RNS Number:0121T
Theo Fennell PLC
09 December 2003
9 December 2003
Theo Fennell plc
Interim Report
for the six months ended 30 September 2003
FINANCIAL HIGHLIGHTS
* Turnover up 26% over last year (#7.5m vs #5.9m)
* Operating loss reduced to #98,000 from #300,000 last year
* First full year for new management team
* Additional new outlets now trading in time for the important Christmas
season
The Chairman, Richard Northcott, commented:
"The overall improvement this year is the result of strong planning by the new
management team and a continually improving product offer. We have started the
new financial year on a positive note."
For further information:
Richard Northcott Chairman 020 7589 3097
Richard Fallowfield / Rupert Pittman CardewChancery 020 7930 0777
Theo Fennell Plc
Chairman's Statement
I am pleased to announce that the Company's unaudited accounts for the 26 weeks
ended 30 September 2003 show that sales for the period were #7.5 million
representing a 26% improvement over last year, (#5.9 million). This increase
resulted in a significant reduction in our operating loss for the six months
from #299,681 to #98,362.
This will be our first full year of operation for the new management team and
the overall improvement reflects both strong planning and a much improved
product offer. The Company continues to benefit from the recently re-designed
jewellery department in Selfridges and sales from its new concession in Harvey
Nichols, Manchester.
As always Christmas is crucial but we approach it with cautious optimism.
Richard Northcott
Chairman
9 December 2003
Theo Fennell Plc
Profit and Loss Account (Unaudited)
for the six months ended 30 September 2003
Six months Six months Year
ended 30 ended 30 ended 31
September September March
2003 2002 2003
# # #
Turnover 7,508,200 5,969,719 13,817,951
Cost of sales (6,988,488) (5,715,457) (12,512,358)
Gross profit 519,712 254,262 1,305,593
Administrative expenses (618,074) (553,943) (1,141,316)
Operating (loss) / profit (98,362) (299,681) 164,277
Net interest payable (54,066) (30,100) (68,489)
(Loss) / profit on
ordinary activities
before taxation (152,428) (329,781) 95,788
Tax on (loss) / profit
on ordinary activities 43,244 92,989 17,881
(Loss) / profit for
the financial period (109,184) (236,892) 113,669
(Loss) / profit per share (0.67)p (1.46)p 0.70p
Theo Fennell Plc
Balance Sheet (Unaudited)
as at 30 September 2003
As at 30 As at 30 As at 31
September September March
2003 2002 2003
# # #
Fixed Assets
Tangible assets 559,128 448,454 465,868
Current assets
Stocks 7,995,646 7,197,887 7,941,654
Debtors 2,236,149 1,996,345 1,894,656
Cash at bank and in hand 9,219 2,120 8,454
10,241,014 9,196,352 9,844,764
Creditors: amounts falling
due within one year (4,193,138) (4,279,179) (4,594,444)
Net current assets 6,047,876 4,917,173 5,250,320
Total assets less current
liabilities 6,607,004 5,365,627 5,716,188
Creditors: amounts falling
due after one year (1,000,000) - -
Net assets 5,607,004 5,365,627 5,716,188
Capital and reserves
Called up share capital 808,892 808,892 808,892
Share premium account 3,879,752 3,879,752 3,879,752
Profit and loss account 918,360 676,983 1,027,544
Shareholders' funds 5,607,004 5,365,627 5,716,188
Theo Fennell Plc
Cash Flow Statement (Unaudited)
for the six months ended 30 September 2003
Six months Six months Year
ended 30 ended 30 ended 31
September September March
2003 2002 2003
# # #
Net cash (outflow) from
operating activities (313,242) (813,055) (403,420)
Returns on investment and
servicing of finance
Net interest paid (54,066) (30,100) (68,489)
Taxation
Corporation tax paid - - -
Capital expenditure
Purchase of fixed assets (195,948) (116,853) (235,974)
Sale of fixed assets - - 12,399
Net cash outflow before
financing (563,256) (960,008) (695,484)
Financing
Capital element of hire
purchase agreements - (2,292) (2,292)
Issue of convertible loan note 1,000,000
Increase/(Decrease) in cash 436,744 (962,300) (697,776)
Theo Fennell Plc
Notes
1. The financial statements for the period under review have not been
audited or reviewed by the Company's auditors, Grant Thornton, but have
been reviewed and approved by the Audit Committee.
2. The results for the year ended 31 March 2003 are taken from the statutory
financial statements, which were reported on by the Company's auditors
without qualification. These have been filed with the Registrar of
Companies.
3. The calculation of loss per share is based upon the loss on ordinary
activities after taxation of #109,184 (six months ended 30 September 2002:
loss of #236,892; year ended 31 March 2003: profit of #113,669) and the
weighted average number of shares of 16,177,831 for all periods.
4. Cash flow from operating activities:
Six months Six months Year
ended 30 ended 30 ended 31
September September March
2003 2002 2003
# # #
Operating (loss) / profit (98,362) (299,681) 164,277
Depreciation charges 102,688) 84,789 176,809
Deficit on disposal of
fixed assets - - (2,712)
(Increase) in stocks (53,992) (270,599) (1,014,366)
(Increase) in debtors (341,493) (379,612) (235,674)
Increase in creditors 77,917 52,048 508,246
Net cash (outflow) from
operating activities (313,242) (813,055) (403,420)
5. A copy of the interim statement will be posted to shareholders and made
available to the public at the Company's Registered Office, 2b Pond Place,
London SW3 6TF for one month from the date thereof.
6. No interim dividend is declared on the ordinary shares.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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