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| Date/Time | Headline | Source |
|---|---|---|
| 1 | ||
| 30-10-09 | RNS |
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RNS Number : 7098B Brown (N.) Group PLC 30 October 2009
FOR IMMEDIATE RELEASE N Brown Group plc
FOR IMMEDIATE RELEASE Listing Rule 9.6.1 Two copies of the Company's Half-Yearly Report covering the 26 week period ended 29 August 2009 have been submitted to the UK Listing Authority and will shortly be available for inspection at the UKLA Document Viewing Facility which is situated at: The Document Disclosure Team, UK Listing Authority, The Financial Services Authority, 25 The North Colonnade, Canary Wharf, London, E14 5HS. Tel: 020 7676 1000 P.F. Harland Company Secretary N Brown Group plc (Our ref: PFH/DT/964) This information is provided by RNS The company news service from the London Stock Exchange END
DOCWUGWCUUPBGAU More |
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| 27-10-09 | RNS |
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RNS Number : 4697B Brown (N.) Group PLC 27 October 2009 27th October 2009
N BROWN GROUP PLC Notification of Transactions of Directors/Persons Discharging Managerial Responsibility and Connected Persons All relevant boxes should be completed in block capital letters.
N/A
non-beneficial
interest 1
SHARES
DIRECTOR'S HOLDING
if more than one, the number of shares
Employee Trustees
Limited
notification and total percentage
notification (any treasury shares
into account when calculating percentage) 610,405 0.22% If a person discharging managerial responsibilities has been granted options by the issuer complete the following boxes
exercise
0161 238 2299 Name of authorised official of issuer responsible for making notification: Peter J Tynan Date of notification: 27/10/09 Notes: This form is intended for use by an issuer to make a RIS notification required by DR 3.3. (1) An issuer making a notification in respect of a transaction relating to the shares or debentures of the issuer should complete boxes 1 to 16, 23 and 24. (2) An issuer making a notification in respect of derivative relating the shares of the of the issuer complete boxes 1 to 4, 6, 8, 13, 14, 16, 23 and 24. (3) An issuer making a notification in respect of options granted to a director/person discharging managerial responsibilities should complete boxes 1 to 3 and 17 to 24. (4) An issuer making a notification in respect of a financial instrument relating to the shares of the issuer (other than a debenture) should complete boxes 1 to 4, 6, 8, 9, 11, 13, 14, 16, 23 and 24.
For further information, contact: P J Tynan N Brown Group plc 0161 238 2299 peter.tynan@jdwilliams.co.uk For general information about the company's activities please visit: www.nbrown.co.uk This information is provided by RNS The company news service from the London Stock Exchange END
RDSBRBDGUGDGGCR More |
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| 19-10-09 | RNS |
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RNS Number : 0301B Brown (N.) Group PLC 19 October 2009
existing shares to which voting rights are attached:
2: Reason for notification (yes/no)
An acquisition or disposal of qualifying financial instruments which may result in the acquisition of shares already issued to which voting rights no
are attached
notification
from 3.):
5. Date of the transaction (and date on which 16 October 2009
the threshold
reached:
8: Notified Details
Voting rights attached to shares
Situation previous to the triggering transaction
Resulting situation after the triggering transaction
Qualifying Financial Instruments
Resulting situation after the triggering transaction
Type of financial instrument Expiration date Exercise/ conversion No. of voting rights Percentage of voting
C: Financial Instruments with similar economic effect to Qualifying Financial Instruments Resulting situation after the triggering transaction
Total (A+B+C)
Number of voting rights Percentage of voting rights
9. Chain of controlled undertakings through which the voting rights and/or the financial instruments are effectively held, if applicable: Proxy Voting: 10. Name of the proxy holder: 11. Number of voting rights proxy holder will cease to hold: 12. Date on which proxy holder will cease to hold voting rights: 13. Additional information:
15. Contact telephone number: (0131) 245 6565 for : Investments
This information is provided by RNS The company news service from the London Stock Exchange END
HOLUKASRKBRRAAA More |
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| 15-10-09 | AFX UK Focus |
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The Times
SWEDES PREPARE TO SNAP UP STAKE IN BRITAIN'S NEW NUCLEAR
REACTORS Vattenfall, Europe's fifth-largest electricity utility, is weighing up plans for a potential multibillion-pound investment in EDF's project to construct four new reactors in the UK at Hinkley Point in Somerset and Sizewell in Suffolk. EDF, which is 82 per cent owned by the French government, is looking to offload part of its stake in the project as it aims to reduce its 34.4 billion pounds debt burden. A spokesperson for Vattenfall confirmed that the company was "open to new opportunities" in Britain. "If we decide to make an active move then we will inform the market," he added.
SURPRISE FALL IN YOUTH UNEMPLOYMENT DISMISSED AS THE 'LULL
BEFORE THE STORM'
rise above 2.5 million as new official figures showed joblessness at 2.47 million in the three months to July. Similarly, the number of young people out of work dropped to 946,000, surprising economists who were expecting youth unemployment to jump through the one million mark. However, David Blanchflower, a former member of the Bank of England's Monetary Policy Committee, said the figures on youth joblessness simply pointed towards the "lull before the storm". Wednesday's better-than expected data lead some analysts to revise their forecasts that unemployment would climb to three million in 2010.
BAE LEFT LICKING TS WOUNDS ON ARMOR ACQUISITION
After losing a major contract to build armoured trucks for
the US Army, BAE Systems warned on Wednesday that it
might have to write down a "significant" part of the 2.4 billion
pounds goodwill linked to its acquisition of Armor Holdings in
2007. In a trading update, the company also denied any
wrongdoing following an earlier announcement by the Serious
Fraud Office that BAE could be charged over accusations of
corruption in arms exports. It added that it was not possible to
estimate the potential financial impact of the SFO's inquiries.
N Brown (buy) Datatec (buy on weakness) Air Partner (there will be better times to buy) The Daily Telegraph
DIAGEO SALES DECLINE WORSENS AS US STOCKS CUT FURTHER Spirits maker Diageo has reported a worse-than-expected six per cent drop in first-quarter sales, as its US customers continued to reduce the amount of stock they hold. The fall is twice the amount expected by analysts and greater than the two percent contraction of the final quarter of the last fiscal year. The company said it expects "low single-digit" profit growth this year and is on track to slash costs by 120 million pounds. Diageo's cost-cutting programme includes the closure of two sites in Scotland - a decision attacked by Scotland's First Minister.
GRADE BLAMES 'SELF-OBSESSED' MEDIA FOR ITV EXECUTIVE SAGA.
ITV, has blamed the media's focus on the broadcaster for its difficulty in finding a new chairman and chief executive. Speaking before the House of Lords Communications Committee on Wednesday in response to a query by Lord Fowler, Grade explained: "There is a round-by-round commentary going on in the media. the media is utterly self-obsessed and we get more ink than we should get". Meanwhile, it is rumoured that some of ITV's leading shareholders do not want to see an internal candidate appointed as chief executive.
PUNCH PURSUES MORE PUB SALES TO REPAY DEBT AFTER REDUCING
BORROWINGS BY ONE BILLION POUNDS
Having raised 414 million pounds by selling about 800 pubs
in the year to August 22, Punch Taverns plans to generate
another 200 million pounds by selling more pubs next year. The
group, which aims to reduce debt and dispose of its
worst-performing outlets, has written down the value of its
estate by 663 million pounds to reflect shrinking earnings amid
the recession. The write-down widened the group's pre-tax losses
to 405.7 million pounds, compared to last year's 80.2 million
pound loss. Chief executive Giles Thorley said write-downs
should come to an end when pub earnings start to rise again.
Dana Petroleum (buy) BAE Systems (buy) The Independent
PHYTOPHARM SOARS 340 PER CENT ON DRUG TRIAL Shares in biotechnology group Phytopharm closed up 339.6 per cent at 26.95 pence after announcing that early trials of its potential Parkinson's disease treatment had produced impressive results. The group said Cogane reduced Parkinsonian disability in monkeys by 43 per cent, while in a separate phase 1b clinical trial, the drug was found to be safe in both healthy volunteers and Parkinson's disease sufferers. The Michael J Fox Foundation contributed 1.16 million dollars for the study. However, Andy Smith, of Axa Framlington, pointed out that it could take up to ten years before the product comes to market.
BREAKINGVIEWS SOLD
commentary website Breakingviews in a deal believed to be worth 13 million pounds. The group announced the deal in the US on Wednesday night, when it stated it should be completed in eight weeks. The site will be merged with the commentary team established by Thomson last year. Breakingviews founder Hugo Dixon will run the combined division and will once again work with his former business partner Jonathan Ford. The move follows Bloomberg's purchase of Business Week magazine.
HANSON TO BE STRAND CHAIRMAN Robert Hanson, son of the late Lord Hanson, is to take on the role of chairman at Strand Partners, the Mayfair-based investment banking boutique. The move will see Hanson step down from the advisory panel at Hanson Westhouse, the corporate finance and broking house. Hanson will take a ten per cent stake in Strand, which will now be known as Strand Hanson. The placing of his 19.62 per cent stake in Westhouse should net him around 1.3 million pounds. INVESTMENT COLUMN: Punch Taverns (sell) N Brown (buy)
Air Partner (hold)
BSKYB REPORTS TO INTERNET THREAT BY ALLOWING ITS PROGRAMMES
ON TO FREEVIEW BSkyB is set to respond to the emerging online television threat by announcing a deal with London-based IP Vision on Thursday that will enable viewers to watch its programming through a Freeview set-top box. The move is expected to boost the broadcaster's argument that licence fee money should not be spent into content platforms such as Canvas, the online TV service put together by ITV, Channel Four, BBC and BT which will be open to any internet service provider or broadcaster. Viewers will need to purchase a Fetch TV set-top box and connect it into a broadband internet connection as well as their TV set and aerial.
HANDBAGS AND SNOODS BOOST SALES FOR LUXURY BRAND BURBERRY
pence as the luxury goods label reported a recession-busting performance in the second quarter. The company reported sales of 343 million pounds in the period, five per cent higher compared to the same time last year. Retail sales, which account for more than half of group sales, increased by 14 per cent in the first half, or 27 per cent taking into consideration the boost from the pound/dollar exchange rate. Burberry has opened nine new stores in the last six months, including new sites in Singapore and Tokyo.
MAIL ORDER FIRM N BROWN REVEALS RECORD PROFITS N Brown, the British mail order firm, revealed plans to launch in the US as it reported record half-year profits on Wednesday. For the six months to 29 August, the company's profits were 41.8 million pounds, a 13 per cent increase. Chief executive Alan White commented on the specialist retailer's decision to break into the American market: "The total market for the outsize customer is something of the order of 35 billion dollars. So if you can get even a small share of a big market, it's worth having." Prepared for Reuters by Durrants COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters. More |
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| 15-10-09 | AFX UK Focus |
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|
The Times
SWEDES PREPARE TO SNAP UP STAKE IN BRITAIN'S NEW NUCLEAR
REACTORS Vattenfall, Europe's fifth-largest electricity utility, is weighing up plans for a potential multibillion-pound investment in EDF's project to construct four new reactors in the UK at Hinkley Point in Somerset and Sizewell in Suffolk. EDF, which is 82 per cent owned by the French government, is looking to offload part of its stake in the project as it aims to reduce its 34.4 billion pounds debt burden. A spokesperson for Vattenfall confirmed that the company was "open to new opportunities" in Britain. "If we decide to make an active move then we will inform the market," he added.
SURPRISE FALL IN YOUTH UNEMPLOYMENT DISMISSED AS THE 'LULL
BEFORE THE STORM'
rise above 2.5 million as new official figures showed joblessness at 2.47 million in the three months to July. Similarly, the number of young people out of work dropped to 946,000, surprising economists who were expecting youth unemployment to jump through the one million mark. However, David Blanchflower, a former member of the Bank of England's Monetary Policy Committee, said the figures on youth joblessness simply pointed towards the "lull before the storm". Wednesday's better-than expected data lead some analysts to revise their forecasts that unemployment would climb to three million in 2010.
BAE LEFT LICKING TS WOUNDS ON ARMOR ACQUISITION
After losing a major contract to build armoured trucks for
the US Army, BAE Systems warned on Wednesday that it
might have to write down a "significant" part of the 2.4 billion
pounds goodwill linked to its acquisition of Armor Holdings in
2007. In a trading update, the company also denied any
wrongdoing following an earlier announcement by the Serious
Fraud Office that BAE could be charged over accusations of
corruption in arms exports. It added that it was not possible to
estimate the potential financial impact of the SFO's inquiries.
N Brown (buy) Datatec (buy on weakness) Air Partner (there will be better times to buy) The Daily Telegraph
DIAGEO SALES DECLINE WORSENS AS US STOCKS CUT FURTHER Spirits maker Diageo has reported a worse-than-expected six per cent drop in first-quarter sales, as its US customers continued to reduce the amount of stock they hold. The fall is twice the amount expected by analysts and greater than the two percent contraction of the final quarter of the last fiscal year. The company said it expects "low single-digit" profit growth this year and is on track to slash costs by 120 million pounds. Diageo's cost-cutting programme includes the closure of two sites in Scotland - a decision attacked by Scotland's First Minister. GRADE BLAMES 'SELF-OBSESSED' MEDIA FOR ITV EXECUTIVE SAGA. COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters. More |
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| 14-10-09 | AFX UK Focus |
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LONDON, Oct 14 (Reuters) - N Brown Group PLC:
((London Equities Newsroom; +44 20 7542 7717)) (For more news, please click here)
COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters. More |
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| 14-10-09 | RNS |
|
This news article is displayed preformatted as it may contain results tables
RNS Number : 7252A
Brown (N.) Group PLC
14 October 2009
14 October 2009
N Brown Group plc
INTERIM RESULTS ANNOUNCEMENT
SIX MONTHS ENDED 29 AUGUST 2009
N Brown Group plc, the internet and catalogue home shopping company, today announces its interim results for the 26 weeks to 29th August 2009.
Highlights:
Group revenue £338.7m +4.9%
Group profit before tax and fair value adjustment to financial instruments £41.8m +13.0%
E-commerce sales up £128m +21.0%
Adjusted earnings per share up 11.02p +13.5%
Interim dividend up 4.38p +57.6%
Net debt down by £15.9m
Positive outlook for the full year
Alan White, Chief Executive, said:
"We are pleased with N Brown's financial performance against what can only be described as difficult trading conditions. We are encouraged by the loyalty of our customers, as over the last six months we have recorded growth across all products ranges spanning the portfolio of brands, with particularly strong performance from our newer titles. The flexibility of our business model which focuses on niche customers and products, together with our international expansion plans and the recent acquisition of High & Mighty, makes us confident we will continue to deliver growth and are on track to deliver our expectations for the current financial year."
Lord Alliance of Manchester, CBE, Chairman, added:
"Our core strategy to continually improve our product ranges and develop our online channel to market has delivered growth for the group in the first half of the year, as we have seen the number of customers and their average spend increase in the last six months. Despite the uncertainty surrounding the economic climate, we are confident that we are targeting customer and product groups which can deliver growth over the medium term.
-Ends-
For further information please contact:
N Brown Group plc
Alan White, Chief Executive On the day: 020 7074 1800
Dean Moore, Finance Director Thereafter: 0161 238 2202
Website : www.nbrown.co.uk
Kreab Gavin Anderson
Fergus Wylie / Clotilde Gros Tel: 020 7074 1800
CHAIRMAN'S STATEMENT
Financial Results
In the six months ended 29 August 2009 N Brown Group has delivered another record set of results. Group revenues were up by 4.9% to £338.7m and profit before tax, excluding the fair value adjustment for financial instruments, was up by 13.0% to £41.8m. Adjusted earnings per share are 11.02p, up by 13.5%. The interim dividend is increased by 1.6p to 4.38p, encompassing a rebalancing of the split between the interim and final payments as well as an underlying increase to reflect the growth in earnings and our continued confidence in the business. Going forward we expect to pay approximately 45% of the full year dividend at the interim stage.
Our decision earlier in the year to slow down the rate of debtor growth, and a planned reduction in stock holdings of 4.8%, had some impact on sales growth as anticipated but resulted in a £37.0m benefit to cash flow. A £21.1m increase in net borrowings in the first six months of last year reversed to a £15.9m reduction this year, resulting in net borrowings falling from £220.5m to £202.4m at 29 August 2009, compared with bank facilities of £320m which are committed until March 2012. Gearing has fallen from 90% to 71% on net assets which have risen 16.1% to £284.6m. Net interest charges have fallen from £7.6m to £2.4m, covered 18 times, as a result of lower borrowings and the decline in LIBOR.
Revenue
Customer recruitment expenditure was maintained at last year's level and we selectively implemented a number of measures to limit the availability of credit where our scoring systems had identified a heightened risk of default. The outcome has been a 3% growth in active established customers who, on average, spent 2% more than in the corresponding period last year. Our customer recruitment has worked extremely well, particularly the merchandise advertisement and internet search engine campaigns, although the overall sales per new customer are down on last year.
The growth in home shopping revenues has been shared amongst all our key customer and product groups.
The sales to younger customers, typically aged 30-45, grew by 12% to £105m. Simply Be has continued to thrive and Jacamo, the equivalent brand for men, has more than doubled its sales. The core midlife brands, targeting customers between 45 and 65 years old, increased revenues to £206m, up 3%, including excellent performances from Marisota and Premier Man. The catalogues targeted at the post-retirement customers had sales of £28m, level with last year. The performance of the Nightingales brand, which we bought out of administration in early 2008, was very encouraging, as was the first season result from our new brand in this category, Julipa.
Sales of ladies clothing rose by 4% to £190m, benefiting from the continued development of ranges exclusively available to our customers in the larger sizes from brands such as Together, Ben Sherman, Regatta and Joe Browns. Footwear had a strong season with sales up by 9%, driven by a further increase in the fittings available, including some standard fitting options to enhance our cross-selling opportunities. Menswear remains the fastest growing category with sales up by 12%, with the main upward momentum coming from the increasing number of branded ranges available to our younger customers. Home and leisure sales were up by 2% to £83m, although there was a noticeable slowdown in the higher priced items due to more restrictive credit policies.
Online sales maintained their strong momentum, up by 21% to £128m which now represents 38% of total sales (2008, 33%). Our catalogues remain an important driver of our online sales but we are also seeing strong demand from some new customers even before they have received their catalogue. The sales from products only available online have doubled. There has been a regular programme of enhancements to our websites to improve the presentation and ease of use for our customers, and there are more exciting developments in the pipeline.
Gross Margin
As anticipated the gross margin fell from 54.7% to 53.1%. This is attributable to a rise in the bad debt charge from a combination of increases in the volume of debtors, customer mix and a deterioration in the rate of write-offs as some customers have suffered in the economic downturn. As we stated at the start of the year, we anticipate an improving trend in gross margin in the second half of the year
New Business Development
A German language version of our Simply Be catalogue and website was launched in February 2009 and has performed in line with our expectations. We have achieved our goal of £1.1m sales in the first half with an associated loss of £0.7m, and proved the logistics of taking orders in Germany and shipping from the UK can work. The online penetration was much higher than expected but so were product returns, principally due to the complexity of converting UK to European sizes. We look forward to the Autumn/Winter catalogues building on these foundations.
In September 2009 we acquired certain assets of High & Mighty Limited, the premier brand for tall and large men. The acquisition, for a total consideration of £1.6m, fits perfectly with our strategy of focusing on niche customers and products. We intend to develop or relocate the 14 stores we currently occupy under licence from the administrator. In addition we see a major opportunity to develop High & Mighty's online business and we will be reintroducing a catalogue in November.
Current Trading and Outlook
The last year has seen unprecedented events in the financial markets which have had a knock-on effect on consumers' finances and confidence. Against this backdrop we have been delighted with the resilience of our customer base and the flexibility of our business model. However, with rising unemployment and depressed house prices we anticipate consumer spending will remain subdued for some time. Despite this we still expect our customers, with an average age of 57, to remain relatively resilient.
We will continue to focus on those niche customer and product groups where our comprehensive offer of sizes and fittings, allied with our database management expertise, gives us an advantage over the competition. Our websites will continue to be developed, particularly with multi-media content, in order to deliver incremental sales and operational cost savings.
Revenue in the 6 weeks ended 10 October 2009 is 1% ahead of last year, although this period compares with a particularly buoyant trading period and the weeks ahead provide less challenging comparatives. Online sales continue to forge ahead, up 15% so far and we are in the process of increasing our customer recruitment expenditure, while at the same time there are a number of signs emerging that the trends which influence bad debts are starting to settle down. As a result the board remains confident that we are on track to deliver on our expectations for the 2009/10 financial year.
Lord Alliance of Manchester, CBE
14 October 2009
Unaudited condensed consolidated income statement
26 weeks to 26 weeks to 52 weeks to
29-Aug-09 30-Aug-08 28-Feb-09
Note £m £m £m
Restated Restated
Revenue 4 338.7 322.8 662.5
Operating profit 4 44.2 44.6 95.5
Investment income 1.4 2.2 4.1
Finance costs (3.8) (9.8) (16.9)
Profit before taxation and
fair value adjustments to 41.8 37.0 82.7
financial instruments
Fair value adjustments to
financial instruments (8.5) 2.5 9.6
Profit before taxation 33.3 39.5 92.3
Taxation 5 (9.3) (15.8) (30.2)
Profit attributable to equity
holders of the parent 24.0 23.7 62.1
Adjusted earnings per share 6
Basic 11.02 p 9.71 p 21.96 p
Diluted 11.00 p 9.66 p 21.90 p
Earnings per share 6
Basic 8.79 p 8.75 p 22.88 p
Diluted 8.77 p 8.70 p 22.82 p
Unaudited condensed consolidated statement of comprehensive income
26 weeks to 26 weeks to 52 weeks to
29-Aug-09 30-Aug-08 28-Feb-09
£m £m £m
Restated Restated
Exchange differences on (0.7) 0.7 1.7
translation of foreign
operations
Actuarial losses on defined (8.3) (8.8) (1.7)
benefit pension schemes
Tax on items recognised 2.3 2.5 0.2
directly in equity
Net (expense)/income (6.7) (5.6) 0.2
recognised directly in equity
Profit for the period 24.0 23.7 62.1
Total comprehensive income for
the period attributable to 17.3 18.1 62.3
equity holders of the parent
Unaudited condensed consolidated balance sheet
29-Aug-09 30-Aug-08 28-Feb-09
£m £m £m
Restated Restated
Non-current assets
Intangible assets 33.6 31.8 32.8
Property, plant & equipment 72.5 72.1 75.0
Deferred tax assets 8.4 10.0 6.7
114.5 113.9 114.5
Current assets
Inventories 67.4 70.8 69.8
Trade and other receivables 456.6 437.1 451.5
Derivative financial instruments 1.2 2.6 9.7
Cash and cash equivalents 57.6 39.7 51.7
582.8 550.2 582.7
Total assets 697.3 664.1 697.2
Current liabilities
Bank overdrafts - (0.2) -
Trade and other payables (110.3) (117.9) (106.1)
Current tax liability (15.9) (12.0) (13.8)
(126.2) (130.1) (119.9)
Net current assets 456.6 420.1 462.8
Non-current liabilities
Bank loans (260.0) (260.0) (270.0)
Retirement benefit obligation (8.5) (10.9) (4.0)
Deferred tax liabilities (18.0) (17.9) (20.3)
(286.5) (288.8) (294.3)
Total liabilities (412.7) (418.9) (414.2)
Net assets 284.6 245.2 283.0
Equity
Share capital 30.5 30.3 30.3
Share premium account 11.0 11.0 11.0
Own shares (0.2) (0.3) (0.2)
Foreign currency translation 2.2 1.9 2.9
reserve
Retained earnings 241.1 202.3 239.0
Total equity 284.6 245.2 283.0
Unaudited condensed consolidated cash flow statement
26 weeks to 26 weeks to 52 weeks to
29-Aug-09 30-Aug-08 28-Feb-09
£m £m £m
Net cash from operating 40.4 12.1 38.7
activities
Investing activities
Purchases of property, plant (1.0) (4.4) (12.9)
and equipment
Purchases of intangible assets (4.4) (4.1) (8.3)
Interest received 0.1 0.7 1.0
Net cash used in investing (5.3) (7.8) (20.2)
activities
Financing activities
Interest paid (2.5) (8.5) (13.1)
Dividends paid (17.5) (17.4) (24.9)
(Decrease)/increase in bank (10.0) 10.0 20.0
loans
Decrease in bank overdrafts - - (0.2)
Proceeds on issue of shares 0.8 0.5 0.6
held by ESOT
Net cash used in financing (29.2) (15.4) (17.6)
activities
Net increase/(decrease) in 5.9 (11.1) 0.9
cash and cash equivalents
Opening cash and cash 51.7 50.8 50.8
equivalents
Closing cash and cash 57.6 39.7 51.7
equivalents
Reconciliation of operating profit to net cash from operating activities
26 weeks to 26 weeks to 52 weeks to
29-Aug-09 30-Aug-08 28-Feb-09
£m £m £m
Restated Restated
Operating profit 44.2 44.6 95.5
Adjustments for:
Depreciation of property, 3.5 2.8 5.8
plant and equipment
Amortisation of intangible 3.6 3.2 6.4
assets
Share option charge 1.0 0.8 1.8
Operating cash flows before 52.3 51.4 109.5
movements in working capital
Decrease/(increase) in 2.4 (2.7) (1.7)
inventories
Increase in trade and other (5.4) (37.2) (51.1)
receivables
Increase in trade and other 4.2 14.2 5.0
payables
Pension obligation adjustment (4.2) (3.7) (3.9)
Cash generated by operations 49.3 22.0 57.8
Taxation paid (8.9) (9.9) (19.1)
Net cash from operating 40.4 12.1 38.7
activities
Unaudited condensed consolidated statement of changes in equity
Foreign
currency
Share Share Own translation Retained
capital premium shares reserve earnings Total
£m £m £m £m £m £m
Changes in equity for the 26
weeks to 29 August 2009
Balance at 28 February 2009 as 30.3 11.0 (0.2) 2.9 244.3 288.3
previously stated
Change in accounting policy - - - - (5.3) (5.3)
(Note 1)
Restated balance as at 28 30.3 11.0 (0.2) 2.9 239.0 283.0
February 2009
Total comprehensive income for - - - - 17.3 17.3
the period
Equity dividends declared - - - - (17.5) (17.5)
Issue of ordinary share 0.2 - - - - 0.2
capital
Purchase of own shares by ESOT - - (0.2) - - (0.2)
Issue of own shares by ESOT - - 0.2 - - 0.2
Adjustment to equity for share - - - - 0.6 0.6
payments
Exchange difference on - - - (0.7) 0.7 -
translation of overseas
operations
Share option charge - - - - 1.0 1.0
Balance at 29 August 2009 30.5 11.0 (0.2) 2.2 241.1 284.6
Changes in equity for the 26
weeks to 30 August 2008
Balance at 1 March 2008 as 30.0 11.0 (0.1) 1.2 206.4 248.5
previously stated
Change in accounting policy - - - - (5.3) (5.3)
(Note 1)
Restated balance as at 1 March 30.0 11.0 (0.1) 1.2 201.1 243.2
2008
Total comprehensive income for - - - - 18.1 18.1
the period
Equity dividends declared - - - - (17.4) (17.4)
Issue of ordinary share 0.3 - - - - 0.3
capital
Purchase of own shares by ESOT - - (0.3) - - (0.3)
Issue of own shares by ESOT - - 0.1 - - 0.1
Adjustment to equity for share - - - - 0.4 0.4
payments
Exchange difference on - - - 0.7 (0.7) -
translation of overseas
operations
Share option charge - - - - 0.8 0.8
Balance at 30 August 2008 30.3 11.0 (0.3) 1.9 202.3 245.2
Unaudited condensed consolidated statement of changes in equity
Foreign
currency
Share Share Own translation Retained
capital premium shares reserve earnings Total
£m £m £m £m £m £m
Changes in equity for the 52
weeks to 28 February 2009
Balance at 1 March 2008 as 30.0 11.0 (0.1) 1.2 206.4 248.5
previously stated
Change in accounting policy - - - - (5.3) (5.3)
(Note 1)
Restated balance as at 1 March 30.0 11.0 (0.1) 1.2 201.1 243.2
2008
Total comprehensive income for - - - - 62.3 62.3
the period
Equity dividends declared - - - - (24.9) (24.9)
Issue of ordinary share 0.3 - - - - 0.3
capital
Purchase of own shares by ESOT - - (0.3) - - (0.3)
Issue of own shares by ESOT - - 0.2 - - 0.2
Adjustment to equity for share - - - - 0.4 0.4
payments
Exchange difference on - - - 1.7 (1.7) -
translation of overseas
operations
Share option charge - - - - 1.8 1.8
Balance at 28 February 2009 30.3 11.0 (0.2) 2.9 239.0 283.0
Notes to the condensed consolidated financial statements
1. Basis of preparation
The group's interim results for the 26 weeks ended 29 August 2009 were approved by the board of directors on 14 October 2009, and have been prepared in accordance with IAS 34 'Interim Financial Reporting'.
The accounting policies adopted in the preparation of the interim financial statements are consistent with those disclosed in the annual report & accounts for the 52 weeks ended 28 February 2009 other than that as set out below.
IAS 38 Intangible Assets. Following an amendment to IAS 38 all expenditure relating to the production of home shopping catalogues should be charged to the income statement as incurred, rather than recognising them as a prepayment asset until the date of despatch. As a result of this change in accounting policy the comparative amounts have been restated, as follows:
26 weeks to 52 weeks to
30-Aug-08 28-Feb-09
£m £m
Retained earnings as previously reported 208.5 244.3
Reduction in trade and other receivables (8.6) (7.3)
Increase in deferred tax asset 2.4 2.0
Retained earnings as restated 202.3 239.0
The impact on earnings for the 26 weeks ended 29 August 2009 was to increase sales and administration costs by £1.3m which has the impact of reducing total comprehensive income by £0.9m (2008, £0.9m).
Adoption in the period of IAS 1 'Presentation of Financial Statements' (Revised 2007) and IFRS 8 'Operating Segments'.
IAS 1 (revised) requires the presentation of a statement of changes in equity as a primary statement separate from the Income Statement and Statement of Comprehensive Income. As a result, a Consolidated Statement of Changes in Equity has been included in the primary statements, showing changes in equity for each period presented.
IFRS 8 - Operating Segments. The reporting requirements of IFRS 8 has been adopted in the current year. IFRS 8 concerns the disclosure and presentation of information that allows users of its financial statements to evaluate the nature and financial effects of the business activities of the group. It has not affected the measurement of the group's profit, assets or liabilities. The group has only one reportable business segment which is home shopping.
The condensed consolidated financial statements have not been audited or reviewed by the auditors pursuant to the International Standard on Review Engagements (UK & Ireland) 2410, "Review of Interim Financial Information Performed by the Independent Auditor of the Entity" issued by the UK Auditing Practices Board.
The financial information for the 52 weeks ended 28 February 2009 does not constitute statutory accounts as defined in section 240 of the Companies Act 1985. A copy of those accounts have been delivered to the Registrar of Companies. The auditors' report on those accounts was unqualified and did not contain any statement under Section 237 (2) or (3) of the Companies Act 1985.
2. Risks and uncertainties
There are a number of risks and uncertainties which could have an impact on the group's long-term performance. These include consideration of the general economic climate and the impact it has on the provision of credit to our customers and their ability to maintain payment terms; the potential threat from our competitors; our relationship with key suppliers; the loss of key personnel; potential disruption to our key information systems, warehousing or call centre facilities arising from events beyond our control such as fire or other issues which could have a detrimental impact on sales and profit; changes to the regulatory environment in which the business operates, primarily regulated by the Financial Services Authority and the Office of Fair Trading.
The directors routinely monitor all these risks and uncertainties and appropriate actions are taken to mitigate these risks, such as having business continuity procedures in place, a dedicated team assessing regulatory developments, ensuring we treat our customers fairly and hosting regular reviews with all of our strategic partners. The board are also committed to continually invest in updating the group's business systems and infrastructure to keep pace with new technology.
3. Going concern
In determining whether the group's accounts can be prepared on a going concern basis, the directors considered the group's business activities together with factors likely to affect its future development, performance and its financial position including cash flows, liquidity position and borrowing facilities and the risks and uncertainties relating to its business activities.
The group has considered carefully its cash flows and banking covenants for the next twelve months from the date of approval of the group's interim results. These have been appraised in light of the uncertainty in the current economic climate. As such, conservative assumptions for working capital performance have been used to determine the level of financial resources available to the company and to assess liquidity risk. The key risk identified by the directors for these assumptions is the impact that a further deterioration in the economic climate will have on the performance of the group's debtor book.
The group's forecasts and projections, after sensitivity to take account of all reasonably foreseeable changes in trading performance, show that the group will have sufficient headroom within its current facilities of £320m. As the group's borrowing facilities are committed until 2012 there are no current plans to open renewal negotiations in the next twelve months.
After making appropriate enquiries, the directors have a reasonable expectation that the company and the group have adequate resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis in the preparation of the group's interim results.
4. Business Segments
26 weeks to 26 weeks to 52 weeks to
29-Aug-09 30-Aug-08 28-Feb-09
£m £m £m
Restated Restated
Analysis of revenue - Home
shopping
Sale of goods 244.1 233.8 481.3
Rendering of services 94.6 89.0 181.2
338.7 322.8 662.5
Analysis of operating profit
Operating profit - Home 44.2 44.6 95.5
shopping
Investment income 1.4 2.2 4.1
Finance costs (3.8) (9.8) (16.9)
Fair value adjustments to (8.5) 2.5 9.6
financial instruments
Profit before taxation 33.3 39.5 92.3
The group has one business segment and one geographic segment that operates in the United Kingdom and Ireland.
5. Taxation
The taxation charge for the 26 weeks ended 29 August 2009 is based on the estimated effective tax rate for the full year of 28.0% which is lower than last year's rate of 32.7%. The high tax rate for last year was the result of an exceptional tax charge of £4.4m in respect of the phasing out of industrial building allowances.
6. Earnings per share
Earnings 26 weeks to 26 weeks to 52 weeks to
29-Aug-09 30-Aug-08 28-Feb-09
£m £m £m
Net profit attributable to 24.0 23.7 62.1
equity holders of the parent
for the purpose of basic and
diluted earnings per share
Impact of exceptional tax - 4.4 4.4
charge in respect of the
phasing out of IBAs
Fair value adjustment to
financial instruments (net of 6.1 (1.8) (6.9)
tax)
Net profit attributable to 30.1 26.3 59.6
equity holders of the parent
for the purpose of basic and
diluted adjusted earnings per
share
Number of shares 26 weeks to 26 weeks to 52 weeks to
29-Aug-09 30-Aug-08 28-Feb-09
No. ('000s) No. ('000s) No. ('000s)
Weighted average number of 273,043 270,732 271,413
shares in issue for the
purpose of basic earnings per
share
Effect of dilutive potential
ordinary shares:
Share options 471 1,597 728
Weighted average number of 273,514 272,329 272,141
shares in issue for the
purpose of diluted earnings
per share
7. Dividends
The directors have declared and approved an interim dividend of 4.38p per share (2008, 2.78p). This will be paid on 8 January 2010 to shareholders on the register at the close of business on 11 December 2009.
Responsibility statement
We confirm that to the best of our knowledge:
* the condensed set of financial statements has been prepared in accordance with IAS 34;
* the interim management report includes a fair review of the information required by DTR 4.2.7R (indication of important events during the first 26 weeks and description of principal risks and uncertainties for the remaining 26 weeks of the year); and
* the interim management report includes a fair review of the information required by DTR 4.2.8R (disclosure of related party transactions and changes therein).
By order of the Board
Alan White Dean Moore
Chief Executive Finance Director
14 October 2009
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR KXLFFKBBXFBQ
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| 05-10-09 | AFX UK Focus |
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Oct 5 (Reuters) - :
buy
COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters. More |
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| 11-09-09 | AFX UK Focus |
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LONDON, Sept 11 (Reuters) - N Brown Group PLC:
((London Equities Newsroom; +44 20 7542 7717)) (For more news, please click here)
COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters. More |
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| 11-09-09 | AFX UK Focus |
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LONDON, Sept 11 (Reuters) - N Brown Group PLC:
((London Equities Newsroom; +44 20 7542 7717)) (For more news, please click here)
COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters. More |
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| 11-09-09 | RNS |
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RNS Number : 8901Y Brown (N.) Group PLC 11 September 2009 N Brown Group ACQUISITION OF HIGH & MIGHTY LTD N Brown Group plc, the leading home shopping group, announces the acquisition of certain assets of High & Mighty Ltd from the joint Administrators, from PricewaterhouseCoopers LLP. The company has acquired the brand, website, stock and the assets of 14 stores in the UK which in the year to 31 January 2009 had sales of over £8m, for a total cash cost of £1.6m. High & Mighty is the pre-eminent brand in the tall and large menswear market and fits in with N Brown Groups' strategy to focus on niche products and customers. The Board of N Brown believes there is an excellent opportunity to create a multi-channel retail business with this brand comprising a portfolio of stores in major cities complemented by the reintroduction of catalogues and the development of the online offer. N Brown Group plc will be announcing its half year results on 14 October 2009. ENQUIRIES:
N Brown Group plc
Dean Moore, Finance Director Tel: 0161 238 2208 Website: www.nbrown.co.uk
Kreab Gavin Anderson
Clotilde Gros This information is provided by RNS The company news service from the London Stock Exchange END
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| 27-08-09 | AFX UK Focus |
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LONDON, Aug 27 (Reuters) - Littlewoods, one of Britain's oldest retail brands, has launched a website for shoppers in France, Germany, Spain and Portugal, joining a growing trend of British online retailers expanding into continental Europe.
(mark.r.potter@thomsonreuters.com; +44 20 7542-2943; Reuters Messaging: mark.potter.reuters.com@reuters.net)
COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters. More |
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| 25-08-09 | RNS |
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RNS Number : 9307X Brown (N.) Group PLC 25 August 2009 Notice of Results N Brown Group plc (LSE: BWNG) advises that it will be announcing its Interim Results for the 26 weeks to 29th August 2009, on Wednesday 14th October 2009.
For further information please contact:
Alan White, Chief Executive
Dean Moore, Finance Director
Fergus Wylie / Clotilde Gros This information is provided by RNS The company news service from the London Stock Exchange END
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