TIDMAXN
RNS Number : 9236H
Alexon Group PLC
06 June 2011
6 June 2011
Alexon Group plc (the Company)
Annual Financial Report - DTR 6.3.5 Disclosure
Following the release on 28 April 2011 of the Company's
preliminary results announcement for the financial year ended 29
January 2011 (the 'Preliminary Announcement'), the Company
announces that its annual report and accounts for the financial
year ended 29 January 2011 (the 'Annual Report and Accounts'),
notice of Annual General Meeting for 2011 (the 'Notice of AGM') and
form of proxy ('the Proxy Form') for use at the Annual General
Meeting of the Company are being issued to shareholders today.
The Annual General Meeting of the Company is to be held on 7
July 2011 at the Company's registered office, 40-48 Guildford
Street, Luton, LU1 2PB. Copies of the Annual Report and Accounts
and the Notice of AGM are available on the Investor Relations page
of the Company's website www.alexongroup.co.uk
Copies of the Annual Report and Accounts, the Notice of AGM and
the Proxy Form have been submitted to the National Storage
Mechanism and will be available for inspection at
www.hemscott.com/nsm.do.
John Boyle
Company Secretary
Compliance with Disclosure and Transparency Rule 6.3.5 -
Extracts from the Annual Report and Accounts
The information below, which is extracted from the 2011 Annual
Report and Accounts, is included solely for the purpose of
complying with DTR 6.3.5 and the requirements it imposes on issuers
as to how to make public annual financial reports. It should be
read in conjunction with the Company's Preliminary Announcement
issued on 28 April 2011. Together these constitute the material
required by DTR 6.3.5 to be communicated to the media in unedited
full text through a Regulatory Information Service. This material
is not a substitute for reading the full 2011 Annual Report and
Accounts. Page numbers and cross-references in the extracted
information below refer to page numbers and cross-references in the
2011 Annual Report and Accounts.
The information contained in this announcement and in the
Preliminary Announcement does not constitute the Group's statutory
accounts as defined in section 240 of the Companies Act 1985 but is
derived from those accounts. The statutory accounts for the year
ended 29 January 2011 have been approved by the Board and will be
delivered to the Registrar of Companies following the Company's
Annual General Meeting which will be held on 7 July 2011. On 28
April 2011, the group announced its draft unaudited financial
statements for the 52 weeks ending 29 January 2011. The auditors
have subsequently reported on those accounts and there are no
changes.
Appendix A - Directors' Responsibility Statement
The following statement is extracted from page 11 of the 2011
Annual Report and Accounts and is repeated here for the purposes of
Disclosure and Transparency Rule 6.3.5 to comply with Disclosure
and Transparency Rule 6.3. This statement relates solely to the
2011 Annual Report and Accounts and is not connected to the
extracted information set out in this announcement or the
Preliminary Announcement.
The Directors confirm to the best of their knowledge:
The directors are responsible for preparing the Annual Report,
the Directors' Remuneration Report and the financial statements in
accordance with applicable law and regulations.
Company law requires the directors to prepare financial
statements for each financial year. Under that law the directors
have elected to prepare the Group and parent company financial
statements in accordance with International Financial Reporting
Standards (IFRSs) as adopted by the European Union. The financial
statements are required by law to give a true and fair view of the
state of affairs of the Group and the parent company and of the
profit or loss of the Group for that period.
In preparing those financial statements, the directors are
required to:
-- select suitable accounting policies and then apply them
consistently;
-- make judgements and estimates that are reasonable and
prudent;
-- state whether applicable IFRSs as adopted by the European
Union have been followed, subject to any material departures
disclosed and explained in the financial statements; and
-- prepare the financial statements on the going concern basis
unless it is inappropriate to presume that the Company will
continue in business.
The directors are responsible for keeping adequate accounting
records that are sufficient to show and explain the company's
transactions and disclose with reasonable accuracy at any time the
financial position of the company and the group and enable them to
ensure that the financial statements and the Directors'
Remuneration Report comply with the Companies Act 2006 and, as
regards the group financial statements, Article 4 of the IAS
Regulation. They are also responsible for safeguarding the assets
of the company and the group and hence for taking reasonable steps
for the prevention and detection of fraud and other
irregularities.
Appendix B - Principal Risks and Uncertainties
The principal risks and uncertainties relating to the Company
are set out pages 8 and 9 of the 2011 Annual Report and Accounts.
The following is extracted in full and unedited from the 2011
Annual Report and Accounts:
The Group is exposed to the risks of the prevailing economic
climate and uncertain outlook which has led to reduced consumer
demand and reduced income.
The UK high street is a highly competitive environment and the
Group also faces competition from the increasing popularity of
purchasing via the internet.
The success of the Group is dependent on its ability to provide
quality designs and fashions and to anticipate and respond to
changing consumer taste and fashion trends. Product design and
selection is therefore key to retaining market share and generating
revenue, particularly in periods in which consumer confidence is
negatively affected. The Group depends on the reputation of the
Alexon brand names which are an important asset of its business.
Any events that negatively affect this reputation could have a
material adverse effect on the business.
The retail business is subject to seasonal peaks. If sales
during its peak seasons, particularly the Christmas season, are
significantly lower than forecast, it may be left with substantial
unsold stock which can only be sold at reduced prices. Unseasonal
or severe weather conditions can also significantly affect sales
and increase the volume of stock which must be sold at reduced
prices.
The Group generates a significant proportion of its turnover
from concessions within third party department stores. The loss of
a significant host store relationship could have an adverse effect
on the Group's business. The Group attempts to minimise the risk by
maintaining regular dialogue with the host stores in relation to
sales performance and planned range developments.
The location of a concession within a department store has an
important impact on sales performance in that concession. Changes
in location to a less favourable position within the store can have
a detrimental effect on sales performance.
The Group has a number of short leasehold premises which are
subject to regular rent reviews. Significant increases in rents
could affect the economic viability of individual units.
The Group has an occupational defined benefits pension scheme
which is exposed to various risks which could affect its funding
obligations in the longer term. The scheme's assets are subject to
the risks inherent with movements in market values of equity and
bond investments. The risk attaching to the scheme's liabilities
has been reduced by the decision to close the scheme to future
benefit accrual from 31 July 2009 and the consequent loss of the
link to future salary increases.
A substantial proportion of the Group's imports are paid for in
US dollars. The business is therefore subject to risks arising from
fluctuations in currency exchange which its foreign exchange
hedging strategies may not protect.
Factors outside the Group's control which may materially
adversely affect the business include changes to law, governmental
regulations or taxes in the countries in which it operates; damage
or interruptions due to operational disruption; increases in energy
costs; natural disaster or terrorist activity.
Appendix C - Directors' interests
There has been no change to the description of the Directors'
interests in shares set out on page 15 of the 2011 Annual Report
and Accounts since 27 May 2011.
Appendix D - Related party transactions
During the period the ultimate parent company, Alexon Group plc,
received net interest payments of GBP0.1 million in relation to
loans with other group companies.
There are no other related party transactions for the period
ending 29 January 2011 other than key management compensation which
is disclosed in note 10.
Enquiries:
John Boyle
Alexon Group plc Company Secretary
01582-723131
This information is provided by RNS
The company news service from the London Stock Exchange
END
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