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(TFL.L) Theo Fennell PLC Buy/Sell
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| Date/Time | Headline | Source |
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| 23-10-09 | RNS |
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RNS Number : 3263B Theo Fennell PLC 23 October 2009 Theo Fennell PLC ("Theo Fennell") Holding in Company The Board of Theo Fennell PLC, the AIM-listed international, luxury jeweller, was informed on 23 October 2009 that following a recent share purchase, Julian Barnett now has an interest in 800,000 ordinary shares representing approximately 4.25 per cent. of the issued share capital of Theo Fennell. Enquiries:
This information is provided by RNS The company news service from the London Stock Exchange END
HOLFGMZGKFGGLZM More |
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| 30-09-09 | RNS |
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RNS Number : 9429Z Theo Fennell PLC 30 September 2009 30 September 2009
THEO FENNELL PLC ("Theo Fennell" or "the Group") Results of AGM and Trading Update Theo Fennell PLC, the AIM-listed international, luxury jeweller, is pleased to announce that at today's Annual General Meeting all proposed resolutions were duly passed. Commenting on current trading, the Chairman, Rupert Hambro, issued the following statement: "As I explained in my first Chairman's statement in the Annual Report, the new Board was only appointed in June this year, at the same time Theo returned to the company he founded. Since that time, a number of new initiatives are under way as part of the new strategic plan, which we believe will lead to a turnaround of the business in the medium term. Your new Board and indeed the whole Company have worked hard over the past three months to ensure that, amongst other things, we have an exciting selection of new one off products, collections and unique silver pieces for the key Christmas selling period. In addition, the first new collection for two years, PHI, was launched in September. We have put the misguided direction of last year behind us and have been encouraged both by initial sales and positive reactions to our new products from both our existing customers, many of whom are now returning to Theo Fennell PLC, as well as our trading partners. Consequently, trading in September showed a very encouraging improvement compared with the first five months of the current trading year. Whilst like for like sales overall for the 6 months to 30 September 2009 were 20% below the prior year. As noted above, we have seen an uplift in sales since the launch of new products in our stores in mid September. We are therefore optimistic the Company will see an improved performance in the key second half trading period. Internationally we continue to have positive discussions with our existing and potential new partners as we implement our strategy of expanding the Theo Fennell distribution. Initial orders from our wholesale and franchise partners have been encouraging and we are confident we will see further new Theo Fennell distribution in the future. Your Board is pleased by the work completed since June and is confident that the first steps have been made to turnaround the Company and return it to long term profitability. With the return of Theo to the business we have re-energised our design led products and begun to re-engage with our customers. We are also delighted to report that our bankers have agreed to continue to support the business. Your Board continue to believe in the significant long term potential for the future growth of the business and we look forward to our expansion in the years ahead.'' Enquiries:
This information is provided by RNS The company news service from the London Stock Exchange END
RAGEANNEDDLNEEE More |
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| 07-09-09 | RNS |
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This news article is displayed preformatted as it may contain results tables
RNS Number : 5949Y
Theo Fennell PLC
07 September 2009
7 September 2009
Theo Fennell PLC
("Theo Fennell" or "the Company")
Final Results for the year ended 31 March 2009
HIGHLIGHTS:
Corporate
* Appointment of Barbara Snoad as Chief Executive in May 2009
* Return of Theo Fennell as Creative Director in June 2009
* Appointment of new Chairman - Rupert Hambro and Deputy Chairman - Alasdair Hadden-Paton June 2009
Operational
* New strategy in place focusing on core design-led jewellery range with new collection - "Phi" launching at the end of September. Other pieces in production now for Christmas 2009
* Board focused on developing wholesale offer outside the UK; in the Middle East, Russia and the Far East
* Collaboration agreement negotiated between Theo's new design business - Original Design Partnership (ODP) and Theo Fennell PLC. This will provide design services for new products as well as nurture new talent
Financial
* Turnover of £21.8m (2008: £28.06m)
* Pre-exceptional loss of £2m (2008: profit of £ 1.9m)
* Decision by new board to write down £1.3m relating to write-off of license and development costs, provision against obsolete stock and closure of certain store concessions
Outlook
* Board confident of turnaround
* Strong sales of core Theo Fennell product in certain department stores
* Re-engaging with loyal Theo Fennell customer base
* Overseas demand still strong
Rupert Hambro, Chairman commented:
"In 2008 Theo Fennell PLC was impacted by both the economic climate and a number of unwise management decisions, resulting in a significant loss for the year. The new, recently appointed board and management team have decided to make all the necessary write downs for this financial year which will leave the Company unencumbered as it progresses its turnaround strategy to restore the Company to its previous levels of success."
7 September 2009
Enquiries:
Theo Fennell Barbara Snoad - CEO 020 7591 5000
Pelham Public Relations James Henderson / Kate Catchpole 020 7337 1512
Seymour Pierce Limited Mark Percy / Catherine Leftley 020 7107 8000
CHAIRMAN'S STATEMENT
I write this report about your company's trading results for the year to 31 March 2009. These results are not easy to comment on given there is now a new management team and Board of Directors in place. I only joined the Company after the end of this financial year and became Chairman in June 2009. At the same time Alasdair Hadden-Paton became Deputy Chairman and Theo Fennell rejoined the board of the company he founded after almost 18 month's absence. His return has been very well received by our staff and customers.
A number of developments took place last year under the previous Chairman and Board including the appointment of a new CEO and the departure of Theo Fennell. Operationally, new watch and jewellery concessions were opened at Brown Thomas in Dublin (which were subsequently closed in April 2009) and House of Fraser in London's new Westfield Centre (which was also subsequently closed in January 2009). New fragrance contracts were entered into and management focused on Brand extensions rather than the Group's core jewellery business. Since that time those fragrance and brand extension contracts have been terminated. Consequently, these results include some significant write-offs for the business due to the various aborted initiatives of the previous 12 months.
As has been announced, Barbara Snoad returned as Chief Executive in May 2009 to take responsibility for the day-to-day running of the business. She is now implementing a new strategy compatible with the design-led ethos and core jewellery business which had been very successful in the past.
Results
I regret that, due to a combination of unwise management decisions and adverse trading conditions during the financial year under review, it has proved necessary to take exceptional charges of £1,312,058 which has culminated in the Company suffering a total operating loss of £3,308,260. Sales at our Fulham Road shop were most disappointing during the year, and all aspects of the business, with the exception of the Harrods luxury watch counters, which at their insistence were handed back during the year returning cash to the business for stock of £1,581,661, were below last year and below budget. The Chopard concession at Harrods was also reclaimed during the year.
Design, Product and Strategy
Theo Fennell coming back into the business that he founded has already made an impact. He has returned as Creative Director with responsibility for all creative aspects of the Company and I have no doubt this will also have an impact on sales. He has already put into production new pieces for Christmas 2009 and instigated production of designs submitted, but not used, last year, which I feel will be the beginning of the turnaround for the Company.
It is your Board's intention to recreate and revive the profitable UK business and to develop a wholesale offer around the Theo Fennell brand which will be available in a number of countries starting with Russia and in the Far East. We are already well represented in the Middle East through our partners Al Tayer. It would not be your Board's intention to open 'stand alone' stores anywhere for the moment, but rather to franchise with retail partners in countries where there is a demand for our style of luxury products and to take trade partners, where necessary, for non-core product. Your Board is considering every way this process might be accelerated.
The Original Design Partnership
During Theo Fennell's absence from the Board, he started a new design business called the Original Design Partnership ("ODP"). The ODP has a contractual arrangement with the Company to provide design services for new products. It also provides the same service for other companies. Theo's intention is to build a group of talented designers across varied disciplines to provide services wherever the demand might arise. With Theo Fennell's return to the Company it is your Board's intention to acquire a minority interest in ODP with the remaining shareholdings split amongst those who work in ODP, including Theo Fennell. A collaboration agreement has been negotiated between the two companies.
Outlook
The current trading has not shown an improvement but we are convinced we have seen the worst of it despite economic forecasts. With Theo Fennell on board we shall re-engage with loyal clients who, during his absence, have had little to do with the business. New designs, new concepts, a reinvigorated energy and enthusiasm with a renewed management team will, in our view, bring rewards for our shareholders. The Company has not yet turned the corner, although we continue to see strong sales in certain of our stores, the coming months will be a vital part of the re-engaging of all of us with our customers. We are so grateful for shareholders' patience during these very difficult times and we are equally grateful for the loyalty of the wonderful staff who have been re-energised by Theo's return, in the knowledge that they have an exciting and more secure future.
Rupert Hambro
Chairman
7 September 2009
Profit and Loss Account
For the year ended 31 March 2009
2009 2008
£ £
Turnover 11,885,938 16,831,423
Continuing operations 9,936,410 11,233,655
Discontinued operations
Total turnover 21,822,348 28,065,078
Cost of sales (21,507,904 ) (23,986,310 )
Exceptional cost of sales (1,063,358 ) -
Total cost of sales (22,571,262 ) (23,986,310 )
Gross (loss) / profit (748,914 ) 4,078,768
Administrative expenses (2,310,646 ) (2,201,045 )
Exceptional administrative expenses (248,700 ) (500,600 )
Total administrative expenses (2,559,346 ) (2,701,645 )
Operating (loss) / profit (2,463,057 ) 667,087
Continuing operations (845,203 ) 710,036
Discontinued operations
Total operating (loss) / profit (3,308,260 ) 1,377,123
Net interest (payable) / receivable (32,868 ) 25,350
(Loss) / profit on ordinary activities (3,341,128 ) 1,402,473
before taxation
Tax on (loss) / profit on ordinary 391,394 (432,853)
activities
Retained (loss) / profit for the year (2,949,734 ) 969,620
Basic (loss) / earnings per share (15.70 )p 5.21 p
Diluted (loss) / earnings per share (15.70 )p 4.74 p
Basic (loss) / earnings per share from (11.20 )p 1.40 p
continuing operations
Diluted (loss) / earnings per share from (11.20 )p 1.32 p
continuing operations
There were no recognised gains or losses other than the loss for the financial year.
Balance Sheet
as at 31 March 2009
2009 2008
£ £ £ £
Fixed assets
Tangible assets 594,829 737,907
Current assets
Stocks 8,506,093 10,053,293
Debtors 1,295,645 2,408,794
Cash at bank and in hand 1,418,330 958,008
11,220,068 13,420,095
Creditors: amounts falling due
within one year (2,951,860 ) (4,046,526 )
Net current assets 8,268,208 9,373,569
Total assets less current
liabilities 8,863,037 10,111,476
Creditors: amounts
falling due after more
than one year
Convertible loan note (300,000 ) -
Other (1,563,917 ) (187,622 )
(1,863,917 ) (187,622 )
Net assets 6,999,120 9,923,854
Capital and reserves
Called up share capital
Share premium account 940,533 935,533
Profit and loss account 4,572,857 4,552,857
Share options reserve 1,451,806 4,380,463
33,924 55,001
Equity shareholders' 6,999,120 9,923,854
funds
Cash Flow Statement
For the year ended 31 March 2009
2009 2008
£ £ £ £
Net cash (outflow) / inflow
from operating activities (608,259 ) 1,969,428
Returns on investments and
servicing of finance
Interest paid on bank loans,
overdrafts and other loans
Interest element of finance
lease payments (68,820 (1,572 (77,022 )
Interest received )
)
37,524 (6,138 )
108,510
(32,868 ) 25,350
Taxation
Corporation tax received - 140,139
Capital expenditure
Purchase of tangible fixed (355,072 ) (482,281 )
assets
Receipt from sale of fixed
assets 50,000 -
(305,072 ) (482,281 )
Net cash (outflow) / inflow
before financing
(946,199 ) 1,652,636
Financing
Share issuance 25,000 50,750
Capital element of finance (6,302 (19,848
) )
lease payments
Bank loan 1,387,823 203,154
Increase in cash 460,322 1,886,692
1. Basis of preparation
The financial statements have been prepared under the historical cost convention and in accordance with applicable United Kingdom accounting standards. The principal accounting policies which are set out below have remained unchanged from the previous year. These policies have been applied consistently in dealing with items in relation to the Company's financial statements and have been reviewed in accordance with Financial Reporting Standard 18 "Accounting Policies".
Going concern
The current economic conditions continue to create uncertainty over the level of demand for the Company's products and the Board have therefore undertaken extensive detailed forecasting of the Company's activities, including sensitivity analysis, through to September 2010.
Cash flow projections are based on conservative assumptions and continued overdraft facilities. A new agreement is currently being negotiated with Clydesdale Bank plc regarding overdraft facilities which are due for renewal on 30 September 2009. Should these negotiations be successful, the Board do not envisage a shortfall in working capital during the coming twelve months. The Board are encouraged that after initial discussions with the bank no matters have been brought to their attention to suggest that renewal may not be agreed on satisfactory terms.
Accordingly, based on the Company's plans for 2009/10 and after making enquiries, the Directors have a reasonable expectation that the Company has adequate resources available from funds generated from trading and from banking facilities to continue operations for at least 12 months from the date of signing of these financial statements.
The directors are therefore satisfied that the Company has adequate resources to continue in business for the foreseeable future. Accordingly, the financial statements of the Company have been prepared on a going concern basis.
2. Analysis of continuing and discontinued operations
Continuing operations Discontinued operations Total
2009 2009 2009
£ £ £
Turnover 11,885,938 9,936,410 21,822,348
Cost of sales (11,716,300 ) (9,791,604 ) (21,507,904 )
Exceptional cost of sales (553,350 ) (510,008 ) (1,063,358 )
Total cost of sales (12,269,650 ) (10,301,612 ) (22,571,262 )
Gross loss (383,712 ) (365,202 ) (748,914 )
Administrative expenses (1,830,645 ) (480,001 ) (2,310,646 )
Exceptional administrative (248,700 - (248,700
expenses
Total administrative expenses (2,079,345 ) (480,001 ) (2,559,346 )
Total operating loss (2,463,057 ) (845,203 ) (3,308,260 )
2. Analysis of continuing and discontinued operations (continued)
Continuing operations Discontinued operations Total
2008 2008 2008
£ £ £
Turnover 16,831,423 11,233,655 28,065,078
Cost of sales (13,879,519 ) (10,106,791 ) (23,986,310 )
Gross profit 2,951,904 1,126,864 4,078,768
Administrative expenses (1,784,217 ) (416,828 ) (2,201,045 )
Exceptional administrative (500,600 - (500,600
expenses
Total administrative expenses (2,284,817 ) (416,828 ) (2,701,645 )
Total operating profit 667,087 710,036 1,377,123
During the year the following department store concessions were terminated, Harrods Luxury Watches, Harrods Chopard Boutique, Brown Thomas Ireland, and House of Fraser Westfield.
3. Exceptional items
2009 2008
£ £
Exceptional cost of sales continuing operations
Write off of Fragrance license costs, development costs 283,088 -
of new Fragrance and provision against obsolete stock
Write down of stock 172,630 -
Write off of branded Watch development costs 45,754 -
Write off of aborted design projects and rebranding 51,878 -
exercise
553,350 -
Exceptional cost of sales discontinued operations
Costs of luxury watch Harrods closure 329,663 -
Costs of withdrawal from Brown Thomas Ireland 180,345 -
510,008 -
Total exceptional cost of sales 1,063,358 -
Exceptional administrative expenses
The exceptional administrative charge in the year to 31 March 2009 relates to the costs of the departure of the previous Chief Executive and Retail Director.
The exceptional administrative charge in the year to 31 March 2008 relates to the costs of the departure of the previous Managing Director and the appointment of the Chief Executive.
4. Tax on (loss) / profit on ordinary activities
The taxation charge is based on the (loss) / profit for the year and represents:
2009 2008
£ £
Current tax:
UK Corporation tax at 28% (2008: 30%) - 461,717
Adjustment in respect of prior years (461,717 ) (9 )
(461,717 ) 461,708
Deferred tax:
Origination and reversal of timing differences (see 70,323 (28,855 )
note 10)
(391,394 ) 432,853
5. Earnings per share
(Loss)/profit per share is calculated by dividing the (loss)/profit attributable to ordinary shareholders by the weighted average number of ordinary shares during the year. Share options are generally dilutive if the exercise price was below the average market price for the year end 31 March 2009 of 12.5p.
Continuing Discontinued operations Total
operations
2009 2009 2009
£ £ £
Loss for the financial year (2,104,531 ) (845,203 ) (2,949,734)
Weighted average number of 18,793,994 18,793,994 18,793,994
ordinary shares
Loss per share - basic (11.20) p (4.50) p (15.70) p
Loss per share - diluted (11.20) p (4.50) p (15.70) p
Continuing operations Discontinued operations Total
2008 2008 2008
£ £ £
Profit for the financial year 259,584 710,036 969,620
Effect of convertible loan 14,700 - 14,700
note
Adjusted profit for dilutive 274,284 710,036 984,320
earnings
per share
Weighted average number of 18,607,508 18,607,508 18,607,508
ordinary shares
Effect of dilutive share 1,143,119 1,143,119 1,143,119
options
Effect of convertible loan 1,027,777 1,027,777 1,027,777
note
Adjusted weighted average 20,778,404 20,778,404 20,778,404
number
of ordinary shares
Earnings per share - basic 1.40 p 3.82 p 5.21 p
Earnings per share - diluted 1.32 p 3.42 p 4.74 p
5. Earnings per share (continued)
(Loss)/earnings per share excluding post tax exceptional items are calculated as follows;
2009 2008
£ £
(Loss)/profit for the financial year (2,949,734 ) 969,620
Exceptional cost of sales (refer note 1) 765,615 -
Board Reorganisation (refer note 1) 179,067 350,420
Adjusted (loss)/profit excluding exceptional (2,005,052 ) 1,320,040
items for basic earnings per share
Effect of convertible loan note - 14,700
Adjusted (loss)/profit excluding exceptional (2,005,052 ) 1,334,740
items for dilutive earnings per share
Weighted average number of ordinary shares 18,793,994 18,607,508
Effect of dilutive share options - 1,143,119
Effect of convertible loan note - 1,027,777
Adjusted weighted average number of ordinary 18,793,994 20,778,404
shares
(Loss)/earnings per share excluding (10.67 )p 7.09 p
exceptional items - basic
(Loss)/earnings per share excluding (10.67 )p 6.42 p
exceptional items - diluted
6. Stocks
2009 2008
£ £
Raw materials 664,147 633,497
Work in progress 38,206 45,012
Finished goods 7,803,740 9,374,784
8,506,093 10,053,293
The Company held £1,598,829 of stock on consignment as at 31 March 2009 (2008: £4,091,688) which is not recorded on the balance sheet. The principal terms of the consignment agreements, which can generally be terminated by either side, are such that the Company can return any or all of the stock to the relevant suppliers without financial and commercial penalties and the supplier can vary stock prices.
7. Debtors
2009 2008
£ £
Trade debtors 1,011,055 1,710,713
Other debtors 5,194 381,758
Deferred tax - 70,323
Prepayments and accrued income 279,396 246,000
1,295,645 2,408,794
8. Creditors: amounts falling due within one year
2009 2008
£ £
Bank loans and overdrafts 120,886 112,176
Trade creditors 1,229,633 1,450,200
Corporation tax - 461,717
Social security and other taxes 736,310 470,645
Other creditors 94,670 312,372
Accruals and deferred income 767,543 933,114
Amounts due under finance lease agreements 2,818 6,302
Convertible loan note - 300,000
2,951,860 4,046,526
The bank loans and overdrafts are secured by a debenture over the assets and undertakings of the Company.
9. Creditors: amounts falling due after more than one year
2009 2008
£ £
Convertible loan note 300,000 -
Bank loans 1,563,917 184,804
Amounts due under finance lease agreements - 2,818
1,863,917 187,622
The convertible loan note was issued on 3 September 2003. Interest is payable quarterly at 7 % per annum. The loan note may be converted to ordinary shares at a conversion price of 30p per ordinary share. During the year the loan note term was extended by three years and is now repayable on 30 June 2011 to the extent which it has not been converted. The loan note is secured over the assets of the Company ranking behind that currently held by Clydesdale Bank PLC ("the Bank") whether current or in the future.
10. Share capital
2009 2008
£ £
Authorised
30,000,000 Ordinary Shares of 5p 1,500,000 1,500,000
Allotted, called up and fully paid
18,810,661 Ordinary Shares of 5p 940,533 935,533
During the year 100,000 shares were issued as a result of the exercise of share options. The nominal value of these shares was £5,000 and the consideration was £25,000.
11. Reserves
Share premium Profit and loss Share options reserve
account account
£ £ £
At 1 April 2008 4,552,857 4,380,463 55,001
Loss for the year - (2,949,734 ) -
Premium on shares issued 20,000 - -
during the year
Transferred to profit and loss - 21,077 (21,077 )
account
At 31 March 2009 4,572,857 1,451,806 33,924
12. Dividend
The Company does not propose to pay a dividend for the year ended 31 March 2009.
13. Publication of Non-Statutory Accounts
The financial information set out in this preliminary announcement does not constitute the company's statutory accounts for the years ended 31 March 2009 or 2008 as defined in section 240 of the Companies Act 1985.
The summarised balance sheet at 31 March 2009 and the summarised profit and loss account, summarised cash flow statement and associated notes for the year then ended have been extracted from the Company's 2009 audited statutory financial statements.
The auditor's report on the statutory financial statements for the year ended 31 March 2009 was unqualified and did not contain any statement under Section 237(2) or (3) of the Companies Act 1985.
This announcement includes extracts from the audited statutory accounts for the year to 31 March 2009 upon which the auditors' opinion is modified on the basis of an emphasis of matter opinion in relation to going concern. The comparative figures relating to the year to 31 March 2008 are taken from the audited statutory accounts for that year.
The Annual Report and Accounts for the year ended 31 March 2009 is being posted to shareholders and is available on the Company's website www.theofennell.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
FR EAKNLEDANEFE
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| 24-10-09 | ||||
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The above is a significant holding and the announcement was made after-hours on Friday.
The free float in TFL shares is only 20.2%, so any further interest should see more uptick. gl to all m More | View thread (1) | Respond | Login to Vote up | Login to Vote down |
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| 12-09-09 | ||||
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If you have made a profit on this share then bank.
If you are of the opinion that luxury goods are making there way back, what with middle eastern, Chinese and other Asian clients available to the company, then buy. But how will the high gold price affect the profitablity of the company? It seems that having wade these areas up I would hold for the long term if faithful to the company and sell if I were an equity tart and wanted to make money from any share traded. The other option is to take your money and go and buy a piece from them. That is also a sensible investment! Do watch what Mr. F. R. Northcott does with his shares. More | View thread (1) | Respond | Login to Vote up | Login to Vote down |
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| 09-09-09 |
SELL
Not good at all.
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I couldn't understan the share price rise and as it turned out the rise wasn't justified.
The oultook not great I expect further losses going forward. More | View thread (1) | Respond | Login to Vote up | Login to Vote down |
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| 07-09-09 | ||||
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m,
Had a bit more of a look at the results:- http://www.londonstockexchange.com/exchange/prices-and-news/news/market-news/market-news-detail.html?announcementId=10179761 A thumping loss of £3.3m before tax, a 25% drop in turnover, a complete rejig of the board, no sign of improved trading conditions yet, a mushrooming bank loan etc etc. How long will it be before the company starts to trade profitably again? OK they don't seem to be in serious debt yet, no pension hole, but it is an absolute tiddler of a company. I liked their web site:- http://www.theofennell.com/TF-Investors/default.htm So what value do I put on the company? I cannot see a meaningful profit for next year as trading is still up in the air. Taking £20m as their turnover , then the 'typical' fair weather trading profit is about £1m profit or about 5p a share. Say 2p a share dividend, a 5% yield and I get 40p for a share valuation. On that basis I do not a see a convincing case to buy with so much uncertainty and limited reward in the future. If it were in the 20p zone then things would be more convincing... or am I missing something??? More | View thread (2) | Respond | Login to Vote up | Login to Vote down |
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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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