Interim Results
06 October 2007 - 1:49AM
UK Regulatory
RNS Number:2587F
Shoprite Group PLC
05 October 2007
SHOPRITE GROUP P.L.C.
INTERIM REPORT for the 28 WEEKS ENDED 14 JULY 2007
CHAIRMAN'S STATEMENT
INTERIM RESULTS FOR THE 28 WEEKS ENDED 14 JULY 2007
Group turnover, including concession sales, for the period ended 14 July 2007,
amounted to #37.5m
(2006 : #37.4m). This yielded an operating profit of #402,000, by comparison to
an operating profit of #169,000 last year. However, after deduction of net
interest payable, the Group incurred a loss on ordinary activities before
taxation of #88,000 (2006 loss: #254,000).
Grocery Retailing
The grocery market within the Isle of Man remains highly competitive and in
common with other retailers, the poor weather during the summer reduced demand
for seasonal goods. Against this backdrop, like for like sales have increased
modestly compared to 2006. Our customers continue to appreciate the unique mix
of Manx produce, regional speciality products and national brands that are
available in our stores.
The second half of 2007 will see changes to the store portfolio within the Isle
of Man, with the first stand alone Shoprite Living store which predominately
features non-food products, opened on 7th September. Initial trading of this
store is in line with our expectations.
Other divisions
Whitestone Garage, our motor retailing subsidiary, has experienced a difficult
trading period in line with the motor trade industry generally, with sales below
those levels experienced in 2006. Whilst increases in interest rates and the
limiting allocation of new models are contributing factors to this position we
are confident that the long term prospects remain good.
Good occupancy levels continue to be experienced in both the Village Walk
Shopping Centre and the Summerhill Village Complex, allowing the property
division to perform in line with expectations.
Offer to buy-back shares
At the AGM in June, Shareholders once again granted approval for the Company to
be able to repurchase up to 20% of its issued share capital. Shareholders will
shortly receive a letter which sets out the terms under which the Company is now
offering to repurchase shares.
Special Resolution
In April 2007 trading of the Company's Shares commenced on the PLUS Market in
addition to the primary listing on the Alternative Investment Market ("AIM").
Since this time, approximately 40% of the trades in the Company's Shares have
been made via the PLUS Market demonstrating that PLUS Market's provides an
effective market for trading in the Company's Shares. The directors also
believe that the PLUS Quoted market is a more appropriate trading platform given
the relative market capitalisation of Shoprite Group P.L.C. and that of the AIM
average.
With this background, attention is drawn to the enclosed Notice of Meeting at
which a Special Resolution is proposed to authorise the directors to seek the
cancellation of the listing of the Company's Ordinary Shares from AIM with
effect from 20 December 2007 and seek the admission of said Shares on the PLUS
Quoted market operated by Plus Markets plc with effect from 21 December 2007.
The proposed Special Resolution requires a majority of not less than
three-fourths of such members as, being entitled so to do, vote in person or by
proxy at the meeting.
Outlook
Looking towards the future, I do not believe that it is possible to anticipate
any easing of the competitive pressures within the Island's grocery market.
Whilst this offers significant benefits to the consumer, our operating margins
will remain under severe pressure during the second half of the year.
Deryck Nicholson
Chairman
5 October 2007
SHOPRITE GROUP P.L.C.
GROUP PROFIT AND LOSS ACCOUNT
FOR THE 28 WEEKS ENDED 14 JULY 2007
Unaudited Unaudited Audited
28 weeks 28 weeks 52 weeks
Ended Ended Ended
14 July 2007 15 July 2006 30 December 2006
#000 #000 #000
Turnover including concession sales 37,491 37,444 70,261
Concession sales (5,568) (5,602) (10,170)
Turnover excluding concession sales 31,923 31,842 60,091
Operating profit 402 169 415
Net interest payable (490) (423) (808)
Loss on ordinary activities before taxation (88) (254) (393)
Taxation - - -
Loss on ordinary activities after taxation (88) (254) (393)
Dividends on ordinary shares - - -
Retained Loss (88) (254) (393)
Loss per share (basic and fully diluted) (note 2) (0.119)p (0.333)p (0.518)p
The information shown in respect of the 52 weeks ended 30 December 2006 is
extracted from the statutory accounts of Shoprite Group P.L.C. for the period
then ended which have been audited. The report of the auditors on those accounts
was unqualified.
SHOPRITE GROUP P.L.C.
GROUP BALANCE SHEET
AS AT 14 JULY 2007
Unaudited Unaudited Audited
14 July 2007 15 July 2006 30 December 2006
#000 #000 #000
Fixed assets
Tangible fixed assets and investment property & development
land 31,140 30,615 31,656
Investments 2 2 2
31,142 30,617 31,658
Current assets
Stocks 5,339 5,203 5,693
Debtors and prepayments 2,430 2,537 2,484
Cash at bank and in hand - - 365
7,769 7,740 8,542
Creditors: due within one year (8,610) (9,409) (9,272)
Net current liabilities (841) (1,669) (730)
Total assets less current liabilities 30,301 28,948 30,928
Creditors: due after one year (10,707) (9,766) (11,231)
Net assets 19,594 19,182 19,697
Capital and reserves
Share capital 3,708 3,809 3,715
Reserves 15,886 15,373 15,982
Equity shareholders' funds 19,594 19,182 19,697
SHOPRITE GROUP P.L.C.
GROUP CASH FLOW STATEMENT
FOR THE 28 WEEKS ENDED 14 JULY 2007
Unaudited Unaudited Audited
28 weeks 28 weeks 52 weeks
Ended Ended Ended
14 July 2007 15 July 2006 30 December 2006
#000 #000 #000
Cash flow from operating activities 686 109 1,101
Returns on investments and servicing of finance (481) (380) (953)
Taxation - - -
Capital expenditure and financial investment (418) (84) (817)
Financing (230) (952) (297)
Decrease in cash in period (443) (1,307) (966)
Reconciliation of net cash flow to movement in net debt #000 #000 #000
Decrease in cash in period (443) (1,307) (966)
Cash outflow from decrease in debt and HP and lease
financing 230 952 297
Change in net debt resulting from cash flows (213) (355) (669)
Other non cash changes:
Net inception of HP and finance leases - (57) (242)
Movement in net debt in the period (213) (412) (911)
Net debt brought forward (12,198) (11,287) (11,287)
Net debt carried forward (12,411) (11,699) (12,198)
SHOPRITE GROUP P.L.C.
Reconciliation of operating profit to operating cash flows Unaudited Unaudited Audited
28 weeks 28 weeks 52 weeks
Ended Ended Ended
14 July 2007 15 July 2006 30 December 2006
#000 #000 #000
Operating profit 402 169 415
Depreciation 860 769 1,451
Loss / (Surplus) on sale of fixed assets 49 2 (8)
Decrease / (Increase) in stock 353 192 (298)
Decrease / (Increase) in operating debtors 56 (596) (543)
(Decrease) / Increase in operating creditors (1,034) (427) 84
Net cash inflow from operating activities 686 109 1,101
SHOPRITE GROUP P.L.C.
GROUP STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES
Unaudited Unaudited Audited
28 weeks 28 weeks 52 weeks
Ended Ended Ended
14 July 2007 15 July 2006 30 December 2006
#000 #000 #000
Unrealised gain on revaluation of investment
properties held for development - - 870
Loss for the period (88) (254) (393)
Total recognised loss (88) (254) 477
Prior year adjustment (632)
Total recognised loss for the period (155)
NOTES
1. Basis of preparation
The summarised historical cost accounts, as modified by the revaluation of
certain tangible fixed assets, for the 28 weeks ended 14 July 2007 have been
prepared on a basis consistent with the group's full accounts for the 52 weeks
ended 30 December 2006.
2. Loss per share
The loss per share is based on the loss after tax of #88,000 and an average of
74,176,332 Ordinary Shares in issue for the period. Any dilution which would
arise on the exercise of share options has no effect on the basic earnings per
share figure.
3. Distribution
Copies of the Interim Report will be sent to shareholders and the AIM team
shortly and will also be posted on the company's website www.manxshoprite.com
SHOPRITE GROUP P.L.C.
INDEPENDENT REVIEW REPORT TO SHOPRITE GROUP PLC
We have been instructed by the company to review the financial information for
the 28 weeks ended 14 July 2007 which comprises the profit and loss account,
balance sheet, cash flow statement, statement of total recognised gains and
losses and the related notes.
We have read the other information contained in the interim report and
considered whether it contains any apparent misstatements or material
inconsistencies with the financial information.
Directors' responsibilities
The interim report, including the financial information contained therein, is
the responsibility of, and has been approved by, the directors. The directors
are responsible for preparing the interim report in accordance with the Listing
Rules of the Financial Services Authority which require that the accounting
policies and presentation applied to the interim figures should be consistent
with those applied in preparing the preceding annual accounts except where any
changes, and the reasons for them, are disclosed.
Review work performed
We conducted our review in accordance with guidance contained in Bulletin 1999/4
issued by the Auditing Practices Board for use in the United Kingdom. A review
consists principally of making enquiries of management and applying analytical
procedures to the financial information and underlying financial data and based
thereon, assessing whether the accounting policies and presentation have been
consistently applied unless otherwise disclosed. A review excludes audit
procedures such as tests of controls and verification of assets, liabilities and
transactions. It is substantially less in scope than an audit performed in
accordance with International Standards on Auditing (UK and Ireland) and
therefore provides a lower level of assurance than an audit. Accordingly, we do
not express an audit opinion on the financial information.
Review conclusion
On the basis of our review we are not aware of any material modifications that
should be made to the financial information as presented for the 28 weeks ended
14 July 2007.
KPMG Audit LLC
Chartered Accountants
Douglas
Isle of Man
5 October 2007
SHOPRITE GROUP P.L.C.
NOTICE OF MEETING
NOTICE IS HEREBY GIVEN that an Extraordinary General Meeting of the Company will
be held at the Hilton Hotel, Central Promenade, Douglas, Isle of Man on Thursday
15 November 2007 at 9.00am for the following purposes:-
To transact the following Special business:
To consider, and if thought fit, pass the following Special Resolution.
1. THAT THE DIRECTORS BE AUTHORISED to seek the cancellation of the listing of
the Company's Ordinary Shares from the Alternative Investment Market ("AIM")
operated by the London Stock Exchange plc with effect from 20 December 2007
and seek the admission of said Shares on the PLUS Quoted market operated by
Plus Markets plc with effect from 21 December 2007, as the Company believes
that the PLUS Quoted market is a more appropriate trading platform given the
relative market capitalisation of Shoprite Group P.L.C. and that of the AIM
average.
By Order of the Board
DS McAdam
Secretary
5 October 2007
NOTES
1. A member entitled to attend and vote at the meeting is entitled to
appoint one or more proxies to attend and, on a poll, to vote in his stead. A
proxy need not be a member of the company. A form of Proxy is enclosed and must
be returned not later than 48 hours before the commencement of the meeting.
2. The register of directors' interests will be available for inspection
during normal business hours at the registered office from this date until the
date of the Extraordinary General Meeting and at the Meeting from 15 minutes
prior to and until the termination of the Meeting.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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