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Interim Results

14th Oct 2008 07:00

RNS Number : 7105F

Crawshaw Group PLC

14 October 2008

14th October 2008

Crawshaw Group PLC (Formerly Felix Group PLC)

Interim Results for the six months ended 31st July, 2008

Highlights

Sales £7.2m for the 26 weeks to 31 July 2008 (£4.1m for the 15 weeks to 31st July 2007*)

Like for like sales from all retail outlets have strengthened over the period, +2% for the half year, and continue to strengthen.

Operating profit of £360k for the half year, before exceptional costs associated with the reverse acquisition of £1,449k, (see note 3 to the accounts).

Profit comparison to last year not meaningful due to other one off and exceptional costs, both this half year and last.

Cash balance at half year end £1,882k. Strong operating cash flow.

Recent rebranding exercise at two existing outlets very successful

First new store opened in late July and is performing very well. Second new store opened in early October with initial performance extremely positive.

Three further stores to be opened in the fourth quarter and others planned for 2009.

Chairman's Statement - Interims 31st July, 2008.

Since the reverse acquisition of Crawshaw Group Ltd (renamed Crawshaw Holdings Ltd) and the share subscription of £4 million in April 2008 I am delighted by the Groups' business performance to date.

Trading has strengthened as our wide and varied product offer continues to be popular with our customers - good quality food, available locally and at a value price is an ideal combination in the current economic climate.

It is difficult to make useful comparisons when comparing our performance for the half year under review as compared to the similar period during the prior year. As was explained in the admission document which was dated April 2008, there were a number of one off costs during the prior year and during the half year under review the business incurred significant exceptional costs, largely to do with the refinancing, as well as additional recurring costs in order to ensure that systems and processes were sufficiently robust to support the roll out of additional stores.

Existing Outlets:

Turnover

Since the reverse acquisition in April, sales have strengthened in all retail areas of the business. For the period February to mid April 2008, cumulative like for like sales at Markets, Stores and Mart were running at -7%, +1% and -8% respectively, (total -2%). For the period mid April to July 2008 they had strengthened to +1%, +3% and +2% respectively, (total +3%). Wholesale sales were slightly down during the period reflecting an increasing focus on the utilisation of product through our own, rather than 3rd party, channels.

Margin

Our retail pricing is competitive, offering our customers exceptional value for money which is made possible by our vertically integrated business model. Rapidly rising meat prices during May put pressure on our gross margins for a 6 week period but we were able to pass the increases on and gross margins have since been restored. We continue to offer our customers exceptional value for money.

New Outlets:

The admission document referred to the key growth opportunity for the business being the potential to open more stores, replicating the current successful format. Accordingly our first new store since admission was opened during late July 2008 in Retford Nottinghamshire and has been a resounding success. Turnover and margin are in line with our expectations and the capital investment will take less than two years to pay back. With no pre marketing or advertising, the new store demonstrated a very short maturity curve by, from its first day trading at a level that, if it is sustained, would delight us long term.

Our store in Meadowhall closed in July 2008 as the landlord took back the site for redevelopment.

Post half year end events and current trading.

Our second new store opened at the beginning of October 2008 in Castleford, WestYorkshire. Performance for the 2 weeks to date is extremely positive and indicates another successful store opening.

Leases for three other stores have now been signed up in Chesterfield, Mansfield and Huddersfield and all are expected to open in the coming weeks. This will bring the total of new stores opened during 2008 to five.

We have already identified a sixth new site which will open early in 2009 and we plan to continue opening new stores at the maximum rate that the business can prudently handle.

Since the half year end sales have continued to strengthen in all retail areas of the group. Like for like sales for the last 10 weeks are up 4 %, September being up 5%.

Brand

We have recently started to trial the potential impact of a major rebranding of our current stores, mart and market locations. The aim is (i) to generally strengthen our brand as we grow and (ii) to ensure that our quality and value message is relevant and strong in today's retail trading environment and so that the Company maximises its potential.

Our first existing location to be rebranded has since seen a 27% uplift in sales which is extremely encouraging as the increase in performance should pay back the cost of the rebranding exercise in just a few weeks. The improved result is a consequence of increased footfall as more customers notice our presence. We have subsequently rebranded a second existing site which has seen a 15% uplift in sales. We are now planning to roll the re-branding out to further stores over the coming weeks although we expect a more modest uplift in sales when applied across the whole store portfolio.

The only significant area of our operation where we are behind plan is in the timing of our new store opening program. Back in April 2008 we had planned to begin opening new stores in May. The property market however was softening rapidly then and so we took the view that a little patience would result in better deals - and this has since proved to be the case. We were also formulating plans for the re-branding referred to above and decided to delay the opening of Retford so that it could carry the new image. Again, this proved to be a successful decision. We plan to compensate for the slower than expected start by accelerating our new store timetable for the remainder of this year and into next subject to utility capacity and planning restraints at each individual site.

Outlook

Our value food proposition and local presence is a perfect formula in the current economic environment. Given the strengthening performance from our existing business and the positive results from our new store openings and rebranding exercise the Board remains very optimistic about our prospects for growth in the future.

Richard Rose

Chairman

CHIEF FINANCIAL OFFICER'S REPORT

Following the reverse acquisition of Crawshaw Group Ltd in April 2008 and the subsequent £4m
raised via the share subscription, I am very pleased with the financial progress of the business to
date. Adjusting for the transaction costs, underlying operating cash flows remain strong, the
balance sheet is robust and the business is ideally positioned for its expansion. The business has
incurred the planned additional overhead costs in the period to ensure that systems and
processes are sufficiently robust to allow the group to proceed with its plans for rapid expansion.

Reverse acquisition accounting

On the 11th of April 2008 Crawshaw Group Ltd was acquired by the cash shell Felix Group plc in a
"reverse takeover". The accounting rules surrounding a reverse acquisition are complex and
detailed and have crystallised various exceptional items in the period under review. Under IFRS 3
Crawshaw Group Ltd is deemed the acquirer and as such all comparatives have been restated to
show that this was always the case. The restatement of both the balance sheet and income
statement comparatives has resulted in less meaningful direct comparisons with prior periods as
both the half year and full year comparatives are based on the 15 weeks and 41 weeks from 15th
April 2007 respectfully, this being the date of the original acquisition of Crawshaw Butchers Ltd by
Crawshaw Group Ltd. Following the reversal Crawshaw Group Ltd changed its name to Crawshaw
Holdings Ltd and Felix Group plc assumed the name Crawshaw Group plc.

Exceptional items

With reference to note 3 in the financial statements, exceptional items were incurred in both the
period ended 31st January 2008 and 31st July 2008. The exceptional items in the current reporting
period relate to transaction costs related to the reverse takeover (£1,050k), renegotiating
new bank facilities following the reverse takeover (£184k) and impairment of goodwill (£215k).
Per note 6 in the financial statements the goodwill represents the excess of consideration over
net assets acquired, under IFRS3 this is deemed to be as if Crawshaw Group Ltd was the
acquirer. As Felix Group plc was a non trading cash shell at the time of the acquisition the
directors have deemed that a full impairment of this goodwill balance be made.

Adjusting for the exceptional items above would result in an operating profit of £360k and
adjusted earnings per share of 1p for the reporting period.

Summary

Following a period of consistent performance in its existing units and planned investment in
processes and systems, the business is now in an ideal position to realise its roll out potential
which has started with the opening of new stores in Retford and Castleford.

Andrew Richardson
Chief Financial Officer

CONDENSED CONSOLIDATED INTERIM INCOME STATEMENT
FOR THE 6 MONTHS ENDED 31/7/2008
			Unaudited	Audited	Unaudited
			31.7.08	31.1.08	31.7.07
		Note	£000	£000	£000

Revenue		2	7,169	11,339	4,080

Cost of sales			(4,132)	(6,453)	(2,326)

Gross profit			3,037	4,886	1,754

Other income			6	105	30
Administrative expenses
	Before exceptional items		(2,683)	(4,036)	(1,480)
	Exceptional refinancing costs	3	(1,449)	(126)	-

Operating (loss) / profit			(1,089)	829	304

Finance income			36	20	12
Finance expenses			(125)	(410)	(145)

Net finance expense			(89)	(390)	(133)
Share of profit of equity accounted investees (net of tax)			-	19	-

(Loss) / Profit before income tax			(1,178)	458	171

Income tax expense		4	(5)	(161)	-

(Loss) / Profit for the period			(1,183)	297	171

Attributable to:
Equity holders of the Company			(1,183)	297	171


Basic and diluted earnings per ordinary share		5	(2.9p)	1.1p	0.7p

CONDENSED CONSOLIDATED INTERIM BALANCE SHEET
AT 31/7/2008
			Unaudited	Audited	Unaudited
			31.7.08	31.1.08	31.7.07
ASSETS		Note	£000	£000	£000
Non Current Assets
Property, plant and equipment			2,517	2,319	2,394
Intangible assets - goodwill and related
	acquisition intangibles	6	7,737	7,755	7,761
Investment in equity accounted investees			96	96	3

Total Non Current Assets			10,350	10,170	10,158

Current Assets
Inventories			491	277	258
Trade and other receivables			623	235	336
Cash and cash equivalents			1,882	531	271

Total Current Assets			2,996	1,043	865

Total Assets			13,346	11,213	11,023

EQUITY
Share capital			4,500	2,407	2,404
Share premium			19,363	15,982	15,982
Reverse acquisition reserve			(16,103)	(16,349)	(16,346)
Capital contribution reserve			120	120	-
Retained earnings			(849)	297	171

Total Equity		7	7,031	2,457	2,211

LIABILITIES
Non Current Liabilities
Other payables			-	9	-
Interest bearing loans and borrowings			840	6,150	6,592
Deferred tax liabilities			397	392	236

Total Non Current Liabilities			1,237	6,551	6,828

Current Liabilities
Trade and other payables			2,088	1,373	1,164
Tax payable			(13)	119	91
Interest bearing loans and borrowings			3,003	713	729

Total Current Liabilities			5,078	2,205	1,984

Total Liabilities			6,315	8,756	8,812

Total Equity and Liabilities			13,346	11,213	11,023

CONDENSED CONSOLIDATED INTERIM CASH FLOW STATEMENT
FOR THE 6 MONTHS ENDED 31/7/2008
		Unaudited	Audited	Unaudited
		31.7.08	31.1.08	31.7.07
		£000	£000	£000
Cash flows from operating activities
(Loss) / Profit before tax		(1,178)	458	171
Adjustments for:
	Share based payments charge	37	-	-
	Depreciation of property, plant and equipment	100	176	54
	Amortisation of intangible assets and goodwill impairment	233	6	-
	Loss / (Profit) on sale of property, plant and equipment	13	(2)	1
	Net financial charges	89	390	133
	Share of profit of equity accounted investees (net of tax)	-	(19)	-
	Movement in trade and other receivables	(388)	27	(336)
	Movement in trade and other payables	606	433	1,187
	Movement in inventories	(214)	(33)	(258)

Cash generated from operations		(702)	1,436	952
Interest paid		(104)	(278)	(145)
Tax paid		(132)	(294)	-

Net cash generated from operating activities		(938)	864	807

Cash flows from investing activities
Purchase of property, plant and equipment		(311)	(80)	(2,560)
Acquisition of subsidiary, net of cash acquired		1,584	(6,889)	-
Dividend received		-	5	-
Interest received		36	20	12

Net cash generated by / (used in) investing activities		371	(6,080)	(1,741)

Cash flows from financing activities
Proceeds from issue of share capital		4,000	2,012	2,012
Net (repayment) / issue of loans		(3,020)	4,599	-

Net cash generated from financing activities		1,351	531	271

Net change in cash and cash equivalents
Cash and cash equivalents at start of period		531	-	-

Cash and cash equivalents at end of period		1,882	531	271

NOTES

1. BASIS OF PREPARATION

BASIS OF PREPARATION
This unaudited interim financial information is for the 6 month period ending 31 July 2008 and is
prepared in accordance with IAS 34 Interim Financial Reporting as adopted by the EU and under
the historical cost convention.

The comparative figures for the financial year ended 31 January 2008 are not the company's
statutory accounts for that financial year. Those accounts have been reported on by the
company's auditors and delivered to the registrar of companies. The report of the auditors was
(i) unqualified, (ii) did not include a reference to any matters to which the auditors drew
attention by way of emphasis without qualifying their report, and (iii) did not contain a
statement under section 237(2) or (3) of the Companies Act 1985.

INTERIM FINANCIAL INFORMATION
The interim financial information for the 6 month period ended 31 July 2008 has not been audited
but has been reviewed by the auditors. Their review report for the 6 month period ended 31 July
2008 is set out on page 17. Figures for the 6 month period ended 31 July 2007 are extracted from
the Company's financial records for the period ended 31 July 2007. The financial statements for
the year ended 31 January 2008 have been reported on by the company's auditors and delivered
to the registrar of companies. The report of the auditors was (i) unqualified (ii) did not include a
reference to any matters to which the auditors drew attention by way emphasis without
qualifying their report, and (iii) did not contain a statement under section 237(2) or (3) of the
Companies Act 1985.

SIGNIFICANT JUDGEMENTS, KEY ASSUMPTIONS AND ESTIMATION UNCERTAINTY
The preparation of interim financial statements in conformity with adopted IFRS requires
management to make judgements, estimates and assumptions that affect the application of
policies and reported amounts of assets and liabilities, income and expenses. The estimates and
associated assumptions are based on historical experience and various other factors that are
believed to be reasonable under the circumstances, the results of which form the basis of
making the judgements about carrying values of assets and liabilities that are not readily
apparent from other sources. Actual results may differ from these estimates.

GOING CONCERN
The Group has in place borrowing facilities up to a maximum of £6,342,690. These facilities
are subject to financial performance covenants. They consist of a mortgage of £840,000, loan notes
totalling £3,002,690 and a loan facility of £2,500,000 which has not been used to date.

The board has prepared a working capital forecast based upon assumptions as to trading and has
concluded that the Group has adequate working capital, will meet the financial performance
covenants and that therefore it is appropriate to use the going concern basis of preparation for
this financial information.

CONSOLIDATION
Crawshaw Group plc acquired all the equity and financial instruments of Crawshaw Group
Limited on 11th April 2008. Crawshaw Group Limited was the significantly larger merger partner
and in line with IFRS 3 is deemed to be the acquirer of the group. Consequently the business
combination has been treated as a reverse acquisition.
In accordance with IFRS 3:
	The pre combination results of the new group are those of Crawshaw Group Limited group.
	The accumulated loss of the group is based on the pre-combination reserves of Crawshaw
	Group Limited.
	Crawshaw Group plc has been consolidated from the date of its reverse acquisition at the fair
	values as at that date.
Crawshaw Butchers Limited was acquired by Crawshaw Group Limited on 15 April 2007.
Comparative figures therefore only include the trade of Crawshaw Butchers Limited from 15
April 2007.

2. REVENUE

The directors have undertaken a review of the Group's continuing operations and its associated
business risks and consider that the continuing operations should be reported as a single
business segment. The directors consider that the continuing operations represent one product
offering with similar risks and rewards and should be reported as a single business segment in
line with the Group's internal reporting framework. All revenue received during the period was
received from customers within the United Kingdom.
		Unaudited	Audited	Unaudited
3. EXCEPTIONAL ITEMS		31.7.08	31.1.08	31.7.07
		£000	£000	£000

	Refinancing costs	184	126	-
	Acquisition costs	1,050	-	-
	Impairment of goodwill	215	-	-

	Refinancing costs are in relation to a change in the company's bankers and acquisition costs and
	goodwill impairment relate to the reverse acquisition of Felix Group plc.

		Unaudited	Audited	Unaudited
4. INCOME TAX EXPENSE		31.7.08	31.1.08	31.7.07
		£000	£000	£000
	The income tax expenses is based on the estimated effective
	rate of taxation on trading for the period and represents:
	Current tax	0	198	-
	Deferred tax:
	Origination and reversal of timing differences	5	(37)	-
	Income tax expense	5	161	-

5. EARNINGS PER ORDINARY SHARE

	Basic earnings per ordinary share have been calculated by using profit after taxation, and the
	average number of qualifying shares of 5p in issue of 40,693,377 (31/1/08: 27,281,282)
	(31/07/07: 23,297,612).

	Diluted earnings per ordinary share normally vary from basic earnings per ordinary share due to
	the effect of the notional exercise of outstanding share options. However, the effect of the
	share options of the company is anti-dilutive. The options have therefore not been included in
	the calculation of diluted earnings per ordinary share.

6. ACQUISITION IN THE PERIOD

	The acquired business in the six month period relates to the reverse acquisition of Felix Group
	plc by Crawshaw Group Limited. Felix Group plc has subsequently changed its name to
	Crawshaw Group plc. Felix Group plc was a non trading cash shell. The acquisition took place on
	11 April 2008. 100% of the ordinary and preference shares of Crawshaw Group Limited were
	acquired. Crawshaw Group Limited has now changed its name to Crawshaw Holdings Limited.

	The consideration payable is made up of:	£000
	Cost of investment at nominal value	1,560
	Fair value adjustment	246

	Acquisition consideration payable	1,806

	The acquisition has been accounted for using the purchase method as required by IFRS 3.
	The Group has yet to finalise the valuation of intangible assets acquired and therefore the total
	of intangible assets and goodwill is shown as one number below.

	The integration exercise has concentrated to date on maximising the profitability and
	operating efficiency of Crawshaw Group plc and it may be that other fair value adjustments
	will arise in the six months ended 31 January 2009.

	Goodwill and fair value adjustments have been necessarily calculated on a provisional basis
	and are expected to be finalised for the Group Financial Statements for the year ended 31
	January 2009.

The provisional value of net assets acquired and goodwill and intangible assets arising was as
follows:
			Fair
			value of
	Book	Fair	net assets
	value	value	assets/
	prior to	adjust-	(liabilities)
	acquisition	ments	acquired
	£000	£000	£000
Trade and other receivables	1,423	-	1,423
Cash and cash equivalents	1,669	-	1,669
Trade and other payables	(1,501)	-	(1,501)
Total net assets acquired	1,591	-	1,591
Total investment cost (as above)			1,806
Provisional goodwill and intangible assets arising			215

From the date of acquisition (11 April 2008) to 31 July 2008, the contribution of Crawshaw
Group plc to the Group results was as follows:
			£000
Revenue			-
Profit before tax			17

10,666,667 ordinary shares were issued in order to raise funds at a premium of 32.5p per 5p
share. The cost of the investment of Crawshaw Group plc in Crawshaw Holdings Limited was
£1,560,000 representing 31,200,000 5p shares. The value of the shares issued was £11,700,000
(37.5p per 5p share) which represented the market value at that date.

The original 240,676,303 1p shares of Crawshaw Group plc were increased to 240,676,350 via
the issue of 47 additional shares. These shares were then split into 240,676,350 0.1p ordinary
shares and 240,676,350 0.9p deferred shares. The 0.1p ordinary shares were swapped for 5p
ordinary shares via a 50:1 share exchange, leaving 4,813,527 5p ordinary shares and 240,676,350
0.9p deferred shares. The additional 31,200,000 issued by Crawshaw Group plc and 10,666,667
shares issued to raise new funds left a total of 46,680,194 issued ordinary 5p shares and
240,676,350 0.9p deferred shares at 31 July 2008.

During August 2008, the 240,676,350 0.9p deferred shares were cancelled, leaving the number
of issued shares at 46,680,194 5p ordinary shares.

7. CAPITAL AND RESERVES
		Share	Share	Rev. Acq.	Capital	Retained	Total
	Current period	Capital	Premium	Reserve	Cont. Res.	Earnings	Equity
		£000	£000	£000	£000	£000	£000
Balance at 1 February 2008		2,407	15,982	(16,349)	120	297	2,457
Total recognised income and
	expense for the period	-	-	-	-	(1,146)	(1,146)
Reverse acquisition
	capital adjustment	2,093	3,381	(3,754)	-	-	1,720
Proceeds from listing		-	-	4,000	-	-	4,000

		4,500	19,363	(16,103)	120	(849)	7,031
	Reverse acquisition
	On 11 April 2008, the company acquired in a share for share exchange the whole of the ordinary
	share capital of Crawshaw Holdings Limited. The reverse acquisition reserve arises on the
	accounting for the share for share exchange. Reverse acquisition accounting requires that
	Crawshaw Holdings Limited is treated as the acquirer and the company the acquirer. A reverse
	acquisition reserve arises which represents the difference between the issued equity
	instruments of Crawshaw Holdings Limited immediately before the share for share exchange
	and the equity instruments of the company along with the shares issued to effect the share for share exchange.


	The intention of reverse acquisition accounting is to present the group as having always
	existed except that the capital reserves presented in the group balance sheet are those of the
	company in all years and not Crawshaw Holdings Limited. As a result the reverse acquisition
	reserve arises at 1 February 2007 that being the start of the earliest comparative period.

	The movement in the reverse acquisition reserve in the current year in respect of the listing
	proceeds relates to the net consideration received on the issue of the shares.

	Share Issue
	In conjunction with the acquisition, 10,666,667 ordinary shares were issued at 37.5p per share
	raising a total of £4,000,000. The premium arising on the issue of these shares was £3,467,000.

	Prior year	Share	Share	Rev. Acq.	Capital	Retained	Total
		Capital	Premium	Reserve	Cont. Res.	Earnings	Equity
		£000	£000	£000	£000	£000	£000
	Balance at 1 February 2007	1,827	12,401	(12,188)	-	-	2,040
	Issue of new shares	580	3,581	(4,161)	-	-	-
	Total recognised income and
	expense for the period	-	-	-	-	297	297
	Capital contribution	-	-	-	120	-	120

		2,407	15,982	(16,349)	120	297	2,457

	Number of Ordinary 5p shares
Share capital	31.7.08	31.1.08	31.7.07
	000	000	000
Balance at 1 February	240,676	240,676	182,658
Issued for cash	10,666	58,018	57,680
Consolidation of existing 1p shares	(235,862)	-	-
Share for share exchange	31,200	-	-

	46,680	240,676	240,338

	Number of Deferred 0.9p shares
	31.7.08	31.1.08	31.7.07
	000	000	000
Balance at 1 February	-	-	-
Subdivision of existing ordinary shares	240,676	-	-

	240,676	-	-

Authorised	£000	£000	£000
96,678,257 ordinary shares of 5p each	4,834	-	-
500,000,000 ordinary shares of 1p each	-	5,000	5,000

	4,834	5,000	5,000

Allotted, called up and fully paid	£000	£000	£000
46,680,194 ordinary shares of 5p each	2,334	-	-
240,338,226 ordinary shares of 1p each	-	-	2,404
240,676,350 ordinary shares of 1p each	-	2,407	-
240,676,350 deferred shares of 0.9p each	2,166	-	-

	4,500	2,407	2,404

The company was incorporated as Felix Group plc and had an authorised share capital of
£5,000,000 representing 500,000,000 1p ordinary shares.

The company changed its name to Crawshaw Group plc.

On 11 April 2008, the authorised share capital was decreased to £4,833,913 following the
reverse acquisition of Crawshaw Group plc by Crawshaw Holdings Limited. The shares were
reclassified as 96,678,257 ordinary shares of 5p each.

	The following describes the nature and purpose of each reserve within owners' equity:

	Share premium - amount subscribed for share capital in excess of nominal value.
	Retained earnings - cumulative net gains and losses recognised in the consolidated income
	statement.
	Reverse acquisition reserve - arises on the reverse acquisition accounting applied to the share
	for share exchange of Crawshaw Holdings Limited by the company.

8. POST BALANCE SHEET EVENTS

	The company cancelled deferred shares representing 90% of the existing shares that were
	in existence prior to the reverse acquisition of Crawshaw Group plc by Crawshaw Holdings
	Limited. The nominal value of the shares cancelled was £2,166,087, reducing the company's
	share capital to £2,334,009. The company also transferred share premium in relation to these
	shares of £14,383,800, adding £16,550,000 to the capital reduction reserve.

9. RELATED PARTY TRANSACTIONS

	Crawshaw Butchers Limited, a subsidiary of Crawshaw Holdings Limited, holds a 50% share
	in a partnership which trades under the name of RGV Refrigeration. The operations of the
	partnership comprise of the maintenance and repair of refrigeration machinery for a variety
	of customers. The group received management charges of £6,000 in the period from RGV
	Refrigeration.

A copy of the full interim report will be sent to all shareholders today and will be available from the company's registered office : Unit 15 Bradmarsh Business Park, Bow Bridge Close, Rotherham, S60 1BY, shortly. It will also be published on the Company's website www.crawshawgroupplc.com.

For further information please contact:

Crawshaw Group PLC

Lynda Sherratt, Company Secretary,

01709 369 602

Investec Investment Banking

James Grace/Martin Smith

0207 597 5970

This information is provided by RNS

The company news service from the London Stock Exchange

END

IR FFLFEDSASEIS

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