Half Yearly Report
30 Juni 2010 - 3:40PM
UK Regulatory
TIDMSLM
RNS Number : 5452O
Slimma PLC
30 June 2010
Date: Wednesday 30th June 2010
Immediate Release
Slimma plc
("Slimma" or "the Company")
Interim Results
for the 26 weeks ended 2 April 2010
STATEMENT BY THE NON-EXECUTIVE CHAIRMAN, CAROLYN SIMONS
We have continued to make satisfactory progress towards our new revised trading
model mentioned in my Chairman's Statement for the year ended 2nd October 2009.
Significant savings are now being generated in the second half of our current
financial year, with further additional reductions planned. However, the board
do not expect the associated improvements to result in a return to profitability
during the current financial year.
The planned closure of our Contract division, coupled with the exit from poorly
performing brands, has obviously affected sales which are now at the level
associated with our key brands only. After the major reorganisation that these
moves created, management is now in a position to fully concentrate their
attention on developing sales of these key brands.
I am happy to report that the business has successfully re-negotiated its 12
month banking facility, though one of the terms of that facility, a reduction in
borrowing ability from September 2010 through to March 2011, will be
particularly challenging.
We are hopeful, though, that we can successfully manage our way though this most
difficult period.
C Simons
Chairman
30th June 2010
+------------------------+-----------------+--------------------------+
| Enquiries: | | |
+------------------------+-----------------+--------------------------+
| Stephen Thwaite, Chief | Dan Bate | Katie Dale, Head of |
| Executive | | Financial PR/IR |
+------------------------+-----------------+--------------------------+
| Slimma plc | WH Ireland | Golley Slater |
| | Limited | |
+------------------------+-----------------+--------------------------+
| Tel: 01538 399 141 | Tel: 0161 832 | Tel: 0121 384 9743 |
| | 2174 | |
+------------------------+-----------------+--------------------------+
| www.slimma.com | | Mobile: 07918 716 754 |
+------------------------+-----------------+--------------------------+
Interim Income Statement
For the 26 weeks ended 2 April 2010
+------------------------------------------+-------------+-------------+-----------+
| | Interim | Interim | Final |
| | | | |
+------------------------------------------+-------------+-------------+-----------+
| | 26 | 26 | 52 |
| | weeks | weeks | weeks |
+------------------------------------------+-------------+-------------+-----------+
| | ended | ended | ended |
+------------------------------------------+-------------+-------------+-----------+
| | 2 | 3 | 2 |
| | April | April | October |
+------------------------------------------+-------------+-------------+-----------+
| | 2010 | 2009 | 2009 |
+------------------------------------------+-------------+-------------+-----------+
| | (unaudited) | (unaudited) | (audited) |
+------------------------------------------+-------------+-------------+-----------+
| | GBP'000 | GBP'000 | GBP'000 |
+------------------------------------------+-------------+-------------+-----------+
| | | | |
+------------------------------------------+-------------+-------------+-----------+
| Revenue | 4,389 | 6,992 | 10,459 |
+------------------------------------------+-------------+-------------+-----------+
| Operating expenses | (4,633) | (6,930) | (11,571) |
+------------------------------------------+-------------+-------------+-----------+
| | | | |
+------------------------------------------+-------------+-------------+-----------+
| Operating profit/(loss) | (244) | 62 | (1,112) |
+------------------------------------------+-------------+-------------+-----------+
| | | | |
+------------------------------------------+-------------+-------------+-----------+
| Finance income | 0 | 20 | 20 |
+------------------------------------------+-------------+-------------+-----------+
| Finance costs | (106) | (80) | (179) |
+------------------------------------------+-------------+-------------+-----------+
| Losses from derivatives not designed as | 0 | 0 | (168) |
| hedging instruments | | | |
+------------------------------------------+-------------+-------------+-----------+
| | | | |
+------------------------------------------+-------------+-------------+-----------+
| Profit/loss before income tax | (350) | 2 | (1,439) |
+------------------------------------------+-------------+-------------+-----------+
| Income tax (expense)/credit | 0 | 0 | (297) |
+------------------------------------------+-------------+-------------+-----------+
| | | | |
+------------------------------------------+-------------+-------------+-----------+
| Profit/(loss) for the period | (350) | 2 | (1,736) |
+------------------------------------------+-------------+-------------+-----------+
| | | | |
+------------------------------------------+-------------+-------------+-----------+
| Profit/(loss) attributable to equity | (350) | 2 | (1,736) |
| holders of the Company | | | |
+------------------------------------------+-------------+-------------+-----------+
| | | | |
+------------------------------------------+-------------+-------------+-----------+
| Earnings per ordinary share (basic and | (3.73p) | 0.02p | (18.50p) |
| diluted) | | | |
+------------------------------------------+-------------+-------------+-----------+
Interim Income Statement
Statement of recognised income and expense
+------------------------------------------+-------------+-------------+-----------+
| | Interim | Interim | Final |
+------------------------------------------+-------------+-------------+-----------+
| | 26 | 26 | 52 |
| | weeks | weeks | weeks |
+------------------------------------------+-------------+-------------+-----------+
| | ended | ended | ended |
+------------------------------------------+-------------+-------------+-----------+
| | 2 | 3 | 2 |
| | April | April | October |
+------------------------------------------+-------------+-------------+-----------+
| | 2010 | 2009 | 2009 |
+------------------------------------------+-------------+-------------+-----------+
| | (unaudited) | (unaudited) | (audited) |
+------------------------------------------+-------------+-------------+-----------+
| | GBP'000 | GBP'000 | GBP'000 |
+------------------------------------------+-------------+-------------+-----------+
| | | | |
+------------------------------------------+-------------+-------------+-----------+
| Profit/(loss) for the period | (350) | 2 | (1,736) |
+------------------------------------------+-------------+-------------+-----------+
| Actuarial gain on defined benefit | 0 | 0 | 0 |
| pension scheme | | | |
+------------------------------------------+-------------+-------------+-----------+
| Related deferred tax on actuarial gain | 0 | 0 | 0 |
+------------------------------------------+-------------+-------------+-----------+
| Total recognised income and expense | (350) | 2 | (1,736) |
+------------------------------------------+-------------+-------------+-----------+
| | | | |
+------------------------------------------+-------------+-------------+-----------+
| Attributable to equity holders of the | (350) | 2 | (1,736) |
| Company | | | |
+------------------------------------------+-------------+-------------+-----------+
Balance Sheet
As at 2 April 2010
+--------------------------------------------+-------------+-------------+-----------+
| | 2 April | 3 | 2 |
| | | April | October |
+--------------------------------------------+-------------+-------------+-----------+
| | 2009 | 2009 | 2009 |
+--------------------------------------------+-------------+-------------+-----------+
| | (unaudited) | (unaudited) | (audited) |
+--------------------------------------------+-------------+-------------+-----------+
| | GBP'000 | GBP'000 | GBP'000 |
+--------------------------------------------+-------------+-------------+-----------+
| | | | |
+--------------------------------------------+-------------+-------------+-----------+
| ASSETS | | | |
+--------------------------------------------+-------------+-------------+-----------+
| Non-current assets | | | |
+--------------------------------------------+-------------+-------------+-----------+
| Property, plant & equipment | 419 | 469 | 433 |
+--------------------------------------------+-------------+-------------+-----------+
| Intangible assets | 510 | 524 | 537 |
+--------------------------------------------+-------------+-------------+-----------+
| Deferred income tax assets | 58 | 462 | 58 |
+--------------------------------------------+-------------+-------------+-----------+
| Pension scheme surplus | 383 | 383 | 383 |
+--------------------------------------------+-------------+-------------+-----------+
| | 1,370 | 1,838 | 1,411 |
+--------------------------------------------+-------------+-------------+-----------+
| Current assets | | | |
+--------------------------------------------+-------------+-------------+-----------+
| Inventories | 2,659 | 2,360 | 2,887 |
+--------------------------------------------+-------------+-------------+-----------+
| Trade and other receivables | 3,422 | 5,265 | 2,839 |
+--------------------------------------------+-------------+-------------+-----------+
| Financial assets | 0 | 0 | 0 |
+--------------------------------------------+-------------+-------------+-----------+
| Cash and cash equivalents | 4 | 63 | 33 |
+--------------------------------------------+-------------+-------------+-----------+
| Total current assets | 6,085 | 7,688 | 5,759 |
+--------------------------------------------+-------------+-------------+-----------+
| | | | |
+--------------------------------------------+-------------+-------------+-----------+
| Total assets | 7,455 | 9,526 | 7,170 |
+--------------------------------------------+-------------+-------------+-----------+
| | | | |
+--------------------------------------------+-------------+-------------+-----------+
| LIABILITIES | | | |
+--------------------------------------------+-------------+-------------+-----------+
| Current liabilities | | | |
+--------------------------------------------+-------------+-------------+-----------+
| Financial liabilities | 4,158 | 3.936 | 3,560 |
+--------------------------------------------+-------------+-------------+-----------+
| Trade and other payables | 1,857 | 2,151 | 1,820 |
+--------------------------------------------+-------------+-------------+-----------+
| Total current liabilities | 6,015 | 6,087 | 5,380 |
+--------------------------------------------+-------------+-------------+-----------+
| | | | |
+--------------------------------------------+-------------+-------------+-----------+
| Non-current liabilities | | | |
+--------------------------------------------+-------------+-------------+-----------+
| Financial liability | 341 | 0 | 341 |
+--------------------------------------------+-------------+-------------+-----------+
| | 341 | 0 | 341 |
+--------------------------------------------+-------------+-------------+-----------+
| | | | |
+--------------------------------------------+-------------+-------------+-----------+
| Deferred tax liability | 0 | 107 | 0 |
+--------------------------------------------+-------------+-------------+-----------+
| | | | |
+--------------------------------------------+-------------+-------------+-----------+
| Total Liabilities | 6,356 | 6,194 | 5,721 |
+--------------------------------------------+-------------+-------------+-----------+
| | | | |
+--------------------------------------------+-------------+-------------+-----------+
| Total net assets | 1,099 | 3,332 | 1,449 |
+--------------------------------------------+-------------+-------------+-----------+
| | | | |
+--------------------------------------------+-------------+-------------+-----------+
| Equity | | | |
+--------------------------------------------+-------------+-------------+-----------+
| Share capital | 521 | 521 | 521 |
+--------------------------------------------+-------------+-------------+-----------+
| Share premium | 3,052 | 3,024 | 3,052 |
+--------------------------------------------+-------------+-------------+-----------+
| Capital redemption reserve | 285 | 285 | 285 |
+--------------------------------------------+-------------+-------------+-----------+
| Treasury shares | (600) | (600) | (600) |
+--------------------------------------------+-------------+-------------+-----------+
| Retained earnings | (2,159) | 102 | (1,809) |
+--------------------------------------------+-------------+-------------+-----------+
| Total equity attributable to the equity | 1,099 | 3,332 | 1,449 |
| holders of the Company | | | |
+--------------------------------------------+-------------+-------------+-----------+
Statement of Changes in Equity
+----------------------------+-------------+-------------+-------------+-------------+-------------+-------------+
| | | | Capital | | | |
| | Share | Share | redemption | Treasury | Retained | Total |
| | capital | premium | reserve | shares | earnings | equity |
+----------------------------+-------------+-------------+-------------+-------------+-------------+-------------+
| | | | | | | |
+----------------------------+-------------+-------------+-------------+-------------+-------------+-------------+
| | (unaudited) | (unaudited) | (unaudited) | (unaudited) | (unaudited) | (unaudited) |
+----------------------------+-------------+-------------+-------------+-------------+-------------+-------------+
| | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 |
+----------------------------+-------------+-------------+-------------+-------------+-------------+-------------+
| | | | | | | |
+----------------------------+-------------+-------------+-------------+-------------+-------------+-------------+
| As at 28 September 2007 | 521 | 3,024 | 285 | (600) | 711 | 3,941 |
+----------------------------+-------------+-------------+-------------+-------------+-------------+-------------+
| Profit for the period to | 0 | 0 | 0 | 0 | 44 | 44 |
| 28 March 2008 | | | | | | |
+----------------------------+-------------+-------------+-------------+-------------+-------------+-------------+
| Loss for the period to 3 | 0 | 0 | 0 | 0 | (658) | (658) |
| October 2008 | | | | | | |
+----------------------------+-------------+-------------+-------------+-------------+-------------+-------------+
| Dividends | 0 | 0 | 0 | 0 | 0 | 0 |
+----------------------------+-------------+-------------+-------------+-------------+-------------+-------------+
| Actuarial Gain on Pension | 0 | 0 | 0 | 0 | 3 | 3 |
| Scheme Net Assets | | | | | | |
+----------------------------+-------------+-------------+-------------+-------------+-------------+-------------+
| At 3 October 2008 | 521 | 3,024 | 285 | (600) | 100 | 3,330 |
+----------------------------+-------------+-------------+-------------+-------------+-------------+-------------+
| Profit for the period to 3 | 0 | 0 | 0 | 0 | 2 | 2 |
| April 2009 | | | | | | |
+----------------------------+-------------+-------------+-------------+-------------+-------------+-------------+
| At 3 April 2009 | 521 | 3,024 | 285 | (600) | 102 | 3,332 |
+----------------------------+-------------+-------------+-------------+-------------+-------------+-------------+
| Loss for the period to 2 | 0 | 0 | 0 | 0 | (1,911) | (1,911) |
| October 2009 | | | | | | |
+----------------------------+-------------+-------------+-------------+-------------+-------------+-------------+
| VAT refund re share issue | 0 | 28 | 0 | 0 | 0 | 28 |
+----------------------------+-------------+-------------+-------------+-------------+-------------+-------------+
| At 2 October 2009 | 521 | 3,052 | 285 | (600) | (1,809) | 1,449 |
+----------------------------+-------------+-------------+-------------+-------------+-------------+-------------+
| Loss for the period to 2 | 0 | 0 | 0 | 0 | (350) | (350) |
| April 2010 | | | | | | |
+----------------------------+-------------+-------------+-------------+-------------+-------------+-------------+
| At 2 April 2010 | 521 | 3,052 | 285 | (600) | (2,159) | 1,099 |
+----------------------------+-------------+-------------+-------------+-------------+-------------+-------------+
Cash Flow Statement
For the 26 weeks ended 2 April 2010
+------------------------------------------+-------------+-------------+-----------+
| | 26 | 26 | 52 |
| | weeks | weeks | weeks |
+------------------------------------------+-------------+-------------+-----------+
| | ended | ended | ended |
+------------------------------------------+-------------+-------------+-----------+
| | 2 | 3 | 2 |
| | April | April | October |
+------------------------------------------+-------------+-------------+-----------+
| | 2010 | 2009 | 2009 |
+------------------------------------------+-------------+-------------+-----------+
| | (unaudited) | (unaudited) | (audited) |
+------------------------------------------+-------------+-------------+-----------+
| | GBP'000 | GBP'000 | GBP'000 |
+------------------------------------------+-------------+-------------+-----------+
| Operating activities | | | |
+------------------------------------------+-------------+-------------+-----------+
| Profit/(loss) before income tax | (350) | 2 | (1,439) |
+------------------------------------------+-------------+-------------+-----------+
| Finance income | 0 | (20) | (20) |
+------------------------------------------+-------------+-------------+-----------+
| Finance costs | 106 | 80 | 179 |
+------------------------------------------+-------------+-------------+-----------+
| Impact of defined benefit pension scheme | 0 | 0 | 0 |
+------------------------------------------+-------------+-------------+-----------+
| Losses from interest rate derivatives | 0 | 0 | 168 |
+------------------------------------------+-------------+-------------+-----------+
| Depreciation charge | 25 | 40 | 79 |
+------------------------------------------+-------------+-------------+-----------+
| Losses/(Gains) from foreign currency | 0 | 0 | 15 |
| forward contracts | | | |
+------------------------------------------+-------------+-------------+-----------+
| Amortisation of intellectual property | 36 | 34 | 79 |
| assets | | | |
+------------------------------------------+-------------+-------------+-----------+
| Amortisation of design assets | 173 | 187 | 391 |
+------------------------------------------+-------------+-------------+-----------+
| | (10) | 323 | (548) |
+------------------------------------------+-------------+-------------+-----------+
| Changes in working capital | | | |
+------------------------------------------+-------------+-------------+-----------+
| Inventories | 228 | (209) | (736) |
+------------------------------------------+-------------+-------------+-----------+
| Trade and other receivables | (582) | (1,116) | (1,310) |
+------------------------------------------+-------------+-------------+-----------+
| Financial assets | 0 | 15 | 0 |
+------------------------------------------+-------------+-------------+-----------+
| Financial liabilities | 0 | 0 | 0 |
+------------------------------------------+-------------+-------------+-----------+
| Trade and other payables | 36 | 559 | 193 |
+------------------------------------------+-------------+-------------+-----------+
| | (318) | (751) | 767 |
+------------------------------------------+-------------+-------------+-----------+
| | | | |
+------------------------------------------+-------------+-------------+-----------+
| Cash from other operating activities | (328) | (428) | 219 |
+------------------------------------------+-------------+-------------+-----------+
| Net financing cost | (106) | (60) | (159) |
+------------------------------------------+-------------+-------------+-----------+
| Net cash from operating activities | (434) | (488) | 60 |
+------------------------------------------+-------------+-------------+-----------+
| | | | |
+------------------------------------------+-------------+-------------+-----------+
| Investing activities | | | |
+------------------------------------------+-------------+-------------+-----------+
| Capital expenditure less disposals | (11) | (56) | (14) |
+------------------------------------------+-------------+-------------+-----------+
| Capitalisation of expenditure on design | (159) | (171) | (378) |
| asset | | | |
+------------------------------------------+-------------+-------------+-----------+
| Purchase of new brand | (23) | 0 | (65) |
+------------------------------------------+-------------+-------------+-----------+
| Net cash used in investing activities | (193) | (227) | (457) |
+------------------------------------------+-------------+-------------+-----------+
| | | | |
+------------------------------------------+-------------+-------------+-----------+
| Financing activities | | | |
+------------------------------------------+-------------+-------------+-----------+
| VAT refund on share issue costs | 0 | 0 | 28 |
+------------------------------------------+-------------+-------------+-----------+
| | | | |
+------------------------------------------+-------------+-------------+-----------+
| Increase in overdraft | (627) | (715) | (369) |
+------------------------------------------+-------------+-------------+-----------+
| Net cash used in financing activities | (521) | (715) | (369) |
+------------------------------------------+-------------+-------------+-----------+
| | | | |
+------------------------------------------+-------------+-------------+-----------+
| Net (decrease in) addition to cash and | (627) | (715) | (369) |
| cash equivalents | | | |
+------------------------------------------+-------------+-------------+-----------+
| Cash and cash equivalents at beginning | (3,527) | (3,158) | (3,158) |
| of the period | | | |
+------------------------------------------+-------------+-------------+-----------+
| Cash and cash equivalents at the end of | (4,154) | (3,873) | (3,527) |
| the period | | | |
+------------------------------------------+-------------+-------------+-----------+
Notes to the Interim Announcement
For the 26 weeks ended 2 April 2010
1. Basis of preparation
These interim financial statements have been prepared in accordance with the
accounting policies set out below. The Company has adopted the reporting
requirements of IAS 34 'Interim Financial Reporting'.
The financial statements for the 52 weeks ended 2 October 2009 were fully
prepared in accordance with the International Accounting Standards (IAS) and
IFRS published by the International Accounting Standards Board (IASB) that were
in issue.
The information relating to the 26 weeks ended 2 April 2010 and 3 April 2009 is
unaudited and does not constitute statutory accounts. The comparative figures
for the 52 weeks to 2 October 2009 are the Company's statutory accounts for that
financial year.
The statutory accounts for the 52 weeks ended 2 October 2009, prepared under
IFRS, have been reported on by the Company's auditors and delivered to the
Registrar of Companies. The report of the auditors was unqualified, included a
reference to going concern to which the auditors drew attention by way of
emphasis without qualifying their report, and did not contain a statement under
section 498 (2) or (3) of the Companies Act 2006. The interim financial
statements are unaudited and have not been reviewed by the auditors.
2. Accounting policies
The interim financial statements have been prepared on the basis of the
accounting policies set out in the Company's 2009 Annual Report.
3. IAS 19 Employee Benefits
The year ended 2 October 2009 retirement benefit obligations under IAS 19 were
provided by the Actuary for the Scheme. The results for the 26 weeks to 2 April
2010 and 3 April 2009 have assumed no movement on the prior September year end
surplus.
4. Tax on profit on ordinary activities
Tax for the 26 weeks ended 2 April 2010 has not been provided. The anticipated
effective rate for the 52 weeks ending 1 October 2010 is 28% of profits.
5. Dividends
No dividend is proposed.
6. Earnings per share
Earnings per share for 2010 have been calculated on the number of shares in
issue, excluding shares held in treasury, throughout the period of 9,382,442
(2009: 9,382,442) and on the profits after taxation for each period. There was
no dilutive impact on the earnings per share for the reported periods.
7. Approval of the Interim Announcement
The Interim Announcement was approved by the Board of Directors on 30th June
2010.
8. Availability of the Interim Announcement
The Interim Announcement will be made available to shareholders on our web site
www.slimma.com, where more information on our brands and products can be found,
and will also be available from the Company's Registered Office at:
Slimma plc
Slimma House
PO Box 30
Barngate Street
Leek
Staffordshire
ST13 8AR
This information is provided by RNS
The company news service from the London Stock Exchange
END
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