16th Nov 2009 07:00
|
FOR IMMEDIATE RELEASE |
16 November 2009 |
INTERIM RESULTS
'Profit increase of 9%, like for like sales up 5.4%'
Majestic Wine PLC ("Majestic"), the UK's largest wine warehouse chain, today announces its interim results for the 26 weeks ended 28 September 2009.
Highlights
|
• |
Profit before tax increased by 9.0% to £6.1m (2008: £5.6m). |
|
• |
Interim dividend maintained at 2.8p net per share. |
|
• |
Total sales up £12.6m to £106.7m (2008: £94.1m) after inclusion of £6.0m from Lay & Wheeler, the fine wine specialist acquired in March 2009. |
|
• |
Like for like sales in UK retail stores up 5.4%. |
|
• |
Online sales increased 24.6% on last year and now represent 9.2% of UK retail sales. |
|
• |
Sales to private customers continue to show good growth up 8.9% in the period. |
|
• |
Sales to business customers declined 6.9% reflecting difficult economic conditions. |
|
• |
Sales of fine wine continued to increase, with sales of still wine priced at £20 and above increasing by 14.4% on last year. |
|
• |
Average bottle of still wine purchased at Majestic is now £6.41 (2008: £6.19). |
|
• |
Average spend per transaction is just down at £133 (2008: £135) due to the reduction in sales to business customers. |
|
• |
During the period we opened four new stores in Southend, Shrewsbury, Edinburgh and Market Harborough. Since the end of September we opened in Abingdon and Sale and have re-sited our store in central Glasgow. |
|
• |
We now operate from 153 stores in the UK and see the potential to enlarge Majestic to at least 250 locations. |
|
• |
In the five weeks from 29 September to 2 November 2009, like for like sales in UK retail stores up 6.0%. |
Commenting on the results Steve Lewis, Chief Executive, said:
"I am pleased that, in the half year, Majestic has achieved profit growth of 9.0%. It is encouraging that in the current economic conditions our loyal customers continue to find the Majestic proposition compelling."
For further information, please contact:
|
Majestic Wine PLC |
|
|
Steve Lewis, CEO Nigel Alldritt, FD |
Tel: 01923 298200 |
|
Buchanan Communications |
|
|
Tim Thompson / Nicola Cronk |
Tel: 020 7466 5000 |
High resolution images are available for the media to download free of charge from www.fovea.tv Tel :0207 089 2627
Chairman's Statement
I am pleased to announce a 9.0% increase in profit before tax to £6.1m for the six months ended 28 September 2009. This is a most encouraging result having been achieved against the backdrop of a very challenging economic environment. Total revenue at £106.7m was £12.6m higher than last year after the inclusion of £6.0m from Lay & Wheeler.
Majestic Wine
Sales in the period were £97.1m, an increase of £8.3m on the previous first half, with like for like sales growth of 5.4%. Sales to private customers continue to show strong growth, up 8.9% in the period. In contrast, economic conditions continue to affect businesses adversely and sales to these customers have declined 6.9%. The average bottle price of still wine sold in Majestic is now £6.41 up from £6.19 last year. We have seen a slight reduction in the average spend per transaction from £135 to £133 as a result of the decline in sales to business customers.
Online Sales
We continue to see strong growth in online sales, up 24.6% on last year. They now represent 9.2% of retail sales. We have enhanced our website with a significant increase in content, including the introduction of "manager's choice" videos. We have launched a completely redesigned blog, which brings the personality of Majestic online and enables customers to more fully engage with us. Additionally customers are invited to write their own reviews of our wines and currently we have over 500 published online. We have increased promotional activity, including the offer of special parcels of wine exclusively to online customers, which we have often sold out on the day of release.
Product
We have seen good growth in still wine sales from South Africa, New Zealand and Spain. Sales of sparkling wine also grew well. An important part of our success is the acquisition of one-off parcels of wine which enhance the diversity of the range and can be offered at compelling prices. During the Summer, we stocked large parcels of wine from South Africa, Australia, California and Spain.
Fine Wine
Sales of still wine priced at £20 per bottle and above increased by 14.4% on last year and now represent 4.4% of retail sales. We currently have dedicated fine wine display areas in 66 stores and by the end of the financial year will have extended this to over 70.
Customer Service
The most important point of differentiation between ourselves and the competition is the great customer service delivered by our friendly, well trained and knowledgeable staff. We recruit primarily at graduate level and offer a comprehensive training programme incorporating wine knowledge, customer service and operational management. We have rolled out initiatives which showcase to customers our employees' enthusiasm and extensive wine knowledge. These include the introduction of "Grape to Glass", a seasonal guide to wine featuring articles written by our staff. We have also developed "The Wine Course", a two hour informal introduction to wine which is free to attend and held in our stores. Customer feedback to these initiatives has been extremely positive.
Awards
We are delighted to have been recognised again as the "High Street Chain of the Year" at the International Wine Challenge Awards 2009. Decanter magazine have also awarded us "Wine Chain of the Year" for 2009 and its readers voted Majestic as "Best Large Merchant".
Six Bottle Minimum Purchase
On 1 September 2009, following a year long trial, we reduced the minimum purchase in-store to six bottles from twelve. Initial indications following the full rollout are encouraging. Since the launch we have seen a small reduction in average spend that has been more than compensated by an increase in transaction volume. We have also seen an increase in the number of new customers registering on our database.
New Stores
We have made good progress in our store opening programme. During the period, we opened in Southend-on-Sea, Shrewsbury, Edinburgh and Market Harborough. Since the end of the period we have opened in Abingdon and Sale, and re-sited our store in central Glasgow. We now operate from 153 stores in the UK and see the potential to enlarge Majestic to at least 250 locations. We are in the process of developing three freehold sites which will open in 2010 and several more new stores are at advanced stages of negotiation.
Wine and Beer World (France)
Trading conditions in France continue to be difficult due principally to the ongoing strength of the Euro. In the period sales declined 31.9% to £3.6m. We continue to reduce the cost base of the business and it remains profitable. We are well positioned to take advantage of any improvement in the trading environment.
Lay & Wheeler
We are pleased with the progress made in integrating Lay & Wheeler into the Majestic Group, resulting in cost savings and a refocused sales proposition. We have introduced the brand to selected Majestic customers and will be developing this relationship in the coming months. Trading at Lay & Wheeler has been in line with our expectations.
Dividend
We are maintaining our interim dividend at 2.8p net per share. The dividend will be paid on 8 January 2010 to shareholders on the register at the close of business on 11 December 2009.
Future Prospects
Like for like sales through Majestic stores for the five weeks from 29 September to 2 November 2009 were up 6.0%. Whilst we are pleased with the trading performance so far this year we remain cautious about the economic climate. We are well positioned for the very important Christmas trading period.
Simon Burke
Chairman
16 November 2009
Group Income Statement
For the 26 weeks ended 28 September 2009
|
26 weeks |
26 weeks |
52 weeks |
||
|
ended |
ended |
ended |
||
|
28.09.09 |
29.09.08 |
30.03.09 |
||
|
Note |
£000 |
£000 |
£000 |
|
|
Revenue |
3 |
106,696 |
94,117 |
201,794 |
|
Cost of sales |
(84,238) |
(74,567) |
(160,148) |
|
|
Gross profit |
22,458 |
19,550 |
41,646 |
|
|
Distribution costs |
(9,647) |
(8,872) |
(18,398) |
|
|
Administrative costs |
(6,825) |
(5,260) |
(16,337) |
|
|
Other operating income |
381 |
282 |
631 |
|
|
Operating profit |
6,367 |
5,700 |
7,542 |
|
|
Finance revenue |
2 |
1 |
55 |
|
|
Finance costs |
(247) |
(85) |
(218) |
|
|
Profit before taxation |
3 |
6,122 |
5,616 |
7,379 |
|
Analysed as: |
||||
|
Underlying profit before tax |
6,122 |
5,616 |
12,710 |
|
|
Exceptional item - goodwill impairment included in administrative costs |
- |
- |
(5,331) |
|
|
6,122 |
5,616 |
7,379 |
||
|
UK income tax |
4 |
(1,726) |
(1,556) |
(3,973) |
|
Overseas income tax |
4 |
(73) |
(147) |
(144) |
|
Profit for the period |
4,323 |
3,913 |
3,262 |
|
|
Earnings per share |
||||
|
Basic |
5 |
7.0p |
6.4p |
5.3p |
|
Diluted |
5 |
7.0p |
6.3p |
5.3p |
|
Underlying basic |
5 |
7.0p |
6.4p |
14.0p |
|
Underlying diluted |
5 |
7.0p |
6.3p |
14.0p |
|
Dividend per share |
6 |
2.8p |
2.8p |
9.8p |
Group Statement of Comprehensive Income
For the 26 weeks ended 28 September 2009
|
26 weeks |
26 weeks |
52 weeks |
||
|
ended |
ended |
ended |
||
|
28.09.09 |
29.09.08 |
30.03.09 |
||
|
£000 |
£000 |
£000 |
||
|
Profit for the period |
4,323 |
3,913 |
3,262 |
|
|
Other comprehensive income: |
||||
|
Currency translation differences on foreign currency net investments |
(27) |
(9) |
1,406 |
|
|
Tax credit/(debit) on employee share options |
54 |
(44) |
(69) |
|
|
Other comprehensive income for the period, net of tax |
27 |
(53) |
1,337 |
|
|
Total comprehensive income for the period |
4,350 |
3,860 |
4,599 |
Group Statement of Changes in Equity
For the 26 weeks ended 28 September 2009
|
Capital |
|||||||
|
Reserve |
Total |
||||||
|
Share |
Own Shares |
Capital |
Currency |
Share- |
|||
|
Share |
Premium |
Held in |
Redemption |
Translation |
Retained |
holders' |
|
|
Capital |
Account |
ESOT |
Reserve |
Reserve |
Earnings |
Funds |
|
|
£000 |
£000 |
£000 |
£000 |
£000 |
£000 |
£000 |
|
|
At 31 March 2008 |
4,628 |
10,359 |
(105) |
333 |
1,217 |
32,987 |
49,419 |
|
Profit for the period |
- |
- |
- |
- |
- |
3,913 |
3,913 |
|
Other comprehensive income: |
|||||||
|
Foreign exchange differences |
- |
- |
- |
- |
(9) |
- |
(9) |
|
Tax debit on employee share options |
- |
- |
- |
- |
- |
(44) |
(44) |
|
Total comprehensive income for the period |
- |
- |
- |
- |
(9) |
3,869 |
3,860 |
|
Share issue |
11 |
159 |
- |
- |
- |
- |
170 |
|
Transfer to shareholders' funds - employee costs |
|||||||
|
expected to be satisfied in shares |
- |
- |
- |
- |
- |
167 |
167 |
|
Purchase and cancellation of share capital |
(30) |
- |
- |
30 |
- |
(828) |
(828) |
|
Equity dividends paid |
- |
- |
- |
- |
- |
(4,293) |
(4,293) |
|
At 29 September 2008 |
4,609 |
10,518 |
(105) |
363 |
1,208 |
31,902 |
48,495 |
|
Loss for the period |
- |
- |
- |
- |
- |
(651) |
(651) |
|
Other comprehensive income: |
|||||||
|
Foreign exchange differences |
- |
- |
- |
- |
1,415 |
- |
1,415 |
|
Tax debit on employee share options |
- |
- |
- |
- |
- |
(25) |
(25) |
|
Total comprehensive income for the period |
- |
- |
- |
- |
1,415 |
(676) |
739 |
|
Shares vesting under deferred bonus scheme |
- |
- |
2 |
- |
- |
(2) |
- |
|
Transfer to shareholders' funds - employee costs |
|||||||
|
expected to be satisfied in shares |
- |
- |
- |
- |
- |
99 |
99 |
|
Equity dividends paid |
- |
- |
- |
- |
- |
(1,717) |
(1,717) |
|
At 30 March 2009 |
4,609 |
10,518 |
(103) |
363 |
2,623 |
29,606 |
47,616 |
|
Profit for the period |
- |
- |
- |
- |
- |
4,323 |
4,323 |
|
Other comprehensive income: |
|||||||
|
Foreign exchange differences |
- |
- |
- |
- |
(27) |
- |
(27) |
|
Tax credit on employee share options |
- |
- |
- |
- |
- |
54 |
54 |
|
Total comprehensive income for the period |
- |
- |
- |
- |
(27) |
4,377 |
4,350 |
|
Share issue |
1 |
4 |
- |
- |
- |
- |
5 |
|
Shares vesting under deferred bonus scheme |
- |
- |
96 |
- |
- |
(96) |
- |
|
Transfer to shareholders' funds - employee costs |
|||||||
|
expected to be satisfied in shares |
- |
- |
- |
- |
- |
140 |
140 |
|
Equity dividends paid |
- |
- |
- |
- |
- |
(4,302) |
(4,302) |
|
At 28 September 2009 |
4,610 |
10,522 |
(7) |
363 |
2,596 |
29,725 |
47,809 |
Group Balance Sheet
As at 28 September 2009
|
As at |
As at |
As at |
|
|
28.09.09 |
29.09.08 |
30.03.09 |
|
|
(restated) |
|||
|
£000 |
£000 |
£000 |
|
|
Non current assets |
|||
|
Goodwill and intangible assets |
9,106 |
7,800 |
9,258 |
|
Property, plant and equipment |
49,653 |
44,889 |
47,978 |
|
Prepaid operating lease costs |
1,595 |
1,626 |
1,583 |
|
Deferred tax assets |
851 |
351 |
736 |
|
61,205 |
54,666 |
59,555 |
|
|
Current assets |
|||
|
Inventories |
40,301 |
35,165 |
37,752 |
|
Trade and other receivables |
11,796 |
8,835 |
11,531 |
|
Financial instruments at fair value |
864 |
288 |
834 |
|
Cash and cash equivalents |
1,736 |
747 |
2,572 |
|
54,697 |
45,035 |
52,689 |
|
|
Total assets |
115,902 |
99,701 |
112,244 |
|
Current liabilities |
|||
|
Trade and other payables |
(52,015) |
(38,362) |
(49,724) |
|
Term loan |
(670) |
- |
(669) |
|
Bank overdraft |
(5,407) |
(9,931) |
(3,950) |
|
Provisions |
(113) |
(145) |
(121) |
|
Deferred lease inducements |
(105) |
(83) |
(109) |
|
Financial instruments at fair value |
- |
(90) |
- |
|
Current tax liabilities |
(1,868) |
(1,386) |
(1,779) |
|
(60,178) |
(49,997) |
(56,352) |
|
|
Non current liabilities |
|||
|
Term loan |
(5,911) |
- |
(6,245) |
|
Deferred lease inducements |
(774) |
(783) |
(769) |
|
Deferred tax liabilities |
(1,230) |
(426) |
(1,262) |
|
Total liabilities |
(68,093) |
(51,206) |
(64,628) |
|
Net assets |
47,809 |
48,495 |
47,616 |
|
Shareholders' equity |
|||
|
Called up share capital |
4,610 |
4,609 |
4,609 |
|
Share premium account |
10,522 |
10,518 |
10,518 |
|
Capital reserve - own shares |
(7) |
(105) |
(103) |
|
Capital redemption reserve |
363 |
363 |
363 |
|
Currency translation reserve |
2,596 |
1,208 |
2,623 |
|
Retained earnings |
29,725 |
31,902 |
29,606 |
|
Equity shareholders' funds |
47,809 |
48,495 |
47,616 |
Group Cash Flow Statement
For the 26 weeks ended 28 September 2009
|
26 weeks |
26 weeks |
52 weeks |
||
|
ended |
ended |
ended |
||
|
28.09.09 |
29.09.08 |
30.03.09 |
||
|
Note |
£000 |
£000 |
£000 |
|
|
Cash flows from operating activities |
||||
|
Cash generated by operations |
8 |
7,886 |
2,004 |
15,493 |
|
UK income tax paid |
(2,046) |
(2,215) |
(3,918) |
|
|
Overseas income tax received/(paid) |
243 |
(198) |
(369) |
|
|
Net cash generated/(utilised) by operating activities |
6,083 |
(409) |
11,206 |
|
|
Cash flows from investing activities |
||||
|
Interest received |
2 |
1 |
55 |
|
|
UK income tax paid |
- |
(28) |
(34) |
|
|
Overseas income tax paid |
- |
(14) |
(11) |
|
|
Purchase of non current assets |
(3,464) |
(3,680) |
(7,152) |
|
|
Acquisition of subsidiaries including cash and cash equivalents acquired |
- |
- |
(5,538) |
|
|
Receipts from sales of non current assets |
16 |
34 |
78 |
|
|
Net cash utilised by investing activities |
(3,446) |
(3,687) |
(12,602) |
|
|
Cash inflow/(outflow) before financing |
2,637 |
(4,096) |
(1,396) |
|
|
Cash flows from financing activities |
||||
|
Interest paid |
(276) |
(31) |
(288) |
|
|
Issue of Ordinary Share capital |
5 |
170 |
170 |
|
|
New term loan |
- |
- |
7,000 |
|
|
Repayment of term loan |
(350) |
- |
- |
|
|
Arrangement fee on term loan |
- |
- |
(88) |
|
|
Shares re-purchased |
- |
(828) |
(828) |
|
|
Equity dividends paid |
(4,302) |
(4,293) |
(6,010) |
|
|
Net cash used by financing activities |
(4,923) |
(4,982) |
(44) |
|
|
Net decrease in cash and cash equivalents |
(2,286) |
(9,078) |
(1,440) |
|
|
Cash and cash equivalents at beginning of period |
(1,378) |
(109) |
(109) |
|
|
Effect of foreign exchange differences |
(7) |
3 |
171 |
|
|
Cash and cash equivalents at end of period |
(3,671) |
(9,184) |
(1,378) |
|
|
Reconciliation of cash and cash equivalents |
||||
|
Cash and cash equivalents per Group balance sheet |
1,736 |
747 |
2,572 |
|
|
Bank overdraft per Group balance sheet |
(5,407) |
(9,931) |
(3,950) |
|
|
Cash and cash equivalents at end of period |
(3,671) |
(9,184) |
(1,378) |
Notes to the Group Interim Financial Statements
1. General Information
Majestic Wine PLC is a public limited company ("Company") incorporated in the United Kingdom under the Companies Act 2006 (registration number 2281640). The Company is domiciled in the United Kingdom and its registered address is Majestic House, Otterspool Way, Watford, WD25 8WW. The Company's Ordinary Shares are traded on the Alternative Investment Market ("AIM"). Copies of the Interim Report are being sent to shareholders. Further copies of the Interim Report and Annual Report and Accounts may be obtained from the address above.
The Group's principal activity is the retailing of wines, beers and spirits.
2. Basis of preparationThe interim financial statements of the Group for the 26 weeks ended 28 September 2009, which are unaudited, have been prepared in accordance with the accounting policies set out in the annual report and accounts for the 52 weeks ended 30 March 2009, except that the Group has adopted the following new and revised IFRS during the period.
IFRS 8 Operating Segments
This standard requires operating segments to be reported in a manner consistent with that used for internal reporting purposes. The standard is concerned with the presentation and disclosure of segment information in the Group's financial statements and therefore does not affect the financial performance or position of the Group in this or prior periods. Adoption of this standard has not resulted in any additional segments being presented.
IAS 1 (Revised) Presentation of Financial statements
This revised standard separates owner and non -owner changes in equity. It prohibits the presentation of items of income and expenses in the Statement of Changes in Equity and requires that these non-owner changes in equity be presented in a performance statement. The Group has elected to present two statements: an Income Statement and a Statement of Comprehensive Income.
Amendment to IFRS 2 Share-Based Payment - Vesting Conditions and Cancellations
This amendment to IFRS 2 clarifies that only service conditions (requiring a specified period of service to be completed) and performance conditions (requiring the other party to achieve a personal goal or contribute to achieving a corporate target) are vesting conditions. All other conditions are non-vesting conditions which have to be taken into account to determine the fair value of the equity instruments granted. Where an award fails to vest as a result of a failure to meet a non-vesting condition then the award must be treated as a cancellation. Cancellations are treated as accelerated vestings with all remaining future charges recognised immediately in the Group Income Statement with the corresponding credit recognised directly in equity. This amendment to the standard has no significant impact on the financial statements of the Group.
The financial information contained in the interim report does not constitute statutory accounts as defined in Section 434 of the Companies Act 2006. The financial information for the full preceding year is based on the statutory accounts for the 52 weeks ended 30 March 2009. The report of the auditors, Ernst & Young LLP, on those financial statements was unqualified, did not contain an emphasis of matter paragraph and did not contain any statement under Section 237 of the Companies Act 1985. These accounts have been delivered to the Registrar of Companies.
As permitted, this interim report has been prepared in accordance with UK listing rules and not in accordance with IAS 34 "Interim Financial Reporting" - therefore it is not fully in compliance with IFRS.
The interim financial statements are presented in sterling and all values are rounded to the nearest thousand pounds (£000) except when otherwise indicated.
3. Segment reporting
The Group's operations are organised into three distinct business units with their results monitored separately by management for the purposes of performance assessment and for determining resource allocation. The performance measure is operating profit or loss. Group financing including associated revenues and costs and taxation are managed at a Group level and are not allocated to operating segments.
|
26 weeks |
26 weeks |
52 weeks |
|
|
ended |
ended |
ended |
|
|
28.09.09 |
29.09.08 |
30.03.09 |
|
|
£000 |
£000 |
£000 |
|
|
Revenue |
|||
|
Majestic Wine Warehouses |
97,068 |
88,772 |
191,597 |
|
Lay & Wheeler |
5,989 |
- |
785 |
|
Wine and Beer World |
3,639 |
5,345 |
9,412 |
|
Total revenue |
106,696 |
94,117 |
201,794 |
|
Segment result |
|||
|
Majestic Wine Warehouses |
6,213 |
5,286 |
12,591 |
|
Lay & Wheeler |
(33) |
- |
(123) |
|
Wine and Beer World |
187 |
414 |
(4,926) |
|
Finance revenue less finance costs |
(245) |
(84) |
(163) |
|
Profit before tax |
6,122 |
5,616 |
7,379 |
4. Taxation
Taxation for the 26 weeks to 28 September 2009 has been calculated by applying the estimated tax rate for the current financial year ending 29 March 2010.
5. Earnings per share
Basic earnings per share is calculated on profit for the period attributable to equity shareholders of £4,323,000 (2008: £3,913,000) apportioned over the weighted average number of Ordinary Shares that were in issue for the period: 61,431,568 (2008: 61,527,904). The calculation of diluted earnings per share is in accordance with IAS 33 - Earnings Per Share. The weighted average number of Ordinary Shares in issue has been adjusted to take account of the effect of all dilutive potential Ordinary Shares. The number of shares used in the calculation was 61,565,798 (2008: 61,690,751).
6. Dividend
A dividend of 7.0p net per share was paid to shareholders on 14 August 2009. An interim dividend of 2.8p per share will be paid on 8 January 2010 to shareholders on the register at the close of business on 11 December 2009.
7. Business combinations
On 6 March 2009, the Group acquired the entire issued share capital of Vinotheque Holdings Limited and WBI Holdco Limited (and its subsidiaries WBI Limited and Lay & Wheeler Limited), collectively known as Lay & Wheeler.
The fair values established for the acquisition were provisional as at 30 March 2009 due to the proximity of the year end date. At 30 March 2009 there was potential deferred consideration of £501,000 relating to a deferred tax asset under negotiation with HMRC. These negotiations have been concluded in the 26 weeks to 28 September 2009 resulting in an increase to the fair value of deferred tax asset and cash consideration of £438,000. The finalisation of completion accounts has also led to an increase in consideration of £129,000. The 2009 full year comparative information has been restated to reflect these adjustments.
|
(Restated) |
|||
|
Pre-acquisition |
Recognised |
||
|
carrying |
values on |
||
|
amounts |
acquisition |
||
|
£000 |
£000 |
||
|
Property, plant and equipment |
1,158 |
1,158 |
|
|
Intangible assets - software |
|
257 |
257 |
|
- facilities and trademark licence |
- |
2,985 |
|
|
Deferred tax asset/(liability) |
10 |
(168) |
|
|
Inventories |
4,075 |
3,975 |
|
|
Trade and other receivables |
2,054 |
5,734 |
|
|
Cash and cash equivalents |
345 |
345 |
|
|
Trade and other payables |
(5,542) |
(10,109) |
|
|
Corporation tax liability |
(114) |
(114) |
|
|
Bank overdraft |
|
(1,413) |
(1,413) |
|
Net assets acquired |
|
830 |
2,650 |
|
Goodwill arising on acquisition |
2,387 |
||
|
|
|
5,037 |
|
|
Discharged by: |
|
|
|
|
Cash consideration |
|
|
4,786 |
|
Costs associated with the acquisition |
|
|
251 |
|
Total consideration |
|
|
5,037 |
8. Note to the cash flow statement
Reconciliation of profit to cash generated by operations
|
26 weeks |
26 weeks |
52 weeks |
||
|
ended |
ended |
ended |
||
|
28.09.09 |
29.09.08 |
30.03.09 |
||
|
£000 |
£000 |
£000 |
||
|
Cash flows from operating activities: |
||||
|
Profit |
4,323 |
3,913 |
3,262 |
|
|
Adjustments to reconcile profit for the year to cash generated by operations |
||||
|
Income tax expense |
1,799 |
1,703 |
4,117 |
|
|
Net finance expense |
245 |
84 |
163 |
|
|
Amortisation, impairment and depreciation |
1,937 |
1,442 |
8,391 |
|
|
Loss on disposal of non current assets |
- |
2 |
51 |
|
|
(Increase)/decrease in inventories |
(2,549) |
(564) |
824 |
|
|
(Increase)/decrease in trade and other receivables |
(265) |
(1,861) |
1,177 |
|
|
Increase/(decrease) in trade and other payables |
2,293 |
(2,917) |
(2,145) |
|
|
Increase in deferred lease inducements |
1 |
23 |
35 |
|
|
Change in value of derivative instruments |
(30) |
99 |
(537) |
|
|
Decrease in provisions |
(8) |
(87) |
(111) |
|
|
Share based payments |
140 |
167 |
266 |
|
|
Cash generated by operations |
7,886 |
2,004 |
15,493 |
9. Net debt
a) Analysis of net debt
|
28.09.09 |
29.09.08 |
30.03.09 |
||
|
£000 |
£000 |
£000 |
||
|
Total cash and cash equivalents |
(3,671) |
(9,184) |
(1,378) |
|
|
Term loan included in current liabilities |
(670) |
- |
(669) |
|
|
Term loan included in non current liabilities |
(5,911) |
- |
(6,245) |
|
|
Total net debt |
(10,252) |
(9,184) |
(8,292) |
a) Reconciliation of net cash flow to movement in net debt
|
28.09.09 |
29.09.08 |
30.03.09 |
||
|
£000 |
£000 |
£000 |
||
|
Net decrease in cash and cash equivalents |
(2,286) |
(9,078) |
(1,440) |
|
|
Term loan repayment/(receipt) |
350 |
- |
(7,000) |
|
|
Capitalisation of arrangement fees |
- |
- |
88 |
|
|
Amortisation of arrangement fees |
(17) |
- |
(2) |
|
|
Effect of foreign exchange differences |
(7) |
3 |
171 |
|
|
Movement in net debt |
(1,960) |
(9,075) |
(8,183) |
|
|
Net debt at beginning of period |
(8,292) |
(109) |
(109) |
|
|
Total net debt |
(10,252) |
(9,184) |
(8,292) |
Related Shares:
Naked Wine