TIDMHTT
RNS Number : 9733D
Hot Tuna (International) plc
31 March 2011
31 March 2011
Hot Tuna (International PLC
("Hot Tuna", "the Company" or "the Group")
Interim Results
Hot Tuna (International) PLC (AIM: HTT), a leading surf wear and
fashion brand, announces its interim results for the six months
ending 31 December 2010.
Highlights
-- Successfully raised approximately GBP1.1 million via an
equity placing
-- New agreement with Interga SPA to distribute Hot Tuna
products in Italy and Austria
-- Appointment of Francis Ball as a Non-Executive Director
-- Autumn Winter 2011 collection well received at recent trade
shows
-- Negotiating new distribution agreements in Europe and South
East Asia
Interim Review
Sales for the six months to 31 December 2010 were down on the
previous year due to challenging retail conditions and poor
consumer confidence which affected the lead times and level of
orders taken for the period. Whilst sales are anticipated to
improve in the second half, revenues for the full year will be
lower than the prior year. The company was focused on reducing
levels of discounted merchandise and selling full price stock which
also impacted sales in the period under review but will ensure
better profitability in the long term.
During the period, the Company realised the efficiencies made
last year by moving production from China to Turkey, thereby
reducing costs relating to wage increases, manufacturing costs, and
transportation costs from the factory in Asia to Europe.
Consumer confidence is slowly strengthening and forward orders
for the coming season have been encouraging. The appointment of
distributors and distribution partners will aid sales growth in new
regions as the company expands into new markets and continues its
programme of appointing these distributors.
Current Trading and Outlook
In Europe, current trading continues to be restrained in UK and
European markets; however the launch of the Hot Tuna e-commerce
site this summer will provide an additional uplift to sales for
2011 and 2012 and the new distribution agreements in place are also
helping drive sales. The Company has commenced delivery of the
Spring Summer 2011 collection to ASOS.com, and continued its
partnerships with Amazon.com. The appointment of Interga as the new
Italian and Austrian distributor for the brand has helped increase
business.
The Autumn Winter 2011 collections were very well received in
January at the Berlin trade show Bread and Butter and secured new
retail accounts in Germany. New working partnerships are now in
place in Germany and Denmark for 2011 and 2012.
The US, after a restructure of the operations last year,
recommenced business with major partners including Delia's,
Karmaloop and Victoria's Secret and has successfully delivered
product for the opening season of the US swim catalogues at
Victoria's Secret and Delia's for Summer 2011.
In Australia, the Hot Tuna adult ranges were launched last
August and were well received. A network of Independent stores have
now selected the brand for inclusion in the Southern hemisphere
Autumn Winter 2011 ranges. Further orders were secured a Sydney
trade show in February 2011.
Central costs will increase in the coming year due to additional
staffing requirements and ecommerce start up costs. The recent
fundraising will help however expand the brand into new
international markets, develop the new transactional website, fund
online marketing, product design and development and provide the
Company with working capital.
The focus continues to be on a design led offering which
differentiates itself from other street and surf apparel brands. We
continue to improve the design element of the brand, ensure each
garment displays the iconic pink piranha.
The Company continues to talk to new partners and new markets
and is confident that these will result in new distribution
agreements. The Company is also seeking to appointment a new
Chairman in the near term.
Geoff O'Connell, CEO of Hot Tuna:
"We remain focused on increasing brand awareness in both new and
existing markets and keeping our cost base down. The recent equity
placing and new distribution agreements illustrate the ongoing
support for the Company. Hot Tuna is an iconic surf heritage brand
and we are positive about the continued appeal of the brand
internationally."
Enquiries:
Hot Tuna plc
Geoff O'Connell - CEO Tel: 020 7440 0644
Pelham Bell Pottinger
Lucy Frankland / Dan de Belder Tel: 0207 861 3885
Seymour Pierce Limited
Mark Percy / Catherine Leftley (Nominated Adviser) Tel: 020 7107
8000
Paul Jewell (Corporate Broking)
Allenby Capital Ltd Tel: 020 3328 5656
Nick Naylor/Alex Davies
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD FROM 1 JULY 2010 TO 31 DECEMBER 2010
Half Year Half Year Year Ended
to 31.12.2010 to 31.12.2009 30.6.2010
(Un-audited) (Un-audited) (Audited)
GBP000's GBP000's GBP000's
Notes
Revenue 60 271 464
Cost of sales (146) (227) (497)
--------------- --------------- -----------
Gross (loss)/profit (86) 44 (33)
Selling and marketing
expense (50) (23) (74)
General and
administrative
expenses (423) (528) (1,262)
Depreciation and
amortisation - (25) (35)
--------------- --------------- -----------
(Loss) from operations (559) (532) (1,404)
Exceptional write off
of liabilities - - 150
Investment income - - -
Loss on disposal of
property, plant and
equipment - (1) (27)
Finance costs - (10) (28)
--------------- --------------- -----------
(Loss) before tax (559) (543) (1,309)
Taxation - - -
(Loss) for the period (559) (543) (1,309)
--------------- --------------- -----------
Retained loss
attributable to:
Owners of the company (559) (543) (1,309)
Non controlling
interest - - -
--------------- --------------- -----------
2 (559) (543) (1,309)
--------------- --------------- -----------
Other comprehensive
income
Currency translation
differences 39 22 (87)
--------------- --------------- -----------
Total comprehensive
income for the period
net of taxation (520) (521) (1,396)
--------------- --------------- -----------
Total comprehensive
income attributable
to:
Owners of the company (520) (521) (1,396)
Non controlling
interest - - -
Total comprehensive
income for the
period (520) (521) (1,396)
--------------- --------------- -----------
(Loss) per share
Basic and diluted 3 (0.05) (0.10) (0.18)
pence pence pence
--------------- --------------- -----------
All activities relate to continuing operations
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2010
Half Year Half Year Year Ended
to 31.12.2010 to 31.12.2009 30.6.2010
(Un-audited) (Un-audited) (Audited)
GBP000's GBP000's GBP000's
Notes
ASSETS
Non-current assets
Other intangible
assets 495 495 495
Property, plant &
equipment - 32 -
495 527 495
--------------- --------------- -----------
Current assets
Inventories 139 241 136
Trade and other
receivables 65 366 165
Cash and cash
equivalents 203 91 588
--------------- --------------- -----------
407 698 889
--------------- --------------- -----------
TOTAL ASSETS 902 1,225 1,384
--------------- --------------- -----------
LIABILITIES
Current liabilities
Trade and other
payables 335 525 297
Convertible loan note - 152 -
--------------- --------------- -----------
335 677 297
--------------- --------------- -----------
Non-current
liabilities
Convertible loan note - - -
--------------- --------------- -----------
- - -
--------------- --------------- -----------
TOTAL LIABILITIES 335 677 297
--------------- --------------- -----------
NET ASSETS 567 548 1,087
--------------- --------------- -----------
EQUITY
Share capital 4 115 65 115
Deferred share capital 1,795 1,795 1,795
Share premium reserve 12,623 11,259 12,623
Share-based payment
reserve 2,152 2,308 2,308
Warrant reserve 238 238 238
Foreign exchange
reserve (42) 28 (81)
Retained loss (16,314) (15,145) (15,911)
--------------- --------------- -----------
Equity attributable to
equity holders of
parent 567 548 1,087
Non controlling
interest - - -
--------------- --------------- -----------
TOTAL EQUITY 567 548 1,087
--------------- --------------- -----------
STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD FROM 1 JULY 2010 TO 31 DECEMBER 2010
Deferred Share Share-based Foreign Non
Share Share premium payment Exchange Warrant Retained controlling Total
CONSOLIDATED capital Capital account reserve Reserve reserve loss Total interest equity
GBP000's GBP000's GBP000's GBP000's GBP000's GBP000's GBP000's GBP000's GBP000's GBP000's
Balance at 1
July 2010 115 1,795 12,623 2,308 (81) 238 (15,911) 1,087 - 1,087
Loss for the
year - - - - - - (559) (559) - (559)
Exchange
differences
arising on
translation
of overseas
operations - - - - 39 - - 39 - 39
--------- --------- --------- ------------ --------- --------- --------- --------- ------------ ---------
Total
comprehensive
income - - - - 39 - (559) (520) - (520)
--------- --------- --------- ------------ --------- --------- --------- --------- ------------ ---------
Expiration of
Options - - - (156) - - 156 - - -
--------- --------- --------- ------------ --------- --------- --------- --------- ------------ ---------
Balance at 31
December
2010 115 1,795 12,623 2,152 (42) 238 (16,314) 567 - 567
--------- --------- --------- ------------ --------- --------- --------- --------- ------------ ---------
Deferred Share Share-based Foreign Non
Share Share premium payment Exchange Warrant Retained controlling Total
CONSOLIDATED capital Capital account reserve Reserve reserve loss Total interest equity
GBP000's GBP000's GBP000's GBP000's GBP000's GBP000's GBP000's GBP000's GBP000's GBP000's
Balance at 1
July 2009 28 1,795 10,240 2,308 6 238 (14,602) 13 - 13
Loss for the
year - - - - - - (1,309) (1,309) - (1,309)
Exchange
differences
arising on
translation
of overseas
operations - - - - (87) - - (87) - (87)
--------- --------- --------- ------------ --------- --------- --------- --------- ------------ ---------
Total
comprehensive
income - - - - (81) - (1,309) (1,396) - (1,396)
--------- --------- --------- ------------ --------- --------- --------- --------- ------------ ---------
Share capital
issued 87 - 2,523 - - - - 2,610 - 2,610
Costs of share
issue - - (140) - - - - (140) - (140)
--------- --------- --------- ------------ --------- --------- --------- --------- ------------ ---------
Balance at 30
June 2010 115 1,795 12,623 2,308 (81) 238 (15,911) 1,087 - 1,087
--------- --------- --------- ------------ --------- --------- --------- --------- ------------ ---------
CONSOLIDATED STATEMENT OF CASH FLOW
FOR THE PERIOD FROM 1 JULY 2010 TO 31 DECEMBER 2010
Half Year Half Year Year Ended
to 31.12.2010 to 31.12.2009 30.6.2010
(Un-audited) (Un-audited) (Audited)
Cash outflow from Operating
Activities GBP000's GBP000's GBP000's
Operating loss (559) (543) (1,309)
Investment income - - -
Finance costs - 10 28
Depreciation - 25 35
Exceptional write off of
liabilities - - (150)
Foreign exchange loss - 12 -
Loss on disposal - 1 27
--------------- --------------- -----------
(559) (495) (1,369)
(Increase) / decrease in
inventories (3) 40 145
Decrease / (increase) in
receivables 100 14 215
Increase / (decrease) in
payables 38 (535) (643)
NET CASH FROM OPERATING
ACTIVITIES (424) (976) (1,652)
Investment income - - -
Finance costs - (10) (28)
Net cash flow from operating
activities (424) (986) (1,680)
--------------- --------------- -----------
Cash flow from investing
activities
Interest received - - -
Net cash flow from investing
activities - - -
--------------- --------------- -----------
Cash flow from financing
activities
Net proceeds from issue of
share capital - 1,056 2,470
Repayment of convertible loan
notes - (10) (169)
Net cash from financing
activities - 1,046 2,301
--------------- --------------- -----------
Net cash (outflow) / inflow (424) 60 621
Foreign exchange differences
on translation 39 2 (62)
Cash and cash equivalents at
start of period 588 29 29
--------------- --------------- -----------
Cash and cash equivalents at
the end of the period 203 91 588
--------------- --------------- -----------
NOTES TO THE UNAUDITED INTERIM REPORT
FOR THE PERIOD ENDING 31 DECEMBER 2010
1. BASIS OF PREPARATION
The financial information has been prepared under the historical
cost convention and on a going concern basis and in accordance with
International Financial Reporting Standards and IFRIC
interpretations adopted for use in the European Union ("IFRS") and
those parts of the Companies Act 2006 applicable to companies
reporting under IFRS.
The financial information for the period ended 31 December 2010
has not been audited or reviewed in accordance with the
International Standard on Review Engagements 2410 issued by the
Auditing Practices Board. The figures were prepared using
applicable accounting policies and practices consistent with those
adopted in the statutory accounts for the year ended 30 June 2010.
The figures for the year ended 30 June 2010 have been extracted
from these accounts, which have been delivered to the Registrar of
Companies, and contained an unqualified audit report
The financial information contained in this document does not
constitute statutory accounts. In the opinion of the directors the
financial information for this period fairly presents the financial
position, result of operations and cash flows for this period.
This Interim Financial Report was approved by the Board of
Directors on 30 March 2011.
Statement of compliance
These condensed consolidated interim financial statements have
been prepared in accordance with International Accounting Standard
('IAS') 34 - Interim Financial Reporting as adopted by the European
Union. Accordingly the interim financial statements do not include
all of the information or disclosures required in the annual
financial statements and should be read in conjunction with the
Group's 2010 annual financial statements.
Basis of consolidation
The consolidated financial statements comprise the financial
statements of Hot Tuna (International) plc and its controlled
entities. The financial statements of controlled entities are
included in the consolidated financial statements from the date
control commences until the date control ceases.
The financial statements of subsidiaries are prepared for the
same reporting period as the parent company, using consistent
accounting policies.
All inter-company balances and transactions have been eliminated
in full.
Foreign currencies
The functional currency of each entity is determined after
consideration of the primary economic environment of the entity.
The group's presentational currency is Sterling (GBP).
Turnover and Segmental Analysis
The Group has adopted IFRS 8 which is required for all annual
reports and interim financial statements starting 1 January 2009 or
later. Implementation of IFRS 8 has not changed the Group's policy
in measuring the amounts included in the turnover and segmental
analysis reporting. However the presentation of the turnover and
segmental analysis has changed in these interims compared to the
report and accounts for the year ended 30 June 2010.
The reportable segments identified make up all of the Group's
external revenue, which is derived primarily from the design,
production and sale of branded apparel. The reportable segments are
an aggregation of the operating segments within the Group as
prescribed by IFRS 8. The reportable segments are based on the
Group's management structures and the consequent reporting to the
Chief Operating Decision Maker, the Board of Directors. Our sector
results are attributable to the design, production and sale of
branded apparel and corporate costs. The design, production and
sale of branded apparel are carried over three continental
segments, Australia, Europe and United States. Corporate costs are
solely borne in the United Kingdom. Income and expenses included in
profit for the year are allocated directly or indirectly to the
reportable segments.
Inter-company balances comprise arms' length transactions
between operating segments making up the reportable segments. These
balances are eliminated to arrive at the figures in the
consolidated accounts.
2. TURNOVER AND SEGMENTAL ANALYSIS
BRANDED APPAREL DESIGN, PRODUCTION
AND SALE CORPORATE CONSOLIDATED
Half-year
ended 31
December UNITED UNITED
2010 AUSTRALIA EUROPE STATES KINGDOM GROUP
GBP000's GBP000's GBP000's GBP000's GBP000's
REVENUE
External
Sales 19 33 8 - 60
Royalties - - - - -
Total Revenue 19 33 8 - 60
---------- ---------- ----------- ---------- -------------
RESULT
Segment
Result 7 (73) (20) - (86)
---------- ---------- ----------- ---------- -------------
Depreciation - - - - -
Operating
Expenses (68) (135) (103) (167) (473)
Operating
loss (61) (208) (123) (167) (559)
Other losses - - - - -
Finance Costs - - - - -
Loss before
tax (61) (208) (123) (167) (559)
---------- ---------- ----------- ---------- -------------
STATEMENT OF FINANCIAL POSITION
ASSETS
Segment
Assets 105 93 72 632 902
---------- ---------- ----------- ---------- -------------
LIABILITIES
Segment
Liabilities (12) (73) (184) (66) (335)
---------- ---------- ----------- ---------- -------------
Capital - - - - -
expenditure
- PPE
---------- ---------- ----------- ---------- -------------
BRANDED APPAREL DESIGN, PRODUCTION
AND SALE CORPORATE CONSOLIDATED
Half-year
ended 31
December UNITED UNITED
2009 AUSTRALIA EUROPE STATES KINGDOM GROUP
GBP000's GBP000's GBP000's GBP000's GBP000's
REVENUE
External
Sales 217 37 23 - 267
Royalties 4 - - - 4
Total Revenue 221 37 23 - 271
---------- ---------- ----------- ---------- -------------
RESULT
Segment
Result 68 7 (31) - 44
---------- ---------- ----------- ---------- -------------
Depreciation (5) (3) (17) - (25)
Operating
Expenses (67) (155) (67) (262) (551)
Operating
loss (4) (151) (115) (262) (532)
Other losses (1) - - - (1)
Finance Costs - - - (10) (10)
Loss before
tax (5) (151) (115) (272) (543)
---------- ---------- ----------- ---------- -------------
STATEMENT OF FINANCIAL POSITION
ASSETS
Segment
Assets 231 120 229 645 1,225
---------- ---------- ----------- ---------- -------------
LIABILITIES
Segment
Liabilities (43) (82) (266) (286) (677)
---------- ---------- ----------- ---------- -------------
Capital - - - - -
expenditure
- PPE
---------- ---------- ----------- ---------- -------------
2. SEGMENT REPORTING (CONTINUED)
BRANDED APPAREL DESIGN, PRODUCTION
AND SALE CORPORATE CONSOLIDATED
Year ended 30 UNITED UNITED
June 2010 AUSTRALIA EUROPE STATES KINGDOM GROUP
GBP000's GBP000's GBP000's GBP000's GBP000's
REVENUE
External
Sales 284 120 56 - 460
Royalties 4 - - - 4
Total Revenue 288 120 56 - 464
---------- ---------- ----------- ---------- -------------
RESULT
Segment
Result 93 (105) (21) - (33)
---------- ---------- ----------- ---------- -------------
Depreciation (11) (3) (21) - (35)
Operating
Expenses (138) (313) (258) (627) (1,336)
Operating
loss (56) (421) (300) (627) (1,404)
Other gains
and losses - - 123 - 123
Finance Costs - (6) - (22) (28)
Loss before
tax (56) (427) (177) (649) (1,309)
---------- ---------- ----------- ---------- -------------
STATEMENT OF FINANCIAL POSITION
ASSETS
Segment
Assets 166 124 104 990 1,384
---------- ---------- ----------- ---------- -------------
LIABILITIES
Segment
Liabilities (27) (26) (181) (63) (297)
---------- ---------- ----------- ---------- -------------
Capital - - - - -
expenditure
- PPE
---------- ---------- ----------- ---------- -------------
3. LOSS PER SHARE
The calculation of the basic and diluted earnings per share is
based on the following data:
Half Year Half Year Year Ended
to 31.12.2010 to 31.12.2009 30.6.2010
Earnings
Earnings for the purposes of
basic earnings per share net
loss for the period
attributable to equity
holders of the parent
(GBP000's) (559) (543) (1,309)
--------------- --------------- -----------
Number of shares
Weighted average number of
ordinary shares for the
purposes of basic earnings
per share (millions) 1,153.3 556.3 737.1
--------------- --------------- -----------
The denominator for the purpose of calculating the basic
earnings per share has been adjusted to reflect all capital
raisings. Due to the loss incurred in the period, there is no
dilutive effect resulting from the issue of share options, warrants
and shares to be issued.
4. SHARE CAPITAL
Number of
shares Nominal value
a) Issued and Fully Paid: GBP000's
As at 1 July 2009 283,303,090 28
13 August 2009 - for cash at 0.3pence per
share 370,000,000 37
30 March 2010 -for cash at 0.3 pence per
share 500,000,000 50
-------------- --------------
As at 31 December 2010 1,153,303,090 115
b) Deferred shares
As at 1 July 2009, and 181,303,419 1,795
-------------- --------------
As at 31 December 2010 181,303,419 1,795
4. SHARE CAPITAL (CONTINUED)
c) Total share options in issue
During the half year, no options were granted (2010: Nil).
As at 31 December 2010 the options in issue were:
Options in Issue 31
Exercise price Expiry date December 2010
25p 02/05/2012 500,000
50p 02/05/2013 500,000
2p 30/09/2011 500,000
50p 26/03/2011 300,000
50p 09/04/2011 120,000
50p 24/03/2011 120,000
2p 06/06/2012 1,000,000
25p 12/06/2011 75,000
25p 28/06/2012 100,000
50p 28/06/2013 150,000
75p 28/06/2014 200,000
2p 01/07/2012 100,000
1p 22/12/2011 2,000,000
25p 22/12/2011 3,000,000
1p 07/07/2011 2,300,000
2p 20/05/2013 400,000
2p 20/05/2014 600,000
2p 20/05/2015 1,000,000
2p 19/08/2013 75,000
2p 19/08/2014 100,000
2p 19/08/2015 175,000
2p 19/05/2013 13,000,000
-----------------------
26,315,000
-----------------------
No options were cancelled or were exercised during the half year
(2010: Nil).
1.2million options lapsed during the half year (2010: Nil)
d) Total warrants in issue
During the year, no warrants were issued (2010: nil).
As at 31 December 2010 the warrants in issue were;
Warrants in Issue31
Exercise Price (pence) Expiry Date December 2010
25 02/03/2012 50,000
30 02/03/2012 375,000
40 02/03/2012 200,000
50 02/03/2012 100,000
1.5 11/03/2013 29,250,000
1.5 25/03/2013 5,700,000
-----------------------
35,675,000
-----------------------
No expired during the half year (2010: Nil).
No warrants were cancelled during the half year (2010: Nil).
No warrants were exercised during the year (2010: Nil).
5. EVENTS OCCURRING AFTER THE REPORTING PERIOD
On 21 February 2011, Francis Ball was appointed as a
Non-Executive Director of the Company.
On 3 March 2011, Melissa Sturgess was appointed as Non-Executive
Chairman of the Company, however, later resigned on 14 March
2011.
On 23 March 2011, the Company announced that it had raised
GBP1.08 million in a placing to institutional investors of 1,084.9
million new ordinary shares of 0.05p each in the Company at 0.1p
per share.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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