(TFL) Theo Fennell
Summary
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| 12-01-12 | RNS |
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RNS Number : 4180V Theo Fennell PLC 12 January 2012 12 January 2012
THEO FENNELL PLC ("Theo Fennell" or "the Company")
Christmas Trading Statement
The Board of Theo Fennell PLC, the AIM listed jeweller, today announces Christmas trading update.
Christmas Trading
The Group experienced mixed Christmas trading due to a depressed UK consumer market. Sales at the Theo Fennell flagship and City stores were up versus the prior year However sales from Theo Fennell's other outlets were below the prior year. This was particularly disappointing given they had traded well during the first 8 months of our financial year to the end of November.
Sales in the five weeks for the month of December 2011 were 11% below 2010.
2012 Strategy
The focus for the coming year will be on increasing sales both in the UK and internationally as well as developing Alias and our website. We believe that the brand has hardly been exploited thus far and has great potential to expand into new International markets given our unique design-led product and the number of significant markets the brand has yet to penetrate. Additionally we will continue to look to develop our wholesale network over the next 12 months.
Financial
As a result of weak Christmas trading and the significant investment the Company has made in the year, particularly the launch of Alias and the website, we expect to make a loss for the year ended 31 March 2012.
Given the continued uncertain economic environment expected in 2012 the Company is in the process of an in depth restructuring of its cost base to ensure that the business will achieve an improved performance.
This information is provided by RNS The company news service from the London Stock Exchange More |
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| 15-12-11 | RNS |
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RNS Number : 0154U Theo Fennell PLC 15 December 2011 15 December 2011
THEO FENNELL PLC ("Theo Fennell" or "the Group")
Interim Results for the six months ended 30 September 2011
Theo Fennell PLC, the international luxury jeweller, announces Interim Results for the six months ended 30 September 2011
HIGHLIGHTS: · Financial performance for first half in line with Board expectations: - Turnover up 10% on a like for like basis at £5.36 million (2010: £4.87 million) - Loss before taxation and exceptional administrative items of £1,045,000 (2010: loss of £877,000) following extensive investment in the business · Alias now sold in 30 stores across the UK including 6 stores with the UK's leading independent jewellery retailer, Fraser Hart · Investment in online presence with a new online campaign · Ongoing investment in unique one off pieces including a series of brooches of historic characters and bespoke, intricately crafted rings · Launch of six new collections including Scallop keys, Jouster, Totem, coloured Spangle rings and crosses, Lief and Carnival
Rupert Hambro, Chairman, commented:
"We have continued to invest heavily in the business, with the launch of six new collections, the ongoing development of our online platform and a UK wide campaign to officially launch Alias. We are also exploring exciting opportunities for the brand in a number of key international markets including the Far East, Middle East and the US. Given the current economic environment we must remain very cautious about the outlook however we believe strongly in the long term potential of the brand." 15 December 2011
CHAIRMAN'S STATEMENT Overview I write this report about the Company's trading results for the six months to 30 September 2011. The Company has performed encouragingly over the last six months with sales up 10% versus the prior year and we are pleased with the progress that has been made. We do however remain cautious as we enter the Christmas trading period due to the continued economic uncertainty impacting the UK retail sector. Financial Sales in the first six months of the year increased by 10% to £5.36 million (2010: £4.87 million).The Company made a first half loss before taxation and exceptional items £1,045,000 compared to a first half loss for the same period last year of £877,000. The loss is as expected and reflects the continued investment in the business including the ongoing development of our website and our UK wide marketing campaign to officially launch Alias, our silver diffusion range. Operational & Product We have continued to invest in unique one off pieces which we believe clearly differentiate our product from our competitors in the jewellery market. These pieces are at the forefront of British design and craftsmanship and utilise the very best skills from our workshop. Most recent examples of this are the Castle ring and a series of unique brooches based on historic characters including Marie Antoinette, Chief Sitting Bull, Cleopatra, Elizabeth I and Chief Shaka Zulu. These will be showcased in our Fulham Road store and by key wholesale partners. We have launched a number of new collections including Scallop keys, Jouster, Totem and coloured Spangle rings and crosses. Alias, our silver diffusion range, has a very strong product offering with 15 collections from £125 to over a £1,000. We have recently launched friendship bracelets from £125, Carnival, a colourful silver and enamel collection, and a further collection, Lief, which includes 18 ct gold detailing. Website We have continued the redevelopment of our website including the online store. The site was relaunched in November with an online campaign to further develop our online sales and presence. International We are exploring opportunities in key international markets including the Middle East, Far East and USA. We have opened a new wholesale concession in Los Angeles and continue to have discussions with distributors and potential partners in the important Far East and Chinese markets. The ongoing economic uncertainty continues to make discussions with new partners more protracted than we had expected but we hope to secure additional distribution outlets in the latter part of this financial year. We remain focused on appointing the right partners to represent the Theo Fennell brand. Alias's appeal to a broader profile of customer has enabled the business to significantly increase the number of wholesale accounts operated in the UK. We now have over 30 points of sale across the UK including six stores with the UK's leading independent jewellery retailer, Fraser Hart. We expect Alias to become an increasingly important part of the business and generate incremental sales for the business in future years.
The Board On 3 June 2011, we announced that Barbara Snoad, CEO of Theo Fennell, had left the Company. This follows a two year period at the Company in which Barbara worked closely with Theo Fennell and the Board to successfully refocus the business. Mr Theo Fennell continues in the role of Managing Director in the interim period until a successor is appointed. On 3 November we announced that Roger Pedder, non executive director, resigned from the board. We are currently in discussions with a number of potential candidates to join the board. Outlook Our immediate focus is the important Christmas period and in the New Year we will be reviewing our strategic business plan to accelerate the development of the brand and our International network. We remain cautious about the outlook as we enter the key Christmas period given the hugely challenging economic environment, however we believe strongly in the long term potential of the brand. Profit and Loss Account (Unaudited) |
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Six months ended 30 September 2011 | Six months ended 30 September 2010 | Year | ||||
Turnover | 5,364,775 | 4,873,673 |
12,487,532 | |||
Cost of sales | (2,454,716 | ) | (2,206,267 | ) | (5,360,512 | ) |
Gross profit | 2,910,059 | 2,667,406 | 7,127,020 | |||
Selling & distribution expenses Administrative expenses Exceptional administrative expenses | (2,862,540 (1,043,247 (345,000 | ) ) ) | (2,587,297 (944,915 - | ) ) | (5,807,761 (1,823,418 - | ) ) |
Total selling and administrative expenses | (4,250,787 | ) | (3,532,212 | ) | (7,631,179 | ) |
Operating loss | (1,340,728 | ) | (864,806 | ) | (504,159 | ) |
Net interest payable | (50,011 | ) | (12,524 | ) | (43,220 | ) |
Loss on ordinary activities before taxation | (1,390,739 | ) | (877,330 | ) | (547,379 | ) |
Tax on loss on ordinary activities | - | - | - | |||
Retained loss for the financial period | (1,390,739 | ) | (877,330) | (547,379 | ) | |
Basic loss per share | (6.05) | p | (4.22)p | (2.41)p | ||
Diluted loss per share | (6.05) | p | (4.15)p | (2.41)p |
All transactions arise from continuing operations.
Balance Sheet (Unaudited)
as at 30 September 2011
As at 30 September 2011 | As at 30 September 2010 | As at 31 March | ||||
Fixed Assets Investments |
594,420 182,000 | 560,228 182,000 | 688,867 182,000 |
| ||
776,420 | 742,228 | 870,867 | ||||
Current assets | 8,793,216 1,640,050 28,862 | 8,754,075 1,313,177 81,718 | 8,506,812 1,596,968 - | |||
10,462,128 | 10,148,970 | 10,103,780 | ||||
Creditors: amounts falling | (3,813,372 | ) | (3,761,131 | ) | (3,469,810) | |
Net current assets | 6,648,756 | 6,387,839 | 6,633,970 | |||
Total assets less current liabilities | 7,425,176 | 7,130,067 | 7,504,837 | |||
Creditors: amounts falling | (1,216,881 |
) | - |
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- |
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Net assets | 6,208,295 | 7,130,067 | 7,504,837 | |||
Capital and reserves Share Options Reserve | 1,157,901 5,741,166 (836,079 145,307 | )
| 1,137,901 5,698,187 224,711 69,268 | 1.137,901 5,693,166 554,662 119,108 |
| |
Shareholders' funds | 6,208,295 | 7,130,067 | 7,504,837 |
Cash Flow Statement (Unaudited)
for the six months ended 30 September 2011
Six months ended 30 September 2011 | Six months ended 30 September 2010 | Year | ||||
Net cash outflow from operating activities | (773,539 | ) | (2,153,501 | ) | (1,855,488) | |
Returns on investment and servicing of finance Net interest paid | (50,011 | ) | (12,524 | ) | (43,220) | |
Taxation Corporation tax paid/repayment | - | - | - | |||
Capital expenditure & financial investment Purchase of fixed assets Purchase of fixed asset investment | (65,971
- | )
|
(243,289
(182,000 |
)
) |
(519,329)
(182,000) |
|
Net cash outflow before financing | (889,521 | ) | (2,591,314 | ) | (2,600,037) | |
Financing Issue of Shares Expenses of Share Issue Bank loan repayments | 68,000 - (79,466 |
) | 1,500,000 (177,302 (1,563,918 |
) ) | 1,317,677 - (102,959) |
|
Decrease in cash | (900,987 | ) | (2,832,534 | ) | (1,385,319) |
Notes
1. The financial information for the period under review have not been audited or reviewed by the Company's auditors, Grant Thornton UK LLP. The Company is not required to adopt IFRS and the Board considers there would be no advantage to do so voluntarily, so will continue to prepare the financial statements under UK GAAP.
2. The financial information set out in this interim report does not constitute statutory accounts as defined in Section 435 of the Companies Act 2006. The Company's statutory financial statements for the year ended 31 March 2011, prepared in accordance with United Kingdom Generally Accepted Accounting Practice (UKGAAP), have been filed with the Registrar of Companies. The auditor's report on those financial statements was unqualified. The report did not contain a statement under Section 498(2) of the Companies Act 2006.
3. Loss per share and diluted loss per share. Average market price for the six months ended 30 September 2011 was 20.10p (31 March 2011: 40.5p)
| Six months ended 30 September 2011 | Six months ended 30 September 2010 | Year | ||
Loss for the financial year | (1,390,739) | (877,330) | (547,379) | ||
Weighted average number of ordinary shares | 22,998,466 | 20,784,345 | 22,758,029 | ||
Effect of dilutive share options | - | 344,795 | - | ||
Adjusted weighted average number of ordinary shares | 22,998,466 | 21,129,140 | 22,758,029 | ||
Loss per share - basic and diluted | (6.05p) | (4.22p) | (2.41p) |
4. Cash flow from operating activities:
Six months ended 30 September 2011 | Six months ended 30 September 2010 | Year | ||||
Operating loss Depreciation charges Share Option charge Increase in stocks Increase in debtors Increase in creditors | (1,340,728 160,418 26,199 (286,404 (43,082 710,058 |
)
) )
| (864,806 112,598 - (1,585,804 (194,041 378,552 | )
) )
|
(504,159) 259,999 83,706 (1,338,542) (477,832) 121,340 |
|
Net cash outflow from operating activities | (773,539) | (2,153,501 | ) | (1,855,488) |
5. The exceptional administrative charge for the six months to 30 September 2011 relates to the costs of the departure of the Chief Executive and legal fees in relation to the defence of an employment tribunal hearing.
6. A copy of the interim statement will be posted to shareholders and made available to the public at the Company's Registered Office, 2b Pond Place, London SW3 6TF for one month from the date thereof.
7. No interim dividend is declared on the ordinary shares.
8. The Company purchased a minority interest (20%) in the Original Design Partnership on 23 June 2010. This is treated as a fixed asset investment as the Company does not exert significant influence over ODP.
9. The Company has changed its accounting policy in respect of the overheads attributable to cost of sales, as the change more appropriately and clearly represents the Company's actual cost of sales. The overheads previously attributed to cost of sales are now separately disclosed as selling and distribution expenses. All comparatives in the financial information have been restated in accordance with the above changes in accounting policy.
This information is provided by RNS
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Theo Fennell PLC
("Theo Fennell" or "the Group")
Directorate Change
The Board of Theo Fennell PLC, the AIM listed jeweller, today announces the resignation of Roger Pedder, as a non-executive director with immediate effect. Roger joined the board in July 2008 and has been an invaluable asset to the Company. The Board wish to thank him for his advice and guidance and wish him well in the future.
Commenting on the resignation, Rupert Hambro, Chairman of Theo Fennell PLC said: "It is with regret that Roger Pedder has found that with the many new and old commitments that he has, that he found it necessary to resign from the board of Theo Fennell. We are most grateful for his wise counsel and contribution over the 3 years that he has been a Director.''
Enquiries: | |
Theo Fennell Plc | Tel: 020 7591 5000 |
Pelham Bell Pottinger James Henderson/ Lucy Frankland | Tel: 020 7861 3885 |
Seymour Pierce Limited Mark Percy / Catherine Leftley | Tel: 020 7107 8000 |
This information is provided by RNS
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Theo Fennell PLC
("Theo Fennell" or the "Company")
Surrender and grant of Share Options
Theo Fennell PLC announces that on 10 October 2011 the Company agreed to the surrender of a total of 1,800,000 options over ordinary shares in the Company (the "Original Options") and to the grant of replacement options over a total of 1,800,000 ordinary shares in the Company (the "Replacement Options").
The Original Options were granted to directors and key employees between 1 September 2002 and 4 August 2010 pursuant to the Company's existing share option schemes. The Original Options have exercise prices of between 35 and 40p, compared with a mid market price at close on the day preceding this announcement of 18.5p.
The Original Options surrendered by directors are as follows:
Director | No. of Options Surrendered | Date of Grant | Option Price |
Theo Fennell | 500,000 | 1 April 2010 | 38p |
Theo Fennell | 500,000 | 4 August 2010 | 40p |
Alasdair Hadden-Paton | 300,000 | 1 April 2010 | 38p |
Alasdair Hadden-Paton | 200,000 | 4 August 2010 | 40p |
Gavin Saunders | 50,000 | 1 September 2002 | 35p |
Gavin Saunders | 150,000 | 9 December 2004 | 35p |
The Replacement Options issued to directors are as follows:
Director | No. of Options Granted | Date of Grant | Option Price |
Theo Fennell | 1,000,000 | 10 October 2011 | 22p |
Alasdair Hadden-Paton | 500,000 | 10 October 2011 | 22p |
Gavin Saunders | 200,000 | 10 October 2011 | 22p |
The Replacement Options vest over a two year period, and may be exercised up to the tenth anniversary of the date of grant.
The surrender of the Original Options and the grant of the Replacement Options (the "Transaction") is deemed a related party transaction under the AIM Rules for Companies. Rupert Hambro and Roger Pedder, being the independent directors, having consulted with Seymour Pierce, as the Company's nominated adviser, consider that the terms of the Transaction are fair and reasonable in so far as the Company's shareholders are concerned.
The Company also announces that it has granted a further 60,000 options to employees exercisable at 22p which vest over a three year period, and may be exercised up to the tenth anniversary of the date of grant.
Enquiries: | |
Theo Fennell Plc | Tel: 020 7591 5000 |
Pelham Bell Pottinger PR James Henderson / Lucy Frankland | Tel: 020 7861 3885 |
Seymour Pierce Limited Mark Percy / Catherine Leftley (Nominated Adviser) Marianne Woods / Katie Ratner (Corporate Broking) | Tel: 020 7107 8000 |
This information is provided by RNS
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| 09-12-11 | ||||
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maybe also some news on Asian investment or partners?
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| 11-07-11 | ||||
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On the other hand, I decided I will buy some. I just read an interview with Theo dated May 24th at the Reuters Global Luxury Fair, in which as well as being very bullish that TFL has "turned the corner" he also says that he saw advantages in being acquired by a larger group, so maybe he is looking for a buyer? He owns a lot of the stock, last tranche bought at 20p wasnt it? £150k's worth? Which means he must want at least double to sell out. Probably a lot more than that actually, wouldnt buy him many pieces of his own jewellery otherwise. Plus it would seem churlish not to get back to at least the 1996 listing price (£1.18?) and add on inflation since then - so SP target £1.50 + ?
http://uk.reuters.com/article/2011/05/24/us-luxury-summit-theo-fennell-idUKTRE74N43U20110524 |
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| 10-07-11 |
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I think for the future SP a lot depends on the success of the China strategy - opening there in the right way with the right partners will make a huge difference to sales. The Alias range is likely to sell well there, and perhaps it isnt that hard to shift a few of the lower end design pieces a day (£500 - 1,000) - in second city mall boutiques? You dont need to sell many of those to make a profit on store rental cost. A little concerning tho to have no CEO, with strategy only vaguely mapped out as looking for international partners and Theo going to China to look for partnerships? Dunno really, great brand, if managed correctly this share could could be the MUL of the jewellry sector. Doesnt have the advantage of their majority shareholers already established Aian distribution network tho. ANy views? Seymour have been plugging it for ages, but then again they are TFL's nomad so they would do.
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| 08-07-11 | ||||
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THEO FENNELL SHINES AS TOURISTS BUY BRITISH
Jeweller to the stars Theo Fennell Friday July 8,2011 By Daily Express reporter http://bit.ly/pDIEKS FOREIGN tourists eager to snap up trendy British designs have made sales sparkle at jeweller to the stars Theo Fennell. The firm, which counts Victoria Beckham and Sir Elton John as customers, said sales had surged 15 per cent in the 12 weeks to the end of June, setting it on course to return to the black this year. It posted a loss of £550,000 on sales flat at £12.5million for the year to March and would have posted a profit but for Siberian snow conditions over Christmas hitting festive shopping. The shares rose 2p to 21¾p. Fennell, who came back to the firm two years ago, said: Made in Britain still has a huge cachet. We are good at design and even in these austere times if you have well-made products you will blossom. Made in Britain still has a huge cachet Theo Fennell He aims to tap into this international demand by finding wholesale partners in China and selling jewellery in independent stores in the US starting in Los Angeles. It already has partners in Ukraine, France and Australia. UK shoppers were also being more selective in the downturn choosing to buy one good thing at Fennell rather than a load of tat elsewhere. Best sellers included bee style designs and its new Alias silver range. |
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