RNS Number:3043O
Thorntons PLC
20 February 2008
For Immediate Release
Thorntons PLC
Announcement of Interim Results
Thorntons PLC ("Thorntons" or "the Company") today announced its interim results
for the 28 weeks ended 12 January 2008.
Highlights:
* Revenues of �126.7 million showed an increase of 13.9% (2007: �111.2 million)
* Profit before tax increased by 14.0% to �11.9 million (2007: �10.5 million)
* Earnings per share of 12.5p were up 16.8% (2007: 10.7p)
* Net debt was reduced by �4.3 million versus last year
* The interim dividend is maintained at 1.95p per share
Mike Davies, Thorntons Chief Executive, said:
"Thorntons continues to make good progress across all channels and has now
delivered sales growth for five consecutive quarters. We remain focused on
strengthening our brand proposition, product innovation, in-store developments
and customer service. Whilst the retail sector continues to be challenging, the
Company remains on course to meet market expectations."
ENDS
For further information please contact:
Cardew Group T: 020 7930 0777
Sofia Rehman/Nadja Vetter
Interim management report
I am pleased to report sales of �126.7 million (2007: �111.2 million) for the 28
weeks to 12 January 2008 which represents growth of 13.9%. Profit before tax
increased by 14.0% from �10.5 million to �11.9 million. Our strategy, focused on
increasing brand relevance, product innovation, in-store environment and
customer service, has now delivered five consecutive quarters of growth. While
the outlook for the retail sector continues to be challenging, we remain on
course to meet market expectations for the full year and are pleased to maintain
the interim dividend of 1.95p.
Sales Channels
Overall sales in the first quarter benefited from the poor weather in the summer
months, but still showed an encouraging 7.6% growth in the second quarter
against improving comparatives.
Own Stores
Product innovation and improved customer service were the key contributors to
sales growth of 4.7% to �82.1 million in our own stores. During the period,
sales benefited from the re-launch of the Continental range in addition to an
enhanced all year round children's range with no artificial colours or added
preservatives. In addition to this, both the children's and adult Christmas
ranges were well received. Customer service was improved with significant
investment in store staff and the roll out of the "You are the difference"
programme that is succeeding in improving morale and reducing staff turnover
rates. A new store concept is being developed and is on track for 10 trial
stores to be rolled out during the summer. During the period we opened 10 new
stores bringing the total number of own stores to 378.
Franchise
Franchise sales increased by 18.6% to �9.6 million in the period benefiting from
the same product innovation as in the own stores. A net 34 new franchisees were
added during the half year, mainly located in smaller towns across the UK,
increasing the number of franchise stores to 252.
Commercial
Commercial sales grew by a strong 45.0% to �29.7 million as a result of product
innovation and increased distribution within existing and new customers.
Thorntons boxed chocolates further strengthened their position as the leading
brand in the grocery sector.
Thorntons Direct
Thorntons Direct (www.thorntons.co.uk) services our consumer and corporate
customers through our web site, dedicated call centre and catalogue sales
channels. We continued to show steady progress with a growth of 25.6% to �5.3m
driven by an increase in our database, improved conversion rates and delivery
accuracy.
Margins and Operating Expenses
Gross margins declined from 55.1% of sales last year to 51.5% this year due to a
shift in the mix of sales through our different channels, the improved value for
money proposition of certain new and re-launched products, an increase in
promotional activity and a relatively limited impact of raw material cost
increases which were largely offset by improved manufacturing overhead
absorption.
The growth in operating expenses was contained, despite including investments in
advertising, shop staff incentivisation and training. Operating expenses net of
operating income represented 41.2% of sales this year compared with 44.7% last
year.
Financial Position
The Group's net debt position of �11.3 million at 12 January 2008 improved by
�4.3 million compared with the position at the end of the corresponding period
last year. Thorntons is a seasonal business with strong sales in the Christmas
period and we would expect that, by the end of the financial year, net debt will
have returned to levels similar to those at the end of June 2007.
The Group successfully renegotiated its committed facilities for a three year
period in July 2007 before credit markets deteriorated and has sufficient
financing to service its foreseeable working capital and capital investment
requirements.
Principal Risks and Uncertainties
Our 2007 Annual Report (pages 12 and 13) outlines our assessment of the
principal risks and uncertainties facing the business, together with the
processes which are in place to monitor and mitigate those risks where possible.
Looking forward to the second half of the current financial year, we believe
that the risks and processes identified in the 2007 Annual Report are still
applicable.
Management Changes
During the period, Peter Wright joined the Board as Marketing Director. Peter
joined Thorntons following eight years in various senior marketing positions
with Tesco Plc. We are delighted to have Peter on board and believe that his
expertise will help us further strengthen Thorntons and facilitate the delivery
of our sales and marketing led strategy.
Outlook
Thorntons continues to make good progress with the implementation of the
strategy aimed at realising the full potential of the business. I am confident
that, if we continue to remain close to our traditional values of high quality
products and innovation and keep the customer at the forefront of our thinking,
we will deliver long term sustainable growth.
Mike Davies
Chief Executive
Consolidated income statement
Note Unaudited Unaudited Audited
28 weeks 28 weeks 53 weeks
ended ended ended
12 January 6 January 30 June
2008 2007 2007
�'000 �'000 �'000
--------------------------------------------------------------------------------
Revenue 126,671 111,196 185,989
Cost of sales (61,388) (49,935) (86,022)
--------------------------------------------------------------------------------
Gross profit 65,283 61,261 99,967
Operating expenses (52,690) (50,077) (91,923)
Other operating income 512 397 808
--------------------------------------------------------------------------------
Operating profit 13,105 11,581 8,852
Finance income 22 17 61
Finance costs (1,189) (1,125) (1,832)
--------------------------------------------------------------------------------
Profit before taxation 11,938 10,473 7,081
Taxation 5 (3,630) (3,435) (1,785)
--------------------------------------------------------------------------------
Profit attributable to equity
shareholders 8,308 7,038 5,296
--------------------------------------------------------------------------------
Earnings per share attributable to
equity shareholders
Basic 6 12.5p 10.7p 8.0p
Diluted 6 12.3p 10.5p 7.9p
--------------------------------------------------------------------------------
All activities in both the current and previous year relate to continuing
operations.
Consolidated statement of recognised income and expense
Unaudited Unaudited Audited
28 weeks 28 weeks 53 weeks
ended ended ended
12 January 6 January 30 June
2008 2007 2007
�'000 �'000 �'000
--------------------------------------------------------------------------------
Actuarial gain recognised in the
defined benefit pension scheme 1,679 (412) 1,510
Movement of deferred tax on
pension liability (470) 124 (453)
Effect of reduction in tax rate - - (342)
Profit attributable to equity
shareholders 8,308 7,038 5,296
--------------------------------------------------------------------------------
Total recognised income and
expense for the financial period 9,517 6,750 6,011
--------------------------------------------------------------------------------
The notes below form an integral part of this condensed consolidated half-yearly
information.
Consolidated balance sheet
Note Unaudited Unaudited Audited
as at as at as at
12 January 6 January 30 June
2008 2007 2007
�'000 �'000 �'000
--------------------------------------------------------------------------------
Assets
Non-current assets
Intangible assets 5,192 6,314 5,950
Property, plant and equipment 65,740 68,551 66,378
--------------------------------------------------------------------------------
8 70,932 74,865 72,328
--------------------------------------------------------------------------------
Current assets
Inventories 19,047 15,290 18,202
Trade and other receivables 19,723 16,084 12,628
Cash and cash equivalents 2,088 1,274 2,858
--------------------------------------------------------------------------------
40,858 32,648 33,688
--------------------------------------------------------------------------------
Liabilities
Current liabilities
Trade and other payables (33,633) (27,908) (19,859)
Borrowings 12 (7,087) (9,473) (22,577)
Current tax liabilities (3,215) (2,185) (1,418)
Provisions for liabilities (160) (176) (181)
--------------------------------------------------------------------------------
(44,095) (39,742) (44,035)
--------------------------------------------------------------------------------
Net current liabilities (3,237) (7,094) (10,347)
--------------------------------------------------------------------------------
Non-current liabilities
Borrowings 12 (6,317) (7,417) (6,692)
Deferred tax liabilities (4,158) (3,556) (2,512)
Retirement benefit obligations 9 (12,993) (17,911) (15,417)
Other non-current liabilities (2,368) (2,050) (1,996)
Provisions for liabilities (567) (455) (478)
--------------------------------------------------------------------------------
(26,403) (31,389) (27,095)
--------------------------------------------------------------------------------
Net assets 41,292 36,382 34,886
--------------------------------------------------------------------------------
Shareholders' equity
Ordinary shares 10 6,830 6,805 6,811
Share premium 10 13,707 13,514 13,551
Retained earnings 10 20,755 16,063 14,524
--------------------------------------------------------------------------------
Total equity 41,292 36,382 34,886
--------------------------------------------------------------------------------
The notes below form an integral part of this condensed consolidated half-yearly
information.
Consolidated cash flow statement
Note Unaudited Unaudited Audited
28 weeks 28 weeks 53 weeks
ended ended ended
12 January 6 January 30 June
2008 2007 2007
�'000 �'000 �'000
--------------------------------------------------------------------------------
Cash flows from operating
activities 11 23,752 20,845 14,600
--------------------------------------------------------------------------------
Cash flows from investing
activities
Proceeds from sale of
property, plant and equipment 275 237 400
Purchase of property, plant
and equipment (3,318) (3,293) (5,030)
--------------------------------------------------------------------------------
Net cash used in investing
activities (3,043) (3,056) (4,630)
--------------------------------------------------------------------------------
Cash flows from financing
activities
Net proceeds from issue of
ordinary shares 175 705 748
Net interest paid (1,157) (1,132) (1,824)
Capital element of finance
lease repayments (2,210) (2,416) (4,526)
Borrowings (repaid)/advanced (17,000) (12,000) 3,000
Dividends paid (3,235) (3,211) (4,512)
--------------------------------------------------------------------------------
Net cash used in financing
activities (23,427) (18,054) (7,114)
--------------------------------------------------------------------------------
Net (decrease)/increase in
cash and cash equivalents and
bank overdrafts (2,718) (265) 2,856
Cash and cash equivalents at
beginning of period 2,858 2 2
--------------------------------------------------------------------------------
Cash and cash equivalents at
end of period 140 (263) 2,858
--------------------------------------------------------------------------------
The notes below form an integral part of this condensed consolidated half-yearly
information.
Notes to the interim financial statements
1. General information
The company is a limited liability company incorporated and domiciled in the UK.
The address of its registered office is Thornton Park, Somercotes, Alfreton,
Derbyshire DE55 4XJ.
The company is listed on the London Stock Exchange.
The interim financial statements for the 28 weeks ended 12 January 2008 were
approved by the Directors on 19 February 2008. These interim financial
statements do not comprise statutory accounts within the meaning of Section 240
of the Companies Act 1985. The financial information contained in this
half-yearly report in respect of the 53 weeks ended 30 June 2007 has been
extracted from the Annual Report and financial statements which were approved by
the Board of Directors on 11 September 2007 and delivered to the Registrar of
Companies. The report of the auditors on those accounts was unqualified, did not
contain an emphasis of matter paragraph and did not contain any statement under
Section 237 of the Companies Act 1985.
The half-yearly results for the current and comparative periods are unaudited.
The auditors have carried out a review of this condensed, consolidated
half-yearly financial information for the 28 weeks ended 12 January 2008 and
their report is set out below.
2. Basis of preparation
This condensed consolidated half-yearly financial information for the 28 weeks
ended 12 January 2008 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. This condensed
consolidated half-yearly financial report should be read in conjunction with the
annual financial statements for the year ended 30 June 2007, which have been
prepared in accordance with IFRSs as adopted by the European Union.
3. Accounting Policies
The accounting policies adopted are consistent with those of the annual
financial statements for the year ended 30 June 2007, as described in those
annual financial statements.
The following new standards, amendments to standards or interpretations are
mandatory for the first time for the financial year ending 28 June 2008:
* IFRS 7 'Financial instruments: Disclosures', and the complementary
amendment to IAS 1 'Presentation of financial statements - Capital
disclosures'. This new and this amended standard introduce new disclosures
relating to financial instruments. They do not have any impact on the
classification or valuation of financial instruments. The new disclosures
will be made in the Group and Company's financial statements for the year
ending 28 June 2008; and
* IFRIC 11 'IFRS 2 - Group and treasury share transactions'. This is not
expected to have a significant impact on the Group.
The following new standards, amendments to standards and interpretations have
been issued, but are not effective for the year ending 28 June 2008, have not
been early adopted and are not expected to have a significant impact on the
Group:
* IAS 1 (Revised) 'Presentation of financial statements';
* IAS 23 (Revised) 'Borrowing costs';
* IAS 27 (Revised) 'Consolidated and separate financial statements';
* IFRS 2 (Amendment) 'Share-based payment';
* IFRS 3 (Revised) 'Business combinations';
* IFRS 8 'Operating segments';
* IFRIC 10 'Interim financial reporting and impairment';
* IFRIC 12 'Service concession arrangements';
* IFRIC 13 ' Customer loyalty programmes relating to IAS 18, Revenue'; and
* IFRIC 14 'The limit on a defined benefit asset, minimum funding
requirements and their interaction'.
4. Segmental reporting
The Group's operations consist of the vertically-integrated manufacture,
distribution and retail of confectionery products. Given this level of
integration, the Directors consider that there is only one business segment and
therefore the disclosures are given in the primary financial statements or
related notes.
Revenue arises from UK operations and therefore no separate reporting for
geographical segments is required.
5. Taxation
The tax charge including deferred tax for the 28 weeks ended 12 January 2008 is
based on a full year overall tax rate of 30.4% (full year 2007: 25.2%), this
increase being primarily due to the one off credit to deferred tax recognised in
the prior year as a result of the changes to corporation tax rates. The current
year rate has been calculated by reference to the projected charge for the full
year ending 28 June 2008, and reflects the mainstream corporation tax rates of
30% to 31 March 2008 and 28% from 1 April 2008. The current year's forecast
current tax charge also reflects the changes to capital allowances legislation
effective from 1 April 2008. The tax charge exceeds the charge based on these
statutory rates, principally due to depreciation on owned assets not qualifying
for capital allowances and other permanently disallowable items.
6. Earnings per share attributable to equity shareholders
Basic earnings per share is calculated by dividing the earnings attributable to
ordinary shareholders by the weighted average number of ordinary shares
outstanding during the period, excluding those held in the employee share trust
(ESOP), which are treated as cancelled.
For diluted earnings per share the weighted average number of ordinary shares in
issue is adjusted to assume conversion of all dilutive potential ordinary
shares. Dilutive potential ordinary shares are those share options granted to
employees where the exercise price is less than the average market price of the
Company's ordinary shares during the period.
Reconciliations of the earnings and weighted average number of shares used in
the calculations are set out below:
Unaudited Unaudited Audited
28 weeks ended 28 weeks ended 53 weeks ended
12 January 2008 6 January 2007 30 June 2007
Basic Diluted
earnings earnings Basic Diluted Basic Diluted
Earnings per per Earnings earnings earnings Earnings earnings earnings
�'000 share share �'000 per share per share �'000 per share per share
---------------------------------------------------------------------------------------------------------------------
Profit before
effect of
reduction in
tax rate 8,308 12.5p 12.3p 7,038 10.7p 10.5p 4,790 7.2p 7.1p
Effect of
reduction in
tax rate - - - - - - 506 0.8p 0.8p
---------------------------------------------------------------------------------------------------------------------
Profit
attributable
to equity
shareholders 8,308 12.5p 12.3p 7,038 10.7p 10.5p 5,296 8.0p 7.9p
---------------------------------------------------------------------------------------------------------------------
Unaudited Unaudited Audited
28 weeks 28 weeks 53 weeks
ended ended ended
12 January 6 January 30 June
2008 2007 2007
--------------------------------------------------------------------------------
Weighted average number of
ordinary shares 66,705,674 66,036,093 66,346,144
Dilutive effect from share
options 627,242 916,629 741,783
--------------------------------------------------------------------------------
Fully diluted weighted average
number of ordinary shares 67,332,916 66,952,722 67,087,927
--------------------------------------------------------------------------------
7. Ordinary dividends
Unaudited Unaudited Audited
28 weeks 28 weeks 53 weeks
ended ended ended
12 January 6 January 30 June
2008 2007 2007
�'000 �'000 �'000
--------------------------------------------------------------------------------
Final dividend paid for the 53
weeks ended 30 June 2007 of 4.85p
(year ended 24 June 2006: 4.85p) 3,235 3,211 3,211
Interim dividend paid in respect
of the 53 weeks ended 30 June
2007 of 1.95p - - 1,301
--------------------------------------------------------------------------------
Amounts recognised as
distributions to equity holders 3,235 3,211 4,512
--------------------------------------------------------------------------------
The directors have approved an interim dividend of 1.95p per share in respect of
the 28 weeks ended 12 January 2008. This will be paid on 25 April 2008 to
shareholders who are on the register of members on 28 March 2008. The shares
will be quoted ex-dividend on 26 March 2008.
8. Non-current assets (unaudited)
Tangible and
intangible
assets
�'000
--------------------------------------------------------------------------------
Cost
At 30 June 2007 195,277
Additions at cost 4,579
Disposals (935)
--------------------------------------------------------------------------------
At 12 January 2008 198,921
--------------------------------------------------------------------------------
Accumulated depreciation and amortisation
At 30 June 2007 122,949
Charge for the period 5,880
Disposals (840)
--------------------------------------------------------------------------------
At 12 January 2008 127,989
--------------------------------------------------------------------------------
Net book amount at 12 January 2008 70,932
--------------------------------------------------------------------------------
Net book amount at 1 July 2007 72,328
--------------------------------------------------------------------------------
9. Retirement benefit obligations
The valuation of the Thorntons' Pension and Life Assurance Scheme at 30 June
2007 has been updated on an actuarial basis applying current discount and
inflation rate assumptions and incorporating the valuation of the plan assets at
12 January 2008. This has lead to a reduction in the net deficit of �2.4 million
from �15.4 million to �13.0 million.
10. Statement of changes in shareholder's equity (unaudited)
Share Share Retained
capital premium earnings Total
�'000 �'000 �'000 �'000
--------------------------------------------------------------------------------
At 24 June 2006 6,724 12,890 12,340 31,954
--------------------------------------------------------------------------------
Total recognised income and expense - - 6,750 6,750
New share capital issued 81 624 - 705
Share-based payment credit - - 145 145
Effect of tax on share option movement - - (34) (34)
Movement in investment in own shares - - 73 73
Dividends - - (3,211) (3,211)
--------------------------------------------------------------------------------
At 6 January 2007 6,805 13,514 16,063 36,382
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
At 30 June 2007 6,811 13,551 14,524 34,886
--------------------------------------------------------------------------------
Total recognised income and expense - - 9,517 9,517
Cash flow hedges - - (8) (8)
New share capital issued 19 156 - 175
Share-based payment credit - - 223 223
Effect of tax on share option movement - - (284) (284)
Movement in investment in own shares - - 18 18
Dividends - - (3,235) (3,235)
--------------------------------------------------------------------------------
At 12 January 2008 6,830 13,707 20,755 41,292
--------------------------------------------------------------------------------
11. Cash flow from operating activities
a. Cash generated from operations Unaudited Unaudited Audited
28 weeks 28 weeks 53 weeks
ended ended ended
12 January 6 January 30 June
2008 2007 2007
�'000 �'000 �'000
--------------------------------------------------------------------------------
Continuing operations
Operating profit 13,105 11,581 8,852
Adjustments for:
Depreciation and amortisation 5,880 5,855 10,982
Profit on disposal of property,
plant and equipment (180) (219) (353)
Share based payment charge 223 145 291
--------------------------------------------------------------------------------
Operating cash flow before
working capital movements 19,028 17,362 19,772
Changes in working capital
(Increase)/decrease in inventories (845) 27 (2,885)
Increase in trade and other receivables (7,091) (4,364) (875)
Increase in payables 14,278 8,984 1,039
Increase/(decrease) in provisions 68 (2) 26
Decrease in post-employment benefits (745) (442) (1,014)
--------------------------------------------------------------------------------
Cash generated from operations
before taxation 24,693 21,565 16,063
Corporate taxation (941) (720) (1,463)
--------------------------------------------------------------------------------
Cash flows from operating activities 23,752 20,845 14,600
--------------------------------------------------------------------------------
b. Cash and cash equivalents for the Unaudited Unaudited Audited
cash flow statement 28 weeks 28 weeks 53 weeks
ended ended ended
12 January 6 January 30 June
2008 2007 2007
�'000 �'000 �'000
--------------------------------------------------------------------------------
Cash and cash equivalents 2,088 1,274 2,858
Bank overdraft (1,948) (1,537) -
--------------------------------------------------------------------------------
Net position 140 (263) 2,858
--------------------------------------------------------------------------------
12. Reconciliation of movement in net debt
Unaudited Unaudited Audited
28 weeks 28 weeks 53 weeks
ended ended ended
12 January 6 January 30 June
2008 2007 2007
�'000 �'000 �'000
--------------------------------------------------------------------------------
Decrease in cash and cash equivalents (2,718) (265) 2,856
Cash flows from decrease in debt 19,210 14,416 1,526
--------------------------------------------------------------------------------
Change in net debt resulting from
cash flow 16,492 14,151 4,382
Inception of new finance leases (1,397) (2,196) (3,222)
--------------------------------------------------------------------------------
Movement in net debt in the period 15,095 11,955 1,160
Net debt at beginning of period (26,411) (27,571) (27,571)
--------------------------------------------------------------------------------
Net debt at end of period (11,316) (15,616) (26,411)
--------------------------------------------------------------------------------
13. Related party transactions
There are no related party transactions requiring disclosure in the interim
financial statements.
14. Seasonality
Sales are subject to seasonal fluctuations, with peak Christmas demand in the
second quarter of the year. In the year ended 30 June 2007, the 28 weeks to 6
January 2007 represented 60% of annual sales.
Responsibility statement
The directors' confirm 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 management report herein includes a fair review of the information
required by DTR 4.2.7 and DTR 4.2.8.
On behalf of the Board
Mike Davies
Chief Executive
John Wall
Finance Director
19 February 2008
Auditors' report on review of condensed consolidated half-yearly financial
information
Introduction
We have been engaged by the company to review the condensed set of financial
statements in the half-yearly financial report for the 28 weeks ended 12 January
2008, which comprises the consolidated income statement, consolidated statement
of recognised income and expense, consolidated balance sheet as at 12 January
2008, consolidated cash flow statement and the related notes. We have read the
other information contained in the half-yearly financial report and considered
whether it contains any apparent misstatements or material inconsistencies with
the information in the condensed set of financial statements.
Directors' responsibilities
The half-yearly financial report is the responsibility of, and has been approved
by, the directors. The directors are responsible for preparing the half-yearly
financial report in accordance with the Disclosure and Transparency Rules of the
United Kingdom's Financial Services Authority.
As disclosed in note 2, the annual financial statements of Thorntons PLC are
prepared in accordance with IFRSs as adopted by the European Union. The
condensed set of financial statements included in this half-yearly financial
report has been prepared in accordance with International Accounting Standard
34, "Interim Financial Reporting", as adopted by the European Union.
Our responsibility
Our responsibility is to express to the company a conclusion on the condensed
set of financial statements in the half-yearly financial report based on our
review. This report, including the conclusion, has been prepared for and only
for the company for the purpose of the Disclosure and Transparency Rules of the
Financial Services Authority and for no other purpose. We do not, in producing
this report, accept or assume responsibility for any other purpose or to any
other person to whom this report is shown or into whose hands it may come save
where expressly agreed by our prior consent in writing.
Scope of review
We conducted our review in accordance with International Standard on Review
Engagements (UK and Ireland) 2410, 'Review of Interim Financial Information
Performed by the Independent Auditor of the Entity' issued by the Auditing
Practices Board for use in the United Kingdom. A review of interim financial
information consists of making enquiries, primarily of persons responsible for
financial and accounting matters, and applying analytical and other review
procedures. A review is substantially less in scope than an audit conducted in
accordance with International Standards on Auditing (UK and Ireland) and
consequently does not enable us to obtain assurance that we would become aware
of all significant matters that might be identified in an audit. Accordingly, we
do not express an audit opinion.
Conclusion
Based on our review, nothing has come to our attention that causes us to believe
that the condensed set of financial statements in the half-yearly financial
report for the 28 weeks ended 12 January 2008 is not prepared, in all material
respects, in accordance with International Accounting Standard 34 as adopted by
the European Union and the Disclosure and Transparency Rules of the United
Kingdom's Financial Services Authority.
PricewaterhouseCoopers LLP
Chartered Accountants
Leeds
19 February 2008
Notes:
(a) The maintenance and integrity of the Thorntons PLC web site is the
responsibility of the directors; the work carried out by the auditors does not
involve consideration of these matters and, accordingly, the auditors accept no
responsibility for any changes that may have occurred to the interim report
since it was initially presented on the web site.
(b) Legislation in the United Kingdom governing the preparation and
dissemination of financial information may differ from legislation in other
jurisdictions.
This information is provided by RNS
The company news service from the London Stock Exchange
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