Interim Results
30 November 2006 - 8:09PM
UK Regulatory
RNS Number:9741M
Strategic Retail PLC
30 November 2006
STRATEGIC RETAIL Plc
INTERIM REPORT
2006
Chairman's Statement
On 10th of November 2006 the company acquired the undertaking and certain assets
of the business and assets of Furniture Express Limited (in administration).
The purchase included stock at significant discount and what we believe to be
the flagship store based in Carlisle.
The Group continues to carefully manage the portfolio and now trades out of 66
stores.
Results for the 26 weeks ended 26 August 2006
The operating profit before amortisation in the 26 weeks to 26 August 2006 was
#5k compared to a loss of (#47k) in the 26 weeks to 27 August 2005.
Outlook
The continued elimination of poorer performing smaller stores together with
selective acquisition of larger stores more suitable to a 'Texstyle World' offer
presents the best opportunity for progress. We will continue to identify and
acquire suitable targets.
I W Currie
Chairman
30 November 2006
PROFIT AND LOSS ACCOUNT
(UNAUDITED) (UNAUDITED) AUDITED
26 wks ended 26 wks ended 52 wks ended
26/08/06 27/08/05 25/02/06
#000 #000 #000
Turnover 10,938 9,274 17,912
Operating Profit/ (Loss) before amortisation 5 (47) 417
Amortisation of Goodwill (112) - (239)
Operating Profit/ (Loss) after amortisation (107) (47) 178
Interest (11) - -
Profit/ (Loss) on ordinary activities before taxation (118) (47) 178
Taxation
Retained Profit/ (Loss) for the period (118) (47) 178
Earnings per Share
Operating Profit/ (Loss) before amortisation 0.03p (0.30p) 2.58p
Earnings per Share
Retained Profit/ (Loss) for the period (0.70p) (0.30p) 1.10p
The Company has no other recognised gains and losses other than as shown above
and therefore no separate statement of total recognised gains or losses has been
presented.
The interim results have been prepared on the basis of the accounting policies
set out in the Company's accounts for the year ended 25th February 2006, and are
neither audited or reviewed.
Consolidated Cash flow Statement for the 26 week period ended 26 August 2006
(Unaudited) (Unaudited) Audited
26 weeks 26 weeks 52 weeks
ended ended ended
26/08/06 27/08/05 25/02/06
#000 #000 #000
Cash flow from operating activities (437) (76) 484
Net cash flow from returns on investments and servicing
finance (11) 0 0
Capital expenditure (105) (152) (407)
Net cash outflow for acquisitions and disposals (0) (0) (1,002)
------- ------- -------
Cash outflow before financing (553) (228) (925)
Financing
Issue of ordinary share capital (0) (0) 300
------- ------- -------
(Decrease) of cash in the period (553) (228) (625)
==== ==== ====
Reconciliation of operating (loss) profit to net cash outflow from operating activities
Operating (loss)/profit (107) (47) 178
Depreciation 141 133 240
Amortisation of goodwill 112 - 239
Loss on disposal of tangible fixed assets 120 - 14
(Increase) /decrease in stock (96) 37 321
Decrease in debtors 220 166 120
(Decrease) /increase in creditors (610) (365) 361
Decrease in provisions (217) - (989)
------- ------- -------
Cash flow from operating activities (437) (76) 484
==== ==== ====
Summarised Balance Sheet
(Unaudited) (Unaudited) (Audited)
26 wks ended 26 wks ended 52 wks ended
26/08/06 27/08/05 25/02/06
#000 #000 #000
FIXED ASSETS
Intangible assets 4,151 368 4,263
Tangible assets 1,181 628 1,337
--------- ------ --------
5,332 996 5,600
--------- ------ --------
CURRENT ASSETS
Stocks 4,568 3,258 4,472
Debtors 539 713 759
Cash at bank and in hand 5 955 558
-------- -------- --------
5,112 4,926 5,789
-------- -------- --------
CREDITORS - amounts falling due within one year (3,652) (2,981) (4,262)
Net current assets 1,460 1,945 1,527
Provisions (1,728) - (1,945)
-------- -------- --------
NET ASSETS 5,064 2,941 5,182
-------- -------- --------
CAPITAL & RESERVES
Called up share capital 84 80 84
Share premium account 3,025 2,729 3,025
Shares to be issued 1,715 - 1,715
Profit & loss account 240 132 358
-------- -------- --------
5,064 2,941 5,182
--------- --------- ---------
NOTES TO THE FINANCIAL INFORMATION
1. The interim results are unaudited and do not comprise full
accounts within the meaning of Section 240 of the Companies Act 1985. The
results for the year ended 25th February 2006 are in abbreviated form and have
been extracted from the published accounts filed with the Registrar of
Companies. These were audited and reported upon without qualification by Baker
Tilly and did not contain a statement under Section 237(2) or (3) of the
Companies Act 1985.
2. No interim dividend is being proposed or paid.
3. The earnings per share has been calculated on the 16,810,574 shares in
issue.
Copies of this report will be sent to all shareholders and are available on
request free of charge from the registered office of the company: 3 Ralli
Courts, West Riverside, Manchester, M3 5FT
For further information, please contact:
Ian Currie, Strategic Retail plc Tel: 0161 831 1512
David Youngman, WH Ireland Limited Tel: 0161 832 2174
This information is provided by RNS
The company news service from the London Stock Exchange
END
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