0) 20 7398 7729
mark.dixon@abchurch-group.com www.abchurch-group.com
Chairman's Interim Statement
Business Review
I am pleased to advise shareholders that the Group achieved a profit after taxation for the period of £1.3m compared to a loss after taxation for the period to 31 August 2008 of £2.3m and a loss after taxation for the year ended 28 February 2009 of £10.2m. This result, which was heavily impacted by the exceptional operating profit for the period explained in further detail below, has been achieved on the planned, reduced revenue for the period of £17.9m compared to a revenue for the period ended 31 August 2008 of £23.5m and a revenue for the year ended 28 February 2009 of £53.1m. The Group made an operating profit for the period of £1.7m compared to an operating loss for the period to 31 August 2008 of £1.1m and an operating loss for the year ended 28 February 2009 of £7.1m.
The Group's results include an exceptional operating profit for the period of £1.5m as a result of the agreement with its landlord to grant an option to break the lease at the Group's former Head Office premises at Wilmington Grove in Leeds, in September 2011. During the period ended 31 August 2008 the Group incurred exceptional operating costs of £1.2m and for the year ended 28 February 2009 it incurred exceptional operating costs of £8.2m as part of the Straight Edge restructuring programme, originally outlined in the Annual Report and Financial Statements 2008.
As a consequence and as a result of the Group's strategy to improve operating margins, the Group made an operating profit, pre exceptional profits, for the period of £0.2m compared to an operating profit, pre exceptional losses, for the period to 31 August 2008 of £nil m and an operating profit, pre exceptional losses, for the period ended 28 February 2009 of £1.1m.
I would like to remind shareholders that the key elements of the Straight Edge restructuring programme were:
i) achieving an improvement in underlying profitability;
ii) implementing step change reductions in working capital and net debt; and
iii) restructuring the business and the management team.
I am therefore happy to inform shareholders of on-going developments on all points.
As can be determined from the above results the break-even point of the Group has been significantly lowered. Inventories as a key determinant of working capital have been reduced by 40% at the end of the period to £8.5m compared to £14.2m at 31 August 2008 as a result of tighter management controls along with the on-going reduction in the number of stock-keeping units held by the Group. This further reduction in inventory has enabled net debt in the period to fall to £8.1m at the end of the period compared to £12.8m at 31 August 2008. In addition, as previously advised, the Group's board has been strengthened through the recruitment of two new main board directors: Graham Partridge was appointed as Group Finance and Operations Director on 23 March 2009 and Nick Hamley as Group Sales and Marketing Director on 8 May 2009.
The Group continues to build for the future through its Leading Edge programme which was outlined in the Annual Report and Financial Statements 2008.
The key elements of the Leading Edge programme are to:
i) distil the existing Abbeycrest operations supplying mainstream global
markets into an Essentials division, targeting fewer customers with more
focussed ranges;
ii) create a Brands division, incorporating Brown & Newirth, to grow higher
end market share with branded jewellery collections; and
iii) shift the Group's thinking from "sell what we make" to "make what will
sell" underpinned by new product development driven by market trends and
consumer research.
The Group has now invested in Global Edge, its new brands portfolio business, and has launched three new jewellery collections - Gorgeous Gold®, Fluid®, and Osare®. It has also recruited a new sales team, all with branded sales experience.
This phase remains in its early stages; however, the directors believe that moving the Group's portfolios towards less price-sensitive segments of the market is a positive direction to take in these uncertain economic times.
In order to support the Group's future development, repay the initial instalment of £0.75m due at the end of September to the Group's junior creditor Agilo Master Fund Limited and reduce debt still further, the Group announced on 28 August 2009, its intention to raise £1.7m net of costs from a share placement. With the support of certain existing shareholders and some new shareholders this was successfully achieved and approved by shareholders on 23 September 2009. The Group's shareholder base has been both broadened and deepened following significant new investments by certain major institutions including Gartmore Fund Managers and we would like to welcome all new shareholders and thank existing shareholders for their support in these challenging times.
There are a number of potential risks and uncertainties which could have a material impact on the Group's performance over the remaining six months of the financial year and could cause actual results to differ materially from expected historical results. The directors do not consider that there have been any material adverse changes to the principal risks and uncertainties included in the publication of the annual report for the year ended 28 February 2009. A detailed explanation of the risks relevant to the Group is on pages 14 to 17 of the annual report which is available at www.abbeycrest.co.uk.
The Group's performance during the first half of the year has been in-line with management expectations. Whilst this is encouraging, the key selling season for the Group is the period up to Christmas and, as ever, our performance will be dependent upon retail market conditions during this time, both in the UK and overseas.
Simon Ashton
Executive Chairman
Condensed Consolidated Interim Income Statement
For six months ended 31August 2009
Six months Six months Year to
to 31 August to 31 August 2008 28 February
2009 Unaudited 2009
Unaudited Audited
£'000
£'000 £'000
Note
Revenue 4 17,852 23,529 53,052
Operating costs 2 (16,143) (24,676) (60,168)
------------ ------------ ------------
Operating profit/(loss) 1,709 (1,147) (7,116)
Finance income - 6 6
Finance costs (451) (1,072) (3,021)
----------- ------------ ------------
Profit/(loss) before taxation 1,258 (2,213) (10,131)
------------ ------------ ------------
----------------------------------------------------------------------------------------------------------------------
-------------------------------------
Analysis of profit/(loss) before taxation
Loss before taxation and exceptional items (241) (1,023) (984)
Exceptional items - operating 2 1,499 (1,190) (8,191)
costs
Exceptional items - finance 2 - - (956)
costs ------------ ------------ ------------
Profit/(loss) before taxation 1,258 (2,213) (10,131)
======= ======= =======
----------------------------------------------------------------------------------------------------------------------
-------------------------------------
Tax charge - (43) (58)
------------ ------------ ------------
Profit/(loss) for the period 1,258 (2,256) (10,189)
attributable to equity holders ======= ======= =======
of the parent
Profit/(loss) per share - 3 4.4p (8.3)p (36.6)p
basic and diluted
Condensed Consolidated Statement of Comprehensive Income
For six months ended 31August 2009
Six months Six months Yearto
to 31 August to 31 August 2008 28 February
2009 Unaudited 2009
Unaudited £'000 Audited
£'000 £'000
Profit/(loss) for the period 1,258 (2,256) (10,189)
------------ ------------ ------------
Other comprehensive
(costs)/income
Cash flow hedges:
Losses recognised directly in - (1) (1)
equity
Exchange (losses)/gains on (770) 9 1,641
retranslation of foreign ------------ ------------ ------------
operations
Other comprehensive (770) 8 1,640
(costs)/income ------------ ------------ ------------
Total comprehensive 488 (2,248) (8,549)
income/(costs) for the period ======= ======= =======
attributable to equity holders
of the parent
Consolidated Statement of Changes in Equity
For six months ended 31August 2009
Share capital Share premium Merger reserve Foreign exchange Hedging reserve Retained earnings Total
reserve
£'000
£'000 £'000 £'000 £'000 £'000
£'000
Balance at 1 March 2009 2,922 5,665 199 2,424 - (4,776) 6,434
------------ ------------ ------------ ------------ ------------ ------------ ------------
Profit for the period - - - - - 1,258 1,258
Cash flow hedges:
Exchange losses on
retranslation of foreign
operations
- - - (770) - - (770)
------------ ------------ ------------ ------------ ------------ ------------ ------------
Total comprehensive income for
the period - - - (770) - 1,258 488
------------ ------------ ------------ ------------ ------------ ------------ ------------
Balance at 31 August 2009
(unaudited) 2,922 5,665 199 1,654 - (3,518) 6,922
======= ======= ======= ======= ======= ======= =======
Share capital Share premium Merger reserve Foreign exchange Hedging reserve Retained earnings Total
reserve
£'000
£'000 £'000 £'000 £'000 £'000
£'000
Balance at 1 March 2008 2,662 5,619 199 783 1 5,413 14,677
------------ ------------ ------------ ------------ ------------ ------------ ------------
Loss for the period - - - - - (2,256) (2,256)
Cash flow hedges:
Losses recognised directly in -
equity - - - - (1) (1)
Exchange gains on
retranslation of foreign
operations
- - - 9 - - 9
------------ ------------ ------------ ------------ ------------ ------------ ------------
Total comprehensive income for
the period - - - 9 (1) (2,256) (2,248)
------------ ------------ ------------ ------------ ------------ ------------ ------------
Issue of share capital 260 46 - - - - 306
------------ ------------ ------------ ------------ ------------ ------------ ------------
Balance at 31 August 2008
(unaudited) 2,922 5,665 199 792 - 3,157 12,735
======= ======= ======= ======= ======= ======= =======
Share capital Share premium Merger reserve Foreign exchange Hedging reserve Retained earnings Total
reserve
£'000
£'000 £'000 £'000 £'000 £'000
£'000
Balance at 1 March 2008 2,662 5,619 199 783 1 5,413 14,677
------------ ------------ ------------ ------------ ------------ ------------ ------------
Loss for the period - - - - - (10,189) (10,189)
Cash flow hedges:
Losses recognised directly in
equity - - - - (1) - (1)
Exchange gains on
retranslation of foreign
operations
- - - 1,641 - - 1,641
------------ ------------ ------------ ------------ ------------ ------------ ------------
Total comprehensive income for
the period - - - 1,641 (1) (10,189) (8,549)
------------ ------------ ------------ ------------ ------------ ------------ ------------
Issue of share capital 260 46 - - - - 306
------------ ------------ ------------ ------------ ------------ ------------ ------------
Balance at 28 February 2009
(unaudited) 2,922 5,665 199 2,424 - (4,776) 6,434
======= ======= ======= ======= ======= ======= =======
Condensed Consolidated Interim Balance Sheet
As at 31 August 2009
31 August 31 August 28 February
2009 2008 2009
Unaudited Unaudited Audited
£'000 £'000 £'000
Note
Assets
Non-current assets
Goodwill 1,880 1,880 1,880
Other intangible assets 336 197 398
Property, plant and equipment 4,089 4,567 4,677
Deferred tax assets 102 73 102
------------ ------------ ------------
6,407 6,717 7,057
======= ======= =======
Current assets
Inventories 8,519 14,192 9,344
Trade and other receivables 7,222 11,587 10,703
Cash and cash equivalents 233 603 99
------------ ------------ ------------
15,974 26,382 20,146
======= ======= =======
Liabilities
Current liabilities
Borrowings (8,193) (13,214) (7,811)
Trade and other payables (5,559) (6,995) (9,010)
Corporation tax - - (197)
------------ ------------ ------------
(13,752) (20,209) (17,018)
======== ======== =======
Net current assets 2,222 6,173 3,128
Non-current liabilities
Borrowings (143) (155) (251)
Provisions 6 (1,564) - (3,500)
------------ ------------ ------------
(1,707) (155) (3,751)
------------ ------------ -------------
Net assets 6,922 12,735 6,434
======= ======= =======
Shareholders' equity
Share capital 2,922 2,922 2,922
Share premium account 5,665 5,665 5,665
Merger reserve 199 199 199
Cumulative translation 1,654 792 2,424
reserves
Retained earnings (3,518) 3,157 (4,776)
------------ ------------ ------------
Total shareholders' equity 6,922 12,735 6,434
======= ======= =======
Condensed Consolidated Interim Cash Flow Statement
For six months ended 31August 2009
Six months to 31 Six months to Year to
August 31 August 28 February
2009 2008 2009
Unaudited Unaudited Audited
£'000 £'000 £'000
Note
Cash flow from operating
activities
Profit/(loss) after tax 1,258 (2,256) (10,189)
Tax charge - 43 58
Depreciation and amortisation 436 464 951
Loss on sale of tangible fixed - - 199
assets
Finance costs 451 1,072 1,457
Finance income - (6) (6)
------------ ------------ ------------
2,145 (683) (7,530)
Decrease in inventories 824 1,220 6,568
Decrease/(increase) in 3,253 (517) 595
receivables
(Decrease)/increase in (5,718) (171) 5,785
payables
Finance costs paid (451) (1,072) (1,457)
Taxation paid (66) - (160)
------------- ------------- -------------
Net cash (outflow)/inflow from (13) (1,223) 3,801
operating activities ======= ======= =======
Cash flow from investing
activities
Purchase of property, plant (84) (276) (441)
and equipment
Finance income received - 6 6
Purchase of intangible fixed (43) - (56)
assets ----------- ----------- ------------
Net cash used in investing (127) (270) (491)
activities ======= ======= =======
Cash flow from financing
activities
Issue of ordinary shares - 306 306
Proceeds of borrowings 318 2,904 225
Repayment of borrowings - - (3,288)
Leased gold facility movement 88 (1,996) (1,241)
Capital element of finance (270) (88) (160)
lease rental payments
------------ ------------ ------------
Net cash generated from/(used 136 1,126 (4,158)
in) financing activities ======= ======= =======
Net decrease in cash (4) (367) (848)
Cash and cash equivalents at (118) 730 730
beginning of period ------------ ------------ ------------
Cash and cash equivalents at (122) 363 (118)
end of period ======= ======= =======
Cash and bank overdrafts
comprise:
Cash and cash equivalents in 233 603 99
the balance sheet
Bank overdrafts (355) (240) (217)
------------ ------------ ------------
(122) 363 (118)
======= ======= =======
Notes to the Condensed Consolidated Interim Financial Statements
For the six months ended 31 August 2009
1 Basis of preparation
1.1 Reporting entity
The condensed consolidated interim financial statements of Abbeycrest plc (the "Company") as at and for the six months ended 31 August 2009 comprises the Company and its subsidiaries (the "Group").
These primary statements and selected notes comprise the unaudited condensed consolidated interim financial results of Abbeycrest plc for the six months ended 31 August 2009 and 2008.
The financial information for the year ended 28 February 2009 does not comprise statutory accounts within the meaning of Section 240 of the Companies Act 1985. Statutory accounts for the year ended 28 February 2009 were approved by the Board of Directors on 25 June 2009. The auditors' report on those accounts was unqualified and did not contain a statement under section 237(2)-(3) of the Companies Act 1985. The auditors' report did include reference to the material uncertainty in respect of the requirement for the Group to raise additional financing in excess of £1.7m before September 2009 and for the Group to agree a time to pay application with HM Revenue and Customs to which the auditors drew attention by way of emphasis without qualifying their report.
The Company announced its intention to raise £1.7m net of costs from a share placement on 28 August 2009 which was successfully achieved and approved by shareholders on the 23 September 2009. In addition the company has now agreed a time to pay application with HM Revenue and Customs.
The consolidated financial statements of the Group as at and for the year ended 28 February 2009 are available upon request from the Company's registered office at 4100 Park Approach, Thorpe Park, Leeds, LS15 8GB or via the Company's website at www.abbeycrest.co.uk.
1.2 Statement of compliance
The directors, Simon Ashton, Graham Partridge, Nick Hamley and Albert Cheesebrough, confirm that to the best of their knowledge:
* the condensed set of financial statements has been prepared in accordance with IAS 34 Interim Financial Reporting as adopted by the EU;
* the interim management report includes a fair review of the information required by:
a) DTR 4.2.7R of the Disclosure and Transparency Rules, being an indication of important
events that have occurred during the first six months of the financial year and their impact on
the condensed set of financial statements; and a description of the principal risks and
uncertainties for the remaining six months of the year; and
b) DTR 4.2.8R of the Disclosure and Transparency Rules, being related party transactions that
have taken place in the first six months of the current financial year and that have materially
affected the financial position or performance of the entity during that period; and any
changes in the related party transactions described in the last annual report that could do so.
These condensed consolidated interim financial statements were approved by the Board of Directors on 22 October 2009.
These condensed consolidated interim financial statements have been neither audited nor reviewed pursuant to guidance issued by the Auditing Practices Board.
1.3 Changes in accounting policies
The interim financial statements have been prepared under the same accounting policies as last year except that in the current financial year, the Group has adopted IAS 1, "Presentation of Financial Statements" (Revised), IFRS 8, "Operating segments" and the amendments to IFRS 2, "Share-based payments: vesting conditions and cancellations".
IAS 1 Presentation of Financial Statements (Revised) includes the requirement to present a Statement of Changes in Equity as a primary statement and introduces the possibility of either a single Statement of Comprehensive Income (combining the Income Statement and a Statement of Comprehensive Income) or to retain the Income Statement with a supplementary Statement of Comprehensive Income. The second option has been adopted by Abbeycrest plc. As this standard is concerned with presentation only it does not have any impact on the results or net assets of the Group.
IFRS 8, Operating Segments requires operating segments to be identified on the basis of internal reports about components of the Group that are regularly reviewed by the Chief Operating Decision Maker ("CODM"). By contrast IAS 14, "Segmental Reporting" required business and geographical segments to be identified on a risks and rewards approach. The business segmental reporting bases used by the Company in previous years are those which are reported to the CODM, so the changes to the segmental reporting for 2009 are in respect of the additional disclosure only. Comparatives have been restated.
Amendment to IFRS 2, "Share-based payments: vesting conditions and cancellations" results in an immediate acceleration of the IFRS 2 expense that would otherwise have been recognised in future periods should an employee decide to stop contributing to the savings plan. Management has concluded that so far there has been no impact on the results of the Group as a result of this amendment.
1.4 Estimates
The preparation of the interim financial statements requires management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets and liabilities, income and expense. Actual results may differ from these estimates.
In preparing these condensed consolidated interim financial statements, the significant judgements made by management in applying the Group's accounting policies and the key sources of the uncertainty of estimations were the same as those that applied to the consolidated financial statements as at and for the year ended 28 February 2009.
2 Exceptional items
Operating costs include the following exceptional income and costs:
Six months to Six months to Year to
31 August 31 August 28 February
2009 2008 2009
Unaudited Unaudited Audited
£'000 £'000 £'000
Exceptional items - operating
costs
Re-organisation costs - 929 -
Stock reduction programme - 261 2,386
Group restructuring (1,499) - 5,805
------------ ------------ ------------
(1,499) 1,190 8,191
------------ ------------ ------------
Exceptional items - finance
costs
Re-financing costs - - 956
------------ ------------ ------------
Total exceptional (1,499) 1,190 9,147
(income)/costs ======= ======= =======
The re-organisation costs relate to redundancy, professional and other costs arising from the fundamental review of the Group's business and structure.
The stock reduction programme relates to a stock clearance and liquidation programme associated with the Group's strategic withdrawal from relationships with certain of its UK customers as part of the downsizing of the operations in Leeds.
The Group restructuring costs for the year ended 28 February 2009 relate to redundancy related costs and a substantial onerous lease provision arising from the decision to vacate the Group's premises in Leeds. During the six months ended 31 August 2009 management negotiated a break clause in the onerous lease which has resulted in an exceptional profit for the period (note 6).
3 Profit/(loss) per share
Basic profit/(loss) per share and diluted earnings per share have been calculated using the weighted average number of shares in issue during the period of 28,623,641 (2008: 27,083,424).
4 Segmental analysis
The Group operates in the reportable segments shown below. The following shows the revenue and results by reportable segment in the six months ended 31 August 2009:
Essentials division Brands division Total
Unaudited Unaudited Unaudited
£'000 £'000
£'000
Revenue 10,831 7,021 17,852
------------ ------------ ------------
Segment result 359 417 776
------------ ------------ ------------
Unallocated income 933
Finance costs (451)
------------
Profit before income tax 1,258
Tax charge -
------------
Profit for the period 1,258
=======
Unallocated income relates to central costs and income.
Segmental assets as at 31 August 2009 were as follows:
Essentials division Brands division Unallocated Reconciliation Total
Unaudited Unaudited Unaudited Unaudited
£'000 £'000
£'000 £'000
£'000
Total assets 30,319 16,335 20,975 (45,248) 22,381
======= ======= ======= ======= =======
The reconciling items relate to the elimination of intercompany balances and fixed asset investments on consolidation.
The following shows the revenues and results by reportable segment in the six months ended 31 August 2008:
Essentials division Brands division Total
Unaudited Unaudited Unaudited
£'000 £'000
£'000
Revenue 16,238 7,291 23,529
------------ ------------ ------------
Segment result (1,047) 874 (173)
------------ ------------ ------------
Unallocated costs (974)
Finance income 6
Finance costs (1,072)
------------
Loss before income tax (2,213)
Tax charge (43)
------------
Loss for the period (2,256)
=======
Unallocated costs relate to central costs.
Segmental assets as at 31 August 2008 were as follows:
Essentials division Brands division Unallocated Reconciliation Total
Unaudited Unaudited Unaudited Unaudited
£'000 £'000
£'000 £'000
£'000
Total assets 40,942 14,968 21,847 (44,658) 33,099
======= ======= ======= ======= =======
The reconciling items relate to the elimination of intercompany balances and fixed asset investments on consolidation.
The following shows the revenues and results by reportable segment in the year ended 28 February 2009:
Essentials division Brands division Total
Unaudited Unaudited Unaudited
£'000 £'000
£'000
Revenue 41,510 11,542 53,052
------------ ------------ ------------
Segment result (2,452) 388 (2,064)
------------ ------------ ------------
Unallocated costs (5,052)
Finance income 6
Finance costs (3,021)
------------
Loss before income tax (10,131)
Tax charge (58)
------------
Loss for the period (10,189)
=======
Unallocated costs relate to central costs.
Segmental assets as at 28 February 2009 were as follows:
Essentials division Brands division Unallocated Reconciliation Total
Unaudited Unaudited Unaudited Unaudited
£'000 £'000
£'000 £'000
£'000
Total assets 36,599 13,112 24,254 (46,762) 27,203
======= ======= ======= ======= =======
The reconciling items relate to the elimination of intercompany balances and fixed asset investments on consolidation.
5 Property plant and equipment
Acquisitions and disposals
During the six months ended 31 August 2009 the Group purchased property, plant and equipment with a cost of £84,000 (six months to 31 August 2008: £133,000).
Capital commitments
At 31 August 2009 the Group had no capital commitments (2008: £nil).
6 Provisions for liabilities and charges
Six months to Six months to Year to
31 August 31 August 28 February
2009 2008 2009
Unaudited Unaudited Audited
£'000 £'000 £'000
Onerous lease provision
At 1 March 2009 3,500 - -
(Credited)/charged to the (1,936) - 3,500
income statement
------------ ------------ ------------
At 31 August 2009 1,564 - 3,500
======= ======= =======
The Group had a tenancy agreement for property at Wilmington Grove, Leeds which did not expire until June 2021. As part of the reorganisation of the UK business during the year ended 28 February 2009, a decision was made to vacate the premises and management considered the tenancy agreement to be onerous.
Management have negotiated a break clause for September 2011 and have reassessed the onerous lease provision.
Management have assessed the obligations under the tenancy agreement and associated unavoidable costs of £1.7m. Management have not included any income against the cash outflows due to the sub-lease potential being assessed as low. The net cash outflows have been discounted at a rate of 4.5%, considered to be the markets current assessment of the time value of money.
7 Seasonality of operations
The Group is subject to seasonal fluctuations, particularly the effect of Christmas. As a consequence the first half year typically results in lower revenues than the second half year.
The Group attempts to minimise the seasonal impact through the management of inventories to meet demand.
8 Post balance sheet events
The Group announced its intention to raise £1.7m net of costs from a share placement on 28 August 2009. With the support of certain existing shareholders and the support of new shareholders this was successfully achieved and approved by shareholders on 23 September 2009.
-ENDS-
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR EAKEAAAANFFE
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| 06-10-09 | RNS |
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RNS Number : 3452A Abbeycrest PLC 06 October 2009 06 October 2009 Abbeycrest plc ("Abbeycrest" or the "Company") Disclosure of Interest in Shares Gartmore Investment Limited today informed the board of Abbeycrest that following the placing of Ordinary Shares of 1 pence each in the share capital of the Company ("Ordinary Shares") on 24 September 2009 pursuant to the general meeting of the Company on 23 September 2009, it holds a notifiable interest in 6,750,000 Ordinary Shares. The beneficial owner of the holding of 6,750,000 Ordinary Shares, representing 9.18% of the Company's total voting rights of 73,548,641, is Gartmore Fledgling Trust plc.
For further information:
Abbeycrest plc
Director
Evolution Securities Limited
This information is provided by RNS The company news service from the London Stock Exchange END
HOLEQLFBKBBEFBD More |
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| 19-10-09 | ||||
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Hummnnn !
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| 06-10-09 | ||||
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Gartmore Fledgling Trust plc have just announced a 9% stake.
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| 05-10-09 | ||||
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Where is everybody?
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| 09-09-09 | ||||
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With the last bit of action in paying out half a million to raise £2million by and diluting our shares, you wouldn't want to bet the farm on it, and with the almost closure of the UK operatuoins - except Brown & Newirth - there's anot a lot of places for them to go. Can't see them going down, but can't see anything good on the horizon either.
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The contents of the postings summarised here represents the opinions of the authors and not of Interactive Investor Trading Limited.
They have not been approved or issued by Interactive Investor Trading Limited.
They have not been approved or issued by Interactive Investor Trading Limited.
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