TIDMCC.
RNS Number : 5223D
Clinton Cards PLC
24 March 2011
Embargoed until 0700 24 March 2011
CLINTON CARDS PLC
("the Company" or "the Group")
Interim Report for the 26 weeks ended 30 January 2011
FINANCIAL HIGHLIGHTS ** Restated
26 weeks 26 weeks
ended ended
30 January 31 January
Continuing operations 2011 2010
------------------------------------------------ ----------- ------------
GBP'000 GBP'000
Revenue
Clinton 178,297 191,128
Birthdays Retail 28,596 31,682
----------- ------------
Group revenue 206,893 222,810
----------- ------------
Adjusted operating profit/(loss)
Clinton 14,703 21,241
Birthdays Retail (292) 1,294
----------- ------------
Group adjusted operating profit 14,411 22,535
----------- ------------
Group operating profit 13,066 22,071
----------- ------------
Group profit before tax 11,733 19,864
----------- ------------
Net Debt (excluding finance costs capitalised) 5,124 18,502
----------- ------------
Basic earnings per share (pence) 4.08 6.94
----------- ------------
In the context of the figures throughout the statement, adjusted
measures are defined as statutory values before charging losses on
sale of property, plant and equipment, the change in the fair value
of financial instruments and losses on discontinued operations.
** The prior period comparatives have been restated to reflect
the results of Birthdays (Ireland) Limited as discontinued.
Enquiries:
Clinton Cards PLC (24 March 2011) 020 7067 0700
Don Lewin, OBE, Chairman (thereafter) 020 8502 3711
Clinton Lewin, Managing Director
Paul Salador, Group Finance Director
Weber Shandwick Financial 020 7067 0700
Nick Dibden/Nick Oborne
CLINTON CARDS PLC
("the Company" or "the Group")
Interim Report for the 26 weeks ended 30 January 2011
PERFORMANCE
In the 26 weeks ended 30 January 2011 trading has been conducted
in an environment characterised by low consumer confidence and weak
footfall. These factors have impacted significantly on Group sales
which have declined by 2.7% on a like for like basis.
Total revenue in the period from the Clinton brand was GBP178.3m
compared to GBP191.1m from 26 fewer stores than last year. Like for
like sales in the 26 weeks ended 30 January 2011 were 2.7% lower
but with spend per head increased by 1.1%.
The Birthdays brand was operating from two trading entities. At
the period end there were 156 stores in the UK and 14 in the
Republic of Ireland. In the last few years the stores in Ireland
have suffered from a combination of declining sales and increased
occupancy costs resulting in trading losses. During the current
year it became apparent that this position was unlikely to reverse
in the medium term with expectations being that full year losses to
July 2011 would escalate to approximately GBP1.4m. Accordingly the
Board reluctantly decided to seek to dispose of the operation. On
the 1(st) March 2011 the Group petitioned the Court to appoint a
liquidator to instigate an orderly winding up of Birthdays
(Ireland) Limited. The largest unsecured creditor was its parent
company, Birthdays Retail Limited, with GBP1.4m owed.
Total revenue for the Birthdays brand in the UK for the 26 weeks
ended 30 January 2011 was GBP28.6m compared to GBP31.7m in the
corresponding period last year representing a reduction in like for
like sales of only 0.4%.
At 30 January 2011 Birthdays Retail Limited was trading from 156
stores in the UK compared to 172 at 31 January 2010.
CASH, BORROWINGS AND INTEREST
Average net debt in the 26 weeks to 30 January 2011 was GBP23.6m
in comparison to GBP35.9m in the 26 weeks to 31 January 2010, an
improvement of GBP9.6m. At the period end net debt, excluding
capitalised financing costs, was GBP5.1m (2010: GBP18.5m). Cash
generated from operating activities was GBP34.0m (2010:
GBP33.7m).
Net interest payable in the 26 weeks to 30 January 2011 was
GBP1.6m compared to GBP1.5m in the prior period. There was a
benefit of GBP0.3m to the net interest charge due to the change in
market valuation of the financial instrument used to hedge interest
rate risk. In the comparative period last year there was a charge
of GBP0.7m.
CURRENT TRADING AND OUTLOOK.
There are several exciting initiatives to be launched before the
year end including the redesigned website offering a full
personalisation service and complementary smart phone application.
There will be four redesigned stores featuring a new layout,
fixturing, colour scheme and directional signage. There are two
major seasons, Mother's Day and Father's Day before the financial
year end and Mother's Day card sales have made an encouraging
start.
However, we are mindful of the challenging economical retail
conditions we are operating in and anticipate consumer sentiment to
remain cautious and trading to remain difficult for the remainder
of 2011.
In the absence of a significant improvement in trading, we
believe Group like for like sales performance could be a low single
digit percentage decline for the second half.
DON LEWIN, OBE
Chairman
** Restated ** Restated
26 weeks 26 weeks 52 weeks
SUMMARY OF RESULTS ended ended ended
30 January 31 January 1 August
2011 2010 2010
------------------------------------- ----------- ------------ ------------
Continuing operations GBP'000 GBP'000 GBP'000
Revenue (excluding VAT)
Clinton 178,297 191,128 336,922
Birthdays Retail 28,596 31,682 57,085
----------- ------------ ------------
Group revenue 206,893 222,810 394,007
----------- ------------ ------------
Adjusted operating profit/(loss)
Clinton 14,703 21,241 17,801
Birthdays Retail (292) 1,294 (629)
----------- ------------ ------------
Group adjusted operating profit 14,411 22,535 17,172
----------- ------------ ------------
Operating profit/(loss)
Clinton 13,652 20,938 16,968
Birthdays Retail (586) 1,133 (1,265)
----------- ------------ ------------
Group operating profit 13,066 22,071 15,703
----------- ------------ ------------
Profit before tax 11,733 19,864 11,976
----------- ------------ ------------
Loss for the period from
discontinued operations (3,643) (240) (952)
----------- ------------ ------------
Reconciliation of statutory values
to adjusted measures
Group operating profit 13,066 22,071 15,703
Loss on sale of property, plant and
equipment 1,345 464 1,469
----------- ------------ ------------
Group adjusted operating profit 14,411 22,535 17,172
----------- ------------ ------------
** the prior year comparatives have been restated to reflect the
results of Birthdays (Ireland) Limited as discontinued.
Unaudited Consolidated Statement of Comprehensive Income
**Restated **Restated
26 weeks 26 weeks 52 weeks
ended ended ended
30 January 31 January 1 August
Note 2011 2010 2010
Continuing operations GBP'000 GBP'000 GBP'000
Revenue (including VAT) 243,371 256,484 457,459
----------- ----------- -----------
Revenue (excluding VAT) 4 206,893 222,810 394,007
Cost of sales (185,596) (194,329) (365,374)
----------- ----------- -----------
Gross profit 21,297 28,481 28,633
Other operating income 46 37 148
Loss on sale of property, plant
and equipment (1,345) (464) (1,469)
Administrative expenses (6,932) (5,983) (11,609)
----------- ----------- -----------
Operating profit 4 13,066 22,071 15,703
Finance income 48 197 253
Finance costs 7 (1,642) (1,715) (3,149)
Change in fair value of
financial instruments 266 (650) (824)
Unwinding of property provision
discount (5) (39) (7)
----------- ----------- -----------
Profit before taxation 11,733 19,864 11,976
Taxation 8 (3,286) (5,495) (3,646)
----------- ----------- -----------
Profit from continuing
operations 8,447 14,369 8,330
Loss for the period from
discontinued operations 5 (3,643) (240) (952)
----------- ----------- -----------
Profit for the period attributable
to owners of the company 4,804 14,129 7,378
Other comprehensive expense
(net of tax):
Currency translation
differences - (33) (92)
----------- ----------- -----------
Total comprehensive income for
the period attributable to
owners of the company 4,804 14,096 7,286
----------- ----------- -----------
Earnings per share for profit
attributable to owners of the
company 9
From continuing operations:
Basic earnings per share
(pence) 4.08 6.94 4.03
Diluted earnings per share
(pence) 4.08 - 4.00
From continuing and
discontinued operations:
Basic earnings per share
(pence) 2.32 6.83 3.57
Diluted earnings per share
(pence) 2.32 - 3.54
** The prior year comparatives have been restated to reflect the
results of Birthdays (Ireland) Limited as discontinued
The notes on pages 9 to 18 are integral to these consolidated
condensed financial statements.
Unaudited Consolidated Balance Sheet
As at As at As at
30 January 31 January 1 August
2011 2010 2010
Note GBP'000 GBP'000 GBP'000
Non current assets
Goodwill 10 17,326 17,326 17,326
Other intangible assets 10 1,750 1,750 1,750
Property, plant and equipment 10 55,443 62,475 58,162
Deferred tax asset 288 411 172
----------- ----------- ----------
74,807 81,962 77,410
----------- ----------- ----------
Current assets
Inventories 11 42,910 40,492 37,653
Trade and other receivables 12 20,270 21,041 17,882
Cash and cash equivalents 13 9,376 9,497 7,225
----------- ----------- ----------
72,556 71,030 62,760
Assets held by discontinued
operations 16 180 - -
----------- ----------- ----------
72,736 71,030 62,760
----------- ----------- ----------
Total assets 147,543 152,992 140,170
----------- ----------- ----------
Current liabilities
Borrowings (13,559) (26,073) (41,566)
Trade and other payables 14 (73,413) (64,401) (47,370)
Derivative financial instruments (308) (400) (574)
Current tax liabilities (3,284) (5,495) (456)
Provisions 15 (639) (370) (639)
----------- ----------- ----------
(91,203) (96,739) (90,605)
Liabilities held by discontinued
operations 16 (411) - -
----------- ----------- ----------
(91,614) (96,739) (90,605)
----------- ----------- ----------
Net current liabilities (18,878) (25,709) (27,845)
----------- ----------- ----------
Non current liabilities
Provisions 15 (3,457) (1,153) (1,909)
Other non current liabilities (9,429) (10,051) (9,417)
----------- ----------- ----------
(12,886) (11,204) (11,326)
----------- ----------- ----------
Total liabilities (104,500) (107,943) (101,931)
----------- ----------- ----------
Net assets 43,043 45,049 38,239
----------- ----------- ----------
Shareholders' equity
Called up share capital 20,693 20,693 20,693
Share premium account 5,873 5,873 5,873
Capital redemption reserve 50 50 50
Translation reserve 233 292 233
Other reserves 308 308 308
Retained earnings 15,886 17,833 11,082
----------- ----------- ----------
Total equity 43,043 45,049 38,239
----------- ----------- ----------
Unaudited Consolidated Statement of Changes in Equity
Called-up Share Capital
share premium redemption Translation Other Retained Total
capital account reserve reserve reserves earnings equity
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
At 2 August 2009 20,693 5,873 50 325 308 3,704 30,953
---------- -------- ----------- ------------ --------- --------- --------
Profit for the
period - - - - - 14,129 14,129
Other
comprehensive
expense:
Currency
translation
differences - - - (33) - - (33)
---------- -------- ----------- ------------ --------- --------- --------
Total
comprehensive
income/(expense)
for the period - - - (33) - 14,129 14,096
At 31 January
2010 20,693 5,873 50 292 308 17,833 45,049
---------- -------- ----------- ------------ --------- --------- --------
Loss for the
period - - - - - (6,751) (6,751)
Other
comprehensive
expense:
Currency
translation
differences - - - (59) - - (59)
---------- -------- ----------- ------------ --------- --------- --------
Total
comprehensive
expense for the
period - - - (59) - (6,751) (6,810)
At 1 August 2010 20,693 5,873 50 233 308 11,082 38,239
---------- -------- ----------- ------------ --------- --------- --------
Profit for the
period - - - - - 4,804 4,804
At 30 January
2011 20,693 5,873 50 233 308 15,886 43,043
---------- -------- ----------- ------------ --------- --------- --------
Unaudited Consolidated Cash Flow Statement
**Restated **Restated
26 weeks 26 weeks 52 weeks
ended ended ended
30 January 31 January 1 August
2011 2010 2010
Cash flows from operating
activities Note GBP'000 GBP'000 GBP'000
Profit before tax from
continuing operations 11,733 19,864 11,976
Loss before tax from
discontinued operations (3,643) (240) (952)
Adjustments for:
Net finance costs * 1,333 1,518 3,752
Depreciation 4,084 4,531 9,487
Net impairment of property,
plant and equipment - 40 657
Loss on sale of property, plant
and equipment 1,345 464 1,469
Assets impaired relating to
discontinued operations 1,620 - -
----------- ----------- -----------
Operating cash flows before
movements in working capital 16,472 26,177 26,389
Increase in inventories (5,994) (4,275) (1,436)
(Increase)/decrease in trade
and other receivables (2,767) (754) 1,443
Increase/(decrease) in trade
and other payables 26,325 15,418 (1,930)
Increase in provisions and
financial instruments 1,548 476 785
----------- ----------- -----------
Cash generated from operations 35,584 37,042 25,251
Interest received 48 197 253
Interest paid (1,143) (1,287) (2,216)
Net taxation paid (457) (2,204) (4,252)
----------- ----------- -----------
Net cash generated from
operating activities 34,032 33,748 19,036
----------- ----------- -----------
Cash flows from investing
activities
Payments relating to disposal
of property, plant and
equipment (386) (92) (246)
Purchase of property, plant and
equipment (2,815) (2,214) (4,621)
----------- ----------- -----------
Net cash used in investing
activities (3,201) (2,306) (4,867)
----------- ----------- -----------
Cash flows from financing
activities
Reduction in borrowings (28,500) (31,001) (16,000)
----------- ----------- -----------
Net cash used in financing
activities (28,500) (31,001) (16,000)
----------- ----------- -----------
Net increase/(decrease) in cash
and cash equivalents 2,331 441 (1,831)
Cash and cash equivalents at
beginning of period 7,225 9,056 9,056
Cash and cash equivalents at
end of period 9,556 9,497 7,225
----------- -----------
Included in the assets of the
discontinued operations (180)
-----------
Inclcuded in cash and
equivalents per the Balance
Sheet 17 9,376
-----------
* Net finance costs excludes movement in financial instruments
and unwinding of property provision discount
** All comparatives have been restated to reclassify amounts
relating to discontinued operations
Notes to the Interim Consolidated Condensed Financial
Statements
1 General information
The principal activity of the Group is the specialist retailing
of greetings cards and associated products. This is carried out
through two brands on the high street, Clinton Cards and
Birthdays.
Clinton Cards PLC is a Public Limited Company incorporated and
domiciled in England and Wales.
These interim consolidated condensed financial statements and
the comparative figures for the 26 weeks ended 31 January 2010 do
not constitute statutory accounts within the meaning of Section 434
of the Companies Act 2006. Statutory accounts for the 52 weeks
ended 1 August 2010 were approved by the Board of Directors on 22
October 2010 and delivered to the Registrar of Companies. The
report of the auditors on those accounts was unqualified, did not
contain an emphasis of matter and did not contain statements under
Section 498 of the Companies Act 2006.
The interim results are unaudited and were approved by the Board
of Directors on 23March 2011.
2 Basis of preparation
The interim consolidated condensed financial report for the 26
weeks ended 30 January 2011 has been prepared in accordance with
the Disclosure and Transparency Rules of the Financial Services
Authority and with IAS 34 "Interim Financial Reporting" as adopted
by the European Union. The interim financial report should be read
in conjunction with the annual financial statements for the 52
weeks ended 1 August 2010 which were prepared in accordance with
IFRS's as adopted by the European Union.
The Group meets its day to day working capital requirements
through a revolving credit facility that is due for renewal in
January 2012. The Group's forecasts and projections, taking account
of reasonable possible changes in trading performance, show that
the Group should be able to operate within the level of its current
facility. The Group will open renewal negotiations with the banks
in due course and hope to successfully conclude them before the end
of its financial year in July 2011 in readiness for the annual
audit.
Given that no matters have been drawn to its attention to
suggest that renewal may not be forthcoming on acceptable terms,
the directors have a reasonable expectation that the Group have
adequate resources to continue in operational existence for the
foreseeable future and therefore continue to adopt the going
concern basis of accounting in preparing financial statements.
Use of adjusted measures
Adjusted operating profits or losses and adjusted net profits or
losses are defined as operating profits or losses and net profits
or losses before charging profits or losses on sale of property,
plant and equipment, the movement in the fair value of financial
instruments and losses on discontinued operations.
3 Accounting policies
The accounting policies adopted are consistent with those of the
annual financial statements for the 52 weeks ended 1 August 2010 as
described in those financial statements.
The following new standards have been adopted in the period and
have had an impact on the Group:
-- IFRS 5 (amendment) 'Non-current assets held for sale and
discontinued operations'
The following new standards and amendments to existing standards
have been published and are mandatory for the group's accounting
periods for the financial year ending 31 July 2011, but do not
currently have a material impact on the Group.
-- IAS 1 (amendment) 'Presentation of financial statements'
-- IAS 36 (amendment) 'Impairment of assets'
-- IAS 32 (amendment) 'Classification of rights issues'
-- IFRIC 19 'Extinguishing financial liabilities with equity
instruments'
The following new standards and amendments to existing standards
have been issued but not effective for the year ending 31 July 2011
and not early adopted:
-- IFRS 9 'Financial instruments'
-- Revised IAS 24 (revised) 'Related party disclosures'
-- IFRIC 14 (amendment) 'Prepayments of a minimum funding
requirement'.
4 Segmental Information
Clinton Birthdays
Store information Cards Retail Group
--------------------------------- -------- ---------- ------
No. No. No.
Store numbers
Stores at 31 January 2010 675 186 861
Additions 1 7 8
Disposals (22) (17) (39)
-------- ---------- ------
Stores at 1 August 2010 654 176 830
Additions - 6 6
Disposals (5) (11) (16)
Discontinued operations - (14) (14)
-------- ---------- ------
Stores at 30 January 2011 649 157 806
-------- ---------- ------
Trading area (square feet) '000 '000 '000
Trading area at 31 January 2010 1,298 308 1,606
Additions - 13 13
Disposals (28) (24) (52)
Resizing (8) - (8)
-------- ---------- ------
Trading area at 1 August 2010 1,262 297 1,559
Additions - 8 8
Disposals (5) (17) (22)
Resizing (7) - (7)
Discontinued operations - (16) (16)
-------- ---------- ------
Trading area at 30 January 2011 1,250 272 1,522
-------- ---------- ------
Average store size sq ft sq ft sq ft
At 31 January 2010 1,922 1,656 1,865
-------- ---------- ------
At 1 August 2010 1,930 1,688 1,878
-------- ---------- ------
At 30 January 2011 1,926 1,735 1,889
-------- ---------- ------
Segmental
information
4 (continued)
Clinton Birthdays Continuing Discontinued
Income statement Cards Retail operations operations Group
----------------- -------- ---------- ----------- ------------- --------
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
26 weeks ended
30 January 2011
Revenue (excluding
VAT) 178,297 28,596 206,893 3,408 210,301
-------- ---------- ----------- ------------- --------
Adjusted operating
profit/(loss) 14,703 (292) 14,411 (523) 13,888
Assets impaired - - - (1,620) (1,620)
Provision for
onerous lease - - - (1,500) (1,500)
Loss on sale of
property, plant and
equipment (1,051) (294) (1,345) - (1,345)
-------- ---------- ----------- ------------- --------
Operating
profit/(loss) 13,652 (586) 13,066 (3,643) 9,423
-------- ----------
Net finance costs (1,333) - (1,333)
----------- ------------- --------
Profit/(loss) before
tax 11,733 (3,643) 8,090
Taxation (3,286) - (3,286)
----------- ------------- --------
Profit/(loss) after
tax 8,447 (3,643) 4,804
--------------------- -------- ---------- ----------- ------------- --------
** Restated
26 weeks ended
31 January 2010
Revenue (excluding
VAT) 191,128 31,682 222,810 3,306 226,116
-------- ---------- ----------- ------------- --------
Adjusted operating
profit/(loss) 21,241 1,294 22,535 (240) 22,295
Loss on sale of
property, plant and
equipment (303) (161) (464) - (464)
-------- ---------- ----------- ------------- --------
Operating
profit/(loss) 20,938 1,133 22,071 (240) 21,831
-------- ----------
Net finance costs (2,207) - (2,207)
----------- ------------- --------
Profit/(loss) before
tax 19,864 (240) 19,624
Taxation (5,495) - (5,495)
----------- ------------- --------
Profit/(loss) after
tax 14,369 (240) 14,129
--------------------- -------- ---------- ----------- ------------- --------
** Restated
52 weeks ended 1
August 2010
Revenue (excluding
VAT) 336,922 57,085 394,007 6,035 400,042
-------- ---------- ----------- ------------- --------
Adjusted operating
profit/(loss) 17,801 (629) 17,172 (927) 16,245
Loss on sale of
property, plant and
equipment (833) (636) (1,469) - (1,469)
-------- ---------- ----------- ------------- --------
Operating
profit/(loss) 16,968 (1,265) 15,703 (927) 14,776
-------- ----------
Net finance costs (3,727) (25) (3,752)
----------- ------------- --------
Profit/(loss) before
tax 11,976 (952) 11,024
Taxation (3,646) - (3,646)
----------- ------------- --------
Profit/(loss) after
tax 8,330 (952) 7,378
--------------------- -------- ---------- ----------- ------------- --------
** The prior year comparatives have been restated to reflect
the results of Birthdays (Ireland) Limited as discontinued
Segmental
information
4 (continued)
Balance Clinton Birthdays Continuing Discontinued
Sheet Cards Retail operations operations Group
------------- --------- ---------- ----------- ------------- ---------
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Assets at 30
January 2011 122,658 24,705 147,363 180 147,543
Liabilities as
at 30 January
2011 (78,190) (12,340) (90,530) (411) (90,941)
--------- ---------- ----------- ------------- ---------
Net assets
excluding Group
borrowings 44,468 12,365 56,833 (231) 56,602
--------- ---------- ----------- -------------
Group borrowings (13,559)
---------
Net assets as at
30 January
2011 43,043
---------
Assets as at 31
January 2010 126,742 23,902 150,644 2,348 152,992
Liabilities as
at 31 January
2010 (70,383) (11,075) (81,458) (412) (81,870)
--------- ---------- ----------- ------------- ---------
Net assets
excluding Group
borrowings 56,359 12,827 69,186 1,936 71,122
--------- ---------- ----------- -------------
Group borrowings (26,073)
---------
Net assets as at
31 January
2010 45,049
---------
Assets at 1
August 2010 116,731 20,750 137,481 2,689 140,170
Liabilities as
at 1 August
2010 (52,608) (6,846) (59,454) (911) (60,365)
--------- ---------- ----------- ------------- ---------
Net assets
excluding Group
borrowings 64,123 13,904 78,027 1,778 79,805
--------- ---------- ----------- -------------
Group borrowings (41,566)
---------
Net assets at 1
August 2010 38,239
---------
5 Discontinued operations
After a period of actively seeking to sell the Birthdays Ireland
business, a decision was taken to explore alternative options. On 1
March 2011 following a petition placed before the Courts, Birthdays
(Ireland) Limited was placed into liquidation. As control of the
Company ceased at that date the results and assets were
deconsolidated and treated as discontinued in the results of the 26
weeks ended 30 January 2011.
As a result, the prior period comparatives have been restated to
remove the results of Birthdays (Ireland) Limited which are shown
as discontinued operations.
26 weeks 26 weeks
ended ended
30 January 31 January
2011 2010
GBP'000 GBP'000
Revenue 3,408 3,306
Expenses (3,931) (3,546)
----------- -----------
Trading loss of discontinued operations (523) (240)
Assets impaired (1,620) -
Provision for onerous leases (1,500) -
----------- -----------
Total loss of discontinued operations (3,643) (240)
----------- -----------
The cash flows of Birthdays (Ireland) Limited
operations are shown below:
Operating cash flows 26 (266)
Investing cash flows (4) -
----------- -----------
Total cash flows 22 (266)
----------- -----------
Balance Sheet
Property, plant and equipment 461 683
Inventories 874 739
Trade and other receivables 285 347
----------- -----------
1,620 1,769
Cash and cash equivalents 180 573
Trade and other payables (295) (263)
Deferred tax liability (116) (143)
----------- -----------
1,389 1,936
Assets impaired (1,620) -
----------- -----------
Net (liabilities)/assets of discontinued
operations (excluding inter company debt) (231) 1,936
----------- -----------
Loss per share from discontinued operations
From discontinuing operations:
Basic and diluted loss per share(pence) (1.76) (0.11)
Remuneration of key
6 management
Continuing operations Discontinued operations
------------------------------- ----------------------------
26 52 26 26 52
26 weeks weeks weeks weeks weeks weeks
ended ended ended ended ended ended
31 1 30 31 1
30 January January August January January August
2011 2010 2010 2011 2010 2010
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Short-term
employee
benefits 1,365 1,317 2,638 15 15 31
Post employment
benefits 20 43 83 - - -
----------- -------- -------- -------- -------- --------
1,385 1,360 2,721 15 15 31
----------- -------- -------- -------- -------- --------
The directors of the Group are the key management of the Group.
Key management compensation includes salaries, national insurance
costs, pension costs and other employment benefits such as company
cars and private medical insurance.
7 Finance costs
Continuing operations Discontinued operations
---------------------------- ----------------------------
26 26 52 26 26 52
weeks weeks weeks weeks weeks weeks
ended ended ended ended ended ended
30 31 1 30 31 1
January January August January January August
2011 2010 2010 2011 2010 2010
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Finance
income:
Interest on bank
deposits 40 36 253 - - -
Other interest
received 8 161 - - - -
-------- -------- -------- -------- -------- --------
Total finance
income 48 197 253 - - -
-------- -------- -------- -------- -------- --------
Finance
costs:
Interest payable
on bank loans
and overdraft (839) (1,187) (2,189) - - -
Amortisation of
finance costs (493) (493) (960) - - (25)
Other interest
paid (310) (35) - - - -
-------- -------- -------- -------- -------- --------
Total finance
costs (1,642) (1,715) (3,149) - - (25)
Change in fair
value of
derivative
financial
instruments 266 (650) (824) - - -
Unwinding of
property
provision
discount (5) (39) (7) - - -
Finance costs -
net (1,333) (2,207) (3,727) - - (25)
-------- -------- -------- -------- -------- --------
8 Taxation
The tax charge is based on the expected effective tax rate of
28% for the 52 weeks to 31 July 2011 (31 January 2010: 28%).
9 Earnings/(loss) per share
The basic earnings per share is calculated by dividing the
profit after taxation by the weighted average number of shares in
issue during the period. For diluted earnings per share the
weighted average number of ordinary shares is increased to assume
conversion of all dilutive potential ordinary shares. The adjusted
basic earnings per share shown below is calculated after excluding
the loss on sale of property, plant and equipment, loss on
discontinued operations and the movement in the fair value of
financial instruments and the related taxation effect.
The weighted number of shares of 206,925,115 is the same for all
three periods. The number of dilutive shares applicable in the 52
weeks to 1 August 2010 was 1,210,039.
26 weeks to 26 weeks to 52 weeks to
30 January 31 January
2011 2010 01 August 2010
Per Per Per
Earnings share Earnings share Earnings share
GBP'000s pence GBP'000s pence GBP'000s pence
Profit from
continuing
operations 8,447 4.08 14,369 6.94 8,330 4.03
Loss on
discontinued
operations (3,643) (1.76) (240) (0.11) (952) (0.46)
--------- -------- --------- -------- --------- ---------
Basic
earnings per
share 4,804 2.32 14,129 6.83 7,378 3.57
Effect of
dilutive
warrants
issued - - - - - (0.03)
--------- -------- --------- -------- --------- ---------
Dilutive
earnings per
share 4,804 2.32 14,129 6.83 7,378 3.54
--------- -------- --------- -------- --------- ---------
26 weeks to 26 weeks to 52 weeks to
30 January 31 January
2011 2010 01 August 2010
Per Per Per
Earnings share Earnings share Earnings share
GBP'000s pence GBP'000s pence GBP'000s pence
Basic
earnings per
share 4,804 2.32 14,129 6.83 7,378 3.57
Loss on
discontinued
operations 3,643 1.76 240 0.11 952 0.46
Change in
fair value
of financial
instruments (266) (0.13) 650 0.31 824 0.39
Loss on sale
of property,
plant and
equipment 1,345 0.65 464 0.22 1,469 0.71
Related
taxation
effect (1,322) (0.64) (312) (0.14) (642) (0.31)
--------- -------- --------- -------- --------- ---------
Basic
adjusted
earnings
from
continuing
operations 8,204 3.96 15,171 7.33 9,981 4.82
Effect of
dilutive
warrants
issued - - - - - (0.02)
--------- -------- --------- -------- --------- ---------
Diluted
adjusted
earnings
from
continuing
operations 8,204 3.96 15,171 7.33 9,981 4.80
--------- -------- --------- -------- --------- ---------
Goodwill, intangible assets and property,
10 plant and equipment
Property,
Intangible plant
Goodwill assets and equipment
GBP'000 GBP'000 GBP'000
Opening net book value at 3 August
2009 17,326 1,750 65,204
Additions - - 2,214
Disposals - - (372)
Depreciation and amortisation - - (4,531)
Net impairment - - (40)
--------- ----------- ---------------
Closing net book value at 31
January 2010 17,326 1,750 62,475
Additions - - 2,111
Disposals - - (851)
Depreciation and amortisation - - (4,956)
Net impairment - - (617)
--------- ----------- ---------------
Closing net book value at 1 August
2010 17,326 1,750 58,162
Additions - - 2,815
Disposals - - (959)
Depreciation and amortisation - - (4,084)
Discontinued operations - - (491)
--------- ----------- ---------------
Closing net book value at 30
January 2011 17,326 1,750 55,443
--------- ----------- ---------------
The goodwill relates to the acquisition of GSG Holdings Limited
in 1998.
11 Inventories
Inventories represent finished goods for resale, excluding any
inventories held on a sale or return basis. The value of sale or
return inventories at 30 January 2011 was GBP4.6m (31 January 2010:
GBP5.4m).
12 Trade and other receivables
26 weeks 26 weeks 52 weeks
ended ended ended
30 January 31 January 1 August
2011 2010 2010
GBP'000 GBP'000 GBP'000
Other receivables 782 2,575 957
Prepayments 19,488 18,466 16,925
----------- ----------- ---------
20,270 21,041 17,882
----------- ----------- ---------
Movement on the provision for
impairment of trade and other
receivables are as follows:
Beginning of financial period 4 214 214
Provision for receivables
impairment - - -
Amounts utilised - - (210)
----------- ----------- ---------
End of financial period 4 214 4
----------- ----------- ---------
13 Cash and cash equivalents
26 weeks 26 weeks 52 weeks
ended ended ended
30 January 31 January 1 August
2011 2010 2010
GBP'000 GBP'000 GBP'000
Cash in hand and at bank held in
Sterling 4,790 4,959 5,427
Sterling equivalent of cash in hand
and at bank held in Euros - 83 148
Short term deposits held in Sterling 4,586 3,976 1,650
Sterling equivalent of short term
deposits held in Euros - 479 -
----------- ----------- ---------
9,376 9,497 7,225
----------- ----------- ---------
14 Trade and other payables
26 weeks 26 weeks 52 weeks
ended ended ended
30 January 31 January 1 August
2011 2010 2010
GBP'000 GBP'000 GBP'000
Trade payables 44,693 33,798 24,879
Other taxation and social security 9,801 9,311 3,980
Other payables 7,496 5,899 6,765
Deferred income 1,759 1,731 1,443
Other accruals 9,664 13,662 10,303
----------- ----------- ---------
73,413 64,401 47,370
----------- ----------- ---------
15 Provisions
Onerous Employee
leases benefits Total
GBP'000 GBP'000 GBP'000
At 2 August 2009 1,556 108 1,664
Utilised in the period (168) - (168)
Credited in the period (12) - (12)
Unwinding of discount 39 - 39
-------- ---------- --------
At 31 January 2010 1,415 108 1,523
Utilised in the period (169) (30) (199)
Charged in the period 1,201 55 1,256
Unwinding of discount (32) - (32)
-------- ---------- --------
At 1 August 2010 2,415 133 2,548
Utilised in the period (306) - (306)
Charged in the period 1,849 - 1,849
Unwinding of discount 5 - 5
-------- ---------- --------
At 30 January 2011 3,963 133 4,096
-------- ---------- --------
Amounts due within one year 639
Amounts due after more than one
year 3,457
--------
4,096
--------
The provision for onerous leases relates to empty properties or
properties sub-let at less than their passing rent over the life of
the lease. For the period ended 30 January 2011 the discount rate
used in calculating the provision was 0.5% (31 January 2010:
0.5%).
16 Assets and liabilities of discontinued
operations
26 weeks 26 weeks
ended ended
30 January 31 January
2011 2010
GBP'000 GBP'000
Assets of discontinued operations
Cash and cash equivalents 180 -
----------- -----------
Liabilities of discontinued operations
Trade and other payables (295) -
Deferred tax liability (116) -
----------- -----------
411 -
----------- -----------
17 Reconciliation of net debt
Cash Borrowings Net debt
GBP'000 GBP'000 GBP'000
Balance at 2 August 2009 9,056 (59,000) (49,944)
Financing costs capitalised - 2,419 2,419
-------- ----------- ---------
9,056 (56,581) (47,525)
Cash flow movement 441 31,001 31,442
Amortisation of finance costs - (493) (493)
-------- ----------- ---------
Balance at 31 January 2010 9,497 (26,073) (16,576)
Cash flow movement (2,272) (15,001) (17,273)
Amortisation of finance costs - (492) (492)
-------- ----------- ---------
Balance at 1 August 2010 7,225 (41,566) (34,341)
Cash flow movement 2,331 28,500 30,651
Cash held by discontinued operations (180) - -
Amortisation of finance costs - (493) (493)
-------- ----------- ---------
Balance at 30 January 2011 9,376 (13,559) (4,183)
Financing costs capitalised - (941) (941)
-------- ----------- ---------
Net debt before financing costs 9,376 (14,500) (5,124)
-------- ----------- ---------
18 Dividends
26 weeks 26 weeks 52 weeks
ended ended ended
30 January 31 January 1 August
2011 2010 2010
GBP'000 GBP'000 GBP'000
Final - - -
Interim - - -
----------- ----------- ---------
- - -
----------- ----------- ---------
19 Risks and uncertainties
The Board and senior management are responsible for identifying
and managing potential risks and uncertainties which could have an
impact on the performance of the Group. These are set out in the
Annual Report and Financial Statements 2010 and the Board considers
that these remain the principal risks which could affect the Group
in respect of the current financial year.
20 Forward looking statements
To the extent that any statement in this interim report can be
considered forward looking, the Board can give no assurance that
these statements will prove to be correct. Because any such
statement involves risk and uncertainty, actual results may differ
materially from any expressed or implied by these forward looking
statements.
The Board undertakes no obligation to update any forward looking
statement whether as a result of new information, future events or
otherwise.
21 Statement of directors' responsibilities
The directors confirm, to the best of their knowledge and
belief, that this condensed set of financial statements has been
prepared in accordance with IAS 34 as adopted by the European Union
and that the interim report herein includes a fair review of the
information required by DTR 4.2.7 and DTR 4.2.8.
The directors of Clinton Cards PLC are listed in the Clinton
Cards PLC Annual Report and Financial Statements 2010 and on the
company website at www.clintoncards.co.uk.
By order of the Board
__________________________________
__________________________________
D J Lewin, OBE P Salador, FCCA
Chairman Group Finance Director
23 March 2011
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR DKNDPFBKDANB
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