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| Date/Time | Headline | Source |
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| 1 | ||
| Tue 11:34 | RNS |
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RNS Number : 6272C Alexon Group PLC 17 November 2009 For filings with the FSA include the annex For filings with issuer exclude the annex TR-1: Notifications of Major Interests in Shares
1. Identity of the issuer or the underlying issuer of
2. Reason for notification (yes/no)
An acquisition or disposal of financial instruments which may result in the acquisition of shares already issued to which voting rights are attached An event changing the breakdown of voting rights Other (please specify):______________
4. Full name of shareholder(s) (if
different from 3):
5. Date of transaction (and date on which 13 October 2009
the threshold is crossed or reached if
different):
reached: 8: Notified Details A: Voting rights attached to shares
If possible use ISIN code transaction
Ordinary
B: Financial Instruments Resulting situation after the triggering transaction
Type of financial instrument Expiration date Exercise/ conversion No. of voting rights Percentage of voting
n/a Total (A+B)
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 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: 14 Contact name: 15. Contact telephone number: For notes on how to complete form TR-1 please see the FSA website. As of 13 October 2009 Alexon Group plc
Holdings by CGII Management Companies and Funds:
This information is provided by RNS The company news service from the London Stock Exchange END
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| 29-10-09 | RNS |
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RNS Number : 5899B Alexon Group PLC 29 October 2009
TR-1: NOTIFICATION OF MAJOR INTEREST IN SHARES
existing shares to which voting rights are attached:
2 Reason for the notification (please tick the appropriate box or boxes):
An acquisition or disposal of voting rights An acquisition or disposal of qualifying financial instruments which may result in the acquisition of shares already issued to which voting rights are attached An acquisition or disposal of instruments with similar economic effect to qualifying financial instruments An event changing the breakdown of voting rights Other (please specify):
obligation: 4. Full name of shareholder(s) (if different from 3.):
crossed or reached:
8. Notified details: A: Voting rights attached to shares
if possible using
the ISIN CODE
ORDINARY
GB00B28Y7M80 B: Qualifying Financial Instruments Resulting situation after the triggering transaction
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:
15. Contact telephone number: 020 7658 6000 This information is provided by RNS The company news service from the London Stock Exchange END
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| 29-10-09 | RNS |
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RNS Number : 5559B Alexon Group PLC 28 October 2009 TR-1: Notifications of Major Interests in Shares
of existing shares to which voting rights are attached:
2. Reason for notification (yes/no)
An acquisition or disposal of voting rights
An acquisition or disposal of financial instruments which may result in
the acquisition of shares already issued to which voting rights are
attached
An event changing the breakdown of voting rights
Other (please specify):______________
subject to notification obligation: 4. Full name of shareholder(s) Bandera Master Fund L.P. (if different from 3):
date on which the threshold is crossed or reached if different):
notified:
crossed or reached: 8: Notified Details A: Voting rights attached to shares
If possible use ISIN code transaction
GB00B28Y7M80 B: Financial Instruments Resulting situation after the triggering transaction
Type of financial instrument Expiration date Exercise/ conversion No. of voting rights Percentage of voting
Total (A+B)
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: Bandera Partners LLC is the investment manager of Bandera Master Fund L.P. and controls the voting rights by Bandera Master Fund L.P. Proxy Voting:
10. Name of 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:
14 Contact name:
15. Contact telephone name:
This information is provided by RNS The company news service from the London Stock Exchange END
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| 29-10-09 | RNS |
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RNS Number : 5558B Alexon Group PLC 28 October 2009 TR-1: Notifications of Major Interests in Shares
of existing shares to which voting rights are attached:
2. Reason for notification (yes/no)
An acquisition or disposal of voting rights
An acquisition or disposal of financial instruments which may result in
the acquisition of shares already issued to which voting rights are
attached
An event changing the breakdown of voting rights
Other (please specify):______________
subject to notification obligation: 4. Full name of shareholder(s) Bandera Master Fund L.P. (if different from 3):
date on which the threshold is crossed or reached if different):
notified:
crossed or reached: 8: Notified Details A: Voting rights attached to shares
If possible use ISIN code transaction
GB00B28Y7M80 B: Financial Instruments Resulting situation after the triggering transaction
Type of financial instrument Expiration date Exercise/ conversion No. of voting rights Percentage of voting
Total (A+B)
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: Bandera Partners LLC is the investment manager of Bandera Master Fund L.P. and controls the voting rights by Bandera Master Fund L.P. Proxy Voting:
10. Name of 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:
14 Contact name:
15. Contact telephone name:
This information is provided by RNS The company news service from the London Stock Exchange END
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| 16-10-09 | RNS |
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RNS Number : 8808A Alexon Group PLC 15 October 2009
TR-1: NOTIFICATION OF MAJOR INTEREST IN SHARES
existing shares to which voting rights are attached:
2 Reason for the notification (please tick the appropriate box or boxes):
An acquisition or disposal of voting rights An acquisition or disposal of qualifying financial instruments which may result in the acquisition of shares already issued to which voting rights are attached An acquisition or disposal of instruments with similar economic effect to qualifying financial instruments An event changing the breakdown of voting rights Other (please specify):
notification obligation: 4. Full name of shareholder(s) (if different from 3.):
which the threshold is crossed or reached:
reached: 8. Notified details: A: Voting rights attached to shares
if possible using
the ISIN CODE
B: Qualifying Financial Instruments Resulting situation after the triggering transaction
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: 14. Contact name: 15. Contact telephone number:
As of 13 October 2009
(*CGII*) holdings
Holdings by CGII Management
Companies and Funds:
Company This information is provided by RNS The company news service from the London Stock Exchange END
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| 15-10-09 | RNS |
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RNS Number : 8260A Alexon Group PLC 15 October 2009 For filings with the FSA include the annex For filings with issuer exclude the annex TR-1: Notifications of Major Interests in Shares
existing shares to which voting rights are attached:
2. Reason for notification (yes/no)
An acquisition or disposal of voting rights
An acquisition or disposal of financial instruments which may result in
the acquisition of shares already issued to which voting rights are
attached
An event changing the breakdown of voting rights
Other (please specify):______________
obligation:
4. Full name of shareholder(s) (if different from
3):
5. Date of transaction (and date on which the
threshold is crossed or reached if different):
6. Date on which issuer notified:
7. Threshold(s) that is/are crossed or reached: 8: Notified Details A: Voting rights attached to shares
If possible use ISIN code transaction
GB00B28Y7M80 B: Financial Instruments Resulting situation after the triggering transaction
Type of financial instrument Expiration date Exercise/ conversion No. of voting rights Percentage of voting
Total (A+B)
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: Bandera Partners LLC is the investment manager of Bandera Master Fund LP, and controls the voting rights held by Bandera Master Fund LP. Proxy Voting:
12. Date on which proxy holder will cease to hold voting rights: n/a 13. Additional information:
15. Contact telephone number: +1 212 232 4582 For notes on how to complete form TR-1 please see the FSA website. This information is provided by RNS The company news service from the London Stock Exchange END
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| 13-10-09 | RNS |
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RNS Number : 6080A Alexon Group PLC 12 October 2009
TR-1: NOTIFICATION OF MAJOR INTEREST IN SHARES
existing shares to which voting rights are attached:
2 Reason for the notification (please tick the appropriate box or boxes):
An acquisition or disposal of voting rights
An acquisition or disposal of qualifying financial instruments which may result in the acquisition of shares already issued to which voting rights are
attached
An acquisition or disposal of instruments with similar economic effect to qualifying financial instruments
An event changing the breakdown of voting rights
Other (please specify):
notification obligation:
3.):
threshold is crossed or reached:
8. Notified details: A: Voting rights attached to shares
if possible using
the ISIN CODE
GB00B28Y7M80 B: Qualifying Financial Instruments Resulting situation after the triggering transaction
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: Bandera Partners LLC is the Investment manager of Bandera Master Fund L.P. and controls the voting rights held by Bandera Master Fund L.P. Proxy Voting:
13. Additional information:
This information is provided by RNS The company news service from the London Stock Exchange END
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| 06-10-09 | RNS |
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RNS Number : 3307A Alexon Group PLC 06 October 2009 Alexon Group plc ("the Company") Director/PDMR Shareholding The Company was notified today that on 2 October 2009 Mr R Piggott, former Group Finance Director, sold 51,256 ordinary shares at a price of 40p and his wife, Mrs H Piggott, sold 37,944 ordinary shares at 40p. Following this transaction Mr Piggott now holds no ordinary shares in the Company.
Enquiries:
Company Secretary This information is provided by RNS The company news service from the London Stock Exchange END
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| 02-10-09 | RNS |
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RNS Number : 1107A Alexon Group PLC 02 October 2009 Appointment of John Boyle as Group Finance Director and Company Secretary Alexon Group ("Alexon" or "the Company") today announces the appointment of John Boyle, Head of Finance and Connect at Selfridges, as Group Finance Director and Company Secretary with immediate effect. Robin Piggott will retire from the Board to pursue other opportunities after an appropriate handover. John Boyle spent over ten years working for Selfridges most recently as Head of Finance and Connect, Selfridges' internal service centre which he set up, with eight direct reports and 120 staff. Five of these ten years were whilst Selfridges was listed on the London Stock Exchange. Before joining Selfridges he worked at Halfords for over six years having started his career as a chartered accountant at KPMG and Clement Keys and Co. Jane McNally, Chief Executive Officer of Alexon Group, commented: "We are delighted to welcome John to the Board of Alexon. His impressive track record at Selfridges; knowledge of the department store sector; and ability to put in place strong processes and systems will be of great benefit to Alexon. We have a strong team in place to ensure that we deliver our turnaround strategy. On behalf of the Board, I would like to thank Robin very much for his massive contribution to Alexon since he joined the business over 20 years ago, the last 14 of which he spent as Group Finance Director. We wish him the very best of luck in the future." John Boyle, added: "I am thrilled to be joining Alexon at such an interesting time in its turnaround. I have great belief in Jane McNally and the strong team and feel that I will add significant value. There is a clear plan in place and I look forward to working to ensure that the Group delivers shareholder value over the coming months and years." There is no further information to be disclosed in accordance with Listing Rule 9.6.13 with regard to his appointment. Enquiries:
Simon Sporborg / Zoe Bird
<HR>--------------------------------------- This information is provided by RNS The company news service from the London Stock Exchange END
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| 01-10-09 | RNS |
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RNS Number : 0987A Alexon Group PLC 01 October 2009 A second and final Price Monitoring Extension has been activated in this security. The closing auction call period is extended in this security for a further 5 minutes. Following the first price monitoring extension this security would still execute more than a pre-determined percentage above or below the price of the previous automated execution today. London Stock Exchange electronic order book users have a final opportunity to review the prices and sizes of orders entered in this security prior to the auction call execution which will set today's closing price. The applicable percentage is set by reference to a security's TradElect sector. This is set out in the Sector Breakdown tab of the TradElect Parameters document at www.londonstockexchange.com/en-gb/products/membershiptrading/tradingservices</f ipP> This information is provided by RNS The company news service from the London Stock Exchange END
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| 01-10-09 | RNS |
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RNS Number : 0976A Alexon Group PLC 01 October 2009 Today's closing auction call period has been extended in this security by 5 minutes. Auction call extensions give London Stock Exchange electronic order book users a further opportunity to review the prices and sizes of orders entered in an individual security during the initial auction call before the execution occurs. A price monitoring extension is activated when the matching process would have otherwise resulted in an execution price that is a pre-determined percentage above or below the price of the last automated execution today. The applicable percentage is set by reference to a security's TradElect sector. This is set out in the Sector Breakdown tab of the TradElect Parameters document at www.londonstockexchange.com/en-gb/products/membershiptrading/tradingservices</f ipP> This information is provided by RNS The company news service from the London Stock Exchange END
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| 30-09-09 | RNS |
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This news article is displayed preformatted as it may contain results tables
RNS Number : 9075Z
Alexon Group PLC
30 September 2009
ALEXON GROUP PLC
("Alexon" or "the Company")
Half year results for the 26 weeks ended 1 August 2009
Alexon Group plc, the ladies clothing retailer that owns six womenswear brands, announces its results for the 26 weeks ended 1 August 2009.
Financial highlights
· Turnover down 11% at £77.7m (2008: £87.0m), like-for-like sales down 12.6%
· Gross margin down 1.9%
· Profit before tax and exceptional items of £0.9m (2008: £6.9m)
· Loss before tax of £8.1m (2008: profit of £6.9m) including exceptional items of £9.0m
· Total profit for the period, after tax, exceptional items and discontinued operations of £4.5 million (2008: profit of £3.2 million)
· Loss per share from continuing operations of 13.2p (2008: earnings per share of 10.7p)
· Earnings per share from total operations of 10.1p (2008: earnings per share of 7.2p)
· Net debt of £1.4m (31 January 2009: cash of £5.3m) after a net cash out flow of £6.7m, of which £4.1m arose from discontinued operations
· No interim dividend is proposed to conserve cash (2008: 1.0 pence per share)
Strategic and operational highlights
· Short term actions completed
o Further strengthening of the management team and operational structures
o Improved buying and minimised excess aged stock
o Clearer direction on brand and product design
· Good progress on medium term priorities
o New brand identities developed for Ann Harvey, Kaliko, Alexon and Minuet
o 24 concession outlet refits completed in House of Fraser stores
o New Ann Harvey store format launched on Oxford Street
o Successfully driving multi channel routes to market
o New product initiatives launched
· In line with the current economic climate cash management, capital expenditure, working capital and operating costs continue to be rigorously monitored and controlled
Commenting on the results, Jane McNally, Chief Executive, said:
"The first half has been difficult for Alexon but we have delivered results in line with expectations. The groundwork is being put in place by the new executive team to support a sustained revitalisation of our established brand portfolio in the medium term.
Trading since the half year has been challenging. This is mainly as a result of our planned strategy to have less sale activity and partly due to the tough retail environment. This backdrop of non-comparable intense sale activity last year has resulted in like for like sales being lower than the first half. However, we believe that overall performance is stabilising and is being aided by additional benefits of some of our recent initiatives including the new store and concession refits as well as increased space. There have also been some encouraging early signs from within the new Autumn/Winter ranges, particularly for those brands whose turnaround is more advanced.
We remain fully confident that the Alexon brands are uniquely positioned to capture a broad customer base in a growing sector. As such there is great potential for future profit growth."
Enquiries:
Alexon Group plc Jane McNally, Chief Executive 01582 723131
OfficerRobin Piggott, Group Finance Director and Company
Secretary
Brunswick Group LLPSimon Sporborg / James Olley / Zoe Bird 020 7404 5959
Overview
The first half has remained challenging for Alexon but the intense focus on restructuring since Jane McNally's appointment last year has continued. It will take time for the turnaround to be achieved in this environment but the Board remains confident that there are sound foundations for future growth over the medium and long term.
Alexon has delivered results in line with expectations and has achieved this despite the tough retail environment, the recent administration of Bay Trading and being in the initial stages of a turnaround plan. Pre-tax profit from continuing operations, before exceptional items, for the 26 weeks ended 1 August 2009 was £0.9 million (2008: £6.9 million). The total profit for the period, after tax, exceptional items and discontinued operations, was £4.5 million (2008: profit of £3.2 million). Sales were 11% lower than the prior year with like-for-like sales down 12.6%, with gross margins down 1.9 % on the prior year. Earnings per share from total operations was 10.1p (2008: earnings per share of 7.2p) and no interim dividend is proposed (2008: 1.0 pence per share).
As indicated in our June 2009 Interim Management Statement, trading performance and margins were impacted in the short term as Summer 2009 sale dates were brought forward in line with our key competitors. Dash performed well in the first half recording positive like for like sales growth while Eastex remained consistent and performed in line with the market. Alex & Co, Minuet, Kaliko and Ann Harvey cleared the Spring 2009 legacy ranges well albeit at some cost to margin.
Overall concession outlet numbers grew by 14 in the half to 1,017 helped by openings on Dash and Eastex. Lease hold shops traded in the half increased by five to 85 shops due to the re-opening of leases returning to the group as a result of the Administration of Bay Trading. Liability for a further 30 leases remains and these will be disposed of or re-opened under Alexon formats as appropriate.
Bay Trading
On the 24 April 2009 we announced that we were undergoing a restructuring of the Group and that Deloitte LLP had been appointed as administrators to Epcoscan Limited, Alexon's subsidiary which traded as Bay Trading.
This was a source of great regret but the withdrawal of supplier credit insurance coupled with extremely difficult market conditions gave the Board no real alternative in order to secure the future of the wider Group. Clear communication of our long-term strategy has resulted in a very supportive approach from suppliers who have largely returned to normal trading terms.
In addition there are no issues with host department stores as a consequence of the administration. It is anticipated that £1.3m will be received in the second half of the financial year from amounts secured against the assets of Bay Trading. £1m of this is in repayment of the 30 April 2009 payroll paid by Alexon to Bay Trading employees immediately following the appointment of the administrator on 27 April 2009, in order to facilitate a sale of the business.
Bay Trading was, operationally, largely stand alone from Alexon. The few areas of operational overlap have been dealt with successfully. On the returning of leases there has been an orderly process with appropriate fascias being identified and the re-opening programme underway. The Group has a liability for 33 ex Bay Trading leases with an average lease length of four years. Of the 33 leases, nine will re-open under Alexon Brands fascias this year, five are due to expire within 12 months and two have been assigned to new tenants. Options for the remaining leases are currently under consideration.
Update on strategy
Since the arrival of Jane McNally as Chief Executive Officer in June 2008 a detailed review of the business has been undertaken. Jane identified a number of issues within the business, in particular: a weakened brand identity in four of the six brands; an operational structure and legacy leases that are not aligned to the forward strategy; a lack of investment and best practice in many areas; and a depleted management team in an increasingly competitive market.
However, the Board believes there is an exciting opportunity to build on the strong heritage of the Alexon Brands; improving the benefits of a diversified brand portfolio, exploiting a growing demographic audience across the portfolio and capitalising on a solid model with low fixed costs.
Priorities for the business have been split into immediate, medium term and longer term. These are:
Immediate - strengthen the management team and operational structures; improve buying and minimise excess aged stock; and clearer direction on brand and product design.
Medium term - new branding and product development for key brands; communicate change to customers; enhance multi-channel opportunities including on-line sales channels; drive more business through host stores; reduce costs and put property portfolio on a sound footing; and review and upgrade management information systems.
Long term - revive all brands to growth and profitability; sustainable re-fit programme; and reposition and enhance stand-alone store portfolio.
As stated in the 2009 Annual Report, the immediate priorities have largely been completed. There has been continued action on these such as strengthening the teams across the business, improving staff scheduling and changing the business culture.
In addition there has been good progress on the medium term priorities. New brand identities have been identified for Ann Harvey, Kaliko, Alexon and Minuet; we have completed 24 concession outlet refits in House of Fraser stores; we have launched a new Ann Harvey store format with a flagship one in Oxford Street store opening; we are successfully driving multi channel routes to market; and there is a renewed focus on new product initiatives. Dash performed well in the first half recording positive like for like sales growth while Eastex remained consistent and performed in line with the market.
Balance Sheet
The group ended the half with net debt of £1.4m (31 January 2009: cash of £5.3m) after a net cash out flow of £4.1m relating to discontinued activities, principally connected with Bay Trading and the subsequent administration. It is anticipated that £1.3m will be received in the second half of the financial year from amounts secured against the assets of Bay Trading.
Stock levels for the Alexon Brands were 8% below the prior year at the period end, with residual stocks being successfully cleared. Capital expenditure in the first half was £0.7m, mainly concession openings and refits of shops returning under guarantee.
In line with the current economic climate capital expenditure, working capital and operating costs continue to be rigorously monitored and controlled.
Note: The consolidated balance sheet at 31 January 2009 and 26 July 2008 includes the assets and liabilities of Epcoscan Limited (t/a Bay Trading).
Dividend
The Board has decided not to declare an interim dividend to conserve cash (2008: 1p per ordinary share).
Outlets
A breakdown of outlets as at 1st August 2009 is as follows:-
UKShops UKConcessions European Concessions Total Outlets
Open 85 880 137 1,102
Closed stores 30 30
Total 115 880 137 1,132
Principal Risks and uncertainties
The principal risks and uncertainties facing the Group over the remainder of the financial year are contained within note 16 to the financial statements.
Current Trading and Outlook
Trading since the half year has been challenging. This is mainly as a result of our planned strategy to have less sale activity and partly due to the tough retail environment. This backdrop of non-comparable intense sale activity last year has resulted in like for like sales being lower than the first half. However, we believe that overall performance is stabilising and is being aided by additional benefits of some of our recent initiatives including the new store and concession refits as well as increased space. There have also been some encouraging early signs from within the new Autumn/Winter ranges, particularly for those brands whose turnaround is more advanced.
We remain fully confident that the Alexon brands are uniquely positioned to capture a broad customer base in a growing sector. As such there is great potential for future profit growth.
CONSOLIDATED INCOME STATEMENT
Unaudited 26 weeks to 1 August 2009 Unaudited 26 weeks to 26 July 2008 Audited 53 weeks to 31 January 2009 (restated)
(restated)
Pre- exceptional Pre- exceptional Exceptional items Pre- exceptional
items Exceptional items items (see note 4) items Exceptional items
(see note 4)
Total Total Total
£000's £000's £000's £000's £000's £000's £000's £000's £000's
Revenue - continuing 77,681 - 77,681 87,017 - 87,017 177,593 - 177,593
operations
Cost of sales (70,115) (8,257) (78,372) (74,343) - (74,343) (152,945) (7,463) (160,408)
Gross profit/(loss) - 7,566 (8,257) (691) 12,674 - 12,674 24,648 (7,463) 17,185
continuing operations
Administrative expenses (3,245) (773) (4,018) (3,019) - (3,019) (6,869) (1,052) (7,921)
Distribution costs (3,214) - (3,214) (3,046) - (3,046) (7,433) - (7,433)
Operating profit/(loss) - 1,107 (9,030) (7,923) 6,609 - 6,609 10,346 (8,515) 1,831
continuing operations
Finance income 95 95 312 - 312 510 - 510
Finance expense (295) - (295) (53) - (53) (85) - (85)
Profit/(loss) before taxation 907 (9,030) (8,123) 6,868 - 6,868 10,771 (8,515) 2,256
Income tax (expense)/credit (466) 2,714 2,248 (2,096) - (2,096) (1,423) 1,034 (389)
Profit/(loss) for the 441 (6,316) (5,875) 4,772 - 4,772 9,348 (7,481) 1,867
financial period from
continuing operations
attributable to equity holders
of the Company
Profit/(loss) from - 10,408 10,408 - (1,540) (1,540) - (29,983) (29,983)
discontinued operations
Profit/(loss) for the 441 4,092 4,533 4,772 (1,540) 3,232 9,348 (37,464) (28,116)
financial period attributable
to equity holders of the
Company
CONSOLIDATED INCOME STATEMENT - (Cont.)
Unaudited 26 weeks to 1 August 2009 Unaudited 26 weeks to 26 July 2008 Audited 53 weeks to 31 January 2009
(restated) (restated)
(Losses)/earnings per share from continuing operations attributable to
equity holders of the Company during the period
Basic and diluted 6 6 (13.15)p 10.68p 4.18p
Earnings/(losses) per share from discontinued operations attributable to
equity holders of the Company during the period
Basic and diluted 6 23.29p (3.45)p (67.10)p
Earnings/(losses) per share from total operations attributable to equity
holders of the Company during the period
Basic and diluted 6 10.14p 7.23p (62.92)p
STATEMENT OF COMPREHENSIVE INCOME
Unaudited Unaudited Audited
26 weeks to 26 weeks to 53 weeks to
1 August 2009 26 July 2008 31 January 2009
£000*s £000*s £000*s
Profit/(loss) for the period 4,533 3,232 (28,116)
Actuarial gain/(loss) arising in 1,352 (1,057) (2,508)
defined benefit pension scheme,
net of tax
(Loss)/gain on cash flow hedges, (4,399) (174) 3,820
net of tax
Total comprehensive 1,486 2,001 (26,804)
income/(expense) for the period
attributable to equity holders of
the Company
A statement of changes in equity
can be found in note 14.
CONSOLIDATED BALANCE SHEET
Unaudited as at Unaudited as at Audited as at
1 August 2009 26 July 2008 31 January 2009
Note £000*s £000*s £000*s £000*s £000*s £000*s
Non-current assets
Goodwill 7 - 11,867 -
Property, plant and equipment 7 5,115 7,405 6,298
Deferred tax 3,889 1,705 679
Pension assets 9 - 304 -
9,004 21,281 6,977
Current assets
Inventory 25,691 34,076 29,856
Trade and other receivables 16,353 18,702 17,705
Derivative financial - 48 4,809
instruments
Current tax recoverable - - 581
Cash and cash equivalents - 5,026 5,284
42,044 57,852 58,235
Current liabilities
Trade and other payables (19,008) (32,115) (30,311)
Derivative financial (1,193) - -
instruments
Short term borrowings (1,351) (312) -
Current tax payable (614) (1,200) -
(22,166) (33,627) (30,311)
Net current assets 19,878 24,225 27,924
Non-current liabilities
Long term provisions 10 (20,285) (8,514) (25,712)
Accruals and deferred income (265) (727) (444)
Pension liabilities 9 (2,238) (2,405) (4,137)
Total non-current liabilities (22,788) (11,646) (30,293)
Net assets 6,094 33,860 4,608
Equity attributable to equity
holders of the Company
Share capital 8 5,689 10,902 5,689
Share premium 8 8 22,066 22,066 22,066
Capital redemption reserve 20,215 15,002 20,215
Cash flow hedge reserve (594) (32) 5,515
Retained earnings (41,282) (14,078) (48,877)
Total equity 14 6,094 33,860 4,608
CONSOLIDATED CASH FLOW STATEMENT
Unaudited Unaudited Audited
26 weeks to 26 weeks to 53 weeks to
Note 1 August 2009 26 July 2008 31 January 2009
(restated) (restated)
£000*s £000*s £000*s £000*s £000*s £000*s
Cash flow from operating activities
Cash (used)/generated from continuing operations 13 (4,273) 4,143 12,850
Interest received (continuing operations) 95 316 498
Interest paid (continuing operations) (22) (34) (56)
Tax received (continuing operations) 1,741 1,887 873
Cash used in discontinued operations 13 (4,025) (2,653) (7,104)
Net cash generated from operating activities (6,484) 3,659 7,061
Investing activities
Disposal of subsidiary undertaking 623 (586) (1,601)
Purchase of property, plant andequipment (continuing operations) (708) (613) (1,420)
Purchase of property, plant andequipment (discontinued operations) (99) (425) (1,008)
Proceeds/(costs) of disposals of property, plant and equipment 33 (46) 32
(continuingoperations)
Proceeds/(costs) of disposals of property, plant and equipment - 12 (46)
(discontinuedoperations)
Net cash used in investing activities (151) (1,658) (4,043)
Financing activities
Costs arising from the issue of shares - (123) (123)
Dividends paid to Company*s shareholders - (2,681) (3,128)
Net cash used in financing activities - (2,804) (3,251)
Net decrease in cash and cashequivalents (6,635) (803) (233)
Cash and cash equivalents at thebeginning of the 5,284 5,517 5,517
period
Cash and cash equivalents at the endof the period (1,351) 4,714 5,284
Included in cash and cash equivalents on the balance - 5,026 5,284
sheet
Included in short term borrowings on the balance (1,351) (312) -
sheet
(1,351) 4,714 5,284
1 General information
The Company is a limited liability company incorporated and domiciled in the UK. The address of its registered office is 40-48 Guildford Street, Luton, LU1 2PB.
The Company has its primary listing on the London Stock Exchange.
This condensed consolidated financial information for the 26 weeks to 1 August 2009 was approved for issue on 29 September 2009.
This condensed consolidated interim financial information does not comprise statutory accounts within the meaning of Section 240 of the Companies Act 1985. Statutory accounts for the 53 weeks ended 31 January 2009 were approved by the Board of Directors on 29 May 2009 and delivered to the Registrar of Companies. The report of the auditors on those accounts was unqualified, containing an emphasis of matter paragraph concerning the placing into administration subsequent to the year end of the Group's material subsidiary undertaking, Epcoscan Limited, which operated the Bay Trading business and did not contain any statement under Section 237 of the Companies Act 1985.
2 Basis of preparation
This condensed consolidated financial information for the 26 weeks ended 1 August 2009 has been prepared in accordance with the Disclosure and Transparency Rules of the Financial Services Authority and with IAS 34, 'Interim financial reporting' as adopted by the European Union. The condensed consolidated financial report should be read in conjunction with the annual financial statements for the 53 weeks ended 31 January 2009, which have been prepared in accordance with IFRSs as adopted by the European Union.
On 24 April 2009 the Group withdrew financial support from its wholly owned subsidiary undertaking, Epcoscan Limited, which operated the Bay Trading business, in response to being notified that credit insurance was being withdrawn from all the Group's suppliers. Epcoscan Limited was subsequently placed into administration on 27 April 2009, with Deloitte LLP appointed as administrators. The Group ceased to control Epcoscan Limited from that date.
3 Accounting policies
The accounting policies adopted are consistent with those of the annual financial statements for the 53 weeks ended 31 January 2009, as described in those annual financial statements.
Taxes on income in the interim periods are accrued using the tax rate that would be applicable to expected total annual earnings.
Restatement of prior year information
In accordance with IFRS 5, 'Non-current assets held for sale and discontinued operations', comparative information for the 26 weeks to 26 July 2008 and the 53 weeks to 31 January 2009 relating to discontinued operations has been restated in the income statement and statement of cash flows.
4 Exceptional Items
Continuing operations
The following exceptional costs were incurred by the Group during the period in relation to continuing operations.
26 weeks to 1 August 2009
£000*s
Provision for onerous lease commitments (see note 8,257
10)
Costs arising from the administration of Epcoscan 773
Limited
9,030
As a result of Epcoscan Limited being placed into administration, a number of leases returned to the Group under lease guarantee arrangements. These leases are considered to be onerous and consequently an increase of £6.3 million has been recorded in the onerous lease provision.
Onerous lease provisions are made in respect of those leases which are considered onerous on the basis that the stores to which they relate are expected to generate net cash outflows over the remaining lease term. The provision is calculated as the lower of the estimated cost of exiting the lease and the cumulative losses expected to be incurred over the remainder of the lease term, unless it is considered highly unlikely that the lease could be terminated for a one-off payment in which case the provision is based on estimated future losses. The provision in respect of existing leases has been re-assessed at 1 August and this has resulted in an increase in the provision of £2 million and a corresponding charge to the income statement.
Discontinued operations
The profit/(loss) for the period included in discontinued operations is analysed below:
26 weeks to 1 August 2009 26 weeks to26 July 2008
£000*s £000*s
Operating loss
Revenue 12,339 36,102
Expenses (17,223) (37,476)
Operating loss (4,884) (1,374)
Net finance income 2 -
Loss before taxation (4,882) (1,374)
Tax on operating loss - 420
Loss after taxation (4,882) (954)
Profit/(loss) on disposal
Net liabilities of subsidiary 13,990 -
company disposed
Proceeds/(costs) of disposal 1,300 (586)
Total profit/(loss) from 10,408 (1,540)
discontinued operations
5 Segmental information
Since the administration of Epcoscan Limited on 27 April 2009 the Group has only one continuing business segment, Alexon Brands, and therefore no segmental information is given.
6 Earnings per share
Continuing operations
The calculation of basic earnings per ordinary share is based on losses from continuing operations of £5,875,000 (2008: profits of £4,772,000) and on 44,686,680 ordinary shares (2008: 44,686,680) being the weighted average number of ordinary shares in issue.
26 weeks to1 August 2009 26 weeks to 26 July 2008 (restated)
Losses (£) Weighted average Per share Earnings (£) Weighted average Per share
number of shares pence number of shares pence
Basic (losses)/earnings (5,875,000) 44,686,680 (13.15) 4,772,000 44,686,680 10.68
Discontinued operations
The calculation of basic earnings per ordinary share is based on profits from discontinued operations of £10,408,000 (2008: losses of £1,540,000) and on 44,686,680 (2008: 44,686,680) ordinary shares being the weighted average number of ordinary shares in issue.
26 weeks to 1 August 2009 26 weeks to 26 July 2008 (restated)
Earnings (£) Weighted average Per share Losses (£) Weighted average Per share
number of shares pence number of shares pence
Basic earnings/(losses) 10,408,000 44,686,680 23.29 (1,540,000) 44,686,680 (3.45)
Total operations
The calculation of basic earnings per ordinary share is based on profits from total operations of £4,533,000 (2008: £3,232,000) and on 44,686,680 (2008: 44,686,680) ordinary shares being the weighted average number of ordinary shares in issue.
26 weeks to 1 August 2009 26 weeks to 26 July 2008
Weighted average Per share Weighted average Per share
Earnings (£) number of shares pence Earnings (£) number of shares pence
Basic earnings 4,533,000 44,686,680 10.14 3,232,000 44,686,680 7.23
7 Property, plant and equipment and goodwill
Property, plant and equipment Goodwill
£000*s £000*s
26 weeks ended 1 August 2009
Opening net book amount 31 6,298 -
January 2009
Additions 807 -
Disposals (64) -
Disposal of subsidiary (1,161) -
undertaking
Depreciation, mortization, (765) -
impairment and other movements
Closing net book amount 1 August 5,115 -
2009
26 weeks ended 26 July 2008
Opening net book amount 26 7,419 11,867
January 2008
Additions 1,038 -
Disposals (44) -
Depreciation, mortization, (1,008) -
impairment and other movements
Closing net book amount 26 July 7,405 11,867
2008
8 Share capital
Ordinary 12.5p shares Deferred 10p shares Deferred 30p shares Share premium
No of shares £000's No of shares £000's No of shares £000's £000's
Opening balance at 26 January 5,689 166,086 17 5,196 22,189
2008 45,511,768 17,319,778
Costs associated with the - - - - (123)
issue of redeemable preference - -
shares
At 26 July 2008 5,689 166,086 17 17,319,778 5,196 22,066
45,511,768
Balance at 31 January 2009 and 45,511,768 5,689 - - - - 22,066
1 August 2009
9 Retirement benefit plans
The amounts recognised in the income statement were as follows:
26 weeks to 1 August 26 weeks to26 July 2008
2009
£000*s £000*s
Current service cost (120) (257)
Interest cost (1,016) (1,304)
Expected return on plan assets 774 1,300
(362) (261)
The amounts recognised in the
balance sheet were as follows:
As at1 August 2009 As at26 July 2008
£000*s £000*s
Present value of scheme (30,673) (43,428)
liabilities
Fair value of scheme assets 28,435 41,327
Liability in the balance sheet (2,238) (2,101)
10 Provision for liabilities and charges
26 weeks ended 1 August Property provisions
2009
Opening net book amount at 25,712
31 January 2009
Charged to the income 8,257
statement
Disposal of subsidiary (12,792)
undertaking
Utilisedduring the period (892)
Closing net book amount at 20,285
1 August 2009
26 weeks ended 26 July 2008 £000*s
Opening net book amount at 26 January 2008 11,478
Credited to the income statement (144)
Utilisedduring the period (2,820)
Closing net book amount at 26 July 2008 8,514
11 Income taxes
Income tax expense is recognised based on management's best estimate of the weighted average annual income tax rate expected for the full financial year. It is anticipated that the Group will make a pre-tax loss, after exceptional items for the 52 weeks ending 30 January 2010. The tax credit recognised in the income statement in these financial statements reflects the establishment of a deferred tax asset in respect of the losses incurred to 1 August 2009. These losses are expected to be utilised against profits arising after 1 August 2009.
12 Dividends
No dividends were paid in the period (2008: 6p, amounting to £2,681,000) in respect of the 53 weeks ending 31 January 2009.
The board has decided not to declare an interim dividend in respect of the 52 weeks ending 30 January 2010.
13 Reconciliation of operating profit to net cash inflow from operating activities
26 weeks to 26 weeks to 53 weeks to
1 August 2009 26 July 31 January
2008(restated) 2009(restated)
£000*s £000*s £000*s
Cash generated from continuing operations:
Operating (loss)/profit * continuing operations (7,923) 6,609 1,831
Adjustments for:
Depreciation 552 591 1,196
Impairment of property, plant - - 506
and equipment
Loss on disposal of property, plant and equipment 31 19 87
Net adjustment in respect of retirement benefit (263) (218) (218)
obligations
Changes in working capital:
(Increase)/decrease in trade and other receivables (3,158) 1,294 2,546
Decrease in inventories 1,226 960 1,893
Decrease in trade and other payables (2,070) (2,022) (1,218)
Increase/(decrease) in long term provisions, accruals and deferred 7,332 (3,090) 6,227
income
Cash (used)/generated from continuing operations (4,273) 4,143 12,850
13 Reconciliation of operating profit to net cash inflow from operating activities (continued)
26 weeks to 26 weeks to 53 weeks to
1 August 2009 26 July 31 January
2008(restated) 2009(restated)
£000*s £000*s £000*s
Cash used in discontinued
operations:
Operating loss * discontinued (4,884) (1,374) (29,960)
operations
Adjustments for:
Depreciation 213 417 845
Impairment of property, plant - - 759
and equipment
Impairment of goodwill - - 11,867
Loss on disposal of property, - 59 170
plant and equipment
Changes in working capital:
Decrease/(increase) in trade 1,578 (448) 312
and other receivables
(Increase)/decrease in (2,107) (1,713) 1,574
inventories
Increase/(decrease) in trade 1,173 406 (1,389)
and other payables
Increase in long term - - 8,698
provisions, accruals and
deferred income
Cash used in discontinued (4,027) (2,653) (7,124)
operations
Interest received 3 - 11
Interest paid (1) - (25)
Tax received - - 34
Cash flows from operating (4,025) (2,653) (7,104)
activities * discontinued
operations
14 Statement of changes in equity
26 weeks to 26 weeks to 53 weeks to
1 August 2009 26 July 2008 31 January 2009
£000*s £000*s £000*s
Profit/(loss) attributable to 4,533 3,232 (28,116)
equity shareholders
Dividends paid to Company*s - (2,681) (3,128)
shareholders
Actuarial gain/(loss) arising 1,878 (1,468) (3,483)
in defined benefit pension
scheme
Tax on items taken directly to 1,184 479 (510)
equity
(Losses)/gains on cash flow (6,109) (242) 5,305
hedges
Costs associated with the - (123) (123)
issue of redeemable preference
shares
Increase/(decrease) in total 1,486 (803) (30,055)
equity
Total equity at the beginning 4,608 34,663 34,663
of the period
Total equity at the end of the 6,094 33,860 4,608
period
The loss on cash flow hedges in the period of £6.1 million represents the movement between the unrealised gain of £5.5 million recorded
at 31 January 2009 and the unrealised loss at 1 August 2009 of £0.6 million. The unrealised gain or loss at each balance sheet date arises
from the comparison of the average exchange rate of outstanding forward currency contracts with the prevailing exchange rate at the time
of measurement.
15 Related party transactions
There are no related party transactions for the 26 weeks to 1 August 2009.
16 Principal risks and uncertainties
The Group is exposed to the risks of the economic downturn in the UK which has lead to reduced consumer demand and reduced income.
The UK high street is a highly competitive environment and the Group also faces competition from the increasing popularity of purchasing
via the internet.
The success of the Group is dependent on its ability to provide quality designs and fashions and to anticipate and respond to changing
consumer taste and fashion trends. Product design and selection is therefore key to retaining market share and generating revenue,
particularly in periods in which consumer confidence is negatively affected.
The Group has a number of short leasehold premises which are subject to regular rent reviews. Significant increases in rents could affect
the economic viability of individual units.
The Group meets its day to day working capital requirements through an overdraft facility which is repayable on demand and is renewable
on 31 May 2010. The Group's forecasts and projections show that the Group will be able to operate within the facility for the foreseeable
future subject to meeting management forecasts and subject to the risks and uncertainties listed above.
Statement of directors* responsibilities
The directors confirm that this condensed consolidated interim financial information has been prepared in accordance with IAS 34 as
adopted by the European Union and that the interim management report includes a fair review of the information required by DTR 4.2.7
and DTR 4.2.8, namely:
i. an indication of important events that have occurred during the first 26 weeks and their impact on the condensed set of financial statements, and a description of the principal risks and uncertainties for the remaining 26 weeks of the financial period; and
ii. material related-party transactions in the first 26 weeks and any material changes in the related-party transactions described in the last annual report.
The directors of Alexon Group plc are listed in the 2009 Annual Report.
By order of the Board
J. McNally R. Piggott
Chief Executive Group Finance Director and Company Secretary
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| 21-09-09 | RNS |
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RNS Number : 3842Z Alexon Group PLC 21 September 2009 Alexon Group plc Notification of Results Alexon Group plc will be announcing its Interim Results for the 26 weeks ended 1st August 2009 on Wednesday 30th September 2009.
ENDS Enquiries: Zoe Bird, Brunswick Group: 020 7404 5959 This information is provided by RNS The company news service from the London Stock Exchange END
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