TIDMMMP
RNS Number : 4708A
Marwyn Management Partners PLC
29 September 2015
Marwyn Management Partners plc ("MMP" or "the Company")
Results for the 6 month period to 30 June 2015
The Board of MMP releases below the results for the period from
1 January to 30 June 2015.
Chairman's Statement
I am pleased to present the unaudited interim results for Marwyn
Management Partners plc (the "Company" or "MMP") for the six months
ended 30 June 2015.
Operating update
Year to date sales, on a like-for-like basis, are approximately
flat on prior year, taking into account the strategic decision to
exit non-core product categories such as clothing and shoes and in
addition the continued rationalisation of low margin points of sale
in France. Total Le Chameau revenue for the period was GBP5.0m
(EUR6.5m) compared with GBP6.1m (EUR7.2m) during the comparable
period in 2014.
Consolidated operating loss for the period was GBP3.4 million.
At 30 June 2015, the Group's consolidated net assets were GBP18.1
million and consolidated net cash was GBP10.1 million.
Le Chameau remains the only operating subsidiary of the MMP
business. On the 3 March 2015, MMP raised GBP11.65m, GBP10.0m of
which was set aside to fund the 5 Year Plan of Le Chameau, details
of which were set out in the announcement on the 12 February 2015.
During the 6 month period to the end of June 2015, an initial phase
of investment in key areas of the business has commenced:
-- The implementation of a new IT (ERP) system has begun and
remains on track for delivery in Q1 2016. The system will provide
alignment between each area of the business (sourcing, logistics,
sales and finance) and is required in order for the business to
achieve greater scale
-- The implementation of an omni-channel sales strategy has been
initiated with the termination of the UK distributor agreement and
the recruitment of a direct sales team in that territory
-- Investment continues in product development with boot
products aimed at existing and new customer segments expected to
launch in 2016
Principal risks and uncertainties
The principal risks and uncertainties that affect the Group are
described on pages 6 and 7 of the Group's Report and Consolidated
Financial Statements for the year ended 31 December 2014. These are
still considered the most relevant risks and uncertainties which
the Group faces and they could have an impact on the Group's
performance in the second half of the financial year.
Outlook
Le Chameau remains on track with the implementation of its 5
Year Plan, and we firmly believe MMP's investment in Le Chameau
will deliver long term value for shareholders.
Robert Ware
Chairman
29 September 2015
MARWYN MANAGEMENT PARTNERS PLC
Consolidated Income Statement (unaudited)
For the 6 month period to 30 June 2015
1 January 2015 to 30 June 2015 1 January 2014 to 30 June 2014 (unaudited) Year to 31 December 2014
(unaudited) (audited)
Note GBP'000 GBP'000 GBP'000
------------------------------------------------ --- ----- -------------------------------- --------------------------------------------- --------------------------
Continuing operations
Revenue 5,006 6,107 18,442
Cost of sales (1,636) (2,355) (7,932)
-------------------------------- --------------------------------------------- --------------------------
Gross profit 3,370 3,752 10,510
Administration expenses (6,765) (7,294) (15,648)
Operating loss 3 (3,395) (3,542) (5,138)
Finance revenue 4 - 4
Finance costs (95) (402) (664)
-------------------------------- ---------------------------------------------
Loss before taxation (3,486) (3,944) (5,798)
Taxation - - (381)
-------------------------------- --------------------------------------------- --------------------------
Loss after taxation from continuing activities (3,486) (3,944) (6,179)
Profit/(loss) from discontinued activities (net of
taxation) 140 (2,710) (2,745)
Loss for the period (3,346) (6,654) (8,924)
Loss for the period attributable to:
* Equity holders of the Company (3,050) (6,026) (8,200)
* Non-controlling interests (296) (628) (724)
-------------------------------- --------------------------------------------- --------------------------
(3,346) (6,654) (8,924)
-------------------------------- --------------------------------------------- --------------------------
Basic and diluted loss per share on continuing
operations 5 (0.6p) (6.3p) (2.4p)
Basic and diluted loss per share attributable to the
owners of the parent 5 (0.5p) (9.6p) (3.2p)
Total other comprehensive loss
* Exchange differences on translation
of foreign operations 198 59 332
* Actuarial (loss) on pension scheme - - (203)
* Fair value movements on fuel hedges - - 50
Total other comprehensive loss 198 59 179
-------------------------------- --------------------------------------------- --------------------------
Total comprehensive loss for the period
attributable to:
* Equity holders of the Company (2,852) (5,967) (7,986)
* Non-controlling interests (296) (628) (759)
-------------------------------- --------------------------------------------- --------------------------
(3,148) (6,595) (8,745)
-------------------------------- --------------------------------------------- --------------------------
MARWYN MANAGEMENT PARTNERS PLC
Consolidated Balance Sheet (unaudited)
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As at 30 June 2015
30 June 30 June 31 December
2015 2014 2014
(unaudited) (unaudited) (audited)
Note GBP'000 GBP'000 GBP'000
-------------------------------- ----- ------------- --- ------------- --- ------------
ASSETS
Goodwill 6 943 1,071 1,046
Other intangible assets 2,043 1,928 1,987
Property, plant and
equipment 2,573 3,517 2,984
Other non-current asset 200 216 221
Deferred tax asset - 337 -
------------- ------------- ------------
Total non-current assets 5,759 7,069 6,238
------------- ------------- ------------
Current Assets
Inventories 5,349 5,417 4,251
Trade and other receivables 2,890 4,952 4,962
Cash and cash equivalents 10,450 969 4,176
------------- ------------- ------------
Total current assets 18,689 11,338 13,389
------------- ------------- ------------
Total assets 24,448 18,407 19,627
============= ============= ============
EQUITY AND LIABILITIES
Equity
Share capital 8 7,557 631 4,732
Share premium 42,016 20,441 33,189
Other reserves (364) (999) (562)
Accumulated losses (31,048) (25,656) (27,998)
Equity attributable
to holders of the parent 18,161 (5,583) 9,361
------------- ------------- ------------
Non-controlling interests (77) 446 315
------------- ------------- ------------
Total equity 18,084 (5,137) 9,676
============= ============= ============
Non-current liabilities
Loans and borrowings 7 267 12,855 1,301
Retirement benefit obligations 1,275 1,098 1,406
Deferred tax liabilities 17 19 19
------------- -------------
Total non-current liabilities 1,559 13,972 2,726
------------- ------------- ------------
Current liabilities
Trade and other payables 4,329 7,531 5,353
Loans and borrowings 7 167 1,788 1,554
Provisions for other
liabilities and charges 309 253 318
Total current liabilities 4,805 9,572 7,225
------------- ------------- ------------
Total liabilities 6,364 23,544 9,951
============= ============= ============
Total equity and liabilities 24,448 18,407 19,627
============= ============= ============
The financial statements were approved by the Board of Directors
on 29 September 2015 and were signed on its behalf by:
Mark Kirkland
Chief Financial Officer Company number: 7409681
MARWYN MANAGEMENT PARTNERS PLC
Consolidated Statement of Changes in Equity (unaudited)
For the 6 month period ending 30 June 2015
Total
amounts
attributable
to equity
Share Share Other Accumulated holders of Non-controlling Total
capital premium reserves losses the parent interests equity
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Loss for the
period - - - (3,050) (3,050) (296) (3,346)
Other
comprehensive
income:
Currency
translation
differences - - 198 - 198 - 198
---------- ---------- -------------- -------------- -------------- ----------------- ----------
Total
comprehensive
income - - 198 (3,050) (2,852) (296) (3,148)
Total equity
at 1 January
2015 4,732 33,189 (562) (27,998) 9,361 315 9,676
Acquisition of
minority
interest - - - - - (96) (96)
Shares issued 2,825 8,827 - - 11,652 - 11,652
---------- ---------- -------------- -------------- -------------- ----------------- ----------
Total equity
at 30 June
2015 7,557 42,016 (364) (31,048) 18,161 (77) 18,084
---------- ---------- -------------- -------------- -------------- ----------------- ----------
For the 6 month period ending 30 June 2014
Total
amounts
attributable
to equity
Share Share Other Accumulated holders of Non-controlling Total
capital premium reserves losses the parent interests equity
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Loss for the
period - - - (6,026) (6,026) (628) (6,654)
Other
comprehensive
income:
Currency
translation
differences - - (55) - (55) - (55)
---------- ---------- -------------- -------------- -------------- ----------------- ----------
Total
comprehensive
income - - (55) (6,026) (6,081) (628) (6,709)
Total equity
at 1 January
2014 631 20,441 (944) (19,630) 498 1,074 1,572
---------- ---------- -------------- -------------- -------------- ----------------- ----------
Total equity
at 30 June
2014 631 20,441 (999) (25,656) (5,583) 446 (5,137)
---------- ---------- -------------- -------------- -------------- ----------------- ----------
For the year to 31 December 2014
Total
amounts
attributable
to equity
Share Share Other Accumulated holders
Year ended capital premium reserves losses of the Non-controlling Total
31 December GBP'000 GBP'000 GBP'000 GBP'000 parent interests equity
2014 (audited) GBP'000 GBP'000 GBP'000
Loss for the
year - - - (8,200) (8,200) (724) (8,924)
Other
comprehensive
income:
Currency
translation
differences - - 332 - 332 - 332
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Pension
actuarial
loss - - - (168) (168) (35) (203)
Cash flow
hedges,
net of tax - - 50 - 50 - 50
Total
comprehensive
income - - 382 (8,368) (7,968) (759) (8,745)
Total equity
at 1 January
2014 631 20,441 (944) (19,630) 498 1,074 1,572
Shares issued 4,101 12,748 - - 16,849 - 16,849
Total equity
at 31 December
2014 4,732 33,189 (562) (27,998) 9,361 315 9,676
---------- ---------- ----------- -------------- --------------- ----------------- ----------
The notes form an integral part of the financial
information.
MARWYN MANAGEMENT PARTNERS PLC
Consolidated Condensed Cash Flow Statement (unaudited)
For the 6 month period to 30 June 2015
1 January 1 January Year
2015 2014 to 31
to 30 to 30 December
June June 2014
2015 2014
(audited)
GBP'000 GBP'000 GBP'000
------------------------------------- ---------- ---------- -----------
Cash flows from operating
activities
Operating loss (including
discontinued operations) (3,395) (6,142) (8,543)
Adjustments for:
Loss on disposal/impairment
of discontinuing operations - 1,340 2,745
Depreciation and amortisation 409 160 678
Write down of intangible assets - - (211)
(Increase)/decrease in inventories (1,098) 747 419
Decrease/(increase) in trade
and other receivables 2,072 (145) 632
(Decrease)/increase in trade
and other payables (1,008) 428 (640)
Interest received 4 - 4
Interest paid (95) (42) (571)
Cash (outflow)/inflow from
operations (3,111) (3,654) (5,487)
========== ========== ===========
Cash flow from investing activities
Disposal of subsidiaries 140 - (735)
Purchase of intangible assets - - (171)
Purchase of property, plant
and equipment (150) (368) (388)
---------- ---------- -----------
Net cash out flow from investing
activities (10) (368) (1,294)
========== ========== ===========
Cash flow from financing activities
Repayment of borrowings (2,279) (602) -
Proceeds from bank loans - - 888
Proceeds from issue of loan - - -
notes
Repayment of loan notes - - (12,233)
Proceeds from issue of ordinary
shares 11,652 - 16,849
Proceeds from issue of ordinary 22 - -
shares to non-controlling
interests
Net cash inflow/(outflow)
from financing activities 9,395 (602) 5,504
========== ========== ===========
Effect of exchange rate on
cash and cash equivalents - - (140)
Net (decrease)/increase in
cash and cash equivalents 6,274 (4,624) (1,417)
Cash and cash equivalents
at the start of the period 4,176 5,593 5,593
---------- ---------- -----------
Cash and cash equivalents
at the end of the period 10,450 969 4,176
========== ========== ===========
The amount of undrawn borrowing facilities
at 30 June 2015 was GBP0.4 million.
The notes form an integral part of the financial
information.
1. Reporting entity
MMP is a company incorporated and domiciled in the UK and listed
on the AIM market of the London Stock Exchange plc. The address of
the registered office is 11 Buckingham Street, London, WC2N 6DF.
The Company is a corporate vehicle launched to pursue acquisition
led growth strategies. The Company identifies and works alongside
management teams with proven sector expertise to deliver capital
value through the execution of its "buy and build" strategies.
2. Accounting policies
(a) Basis of preparation
The condensed consolidated unaudited interim financial
information of the Group has been prepared in accordance with the
Disclosure and Transparency Rules of the Financial Conduct
Authority and with IAS 34 'Interim Financial Reporting', as adopted
by the European Union. The condensed consolidated interim financial
information should be read in conjunction with the Report and
Consolidated Financial Statements for the year to 31 December 2014,
which were prepared in accordance with International Financial
Reporting Standards (IFRS) as adopted by the European Union. The
accounting policies used are consistent with those applied in the
year to 31 December 2014. The financial information has been
prepared on a going concern basis.
(b) Going-concern basis
After a review of the Group's budget for 2015 and 2016, its
liquid resources and its medium term plans, the Directors have a
reasonable expectation that the Group has adequate resources to
continue in operational existence for the foreseeable future and,
accordingly, consider that it is appropriate to adopt the going
concern basis in preparing these financial statements.
(c) Basis of consolidation
(i) Subsidiaries
The consolidated condensed financial statements comprise the
financial information of the Company and its subsidiaries as at 30
June 2015. Subsidiaries are entities controlled by the Company. The
financial information of subsidiaries is included in the financial
information from the date that control commences until the date
that control ceases. In accordance with IAS 27, adjustments for
significant transactions that occurred between the dates of the
subsidiaries and parent's financial statements have been made where
appropriate.
The trading results of companies acquired during the period are
accounted for under the purchase method of accounting. All
intra-group transactions, balances, income and expenses are
eliminated on consolidation. The
accounting policies of subsidiaries are changed when necessary
to align them with the policies adopted by the Group.
Non-controlling interests are the present ownership interests in
subsidiary companies, stated at fair value.
(ii) Goodwill
Goodwill arising on the acquisition of subsidiary undertakings
and businesses, representing the excess of the fair value of the
consideration given over the fair value of the identifiable assets
and liabilities acquired, is capitalised as an intangible asset. At
the reporting date, where management's assessment and accounting of
the business combination is in the process of being finalised, the
carrying amount of the assets, liabilities and goodwill are stated
as provisional. The provisional amounts will be finalised within 12
months from the date of acquisition, with appropriate adjustments
made to the assets, liabilities and goodwill as prior year
adjustments where necessary.
The carrying value of goodwill is tested for impairment at least
annually by reference to the relevant cash generating unit (CGU)
and is carried at cost less accumulated impairment losses. Any
impairment is recognised immediately in the consolidated income
statement and is not subsequently reversed.
3. Segment information
The determination of operating segments is based on the business
units for which information is reported to the Board. Prior to the
sale of MET, the Group had two reportable segments: Transport and
Luxury Goods. The Chief Operating Decision Maker is Mark Watts, an
Executive Director of the Company, who is responsible for
determining the business units for which information is reported to
the Board of MMP. The Luxury Goods segment consists of the Le
Chameau business. The Central segment records central costs from
head office expenditure and functions.
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