Partners Holdings - Final Results
15 Juni 2000 - 10:00AM
UK Regulatory
RNS Number:2831M
Partners Holdings PLC
15 June 2000
Partners Holdings plc
'Partners'
Preliminary Results for the year ended 31 March 2000
Partners Holdings plc, the operator of 105 specialist retail stationery
stores, today announces preliminary results for the year ended 31st March
2000.
* Sales for the year of #42.7million, up 9.9% (1999: #38.9m).
* Profit before tax and exceptional items of #8,000 (1999: Loss
#549,000)
* Underlying like for like sales for the current year, to the 31 May
2000 increased by 6.3%
Michael Scorey, Chairman, said:
'The current year has started satisfactorily with underlying sales on a
like for like basis increasing by 6.3% to the end of May albeit at
slightly lower gross margins than anticipated. We expect a year of further
consolidation as the rationalisation and repositioning measures taken
previously continue to benefit the business.'
Enquiries:
Partners Holdings Plc
Peter Davey, Chief Executive Tel: 01270 505 888
Alan Goodwin, Finance Director
College Hill Tel: 0207 457 2020
Kate Pope
Nick Elwes
Preliminary Results for the year ended 31st March 2000
The Board of Partners Holdings plc report audited results for the year
ended 31st March 2000
Financial Results
Turnover at #42.7 million, increased by 9.9%, but margins remained under
pressure. Pre-tax profits, after exceptional income of #492,000 and
exceptional costs of #476,000 were #24,000. This compares with a pre-tax
loss, after exceptional costs, of #955,000 last year. A loss after tax
arises as a result of depreciation on fixed assets for which there is no
tax relief. The loss per share was 1.11p (1999:loss 4.30p)
No interim dividend was paid during the year and no final dividend is
proposed. Last year the company paid an interim dividend of 0.5p per share
and no final dividend.
Finance
Net cash inflow for the year from operating activities was #1,556,000 and
net borrowings were reduced at #1.7 million compared to #2.1 million last
year. Capital investment for the year was #994,000. Of this #392,000 was
incurred in fitting out relocated stores and #361,000 on store
refurbishment. Group net assets were #4.8 million.
Current Developments
The main focus of the business this year continues to be to generate
increased growth in both new concept and core stores, principally through
the review and re-engineering of our core product range. We are also
working continuously to reduce the level of discontinued stock created by
this rapid rate of product change.
Our new internet site, Partnersdirect.co.uk, is being developed as a
virtual store with a limited but growing range of our most popular lines.
The site will be fully operational during July and will continue to be
developed throughout the year in the light of customer response.
Outlook
The current year has started satisfactorily with underlying sales on a
like for like basis increasing by 6.3% to the end of May albeit at
slightly lower gross margins than anticipated. We expect a year of further
consolidation as the rationalisation and repositioning measures taken
previously continue to benefit the business.
Michael Scorey
Chairman
15 June 2000
Group Profit And Loss Account
for the year ended 31 March 2000
Before Exceptional Before Exceptional
Exceptional Items Exceptional Items
Items Items
2000 2000 2000 1999 1999 1999
Note 4 Note 4
Notes #000 #000 #000 #000 #000 #000
Turnover 42,717 - 42,717 38,880 - 38,880
Cost of sales (39,456) (476) (39,932) (36,194) (104) (36,298)
Gross profit 3,261 (476) 2,785 2,686 (104) 2,582
Distribution costs (516) - (516) (479) - (479)
Administration (2,778) 492 (2,286) (2,664) (302) (2,966)
expenses
(33) 16 (17) (457) (406) (863)
Other net operating 168 - 168 38 - 38
income
Operating profit 135 16 151 (419) (406) (825)
/ (loss)
Interest receivable 5 - 5 5 - 5
Interest payable (132) - (132) (135) - (135)
Profit/(Loss)on
ordinary activities 8 16 24 (549) (406) (955)
before taxation
Tax on profit/(loss)
on ordinary activities 1 (201) (30) (231) 87 64 151
Loss for the
financial year (193) (14) (207) (462) (342) (804)
Dividends on 3 - (93)
equity shares
Retained loss (207) (897)
for the year
Loss per share - 2 (1.11p) (4.30p)
basic & diluted
Statement of Total Recognised Gains and Losses
There are no recognised gains or losses other than the result for each year
shown above
Group Balance Sheet
as at 31 March 2000
2000 1999
#000 #000
Fixed Assets
Tangible assets 5,793 6,848
Current Assets
Stock 6,689 5,788
Debtors 2,251 2,170
Cash at bank and in hand 58 58
8,998 8,016
Creditors: amounts falling due within one year (9,510) (9,119)
Net Current Liabilities (512) (1,103)
Total Assets Less Current Liabilities 5,281 5,745
Provisions For Liabilities And Charges
Deferred Taxation (193) (179)
Accruals And Deferred Income
Deferred income (245) (516)
(438) (695)
4,843 5,050
Capital And Reserves
Called up share capital 187 187
Share premium account 5,691 5,691
Capital redemption reserve 9 9
Profit and loss account (1,044) (837)
Shareholders' funds
Equity 4,843 5,050
Group Cash Flow Statement
for the year ended 31 March 2000
2000 1999
#000 #000
NET CASH INFLOW FROM OPERATING ACTIVITIES 1,556 1,556
RETURNS ON INVESTMENTS AND SERVICING OF
FINANCE
Interest paid (132) (135)
Interest received 5 5
Net Cash outflow from returns on investments
and servicing of finance (127) (130)
TAXATION
Corporation tax paid (including ACT) - (240)
CAPITAL EXPENDITURE
Purchase of tangible fixed assets (994) (1,228)
Net cash outflow from capital expenditure (994) (1,228)
EQUITY DIVIDENDS PAID - (280)
FINANCING
Repayments of capital element of finance
lease rentals and hire purchase contract (45) (26)
payments
Net cash outflow from financing (45) (26)
INCREASE/(DECREASE) IN CASH 390 (348)
Notes for the year ended 31 March 2000
1. Taxation
2000 1999
The taxation charge is made up as #000 #000
follows:
Corporation tax 300 (160)
Deferred taxation (69) 9
231 151
The effective tax rate for the current year is higher than standard as a
result of depreciation on tax ineligible fixed assets for which there is no
tax relief.
2. Loss per Ordinary share
Basic and Diluted 2000 1999
The calculation of earnings per ordinary share #000 #000
is based
upon the following:
Loss for the year before ordinary dividends (207) (804)
Weighted average number of shares (shares 000's) 18,667 18,667
Loss per share (1.11p) (4.30p)
3. Dividends
No interim dividend was paid and the Directors are not recommending a
final dividend.
4. Exceptional items
Premiums received for lease disposals and a provision relating to the
diminution in value of fixed assets have been treated as exceptional
profits and costs before arriving at operating profit.
2000 1999
#000 #000
Provision for diminution in value of fixed 476 -
assets
Premiums received for lease disposals (492) -
Restructuring of product range - 104
Store concept development and board - 302
restructuring costs
(16) 406
The provision for diminution arises from the write down of fixed assets at
under-performing stores.
5. Reconciliation of operating profit / (loss) to net cash inflow from
operating activities:
2000 1999
#000 #000
Operating profit / (loss) 151 (825)
Depreciation 2,001 1,537
Amortisation of deferred income (540) (469)
Loss on disposal of tangible fixed assets 114 -
Increase in debtors (88) (114)
Increase in stocks (901) (1,025)
Increase in creditors 819 2,452
Net cash inflow from continuing operating 1,556 1,556
activities
6. NOTES TO THE CASH FLOW STATEMENT
Reconciliation of net cash flow to movement in net debt
2000 1999
#000 #000
Increase / (decrease) in cash in the year to 31 390 (348)
March
New finance leases (66) -
Cash used to repay finance leases 45 26
Change in net debt 369 (322)
Net debt at 1 April (2,092) (1,770)
Net Debt at 31 March (1,723) (2,092)
Analysis of changes in net debt
At 1 April Cash flows At 31
1999 March 2000
#000 #000 #000
Cash in hand 58 - 58
Overdrafts (2,123) 390 (1,733)
(2,065) 390 (1,675)
Debt due within one year (27) (21) (48)
Total (2,092) 369 (1,723)
7. Accounting Policies
The accounts have been prepared using accounting policies stated in the
Company's statutory accounts for the year ended 31 March 1999.
8. Annual Report 2000
The financial information set out above does not constitute full accounts
within the meaning of Section 240 of the Companies Act 1985 for the years
ended 31 March 2000 or 31 March 1999. Statutory accounts for 1999 have
been delivered to the Registrar of Companies: those for 2000 will be
delivered following the Company's Annual General Meeting. The auditors
have reported on these accounts: their reports were unqualified and did
not contain statements under Section 237(2) or (3) of the Companies Act
1985.
The annual report for the year ended 31 March 2000 will be posted to
shareholders on 26 June 2000 prior to the Annual General Meeting. Copies
of the annual report will be available to members of the public from 29
June 2000 from the Company Secretary, Partners Holdings plc, Savoy House,
Savoy Road, Cheshire CW1 6NA.
END
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