TIDMTBK
RNS Number : 4328A
Ted Baker PLC
08 October 2009
8 October 2009
Ted Baker PLC
Interim Results for the 28 weeks ended 15 August 2009
Highlights
+--------+--------------+
| * | Better |
| | than |
| | expected |
| | Group |
| | performance |
| | in |
| | difficult |
| | trading |
| | environment |
+--------+--------------+
| * | Retail |
| | sales |
| | up |
| | 15.0% |
| | with |
| | UK |
| | performing |
| | ahead of |
| | expectations |
+--------+--------------+
| * | New |
| | retail |
| | store |
| | opened |
| | in |
| | Orlando |
| | during |
| | the |
| | first |
| | half |
+--------+--------------+
| * | New |
| | retail |
| | store |
| | openings |
| | planned |
| | for |
| | Heathrow |
| | Terminal |
| | 1, |
| | Boston |
| | and |
| | Melbourne |
| | in the |
| | second |
| | half |
+--------+--------------+
| * | Ted |
| | Baker |
| | Born |
| | range |
| | successfully |
| | launched in |
| | August and |
| | initial |
| | customer |
| | reactions |
| | have been |
| | positive |
+--------+--------------+
+----------+----------+----------+---------+-----------+
| | 28 | 28 | Change | 53 |
| | weeks | weeks | | weeks |
| | ended | ended | | ended |
| | 15 | 9 | | 31 |
| | August | August | | January |
| | 2009 | 2008 | | 2009 |
+----------+----------+----------+---------+-----------+
| Group | GBP76.6m | GBP71.6m | 7.0% | GBP152.7m |
| Revenue | | | | |
+----------+----------+----------+---------+-----------+
| Profit | GBP6.0m | GBP7.4m | (18.4)% | GBP17.8m |
| Before | | | | |
| Tax | | | | |
+----------+----------+----------+---------+-----------+
| Basic | 10.4p | 12.4p | (16.1)% | 29.6p |
| EPS | | | | |
+----------+----------+----------+---------+-----------+
| Interim | 5.25p | 5.25p | 0% | 11.4p |
| Dividend | | | | |
+----------+----------+----------+---------+-----------+
Commenting, Ray Kelvin, Founder and Chief Executive, said:
"The Group's performance in the first half of the year has been better than
expected given the difficult trading environment. This trend has continued into
the second half and whilst we remain cautious, given the uncertain economic
outlook, the initial reactions to our Autumn / Winter collections have been
encouraging.
We continue to benefit from our multi-channel distribution strategy and this,
coupled with the strength of the Ted Baker brand and the support of our strong
balance sheet, means we remain well placed to invest in the long term
development of our business."
+------------+---------------+
| Enquiries: | |
+------------+---------------+
| | |
+------------+---------------+
| Ted | Tel: |
| Baker | 020 |
| PLC | 7796 |
| | 4133 |
| | on 8 |
| | October |
| | 2009 |
| | only |
+------------+---------------+
| Ray | Tel: |
| Kelvin, | 020 |
| Chief | 7255 |
| Executive | 4800 |
| | thereafter |
+------------+---------------+
| Lindsay | |
| Page, | |
| Finance | |
| Director | |
+------------+---------------+
| | |
+------------+---------------+
| Hudson | Tel: |
| Sandler | 020 7796 4133 |
+------------+---------------+
| Michael | |
| Sandler | |
+------------+---------------+
| Kate | |
| Hough | |
+------------+---------------+
CHAIRMAN'S STATEMENT
The Group's performance in the first half of the year has been better than
expected in an uncertain trading environment.
We continue to benefit from our multi-channel distribution strategy through
which we operate our retail, wholesale and licence businesses. Sales in our
retail division were ahead of expectations, with sales up 15.0% to GBP61.3m on
average selling space up 16.1%. We continue to experience difficult trading
conditions in our overseas markets, offset by our better performance in the UK.
As previously anticipated, wholesale sales were down 16.3% for the first half of
the year, due in part to the difficult trading conditions being experienced by
some of our wholesale customers, but mainly due to the transfer of some
wholesale accounts to retail concessions and the closure of certain accounts no
longer appropriate for our brand. We expect this trend to continue in the second
half.
The growth of our retail business, allied with the reduction in wholesale sales,
is expected to lead to a shift in the phasing of profit from the first half to
the second half of the year.
FINANCIAL RESULTS
Group revenue increased by 7.0% to GBP76.6m (2008: GBP71.6m) for the 28 weeks
ended 15 August 2009 ("the period") and the composite gross margin was slightly
above last year at 59.5% (2008: 58.7%) due to the change in the mix between
retail and wholesale sales. Retail now represents 80.0% of total turnover (2008:
74.5%) and we anticipate this figure being slightly higher by the year end due
to the seasonally higher level of retail sales in the second half of the year.
Operating expenses increased by 10.1% to GBP41.6m (2008: GBP37.8m). Distribution
costs, which mainly comprise the cost of retail stores, outlets and concessions,
increased by 15.9% to GBP32.0m (2008: GBP27.7m), primarily reflecting the
increase in retail space against the same period last year. Despite the
incremental activity of our business, administrative expenses reduced by 5.5% to
GBP9.6m (2008: GBP10.2m), reflecting actions taken towards the end of last year
to control costs.
Operating profit was GBP6.4m (2008: GBP7.3m) resulting in profit before tax of
GBP6.0m (2008: GBP7.4m). Basic earnings per share was 10.4p (2008: 12.4p).
Net cash generated from operating activities was GBP4.1m (2008: -GBP0.1m). The
increase on the prior year was principally due to an increased focus on working
capital. Capital expenditure of GBP2.5m (2008: GBP7.5m) reflects a lower number
of store openings. This expenditure also included some refurbishment of existing
locations.
DIVIDENDS
The Board has decided to maintain the interim dividend at 5.25p. This will be
payable on 27 November 2009 to shareholders on the register at the close of
business on 23 October 2009.
PEOPLE
Our performance in the first half of the year would not have been possible
without the dedication and commitment of our team. On behalf of the Board, I
would like to thank the team at Ted Baker for its continuing efforts and hard
work. The team's enthusiasm and passion for the brand is a key factor in our
continued success.
On 14 July we announced that David Hewitt, Non Executive Director, had retired
from the Board. On behalf of the Board, I would like to thank David for his
extraordinary contribution to Ted Baker over the last twelve years. David has
been with the Company since its flotation in July 1997 and his retail and
business experience has greatly benefited Ted Baker during its period of growth.
We all wish him a long and healthy retirement.
GLOBAL GROUP PERFORMANCE
RETAIL
Improved trading in the UK offset a weaker performance in overseas markets,
where conditions continue to be difficult. Retail sales were up 15.0% to
GBP61.3m (2008: GBP53.3m) and the retail gross margin was 63.9% (2008: 64.6%).
While we saw an improvement in the UK gross margin to 66.8% (2008: 66.2%), this
was offset by a lower margin in our overseas markets due to increased
promotional activity in highly competitive markets.
Average retail square footage rose by 16.1% to 203,325 sq.ft (2008:175,090
sq.ft). Sales per square foot decreased by 1.0% to GBP296 (2008: GBP299).
WHOLESALE
As anticipated, wholesale sales were 16.3% below last year at GBP15.3m (2008:
GBP18.3m) with wholesale gross margins of 41.6% (2008: 41.5%). We estimate that
around a third of this decline is due to the transfer of some wholesale accounts
to retail concessions and a further third is due to the closure of certain
accounts no longer appropriate for our brand. The balance represents the
difficult trading conditions being experienced by some of our wholesale
customers.
LICENCE INCOME
Ted Baker operates two types of licences: territorial licences covering the
Middle East, Asia, Australia and New Zealand; and product licences covering
perfume & fragrance, watches, footwear, eyewear and childrenswear.
Licence income for the period was GBP2.5m (2008: GBP2.9m), which was 4.8% ahead
of last year if we exclude the impact of our North American licence partner,
Hartmarx Corporation filing for bankruptcy protection in January 2009. We have
seen good performances from our licensed childrenswear collection, exclusive to
Debenhams, as well as from our footwear and eyewear product licences.
Hartmarx Corporation filed for protection under Chapter 11 of the US bankruptcy
code in January 2009 and has subsequently terminated its licence agreement with
us. We have since signed new licence agreements directly with companies who
previously held product sub-licences with Hartmarx and with a Canadian
distributor previously contracted by Hartmarx. This situation has enabled us to
actively manage the further expansion of our business in this territory and we
will continue to explore potential opportunities.
COLLECTIONS
Ted Baker Womenswear delivered a strong performance for the period with sales up
17.9% to GBP36.9m (2008: GBP31.3m). Womenswear represented 48.2% of total sales
(2008: 43.8%). A significant proportion of the increase in turnover is due to
the transfer of wholesale accounts to concessions with a resulting increase in
performance.
Ted Baker Menswear delivered a good result with sales of GBP39.7m down 1.5% on
the prior year (2008: GBP40.3m). Menswear represented 51.8% of total sales
(2008: 56.2%).
UNITED KINGDOM & EUROPE
Sales for the period in our UK and European retail division were up 16.6% to
GBP56.1m (2008: GBP48.1m). While the UK has performed ahead of our expectations,
our European stores have faced challenging conditions.
Average square footage rose by 18.5% over the period to 175,007 sq.ft (2008:
147,733 sq.ft). At 15 August 2009, total retail square footage was 174,046 sq.ft
(2008: 154,233 sq.ft), representing an increase of 12.8%. Retail sales per
square foot decreased 1.6% from GBP319 to GBP314.
At 15 August 2009, we operated 32 stores (2008: 29), 122 concessions (2008: 92)
and 10 outlet stores (2008: 10).
US
The US market remains challenging and sales for the period in our US retail
division were down 23.8% to $8.0m (2008: $10.5m), which in sterling was
equivalent to sales down 1.9% to GBP5.2m (2008: GBP5.3m). During the first half
we opened one outlet store in Orlando and consequently now have 8 stores and 2
outlet stores across the United States.
Average square footage rose by 3.5% over the period to 28,318 sq.ft (2008:
27,357 sq.ft). At 15 August 2009 total retail square footage was up 6.8% on last
year at 29,953 sq.ft (2008: 28,058 sq.ft). Retail sales per square foot fell
5.2% from GBP194 to GBP184.
MIDDLE EAST, ASIA AND AUSTRALASIA
Ted Baker now operates 18 stores and concessions in the Middle East and Asia
through our territorial licence partners RSH Limited and Li and Fung Group of
Companies. The stores continue to perform in line with our expectations and we
were pleased to open a further store in Taiwan during the period.
Through our licence partner we continue to develop the Ted Baker brand in
Australia and our store in Melbourne, which we operate through a joint venture,
has performed well during the period.
CURRENT TRADING AND OUTLOOK
Our Autumn / Winter collections have been well received and we were pleased to
announce the launch in August of Born by Ted Baker, our highly designed men's
casualwear collection. The initial reaction from our customers has been
positive.
Retail
We continue to deliver a better than expected performance in the UK, while
conditions in our overseas markets remain challenging.
Our new store in Heathrow Terminal 1 opened in September and is performing well
at this very early stage. Our Boston store is expected to open in October and we
will take advantage of further opportunities for new stores in the US, should
they be appropriate. We are also opening our second store in
Melbourne, Australia at the end of October though our joint venture in the
territory.
Wholesale
Trading in our wholesale business continues to be down against last year and we
expect this trend to continue in the second half of the year.
Licence Income
Our product and territorial licences continue to perform in line with our
expectations and we will continue to consider other opportunities in North
America.
Outlook
At this stage, we continue to exceed our expectations. However, the economic
environment remains uncertain and our outlook for the current financial year
remains cautious. Our costs and commitments remain under control and with our
strong balance sheet we will continue to invest in the long term development of
the Ted Baker brand.
We intend to make our next interim management statement, covering the trading
period since the start of the second half of the financial year, in mid
November.
Condensed Group Income Statement
For the 28 weeks ended 15 August 2009
+----------------+--------+-----------+--------+-----------+--------+----------+
| | | Unaudited | | Unaudited | | Audited |
| | | 28 weeks | | 28 weeks | | 53 |
| | | ended | | ended | | weeks |
| | Note | 15 August | | 9 August | | ended |
| | | 2009 | | 2008 | | 31 |
| | | | | | | January |
| | | | | | | 2009 |
| | | | | | | |
| | | | | | | |
+----------------+--------+-----------+--------+-----------+--------+----------+
| | | GBP'000 | | GBP'000 | | GBP'000 |
+----------------+--------+-----------+--------+-----------+--------+----------+
| | | | | | | |
+----------------+--------+-----------+--------+-----------+--------+----------+
| Revenue | 2 | 76,621 | | 71,616 | | 152,661 |
+----------------+--------+-----------+--------+-----------+--------+----------+
| Cost | | (31,057) | | (29,571) | | (63,295) |
| of | | | | | | |
| sales | | | | | | |
+----------------+--------+-----------+--------+-----------+--------+----------+
| Gross | 2 | 45,564 | | 42,045 | | 89,366 |
| profit | | | | | | |
+----------------+--------+-----------+--------+-----------+--------+----------+
| | | | | | | |
+----------------+--------+-----------+--------+-----------+--------+----------+
| Distribution | | (32,044) | | (27,657) | | (56,744) |
| costs | | | | | | |
+----------------+--------+-----------+--------+-----------+--------+----------+
| Administrative | | | | | | |
| expenses | | | | | | |
+----------------+--------+-----------+--------+-----------+--------+----------+
| - | | (9,597) | | (10,157) | | (19,204) |
| Other | | | | | | |
| administrative | | | | | | |
| expenses | | | | | | |
+----------------+--------+-----------+--------+-----------+--------+----------+
| - | 3 | - | | - | | (1,786) |
| Impairment | | | | | | |
| losses | | | | | | |
+----------------+--------+-----------+--------+-----------+--------+----------+
| Other | | 2,429 | | 3,021 | | 5,529 |
| operating | | | | | | |
| income | | | | | | |
+----------------+--------+-----------+--------+-----------+--------+----------+
| Operating | 2 | 6,352 | | 7,252 | | 17,161 |
| profit | | | | | | |
+----------------+--------+-----------+--------+-----------+--------+----------+
| | | | | | | |
+----------------+--------+-----------+--------+-----------+--------+----------+
| Finance | 2, 4 | 3 | | 196 | | 837 |
| income | | | | | | |
+----------------+--------+-----------+--------+-----------+--------+----------+
| Finance | 2, 4 | (347) | | (106) | | (307) |
| expenses | | | | | | |
+----------------+--------+-----------+--------+-----------+--------+----------+
| Share | | 23 | | 52 | | 75 |
| of | | | | | | |
| profit | | | | | | |
| of | | | | | | |
| jointly | | | | | | |
| controlled | | | | | | |
| entity, | | | | | | |
| net of tax | | | | | | |
+----------------+--------+-----------+--------+-----------+--------+----------+
| Profit | 2 | 6,031 | | 7,394 | | 17,766 |
| before | | | | | | |
| tax | | | | | | |
+----------------+--------+-----------+--------+-----------+--------+----------+
| | | | | | | |
+----------------+--------+-----------+--------+-----------+--------+----------+
| Income | 7 | (1,749) | | (2,147) | | (5,198) |
| tax | | | | | | |
| expense | | | | | | |
+----------------+--------+-----------+--------+-----------+--------+----------+
| Profit | | 4,282 | | 5,247 | | 12,568 |
| for | | | | | | |
| the | | | | | | |
| period | | | | | | |
+----------------+--------+-----------+--------+-----------+--------+----------+
| | | | | | | |
+----------------+--------+-----------+--------+-----------+--------+----------+
| Profit | | | | | | |
| attributable | | | | | | |
| to: | | | | | | |
+----------------+--------+-----------+--------+-----------+--------+----------+
| - | | 4,315 | | 5,271 | | 12,593 |
| Equity | | | | | | |
| shareholders | | | | | | |
| of the | | | | | | |
| parent | | | | | | |
| company | | | | | | |
+----------------+--------+-----------+--------+-----------+--------+----------+
| - | | (33) | | (24) | | (25) |
| Minority | | | | | | |
| interests | | | | | | |
+----------------+--------+-----------+--------+-----------+--------+----------+
| Profit | | 4,282 | | 5,247 | | 12,568 |
| for | | | | | | |
| the | | | | | | |
| period | | | | | | |
+----------------+--------+-----------+--------+-----------+--------+----------+
| | | | | | | |
+----------------+--------+-----------+--------+-----------+--------+----------+
| | | | | | | |
+----------------+--------+-----------+--------+-----------+--------+----------+
| Earnings | 5 | | | | | |
| per | | | | | | |
| share | | | | | | |
+----------------+--------+-----------+--------+-----------+--------+----------+
| Basic | | 10.4p | | 12.4p | | 29.6p |
+----------------+--------+-----------+--------+-----------+--------+----------+
| Diluted | | 10.4p | | 12.4p | | 29.6p |
+----------------+--------+-----------+--------+-----------+--------+----------+
| | | | | | | |
+----------------+--------+-----------+--------+-----------+--------+----------+
| | | | | | | |
+----------------+--------+-----------+--------+-----------+--------+----------+
Condensed Group Statement of Comprehensive Income
For the 28 weeks ended 15 August 2009
+---------------+-----------+--------+-----------+--------+---------+
| | Unaudited | | Unaudited | | Audited |
| | 28 weeks | | 28 weeks | | 53 |
| | ended | | ended | | weeks |
| | 15 August | | 9 August | | ended |
| | 2009 | | 2008 | | 31 |
| | | | | | January |
| | | | | | 2009 |
| | | | | | |
+---------------+-----------+--------+-----------+--------+---------+
| | GBP'000 | | GBP'000 | | GBP'000 |
+---------------+-----------+--------+-----------+--------+---------+
| | | | | | |
+---------------+-----------+--------+-----------+--------+---------+
| Profit | 4,282 | | 5,247 | | 12,568 |
| for | | | | | |
| the | | | | | |
| period | | | | | |
+---------------+-----------+--------+-----------+--------+---------+
| | | | | | |
+---------------+-----------+--------+-----------+--------+---------+
| Other | | | | | |
| comprehensive | | | | | |
| income | | | | | |
+---------------+-----------+--------+-----------+--------+---------+
| Net | (1,319) | | 380 | | 3,771 |
| effective | | | | | |
| portion | | | | | |
| of | | | | | |
| changes | | | | | |
| in fair | | | | | |
| value of | | | | | |
| cash flow | | | | | |
| hedges | | | | | |
+---------------+-----------+--------+-----------+--------+---------+
| Net | (835) | | (185) | | (2,309) |
| change | | | | | |
| in | | | | | |
| fair | | | | | |
| value | | | | | |
| of | | | | | |
| cash | | | | | |
| flow | | | | | |
| hedges | | | | | |
| transferred | | | | | |
| to profit | | | | | |
| or loss | | | | | |
+---------------+-----------+--------+-----------+--------+---------+
| Exchange | (1,237) | | 204 | | 1,702 |
| rate | | | | | |
| movement | | | | | |
+---------------+-----------+--------+-----------+--------+---------+
| Other | (3,391) | | 399 | | 3,164 |
| comprehensive | | | | | |
| income for | | | | | |
| the period, | | | | | |
| net of tax | | | | | |
+---------------+-----------+--------+-----------+--------+---------+
| | | | | | |
+---------------+-----------+--------+-----------+--------+---------+
| Total | 891 | | 5,646 | | 15,732 |
| comprehensive | | | | | |
| income for | | | | | |
| the period | | | | | |
+---------------+-----------+--------+-----------+--------+---------+
| | | | | | |
+---------------+-----------+--------+-----------+--------+---------+
| Total | | | | | |
| comprehensive | | | | | |
| income | | | | | |
| attributable | | | | | |
| to: | | | | | |
+---------------+-----------+--------+-----------+--------+---------+
| - | 924 | | 5,670 | | 15,757 |
| Equity | | | | | |
| shareholders | | | | | |
| of the | | | | | |
| parent | | | | | |
| company | | | | | |
+---------------+-----------+--------+-----------+--------+---------+
| - | (33) | | (24) | | (25) |
| Minority | | | | | |
| interests | | | | | |
+---------------+-----------+--------+-----------+--------+---------+
| Total | 891 | | 5,646 | | 15,732 |
| comprehensive | | | | | |
| income for | | | | | |
| the period | | | | | |
+---------------+-----------+--------+-----------+--------+---------+
Condensed Group Statement of Changes in Equity - Unaudited
For the 28 weeks ended 15 August 2009
+------------------+---------+---------+---------+-------------+----------+--------------+-----------+---------+
| | Share | Share | Cash | Translation | Retained | Total | Minority | Total |
| | capital | premium | flow | reserve | earnings | equity | interests | equity |
| | | | hedging | | | attributable | | |
| | | | reserve | | | to equity | | |
| | | | | | | shareholders | | |
| | | | | | | of the | | |
| | | | | | | parent | | |
| | | | | | | company | | |
+------------------+---------+---------+---------+-------------+----------+--------------+-----------+---------+
| | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 |
| | | | | | | | | |
+------------------+---------+---------+---------+-------------+----------+--------------+-----------+---------+
| | | | | | | | | |
+------------------+---------+---------+---------+-------------+----------+--------------+-----------+---------+
| Balance | 2,160 | 9,137 | 1,713 | 1,182 | 48,010 | 62,202 | (36) | 62,166 |
| at 31 | | | | | | | | |
| January | | | | | | | | |
| 2009 | | | | | | | | |
+------------------+---------+---------+---------+-------------+----------+--------------+-----------+---------+
| | | | | | | | | |
+------------------+---------+---------+---------+-------------+----------+--------------+-----------+---------+
| Comprehensive | | | | | | | | |
| income for | | | | | | | | |
| the period | | | | | | | | |
+------------------+---------+---------+---------+-------------+----------+--------------+-----------+---------+
| Profit | - | - | - | - | 4,315 | 4,315 | (33) | 4,282 |
| for | | | | | | | | |
| the | | | | | | | | |
| period | | | | | | | | |
+------------------+---------+---------+---------+-------------+----------+--------------+-----------+---------+
| Other | - | - | (2,154) | (1,237) | - | (3,391) | - | (3,391) |
| comprehensive | | | | | | | | |
| income | | | | | | | | |
+------------------+---------+---------+---------+-------------+----------+--------------+-----------+---------+
| Total | - | - | (2,154) | (1,237) | 4,315 | 924 | (33) | 891 |
| comprehensive | | | | | | | | |
| income for | | | | | | | | |
| the period | | | | | | | | |
+------------------+---------+---------+---------+-------------+----------+--------------+-----------+---------+
| | | | | | | | | |
+------------------+---------+---------+---------+-------------+----------+--------------+-----------+---------+
| Transactions | | | | | | | | |
| with equity | | | | | | | | |
| shareholders | | | | | | | | |
| of the | | | | | | | | |
| parent | | | | | | | | |
| company | | | | | | | | |
+------------------+---------+---------+---------+-------------+----------+--------------+-----------+---------+
| Share | - | - | - | - | 22 | 22 | - | 22 |
| option | | | | | | | | |
| charge | | | | | | | | |
+------------------+---------+---------+---------+-------------+----------+--------------+-----------+---------+
| Movement | - | - | - | - | (1) | (1) | - | (1) |
| of | | | | | | | | |
| current/deferred | | | | | | | | |
| tax on share | | | | | | | | |
| options | | | | | | | | |
+------------------+---------+---------+---------+-------------+----------+--------------+-----------+---------+
| Disposal | - | - | - | - | 43 | 43 | - | 43 |
| of | | | | | | | | |
| treasury | | | | | | | | |
| shares | | | | | | | | |
+------------------+---------+---------+---------+-------------+----------+--------------+-----------+---------+
| Dividends | - | - | - | - | (4,743) | (4,743) | - | (4,743) |
| paid | | | | | | | | |
+------------------+---------+---------+---------+-------------+----------+--------------+-----------+---------+
| Total | - | - | - | - | (4,679) | (4,679) | - | (4,679) |
| transactions | | | | | | | | |
| with equity | | | | | | | | |
| shareholders | | | | | | | | |
| of the | | | | | | | | |
| parent | | | | | | | | |
| company, | | | | | | | | |
| recognised | | | | | | | | |
| directly in | | | | | | | | |
| equity | | | | | | | | |
+------------------+---------+---------+---------+-------------+----------+--------------+-----------+---------+
| | | | | | | | | |
+------------------+---------+---------+---------+-------------+----------+--------------+-----------+---------+
| Balance | 2,160 | 9,137 | (441) | (55) | 47,646 | 58,447 | (69) | 58,378 |
| at 15 | | | | | | | | |
| August | | | | | | | | |
| 2009 | | | | | | | | |
+------------------+---------+---------+---------+-------------+----------+--------------+-----------+---------+
Condensed Group Statement of Changes in Equity - Unaudited
For the 28 weeks ended 9 August 2008
+------------------+---------+---------+---------+-------------+----------+--------------+-----------+---------+
| | Share | Share | Cash | Translation | Retained | Total | Minority | Total |
| | capital | premium | flow | reserve | earnings | equity | interests | equity |
| | | | hedging | | | attributable | | |
| | | | reserve | | | to equity | | |
| | | | | | | shareholders | | |
| | | | | | | of the | | |
| | | | | | | parent | | |
| | | | | | | company | | |
+------------------+---------+---------+---------+-------------+----------+--------------+-----------+---------+
| | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 |
| | | | | | | | | |
+------------------+---------+---------+---------+-------------+----------+--------------+-----------+---------+
| | | | | | | | | |
+------------------+---------+---------+---------+-------------+----------+--------------+-----------+---------+
| Balance | 2,160 | 9,137 | 251 | (520) | 44,695 | 55,723 | (11) | 55,712 |
| at 26 | | | | | | | | |
| January | | | | | | | | |
| 2008 | | | | | | | | |
+------------------+---------+---------+---------+-------------+----------+--------------+-----------+---------+
| | | | | | | | | |
+------------------+---------+---------+---------+-------------+----------+--------------+-----------+---------+
| Comprehensive | | | | | | | | |
| income for | | | | | | | | |
| the period | | | | | | | | |
+------------------+---------+---------+---------+-------------+----------+--------------+-----------+---------+
| Profit | - | - | - | - | 5,271 | 5,271 | (24) | 5,247 |
| for | | | | | | | | |
| the | | | | | | | | |
| period | | | | | | | | |
+------------------+---------+---------+---------+-------------+----------+--------------+-----------+---------+
| Other | - | - | 195 | 204 | - | 399 | - | 399 |
| comprehensive | | | | | | | | |
| income | | | | | | | | |
+------------------+---------+---------+---------+-------------+----------+--------------+-----------+---------+
| Total | - | - | 195 | 204 | 5,271 | 5,670 | (24) | 5,646 |
| comprehensive | | | | | | | | |
| income for | | | | | | | | |
| the period | | | | | | | | |
+------------------+---------+---------+---------+-------------+----------+--------------+-----------+---------+
| | | | | | | | | |
+------------------+---------+---------+---------+-------------+----------+--------------+-----------+---------+
| Transactions | | | | | | | | |
| with equity | | | | | | | | |
| shareholders | | | | | | | | |
| of the | | | | | | | | |
| parent | | | | | | | | |
| company | | | | | | | | |
+------------------+---------+---------+---------+-------------+----------+--------------+-----------+---------+
| Share | - | - | - | - | 8 | 8 | - | 8 |
| option | | | | | | | | |
| charge | | | | | | | | |
+------------------+---------+---------+---------+-------------+----------+--------------+-----------+---------+
| Movement | - | - | - | - | (43) | (43) | - | (43) |
| of | | | | | | | | |
| current/deferred | | | | | | | | |
| tax on share | | | | | | | | |
| options | | | | | | | | |
+------------------+---------+---------+---------+-------------+----------+--------------+-----------+---------+
| Own | - | - | - | - | (2,014) | (2,014) | - | (2,014) |
| shares | | | | | | | | |
| acquired | | | | | | | | |
+------------------+---------+---------+---------+-------------+----------+--------------+-----------+---------+
| Disposal | - | - | - | - | 53 | 53 | - | 53 |
| of | | | | | | | | |
| treasury | | | | | | | | |
| shares | | | | | | | | |
+------------------+---------+---------+---------+-------------+----------+--------------+-----------+---------+
| Dividends | - | - | - | - | (4,799) | (4,799) | - | (4,799) |
| paid | | | | | | | | |
+------------------+---------+---------+---------+-------------+----------+--------------+-----------+---------+
| Total | - | - | - | - | (6,795) | (6,795) | - | (6,795) |
| transactions | | | | | | | | |
| with equity | | | | | | | | |
| shareholders | | | | | | | | |
| of the | | | | | | | | |
| parent | | | | | | | | |
| company, | | | | | | | | |
| recognised | | | | | | | | |
| directly in | | | | | | | | |
| equity | | | | | | | | |
+------------------+---------+---------+---------+-------------+----------+--------------+-----------+---------+
| | | | | | | | | |
+------------------+---------+---------+---------+-------------+----------+--------------+-----------+---------+
| Balance | 2,160 | 9,137 | 446 | (316) | 43,171 | 54,598 | (35) | 54,563 |
| at 9 | | | | | | | | |
| August | | | | | | | | |
| 2008 | | | | | | | | |
+------------------+---------+---------+---------+-------------+----------+--------------+-----------+---------+
Condensed Group Statement of Changes in Equity - Audited
For the 53 weeks ended 31 January 2009
+------------------+---------+---------+---------+-------------+----------+--------------+-----------+---------+
| | Share | Share | Cash | Translation | Retained | Total | Minority | Total |
| | capital | premium | flow | reserve | earnings | equity | interests | equity |
| | | | hedging | | | attributable | | |
| | | | reserve | | | to equity | | |
| | | | | | | shareholders | | |
| | | | | | | of the | | |
| | | | | | | parent | | |
| | | | | | | company | | |
+------------------+---------+---------+---------+-------------+----------+--------------+-----------+---------+
| | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 |
| | | | | | | | | |
+------------------+---------+---------+---------+-------------+----------+--------------+-----------+---------+
| | | | | | | | | |
+------------------+---------+---------+---------+-------------+----------+--------------+-----------+---------+
| Balance | 2,160 | 9,137 | 251 | (520) | 44,695 | 55,723 | (11) | 55,712 |
| at 26 | | | | | | | | |
| January | | | | | | | | |
| 2008 | | | | | | | | |
+------------------+---------+---------+---------+-------------+----------+--------------+-----------+---------+
| | | | | | | | | |
+------------------+---------+---------+---------+-------------+----------+--------------+-----------+---------+
| Comprehensive | | | | | | | | |
| income for | | | | | | | | |
| the period | | | | | | | | |
+------------------+---------+---------+---------+-------------+----------+--------------+-----------+---------+
| Profit | - | - | - | - | 12,593 | 12,593 | (25) | 12,568 |
| for | | | | | | | | |
| the | | | | | | | | |
| period | | | | | | | | |
+------------------+---------+---------+---------+-------------+----------+--------------+-----------+---------+
| Other | - | - | 1,462 | 1,702 | - | 3,164 | - | 3,164 |
| comprehensive | | | | | | | | |
| income | | | | | | | | |
+------------------+---------+---------+---------+-------------+----------+--------------+-----------+---------+
| Total | - | - | 1,462 | 1,702 | 12,593 | 15,757 | (25) | 15,732 |
| comprehensive | | | | | | | | |
| income for | | | | | | | | |
| the period | | | | | | | | |
+------------------+---------+---------+---------+-------------+----------+--------------+-----------+---------+
| | | | | | | | | |
+------------------+---------+---------+---------+-------------+----------+--------------+-----------+---------+
| Transactions | | | | | | | | |
| with equity | | | | | | | | |
| shareholders | | | | | | | | |
| of the | | | | | | | | |
| parent | | | | | | | | |
| company | | | | | | | | |
+------------------+---------+---------+---------+-------------+----------+--------------+-----------+---------+
| Share | - | - | - | - | (301) | (301) | - | (301) |
| option | | | | | | | | |
| charge | | | | | | | | |
+------------------+---------+---------+---------+-------------+----------+--------------+-----------+---------+
| Movement | - | - | - | - | (44) | (44) | - | (44) |
| of | | | | | | | | |
| current/deferred | | | | | | | | |
| tax on share | | | | | | | | |
| options | | | | | | | | |
+------------------+---------+---------+---------+-------------+----------+--------------+-----------+---------+
| Own | - | - | - | - | (2,014) | (2,014) | - | (2,014) |
| shares | | | | | | | | |
| acquired | | | | | | | | |
+------------------+---------+---------+---------+-------------+----------+--------------+-----------+---------+
| Disposal | - | - | - | - | 64 | 64 | - | 64 |
| of | | | | | | | | |
| treasury | | | | | | | | |
| shares | | | | | | | | |
+------------------+---------+---------+---------+-------------+----------+--------------+-----------+---------+
| Dividends | - | - | - | - | (6,983) | (6,983) | - | (6,983) |
| paid | | | | | | | | |
+------------------+---------+---------+---------+-------------+----------+--------------+-----------+---------+
| Total | - | - | - | - | (9,278) | (9,278) | - | (9,278) |
| transactions | | | | | | | | |
| with equity | | | | | | | | |
| shareholders | | | | | | | | |
| of the | | | | | | | | |
| parent | | | | | | | | |
| company, | | | | | | | | |
| recognised | | | | | | | | |
| directly in | | | | | | | | |
| equity | | | | | | | | |
+------------------+---------+---------+---------+-------------+----------+--------------+-----------+---------+
| | | | | | | | | |
+------------------+---------+---------+---------+-------------+----------+--------------+-----------+---------+
| Balance | 2,160 | 9,137 | 1,713 | 1,182 | 48,010 | 62,202 | (36) | 62,166 |
| at | | | | | | | | |
| 31 January | | | | | | | | |
| 2009 | | | | | | | | |
+------------------+---------+---------+---------+-------------+----------+--------------+-----------+---------+
Condensed Group Balance Sheet
At 15 August 2009
+--------------+--------+-----------+--------+-----------+--------+----------+
| | Note | Unaudited | | Unaudited | | Audited |
| | | 15 August | | 9 August | | 31 |
| | | 2009 | | 2008 | | January |
| | | | | | | 2009 |
+--------------+--------+-----------+--------+-----------+--------+----------+
| | | GBP'000 | | GBP'000 | | GBP'000 |
+--------------+--------+-----------+--------+-----------+--------+----------+
| Non-current | | | | | | |
| assets | | | | | | |
+--------------+--------+-----------+--------+-----------+--------+----------+
| Intangible | | 630 | | 573 | | 673 |
| assets | | | | | | |
+--------------+--------+-----------+--------+-----------+--------+----------+
| Property, | | 26,919 | | 27,723 | | 28,701 |
| plant and | | | | | | |
| equipment | | | | | | |
+--------------+--------+-----------+--------+-----------+--------+----------+
| Investments | | 121 | | 62 | | 85 |
| in equity | | | | | | |
| accounted | | | | | | |
| investee | | | | | | |
+--------------+--------+-----------+--------+-----------+--------+----------+
| Deferred | | 777 | | 401 | | 904 |
| tax | | | | | | |
| assets | | | | | | |
+--------------+--------+-----------+--------+-----------+--------+----------+
| Prepayments | | 866 | | 843 | | 961 |
+--------------+--------+-----------+--------+-----------+--------+----------+
| | | 29,313 | | 29,602 | | 31,324 |
+--------------+--------+-----------+--------+-----------+--------+----------+
| Current | | | | | | |
| assets | | | | | | |
+--------------+--------+-----------+--------+-----------+--------+----------+
| Inventories | | 35,451 | | 32,969 | | 37,315 |
+--------------+--------+-----------+--------+-----------+--------+----------+
| Trade | | 18,180 | | 20,899 | | 20,466 |
| and | | | | | | |
| other | | | | | | |
| receivables | | | | | | |
+--------------+--------+-----------+--------+-----------+--------+----------+
| Amount | | 117 | | 42 | | 139 |
| due | | | | | | |
| from | | | | | | |
| equity | | | | | | |
| accounted | | | | | | |
| investee | | | | | | |
+--------------+--------+-----------+--------+-----------+--------+----------+
| Derivative | | 114 | | 689 | | 2,444 |
| financial | | | | | | |
| assets | | | | | | |
+--------------+--------+-----------+--------+-----------+--------+----------+
| Cash | 9 | 2,229 | | 6,413 | | 4,660 |
| and | | | | | | |
| cash | | | | | | |
| equivalents | | | | | | |
+--------------+--------+-----------+--------+-----------+--------+----------+
| | | 56,091 | | 61,012 | | 65,024 |
+--------------+--------+-----------+--------+-----------+--------+----------+
| Current | | | | | | |
| liabilities | | | | | | |
+--------------+--------+-----------+--------+-----------+--------+----------+
| Trade | | (22,276) | | (24,196) | | (29,806) |
| and | | | | | | |
| other | | | | | | |
| payables | | | | | | |
+--------------+--------+-----------+--------+-----------+--------+----------+
| Bank | 9 | (1,500) | | (7,312) | | - |
| overdraft | | | | | | |
+--------------+--------+-----------+--------+-----------+--------+----------+
| Income | | (1,743) | | (3,447) | | (3,801) |
| tax | | | | | | |
| payable | | | | | | |
+--------------+--------+-----------+--------+-----------+--------+----------+
| Derivative | | (555) | | (9) | | - |
| financial | | | | | | |
| liabilities | | | | | | |
+--------------+--------+-----------+--------+-----------+--------+----------+
| | | (26,074) | | (34,964) | | (33,607) |
+--------------+--------+-----------+--------+-----------+--------+----------+
| | | | | | | |
+--------------+--------+-----------+--------+-----------+--------+----------+
| Non-current | | | | | | |
| liabilities | | | | | | |
+--------------+--------+-----------+--------+-----------+--------+----------+
| Deferred | | (952) | | (1,087) | | (575) |
| tax | | | | | | |
| liabilities | | | | | | |
+--------------+--------+-----------+--------+-----------+--------+----------+
| | | (952) | | (1,087) | | (575) |
+--------------+--------+-----------+--------+-----------+--------+----------+
| | | | | | | |
+--------------+--------+-----------+--------+-----------+--------+----------+
| Net | | 58,378 | | 54,563 | | 62,166 |
| assets | | | | | | |
+--------------+--------+-----------+--------+-----------+--------+----------+
| | | | | | | |
+--------------+--------+-----------+--------+-----------+--------+----------+
| Equity | | | | | | |
+--------------+--------+-----------+--------+-----------+--------+----------+
| Share | | 2,160 | | 2,160 | | 2,160 |
| capital | | | | | | |
+--------------+--------+-----------+--------+-----------+--------+----------+
| Share | | 9,137 | | 9,137 | | 9,137 |
| premium | | | | | | |
| account | | | | | | |
+--------------+--------+-----------+--------+-----------+--------+----------+
| Other | | (441) | | 446 | | 1,713 |
| reserves | | | | | | |
+--------------+--------+-----------+--------+-----------+--------+----------+
| Translation | | (55) | | 205 | | 1,182 |
| reserve | | | | | | |
+--------------+--------+-----------+--------+-----------+--------+----------+
| Retained | 10 | 47,646 | | 42,650 | | 48,010 |
| earnings | | | | | | |
+--------------+--------+-----------+--------+-----------+--------+----------+
| Total | | 58,447 | | 54,598 | | 62,202 |
| equity | | | | | | |
| attributable | | | | | | |
| to equity | | | | | | |
| shareholders | | | | | | |
| of the | | | | | | |
| parent | | | | | | |
| company | | | | | | |
+--------------+--------+-----------+--------+-----------+--------+----------+
| Minority | | (69) | | (35) | | (36) |
| interests | | | | | | |
+--------------+--------+-----------+--------+-----------+--------+----------+
| Total | | 58,378 | | 54,563 | | 62,166 |
| equity | | | | | | |
+--------------+--------+-----------+--------+-----------+--------+----------+
| | | | | | | |
+--------------+--------+-----------+--------+-----------+--------+----------+
Condensed Group Cash Flow Statement
For the 28 weeks ended 15 August 2009
+--------------------------------------------------+--------+-----------+-----+-----------+---+------------+
| | Note | Unaudited | | Unaudited | | Audited |
| | | 28 weeks | | 28 weeks | | 53 weeks |
| | | ended | | ended | | ended |
| | | 15 August | | 9 August | | 31 January |
| | | 2009 | | 2008 | | 2009 |
+--------------------------------------------------+--------+-----------+-----+-----------+---+------------+
| | | GBP000 | | GBP000 | | GBP000 |
+--------------------------------------------------+--------+-----------+-----+-----------+---+------------+
| Cash generated from operations | | | | | | |
+--------------------------------------------------+--------+-----------+-----+-----------+---+------------+
| Profit for the period | | 4,282 | | 5,247 | | 12,568 |
+--------------------------------------------------+--------+-----------+-----+-----------+---+------------+
| Adjusted for: | | | | | | |
+--------------------------------------------------+--------+-----------+-----+-----------+---+------------+
| Income tax expense | | 1,749 | | 2,147 | | 5,198 |
+--------------------------------------------------+--------+-----------+-----+-----------+---+------------+
| Depreciation | | 3,473 | | 3,047 | | 5,990 |
+--------------------------------------------------+--------+-----------+-----+-----------+---+------------+
| Impairment losses | | - | | - | | 1,786 |
+--------------------------------------------------+--------+-----------+-----+-----------+---+------------+
| Loss on disposal of property, plant & equipment | | 71 | | 1 | | 106 |
+--------------------------------------------------+--------+-----------+-----+-----------+---+------------+
| Share option charge | | 22 | | 8 | | (301) |
+--------------------------------------------------+--------+-----------+-----+-----------+---+------------+
| Net finance gains | | 88 | | 1 | | 161 |
+--------------------------------------------------+--------+-----------+-----+-----------+---+------------+
| Net change in cash flow hedges | | (1,779) | | 195 | | 1,087 |
+--------------------------------------------------+--------+-----------+-----+-----------+---+------------+
| Share of profit in joint venture | | (23) | | (52) | | (75) |
+--------------------------------------------------+--------+-----------+-----+-----------+---+------------+
| Decrease in non current prepayments | | 34 | | 52 | | 80 |
+--------------------------------------------------+--------+-----------+-----+-----------+---+------------+
| Decrease / (increase) / in inventories | | 864 | | (3,472) | | (5,923) |
+--------------------------------------------------+--------+-----------+-----+-----------+---+------------+
| Decrease / (increase) in trade and other | | 5,852 | | (7,204) | | (11,159) |
| receivables | | | | | | |
+--------------------------------------------------+--------+-----------+-----+-----------+---+------------+
| (Decrease) / increase in trade and other | | (6,755) | | 1,929 | | 6,967 |
| payables | | | | | | |
+--------------------------------------------------+--------+-----------+-----+-----------+---+------------+
| Interest paid | | (94) | | (73) | | (330) |
+--------------------------------------------------+--------+-----------+-----+-----------+---+------------+
| Income taxes paid | | (3,731) | | (1,954) | | (5,052) |
+--------------------------------------------------+--------+-----------+-----+-----------+---+------------+
| Net cash generated from operating activities | | 4,053 | | (128) | | 11,103 |
+--------------------------------------------------+--------+-----------+-----+-----------+---+------------+
| | | | | | | |
+--------------------------------------------------+--------+-----------+-----+-----------+---+------------+
| Cash flow from investing activities | | | | | | |
+--------------------------------------------------+--------+-----------+-----+-----------+---+------------+
| Purchases of property, plant & equipment | | (2,536) | | (7,503) | | (11,828) |
+--------------------------------------------------+--------+-----------+-----+-----------+---+------------+
| Proceeds from sale of property, plant & | | - | | - | | 14 |
| equipment | | | | | | |
+--------------------------------------------------+--------+-----------+-----+-----------+---+------------+
| Interest received | | 3 | | 59 | | 149 |
+--------------------------------------------------+--------+-----------+-----+-----------+---+------------+
| Net cash from investing activities | | (2,533) | | (7,444) | | (11,665) |
+--------------------------------------------------+--------+-----------+-----+-----------+---+------------+
| | | | | | | |
+--------------------------------------------------+--------+-----------+-----+-----------+---+------------+
| Cash flow from financing activities | | | | | | |
+--------------------------------------------------+--------+-----------+-----+-----------+---+------------+
| Own shares acquired | 10 | - | | (2,014) | | (2,014) |
+--------------------------------------------------+--------+-----------+-----+-----------+---+------------+
| Proceeds from option holders for exercise of | | 43 | | 53 | | 64 |
| options | | | | | | |
+--------------------------------------------------+--------+-----------+-----+-----------+---+------------+
| Dividends paid | 6 | (4,743) | | (4,799) | | (6,983) |
+--------------------------------------------------+--------+-----------+-----+-----------+---+------------+
| Net cash from financing activities | | (4,700) | | (6,760) | | (8,933) |
+--------------------------------------------------+--------+-----------+-----+-----------+---+------------+
| | | | | | | |
+--------------------------------------------------+--------+-----------+-----+-----------+---+------------+
| Net decrease in cash and cash equivalents | | (3,180) | | (14,332) | | (9,495) |
+--------------------------------------------------+--------+-----------+-----+-----------+---+------------+
| | | | | | | |
+--------------------------------------------------+--------+-----------+-----+-----------+---+------------+
| | | | | | | |
+--------------------------------------------------+--------+-----------+-----+-----------+---+------------+
| Cash and cash equivalents at 31 January 2009 / | | 4,660 | | 13,105 | | 13,105 |
| 26 January 2008 | | | | | | |
+--------------------------------------------------+--------+-----------+-----+-----------+---+------------+
| Exchange rate movement | | (751) | | 328 | | 1,050 |
+--------------------------------------------------+--------+-----------+-----+-----------+---+------------+
| Cash and cash equivalents at 15 August 2009 / | 9 | 729 | | (899) | | 4,660 |
| 9 August 2008 / 31 January 2009 | | | | | | |
+--------------------------------------------------+--------+-----------+-----+-----------+---+------------+
Notes to the Condensed Interim Financial Statements
For the 28 weeks ended 15 August 2009
1. Basis of preparation
a. Reporting entity
Ted Baker PLC is a company domiciled in the United Kingdom. The condensed
interim financial statements ("interim financial statements") of Ted Baker PLC
as at and for the 28 weeks ended 15 August 2009 comprise the Company and its
subsidiaries (together referred to as "the Group").
The Group financial statements as at and for the 53 weeks ended 31 January 2009
are available upon request from the Company's registered office at Ted Baker
PLC, The Ugly Brown Building, 6a St. Pancras Way, London NW1 0TB or at
www.tedbaker.com.
b. Statement of compliance
These interim financial statements have been prepared in accordance with "IAS 34
Interim Financial Reporting" as adopted by the EU and the requirements of the
Disclosures and Transparency Rules. They do not include all of the information
required for full annual financial statements and should be read in conjunction
with the Group financial statements as at and for the 53 weeks ended 31 January
2009. These interim financial statements were approved by the Board of Directors
on 8 October 2009.
The comparative figures for the 53 weeks ended 31 January 2009 are not the
Company's statutory accounts for that financial year. Those accounts have been
reported on by the Company's auditors and delivered to the registrar of
companies. The report of the auditors was (i) unqualified; (ii) did not include
a reference to any matters to which the auditors drew attention by way of
emphasis without qualifying their report; and (iii) did not contain a statement
under section 237(2) or (3) of the Companies Act 1985. These sections address
whether proper accounting records have been kept, whether the Company's accounts
are in agreement with these records and whether the auditor has obtained all the
information and explanations necessary for the purposes of the audit.
The financial information in this document is unaudited, but has been reviewed
by the auditors in accordance with the Auditing Practices Board guidance on
Review of Interim Financial Information.
c. Going concern
The Group financial statements for the 53 weeks ended 31 January 2009, approved
by the Board on the 25 March 2009, included information on the business
environment in which the Group operates, including the factors that are likely
to impact the future prospects of the Group, together with the principal risks
and uncertainties that the Group faces. In addition, the notes to the
consolidated financial statements set out the Group's objectives, policies and
processes for managing its financial and capital risk and its exposures to
credit, market and liquidity risk. Many of the risks and uncertainties reported
are such that their potential to impact the Group's operations are inherent and
remain valid as regards to their potential impact during the second half of
2009. The impact of the economic environment in which the Group's businesses
operates is considered in the Chairman's statement.
The Directors have prepared trading and cash flow forecasts for a period of one
year from the date of approval of these interim financial statements. The
Directors have a reasonable expectation that the Group has adequate cash
headroom and expects to meet all banking covenant requirements. Accordingly,
they continue to adopt a going concern basis in preparing the financial
statements of the Group.
d. Significant accounting policies
Except as noted below, these interim financial statements have been prepared
using the same accounting policies as used in the preparation of the Group's
financial statements for the 53 weeks ended 31 January 2009.
Revised and amended standards and interpretations
The following revised and amended standards and interpretations, which have all
been endorsed by the EU, have been adopted by the Group in these interim
financial statements.
* Determination of operating segments - As of 1 January 2009 the Group has adopted
IFRS 8, Operating Segments. The new accounting policy in respect of segment
operating disclosures has not led to a change in the number and/or definition of
segments previously presented on the basis that the information disclosed is
consistent to that provided to the Board.
* Presentation of financial statements - the Group has applied revised
IAS 1, Presentation of financial statements, which became effective as of 1
January 2009. This presentation has been applied in these interim financial
statements as at and for the period ended 15 August 2009. Comparative
information has been represented so that it is also in conformity with the
revised standard. Since the change in accounting policy only impacts
presentation aspects there is no impact on earnings per share.
* Accounting for marketing expenditure - the Group has applied in its interim
financial statements amended IAS 38, Intangible Assets, which clarify the
accounting for the Group's marketing expenditure. This amendment has no impact
on the Group's net cash flows, financial position, total comprehensive income or
earnings per share.
* IAS 23 (Revised), Borrowing Costs, has removed the option of immediately
recognising, as an expense, borrowing costs that relate to assets that take a
substantial period of time to get ready for use or sale. The revised standard
requires such borrowing costs to be capitalised as part of the cost of the
asset. This revised standard has had no impact on the Group's net cash flows,
financial position, total comprehensive income or earnings per share.
* Amendments to IAS 32, Financial Instruments: Presentation, and IAS 1,
Presentation of Financial Statements, relating to puttable financial instruments
and obligations arising on liquidation. These amendments have no impact on the
Group's net cash flows, financial position, total comprehensive income or
earnings per share.
* Amendment to IFRS 2, Share-based Payment, clarifies that vesting conditions are
service conditions and performance conditions only; other features of a
share-based payment are not vesting conditions. It also specifies that all
cancellations, whether by the entity or by other parties, should receive the
same accounting treatment. This amendment to IFRS 2 has no significant impact on
the Group's net cash flows, financial position, total comprehensive income or
earnings per share.
* IFRIC 13, Customer Loyalty Programmes, addresses accounting by entities that
grant loyalty award credits to customers who buy other goods or services, and
has no impact on the Group's net cash flows, financial position, total
comprehensive income or earnings per share.
2. Segment information
The Group is organised into two core reportable segments: Retail and Wholesale.
These segments are determined, as per IFRS 8, Operating Segments, on the basis
of those segments whose operating results are regularly reviewed by the Board,
which is considered to be the chief operating decision maker.
2.1 Segment revenue and segment result
+-----------+-----------+--------+-----------+--------+----------+
| | Unaudited | | Unaudited | | Audited |
| | 28 weeks | | 28 weeks | | 53 |
| | ended 15 | | ended 9 | | weeks |
| | August | | August | | ended |
| | 2009 | | 2008 | | 31 |
| | | | | | January |
| | | | | | 2009 |
+-----------+-----------+--------+-----------+--------+----------+
| | GBP'000 | | GBP'000 | | GBP'000 |
+-----------+-----------+--------+-----------+--------+----------+
| Retail | | | | | |
| segment | | | | | |
+-----------+-----------+--------+-----------+--------+----------+
| Revenue | 61,335 | | 53,349 | | 118,237 |
+-----------+-----------+--------+-----------+--------+----------+
| Cost | (22,130) | | (18,882) | | (43,505) |
| of | | | | | |
| sales | | | | | |
+-----------+-----------+--------+-----------+--------+----------+
| Gross | 39,205 | | 34,467 | | 74,732 |
| profit | | | | | |
+-----------+-----------+--------+-----------+--------+----------+
| | | | | | |
+-----------+-----------+--------+-----------+--------+----------+
| Wholesale | | | | | |
| segment | | | | | |
+-----------+-----------+--------+-----------+--------+----------+
| Revenue | 15,286 | | 18,267 | | 34,424 |
+-----------+-----------+--------+-----------+--------+----------+
| Cost | (8,927) | | (10,689) | | (19,790) |
| of | | | | | |
| sales | | | | | |
+-----------+-----------+--------+-----------+--------+----------+
| Gross | 6,359 | | 7,578 | | 14,634 |
| profit | | | | | |
+-----------+-----------+--------+-----------+--------+----------+
| | | | | | |
+-----------+-----------+--------+-----------+--------+----------+
| Segment | | | | | |
| totals | | | | | |
+-----------+-----------+--------+-----------+--------+----------+
| Revenue | 76,621 | | 71,616 | | 152,661 |
+-----------+-----------+--------+-----------+--------+----------+
| Cost | (31,057) | | (29,571) | | (63,295) |
| of | | | | | |
| sales | | | | | |
+-----------+-----------+--------+-----------+--------+----------+
| Gross | 45,564 | | 42,045 | | 89,366 |
| profit | | | | | |
+-----------+-----------+--------+-----------+--------+----------+
| | | | | | |
+-----------+-----------+--------+-----------+--------+----------+
2.2. Reconciliation of segment result to profit before tax
+------------+-----------+--------+-----------+--------+----------+
| | Unaudited | | Unaudited | | Audited |
| | 28 weeks | | 28 weeks | | 53 |
| | ended 15 | | ended 9 | | weeks |
| | August | | August | | ended |
| | 2009 | | 2008 | | 31 |
| | | | | | January |
| | | | | | 2009 |
+------------+-----------+--------+-----------+--------+----------+
| | GBP'000 | | GBP'000 | | GBP'000 |
+------------+-----------+--------+-----------+--------+----------+
| | | | | | |
+------------+-----------+--------+-----------+--------+----------+
| Segment | 45,564 | | 42,045 | | 89,366 |
| result | | | | | |
+------------+-----------+--------+-----------+--------+----------+
| Operating | (41,641) | | (37,814) | | (75,948) |
| expenses | | | | | |
+------------+-----------+--------+-----------+--------+----------+
| Impairment | - | | - | | (1,786) |
| losses | | | | | |
+------------+-----------+--------+-----------+--------+----------+
| Operating | 3,923 | | 4,231 | | 11,632 |
| profit | | | | | |
| before | | | | | |
| other | | | | | |
| operating | | | | | |
| income | | | | | |
+------------+-----------+--------+-----------+--------+----------+
| Other | 2,429 | | 3,021 | | 5,529 |
| operating | | | | | |
| income | | | | | |
+------------+-----------+--------+-----------+--------+----------+
| Operating | 6,352 | | 7,252 | | 17,161 |
| profit | | | | | |
+------------+-----------+--------+-----------+--------+----------+
| Net | (344) | | 90 | | 530 |
| finance | | | | | |
| expense | | | | | |
+------------+-----------+--------+-----------+--------+----------+
| Share | 23 | | 52 | | 75 |
| of | | | | | |
| profit | | | | | |
| of | | | | | |
| jointly | | | | | |
| controlled | | | | | |
| entity, | | | | | |
| net of tax | | | | | |
+------------+-----------+--------+-----------+--------+----------+
| Profit | 6,031 | | 7,394 | | 17,766 |
| before | | | | | |
| tax | | | | | |
+------------+-----------+--------+-----------+--------+----------+
| | | | | | |
+------------+-----------+--------+-----------+--------+----------+
The majority of other operating income relates to licence income for both 2009
and 2008.
2.3. Segment total assets
+-------------+-----------+--------+-----------+--------+---------+
| | Unaudited | | Unaudited | | Audited |
| | 28 weeks | | 28 weeks | | 53 |
| | ended 15 | | ended 9 | | weeks |
| | August | | August | | ended |
| | 2009 | | 2008 | | 31 |
| | | | | | January |
| | | | | | 2009 |
+-------------+-----------+--------+-----------+--------+---------+
| | GBP'000 | | GBP'000 | | GBP'000 |
+-------------+-----------+--------+-----------+--------+---------+
| | | | | | |
+-------------+-----------+--------+-----------+--------+---------+
| Retail | 67,636 | | 68,530 | | 75,566 |
+-------------+-----------+--------+-----------+--------+---------+
| Wholesale | 16,753 | | 21,579 | | 19,654 |
+-------------+-----------+--------+-----------+--------+---------+
| Unallocated | 1,015 | | 505 | | 1,128 |
| assets | | | | | |
+-------------+-----------+--------+-----------+--------+---------+
| Total | 85,404 | | 90,614 | | 96,348 |
| assets | | | | | |
+-------------+-----------+--------+-----------+--------+---------+
| | | | | | |
+-------------+-----------+--------+-----------+--------+---------+
3. Impairment losses
The impairment losses of GBP1,786,000, recognised in the Group's consolidated
financial statements for the 53 weeks ended 31 January 2009, relate to
cash-generating units whose recoverable amounts (value in use) did not exceed
the asset carrying values. In all cases impairment losses arose due to stores
performing below projected trading levels.
Full details can be found in the Group's consolidated financial statements as at
and for the 53 weeks ended 31 January 2009.
4. Finance income and expenses
+------------------------------------------+-------+---------------+----+---------------+----+---------------+
| | | Unaudited | | Unaudited | | Audited |
+------------------------------------------+-------+---------------+----+---------------+----+---------------+
| | | 28 weeks | | 28 weeks | | 53 weeks |
| | | ended 15 | | ended 9 | | ended 31 |
| | | August 2009 | | August 2008 | | January 2009 |
+------------------------------------------+-------+---------------+----+---------------+----+---------------+
| | | GBP000 | | GBP000 | | GBP000 |
+------------------------------------------+-------+---------------+----+---------------+----+---------------+
| Finance income | | | | | | |
+------------------------------------------+-------+---------------+----+---------------+----+---------------+
| - Interest receivable | | 3 | | 106 | | 146 |
+------------------------------------------+-------+---------------+----+---------------+----+---------------+
| - Foreign exchange gains | | - | | 90 | | 691 |
+------------------------------------------+-------+---------------+----+---------------+----+---------------+
| | | 3 | | 196 | | 837 |
+------------------------------------------+-------+---------------+----+---------------+----+---------------+
| Finance expenses | | | | | | |
+------------------------------------------+-------+---------------+----+---------------+----+---------------+
| - Interest payable | | (91) | | (106) | | (307) |
+------------------------------------------+-------+---------------+----+---------------+----+---------------+
| - Foreign exchange losses | | (256) | | - | | - |
+------------------------------------------+-------+---------------+----+---------------+----+---------------+
| | | (347) | | (106) | | (307) |
+------------------------------------------+-------+---------------+----+---------------+----+---------------+
5. Earnings per share
+------------------------------------------+-------+--------------+----+--------------+----+--------------+
| | | Unaudited | | Unaudited | | Audited |
+------------------------------------------+-------+--------------+----+--------------+----+--------------+
| | | 28 weeks | | 28 weeks | | 53 weeks |
| | | ended 15 | | ended 9 | | ended 31 |
| | | August 2009 | | August 2008 | | January 2009 |
+------------------------------------------+-------+--------------+----+--------------+----+--------------+
| | | No. | | No. | | No. |
+------------------------------------------+-------+--------------+----+--------------+----+--------------+
| Number of shares: | | | | | | |
+------------------------------------------+-------+--------------+----+--------------+----+--------------+
| Weighted number of ordinary shares | | 41,613,798 | | 42,383,945 | | 42,563,397 |
| outstanding | | | | | | |
+------------------------------------------+-------+--------------+----+--------------+----+--------------+
| Effect of dilutive options | | 5,946 | | 157,189 | | 7,904 |
+------------------------------------------+-------+--------------+----+--------------+----+--------------+
| Weighted number of ordinary shares | | 41,619,744 | | 42,541,134 | | 42,571,301 |
| outstanding - diluted | | | | | | |
+------------------------------------------+-------+--------------+----+--------------+----+--------------+
| | | | | | | |
+------------------------------------------+-------+--------------+----+--------------+----+--------------+
| Earnings: | | GBP000 | | GBP000 | | GBP000 |
+------------------------------------------+-------+--------------+----+--------------+----+--------------+
| Profit for the period, basic and diluted | | 4,315 | | 5,271 | | 12,593 |
+------------------------------------------+-------+--------------+----+--------------+----+--------------+
| | | | | | | |
+------------------------------------------+-------+--------------+----+--------------+----+--------------+
| Basic earnings per share | | 10.4p | | 12.4p | | 29.6p |
+------------------------------------------+-------+--------------+----+--------------+----+--------------+
| Diluted earnings per share | | 10.4p | | 12.4p | | 29.6p |
+------------------------------------------+-------+--------------+----+--------------+----+--------------+
6. Dividends per share
+------------------------------------------+-------+---------------+----+---------------+----+---------------+
| | | Unaudited | | Unaudited | | Audited |
+------------------------------------------+-------+---------------+----+---------------+----+---------------+
| | | 28 weeks | | 28 weeks | | 53 weeks |
| | | ended 15 | | ended 9 | | ended 31 |
| | | August 2009 | | August 2008 | | January 2009 |
+------------------------------------------+-------+---------------+----+---------------+----+---------------+
| | | GBP000 | | GBP000 | | GBP000 |
+------------------------------------------+-------+---------------+----+---------------+----+---------------+
| | | | | | | |
+------------------------------------------+-------+---------------+----+---------------+----+---------------+
| Final dividend paid for the prior year | | 4,743 | | 4,799 | | 4,799 |
| of 11.4p per ordinary share (2008: | | | | | | |
| 11.4p) | | | | | | |
+------------------------------------------+-------+---------------+----+---------------+----+---------------+
| Interim dividend paid 2009: GBPNil | | - | | - | | 2,184 |
| (2008: GBPNil) | | | | | | |
+------------------------------------------+-------+---------------+----+---------------+----+---------------+
| | | 4,743 | | 4,799 | | 6,983 |
+------------------------------------------+-------+---------------+----+---------------+----+---------------+
| | | | | | | |
+------------------------------------------+-------+---------------+----+---------------+----+---------------+
The Board has declared an interim dividend of 5.25p per share (2008: 5.25p)
payable on 27 November 2009 to shareholders on the register at the close of
business on 23 October 2009.
7. Income tax expense
The Group's consolidated effective tax rate in respect of continuing operations
for the 28 weeks ended 15 August 2009 was 29.0% (28 weeks ended 9 August 2008:
29.0%, 53 weeks ended 31 January 2009: 29.3%).
The factors affecting the tax charge for the Group remain broadly consistent
with the prior period and we expect the Group's consolidated effective rate to
remain at around 29%.
8. Share based payments
Equity settled awards are granted to employees in the form of share options,
share awards or the award of units that can convert to nil-cost options.
Share options are granted at an option price equal to the Company share price at
the grant date, or at a discount of up to 20% in the case of SAYE share options.
No consideration is payable when share awards or nil-cost options vest. The
vesting period is generally between three and five years and the share options
expire between three and ten years after grant. Share options and awards will
also expire if the employee leaves the Group prior to the exercise or vesting
date.
The terms and conditions of the grant made during the 28 weeks ended 15 August
2009 are as follows:
+--------+--------+---------+------------+---------+
| Grant | Type | Number | Vesting | Vesting |
| date | of | of | conditions | period |
| | award | shares | | |
+--------+--------+---------+------------+---------+
| | | | | |
+--------+--------+---------+------------+---------+
| 15 May | Share | 29,641 | None | 100% |
| 2009 | option | | | after |
| | | | | three |
| | | | | years |
+--------+--------+---------+------------+---------+
| 15 May | Share | 109,245 | None | 100% |
| 2009 | option | | | after |
| | | | | five |
| | | | | years |
+--------+--------+---------+------------+---------+
The basis of measuring fair value is consistent with that disclosed in the
consolidated financial statements for the 53 weeks ended 31 January 2009. The
range of inputs into the Black-Scholes model were as follows:
+------------+---------+
| | At 15 |
| | August |
| | 2009 |
+------------+---------+
| | |
+------------+---------+
| Share | 303.0p |
| price | |
+------------+---------+
| Exercise | 303.0p |
| price | |
+------------+---------+
| Risk | 2.17% |
| free | - 2.77% |
| interest | |
| rate | |
+------------+---------+
| Expected | 3 - 5 |
| life of | years |
| options | |
+------------+---------+
| Share | 26.1% |
| price | - 27.1% |
| volatility | |
+------------+---------+
| Dividend | 4.62% |
| yield | |
+------------+---------+
Value Creation Plan
The award of units is made under the Ted Baker 2009 Value Creation Plan ("2009
VCP"), which was approved by shareholders at the General Meeting held on 16 June
2009. Units have no value at grant, but subject to the satisfaction of earnings
per share, share price and total shareholder return performance targets can
convert and give participants the right to be granted nil-cost options at the
end of the performance. Further details of the plan are outlined in the notice
of meeting dated 13 May 2009.
The terms and conditions of the award of units granted under the 2009 VCP during
the 28 weeks ended 15 August 2009 are as follows:
+--------+--------+---------+-------------+---------+
| Grant | Type | Number | Vesting | Vesting |
| date | of | of | conditions | period |
| | award | units | | |
+--------+--------+---------+-------------+---------+
| | | | | |
+--------+--------+---------+-------------+---------+
| 13 | Award | 100,000 | Growth | 50% |
| August | of | | in | after |
| 2009 | units | | earnings | three |
| | | | per | years |
| | | | share, | and |
| | | | share | the |
| | | | price | balance |
| | | | and | one |
| | | | total | year |
| | | | shareholder | later |
| | | | return over | |
| | | | a three | |
| | | | year | |
| | | | performance | |
| | | | period | |
+--------+--------+---------+-------------+---------+
9. Reconciliation of cash and cash equivalents per balance sheet to the cash
flow statement
+--------------------------------------------------+--------------+---+--------------+---+---------------+
| | Unaudited | | Unaudited | | Audited |
+--------------------------------------------------+--------------+---+--------------+---+---------------+
| | 28 weeks | | 28 weeks | | 53 weeks |
| | ended 15 | | ended 9 | | ended 31 |
| | August 2009 | | August 2008 | | January 2009 |
+--------------------------------------------------+--------------+---+--------------+---+---------------+
| | GBP000 | | GBP000 | | GBP000 |
+--------------------------------------------------+--------------+---+--------------+---+---------------+
| | | | | | |
+--------------------------------------------------+--------------+---+--------------+---+---------------+
| Cash and cash equivalents per balance sheet | 2,229 | | 6,413 | | 4,660 |
+--------------------------------------------------+--------------+---+--------------+---+---------------+
| Bank overdraft | (1,500) | | (7,312) | | - |
+--------------------------------------------------+--------------+---+--------------+---+---------------+
| Cash and cash equivalents per cash flow | 729 | | (899) | | 4,660 |
| statement | | | | | |
+--------------------------------------------------+--------------+---+--------------+---+---------------+
| | | | | | |
+--------------------------------------------------+--------------+---+--------------+---+---------------+
10. Treasury shares
The Company acquired nil treasury shares (2008: 500,000) and disposed of 13,823
treasury shares (2008: 133,404) in the 28 weeks ended 15 August 2009.
11. Related Parties
The Company has a related party relationship with its directors and executive
officers.
Directors of the Company and their immediate relatives control 41% of the voting
shares of the Company.
At 15 August 2009, the main trading company owed the parent company GBP9,249,000
(9 August 2008: GBP9,281,000, 31 January 2009: GBP9,149,000). The main trading
company was owed GBP11,040,000 (9 August 2008: GBP14,718,000, 31 January 2009:
GBP10,873,000) from the other subsidiaries within the Group.
Transactions between subsidiaries and between the parent and subsidiaries were
priced on an arms length basis.
The Group has a 50% interest in a joint venture. As at 15 August 2009, the joint
venture owed GBP117,000 to the main trading company (9 August 2008: GBP42,000,
31 January 2009: GBP139,000). The value of sales made to the joint venture by
the Group was GBP115,000 in the period to 15 August 2009 (9 August 2008:
GBP104,000, 31 January 2009: GBP280,000).
12. Principal risks and uncertainties
The current unprecedented trading environment has affected, and will continue to
affect, all areas of our business. We also recognise that we will be affected by
the impact this will have on our customers, partners and suppliers. The Board
has taken, and will continue to take, the necessary actions to recognise and
deal with these challenges.
In September 2008, having considered the trends envisaged for 2009, the Board
took actions to reduce costs and commitments in line with these trends. This
activity covered all aspects of our business and continues to be monitored and
adjusted in light of the changing environment.
There are a number of risks and uncertainties that face the Group, which are
monitored by the Risk Committee and are detailed in the Group's consolidated
financial statements as at and for the 53 weeks ended 31 January 2009.
Responsibility statement of the directors in respect of the interim financial
statements
We, the directors of the Company, confirm that to the best of our knowledge:
+-----+----------------------------------------------------------------------+
| (a) | The condensed set of financial statements has been prepared in |
| | accordance with IAS 34 as adopted by the EU; |
| | |
+-----+----------------------------------------------------------------------+
| (b) | The interim management report includes a fair review of the |
| | information required by DTR 4.2.7R, being an indication of important |
| | events that have occurred during the first 28 weeks of the financial |
| | year and their impact on the condensed set of financial statements, |
| | and a description of the principal risks and uncertainties for the |
| | remaining 24 weeks of the financial year; and |
| | |
+-----+----------------------------------------------------------------------+
| (c) | The interim management report includes a fair review of the |
| | information required by DTR 4.2.8R, being related party transactions |
| | that have taken place in the first 28 weeks of the financial year |
| | and that have materially affected the financial position or |
| | performance of the Company during that period, and any changes in |
| | the related party transactions described in the last annual report |
| | that could do so. |
| | |
+-----+----------------------------------------------------------------------+
By order of the Board
+-----------------------------------------------------+----------------------+
| R S Kelvin | L D Page |
+-----------------------------------------------------+----------------------+
| Chief Executive | Finance Director |
+-----------------------------------------------------+----------------------+
| | |
+-----------------------------------------------------+----------------------+
| 8 October 2009 | 8 October 2009 |
+-----------------------------------------------------+----------------------+
This interim report will be sent by post to all registered shareholders. Copies
will be available to the public from the Company Secretary at the registered
office: Ted Baker PLC, The Ugly Brown Building, 6a St Pancras Way, London NW1
0TB.
Cautionary statement regarding forward-looking statements
This announcement contains certain forward-looking statements. These
forward-looking statements include matters that are not historical facts or are
statements regarding the Company's intentions, beliefs or current expectations
concerning, among other things, the Company's results of operations, financial
condition, liquidity, prospects, growth, strategies, and the industries in which
the Company operates. Forward-looking statements are based on the information
available to the Directors at the time of preparation of this announcement, and
will not be updated during the year. The Directors can give no assurance that
these expectations will prove to have been correct. Due to inherent
uncertainties, including both economic and business risk factors underlying such
forward looking information, actual results may differ materially from those
expressed or implied by these forward-looking statements.
Independent Review Report on the Condensed Financial Statements to the members
of Ted Baker PLC
Introduction
We have been engaged by the company to review the condensed set of financial
statements in the interim financial statements for the 28 weeks ended 15 August
2009 which comprises the Condensed Group Income Statement, Condensed Group
Statement of Comprehensive Income, the Condensed Group Statement of Changes in
Equity, the Condensed Group Balance Sheet, the Condensed Group Cash Flow
Statement and the related explanatory notes. We have read the other information
contained in the interim financial statements and considered whether it contains
any apparent misstatements or material inconsistencies with the information in
the condensed set of financial statements.
This report is made solely to the company in accordance with the terms of our
engagement to assist the company in meeting the requirements of the Disclosure
and Transparency Rules ("the DTR") of the UK's Financial Services Authority
("the UK FSA"). Our review has been undertaken so that we might state to the
company those matters we are required to state to it in this report and for no
other purpose. To the fullest extent permitted by law, we do not accept or
assume responsibility to anyone other than the company for our review work, for
this report, or for the conclusions we have reached.
Directors' responsibilities
The interim financial statements are the responsibility of, and have been
approved by, the directors. The directors are responsible for preparing the
interim financial statements in accordance with the DTR of the UK FSA.
As disclosed in note 1, the annual financial statements of the group are
prepared in accordance with International Financial Reporting Standards as
adopted by the EU. The condensed set of financial statements included in these
interim financial statements have been prepared in accordance with IAS 34
Interim Financial Reporting as adopted by the EU.
Our responsibility
Our responsibility is to express to the company a conclusion on the condensed
set of financial statements in the interim financial statements based on our
review.
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 UK. 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 interim financial
statements for the 28 weeks ended 15 August 2009 is not prepared, in all
material respects, in accordance with IAS 34 as adopted by the EU and the DTR of
the UK FSA.
Mike Barradell
For and on behalf of KPMG Audit Plc
Chartered Accountants
8 Salisbury Square
London
EC4Y 8BB
8 October 2009
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR UUGAAUUPBGBM
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