TIDMCC.
RNS Number : 1483J
Clinton Cards PLC
25 March 2010
+---------------------------------+----------------------------------+
| Embargoed until 0700 | 25 March 2010 |
+---------------------------------+----------------------------------+
CLINTON CARDS PLC
("the Company" or "the Group")
Interim Report for the 26 weeks ended 31 January 2010
KEY HEADLINES:
· Group operating profit +30.3% at GBP21.8m
· Group profit before tax +28.8% at GBP19.6m
· Birthdays adjusted operating profit of GBP1.1m
· Net debt GBP18.5m, 40.6% lower than 1 February 2009
+---------------------------------------+----------+----------+----------+----------+---------+
| FINANCIAL HIGHLIGHTS | | | | | |
+---------------------------------------+----------+----------+----------+----------+---------+
| | 26 | | 26 | | |
| | weeks | | weeks | | |
| | ended | | ended | | |
+---------------------------------------+----------+----------+----------+----------+---------+
| Continuing operations | 31 | | 1 | | % |
| | January | | February | | Change |
| | 2010 | | 2009 | | |
+---------------------------------------+----------+----------+----------+----------+---------+
| | GBP'000 | | GBP'000 | | |
+---------------------------------------+----------+----------+----------+----------+---------+
| Revenue | | | | | |
+---------------------------------------+----------+----------+----------+----------+---------+
| Clinton | 191,128 | | 187,256 | | 2.1% |
+---------------------------------------+----------+----------+----------+----------+---------+
| Birthdays Retail | 34,988 | | - | | |
+---------------------------------------+----------+----------+----------+----------+---------+
| Group revenue | 226,116 | | 187,256 | | 20.8% |
+---------------------------------------+----------+----------+----------+----------+---------+
| | | | | | |
+---------------------------------------+----------+----------+----------+----------+---------+
| Adjusted operating profit | | | | | |
+---------------------------------------+----------+----------+----------+----------+---------+
| Clinton | 21,241 | | 17,850 | | 19.0% |
+---------------------------------------+----------+----------+----------+----------+---------+
| Birthdays Retail | 1,054 | | - | | |
+---------------------------------------+----------+----------+----------+----------+---------+
| Group adjusted operating profit | 22,295 | | 17,850 | | 24.9% |
+---------------------------------------+----------+----------+----------+----------+---------+
| | | | | | |
+---------------------------------------+----------+----------+----------+----------+---------+
| Group operating profit | 21,831 | | 16,753 | | 30.3% |
+---------------------------------------+----------+----------+----------+----------+---------+
| | | | | | |
+---------------------------------------+----------+----------+----------+----------+---------+
| Group profit before tax | 19,624 | | 15,235 | | 28.8% |
+---------------------------------------+----------+----------+----------+----------+---------+
| | | | | | |
+---------------------------------------+----------+----------+----------+----------+---------+
| Net Debt (excluding finance costs | 18,502 | | 31,173 | | (40.6%) |
| capitalised) | | | | | |
+---------------------------------------+----------+----------+----------+----------+---------+
| | | | | | |
+---------------------------------------+----------+----------+----------+----------+---------+
| Basic and diluted earnings per share | 6.83 | | 5.11 | | 33.7% |
| (pence) | | | | | |
+---------------------------------------+----------+----------+----------+----------+---------+
In the context of the figures throughout the statement, adjusted measures are
defined as statutory values before crediting or charging profits/losses on sale
of property, plant and equipment, amortisation of intangible assets, the change
in the fair value of financial instruments and exceptional profits arising on
acquisition.
The prior period comparatives have been restated to reflect the results of
Birthdays Limited as discontinued.
Don Lewin, OBE, Chairman commented:
"I am particularly pleased with our performance in the first half and look
forward to reporting further progress for the year end".
+---------------------------------+-----------------------------------+
| Enquiries: | |
+---------------------------------+-----------------------------------+
| Clinton Cards PLC | (25 March 2010) 020 7067 0700 |
+---------------------------------+-----------------------------------+
| Don Lewin, OBE, Chairman | (thereafter) 020 8502 3711 |
+---------------------------------+-----------------------------------+
| Paul Salador, Group Finance | |
| Director | |
+---------------------------------+-----------------------------------+
| Barry Hartog, Group Commercial | |
| Director | |
+---------------------------------+-----------------------------------+
| | |
+---------------------------------+-----------------------------------+
| Weber Shandwick Financial | 020 7067 0700 |
+---------------------------------+-----------------------------------+
| Nick Dibden/Terry Garrett | |
+---------------------------------+-----------------------------------+
CLINTON CARDS PLC
("the Company" or "the Group")
Interim Report for the 26 weeks ended 31 January 2010
PERFORMANCE
Clintons adjusted operating profit in the period rose by 19.0% to GBP21.2m (1
February 2009: GBP17.8m).
Birthdays generated an adjusted operating profit in the period of GBP1.1m. The
total Group operating profit from continuing operations was 30.3% higher at
GBP21.8m.
Total revenue for the Clinton brand for the 26 weeks ended 31 January 2010 was
GBP191.1m compared with GBP187.3m in the corresponding period last year, an
increase of 2.1% from 20 (2.9%) fewer stores and 1.7% less space. Like for like
sales in the Clinton brand for the period was 3.0% higher. This improvement was
seen across all product categories with sales mix unchanged at 61% cards, 10%
gift dressing and 29% gifts.
Total revenue for the Birthdays brand was GBP35.0m from 186 stores including 24
Pure Party stores, a net increase of six stores since re-acquiring the business
last June. The sales mix for Birthdays is more weighted towards gift and party
products which results in cards 51%, gift dressing 8% and gifts/party 41%.
Basic and diluted earnings per share from continuing operations improved by
33.7% to 6.83p compared to 5.11p in the corresponding period last year.
CASH FLOW, INTEREST AND BORROWINGS
Net debt at 31 January 2010 was GBP18.5m (1 February 2009: GBP31.2m), a
reduction of 40.6%. Operating cash flows before movements in working capital
was GBP26.2m during the 26 week period to 31 January 2010 compared to GBP20.7m
in the prior year, an increase of 26.7%. Working capital movements were
impacted by an increase in stock levels, principally driven by the higher
inventory requirements of party products.
Capital expenditure has been rationed and prioritised delivering year on year
cash savings in the period of GBP3.9m. In the 26 weeks to 31 January 2010 the
Group invested GBP2.2m (1 February 2009: GBP5.8m) in the business. GBP1.2m was
invested in new stores and modernisations of existing stores, GBP0.2m on the
motor vehicle fleet and GBP0.8m in information technology systems. The Group
loss for the period in respect of the sale of property, plant and equipment was
GBP0.5m (1 February 2009: GBP1.1m).
The net increase in cash in the period to 31 January 2010 was GBP31.4m compared
to GBP27.3m last year. On 7 January 2010 the final payment of GBP12m on the
Group's loan facility was made ahead of schedule.
The Group has sufficient working capital to service its operating activities
enabling it to work comfortably within its banking covenants and there have been
several periods since December when no draw down has been necessary.
Average daily net debt for the 26 weeks to 31 January 2010 was GBP35.9m compared
to the GBP45.1m for the 26 weeks to 1 February 2009. Net interest paid on bank
facilities in the period was GBP0.2m lower at GBP1.2m. However, net finance
costs in the Consolidated Statement of Comprehensive Income are higher in the 26
week period to 31 January 2010 than the corresponding period last year due to
the non cash item of GBP0.5m relating to the amortisation of refinancing costs
incurred in March 2009.
Additionally, there is a further non cash expense of GBP0.65m relating to the
change in the fair value of the interest rate swap.
CURRENT TRADING AND OUTLOOK
Whilst trading for the first half was very encouraging, the start to the second
half has been more subdued. However, we have retained tight controls of our
cost base and therefore the Board expects to deliver profit before tax for the
full year ahead of current market expectations.
With regard to store development, the Group continues to examine all locations
with multi fascia representation to determine the appropriate mix to maximise
profitability.
The Company is holding a General Meeting today to seek approval for renewing its
authority to buy back up to 14.9% of the total issued share capital. This will
give the Company the flexibility to purchase shares if the circumstances are
right to do so.
DON LEWIN, OBE
Chairman
+-----------------------------------+-----------+----------+-----------+----------+-----------+
| | | | | | |
+-----------------------------------+-----------+----------+-----------+----------+-----------+
| SUMMARY OF RESULTS | 26 | | 26 | | 52 |
| | weeks | | weeks | | weeks |
| | ended | | ended | | ended |
+-----------------------------------+-----------+----------+-----------+----------+-----------+
| | 31 | | 1 | | 2 |
| | January | | February | | August |
| | 2010 | | 2009 | | 2009 |
+-----------------------------------+-----------+----------+-----------+----------+-----------+
| Revenue | GBP'000 | | GBP'000 | | GBP'000 |
+-----------------------------------+-----------+----------+-----------+----------+-----------+
| Clinton | 191,128 | | 187,256 | | 340,473 |
+-----------------------------------+-----------+----------+-----------+----------+-----------+
| Birthdays Retail | 34,988 | | - | | 4,727 |
+-----------------------------------+-----------+----------+-----------+----------+-----------+
| Group revenue | 226,116 | | 187,256 | | 345,200 |
+-----------------------------------+-----------+----------+-----------+----------+-----------+
| | | | | | |
+-----------------------------------+-----------+----------+-----------+----------+-----------+
| Adjusted operating profit/(loss) | | | | | |
+-----------------------------------+-----------+----------+-----------+----------+-----------+
| Clinton | 21,241 | | 17,850 | | 17,058 |
+-----------------------------------+-----------+----------+-----------+----------+-----------+
| Birthdays Retail | 1,054 | | - | | (1,401) |
+-----------------------------------+-----------+----------+-----------+----------+-----------+
| Group adjusted operating profit | 22,295 | | 17,850 | | 15,657 |
+-----------------------------------+-----------+----------+-----------+----------+-----------+
| | | | | | |
+-----------------------------------+-----------+----------+-----------+----------+-----------+
| Operating profit/(loss) | | | | | |
+-----------------------------------+-----------+----------+-----------+----------+-----------+
| Clinton | 20,938 | | 16,753 | | 15,232 |
+-----------------------------------+-----------+----------+-----------+----------+-----------+
| Birthdays Retail | 893 | | - | | (1,399) |
+-----------------------------------+-----------+----------+-----------+----------+-----------+
| Exceptional profit on | - | | - | | 13,460 |
| acquisition | | | | | |
+-----------------------------------+-----------+----------+-----------+----------+-----------+
| Group operating profit | 21,831 | | 16,753 | | 27,293 |
+-----------------------------------+-----------+----------+-----------+----------+-----------+
| | | | | | |
+-----------------------------------+-----------+----------+-----------+----------+-----------+
| Adjusted profit before tax | 20,738 | | 16,453 | | 12,886 |
+-----------------------------------+-----------+----------+-----------+----------+-----------+
| | | | | | |
+-----------------------------------+-----------+----------+-----------+----------+-----------+
| Profit/(loss) before tax | | | | | |
+-----------------------------------+-----------+----------+-----------+----------+-----------+
| Clinton | 18,734 | | 15,235 | | 12,042 |
+-----------------------------------+-----------+----------+-----------+----------+-----------+
| Birthdays Retail | 890 | | - | | (1,410) |
+-----------------------------------+-----------+----------+-----------+----------+-----------+
| Exceptional profit on | - | | - | | 13,460 |
| acquisition | | | | | |
+-----------------------------------+-----------+----------+-----------+----------+-----------+
| Group profit before tax | 19,624 | | 15,235 | | 24,092 |
+-----------------------------------+-----------+----------+-----------+----------+-----------+
| | | | | | |
+-----------------------------------+-----------+----------+-----------+----------+-----------+
| Loss for the period from | - | | (1,848) | | (57,619) |
| discontinued operations | | | | | |
+-----------------------------------+-----------+----------+-----------+----------+-----------+
| | | | | | |
+-----------------------------------+-----------+----------+-----------+----------+-----------+
| Reconciliation of statutory | | | | | |
| values to adjusted measures | | | | | |
+-----------------------------------+-----------+----------+-----------+----------+-----------+
| Group operating profit | 21,831 | | 16,753 | | 27,293 |
+-----------------------------------+-----------+----------+-----------+----------+-----------+
| Loss on sale of property, | 464 | | 1,097 | | 1,824 |
| plant and equipment | | | | | |
+-----------------------------------+-----------+----------+-----------+----------+-----------+
| Exceptional profit arising on | - | | - | | (13,460) |
| acquisition | | | | | |
+-----------------------------------+-----------+----------+-----------+----------+-----------+
| Group adjusted operating profit | 22,295 | | 17,850 | | 15,657 |
+-----------------------------------+-----------+----------+-----------+----------+-----------+
| | | | | | |
+-----------------------------------+-----------+----------+-----------+----------+-----------+
| Profit before tax | 19,624 | | 15,235 | | 24,092 |
+-----------------------------------+-----------+----------+-----------+----------+-----------+
| Loss on sale of property, | 464 | | 1,097 | | 1,824 |
| plant and equipment | | | | | |
+-----------------------------------+-----------+----------+-----------+----------+-----------+
| Exceptional profit arising on | - | | - | | (13,460) |
| acquisition | | | | | |
+-----------------------------------+-----------+----------+-----------+----------+-----------+
| Change in fair value of | 650 | | 121 | | 430 |
| financial instruments | | | | | |
+-----------------------------------+-----------+----------+-----------+----------+-----------+
| Group adjusted profit before tax | 20,738 | | 16,453 | | 12,886 |
+-----------------------------------+-----------+----------+-----------+----------+-----------+
Unaudited Consolidated Statement of Comprehensive Income
+---------------------------------+------+-----------+----------+-----------+----------+-----------+
| | | 26 | | 26 | | 52 |
| | | weeks | | weeks | | weeks |
| | | ended | | ended | | ended |
+---------------------------------+------+-----------+----------+-----------+----------+-----------+
| Continuing operations |Note | 31 | | 1 | | 2 |
| | | January | | February | | August |
| | | 2010 | | 2009 | | 2009 |
+---------------------------------+------+-----------+----------+-----------+----------+-----------+
| | | GBP'000 | | GBP'000 | | GBP'000 |
+---------------------------------+------+-----------+----------+-----------+----------+-----------+
| Revenue (including VAT) | | 260,491 | | 217,511 | | 399,013 |
+---------------------------------+------+-----------+----------+-----------+----------+-----------+
| | | | | | | |
+---------------------------------+------+-----------+----------+-----------+----------+-----------+
| Revenue (excluding VAT) | 4 | 226,116 | | 187,256 | | 345,200 |
+---------------------------------+------+-----------+----------+-----------+----------+-----------+
| Cost of sales | | (197,778) | | (164,277) | | (319,335) |
+---------------------------------+------+-----------+----------+-----------+----------+-----------+
| Gross profit | | 28,338 | | 22,979 | | 25,865 |
+---------------------------------+------+-----------+----------+-----------+----------+-----------+
| Other operating income | | 37 | | 58 | | 68 |
+---------------------------------+------+-----------+----------+-----------+----------+-----------+
| Loss on sale of property, plant | | (464) | | (1,097) | | (1,824) |
| and equipment | | | | | | |
+---------------------------------+------+-----------+----------+-----------+----------+-----------+
| Exceptional profit arising on | | - | | - | | 13,460 |
| acquisition | | | | | | |
+---------------------------------+------+-----------+----------+-----------+----------+-----------+
| Administrative expenses | | (6,080) | | (5,187) | | (10,276) |
+---------------------------------+------+-----------+----------+-----------+----------+-----------+
| | | | | | | |
+---------------------------------+------+-----------+----------+-----------+----------+-----------+
| Operating profit | 4 | 21,831 | | 16,753 | | 27,293 |
+---------------------------------+------+-----------+----------+-----------+----------+-----------+
| Finance income | | 197 | | 282 | | 386 |
+---------------------------------+------+-----------+----------+-----------+----------+-----------+
| Finance costs | 7 | (1,715) | | (1,645) | | (3,089) |
+---------------------------------+------+-----------+----------+-----------+----------+-----------+
| Change in fair value of | | (650) | | (121) | | (430) |
| financial instruments | | | | | | |
+---------------------------------+------+-----------+----------+-----------+----------+-----------+
| Unwinding of property provision | | (39) | | (34) | | (68) |
| discount | | | | | | |
+---------------------------------+------+-----------+----------+-----------+----------+-----------+
| Profit before taxation | | 19,624 | | 15,235 | | 24,092 |
+---------------------------------+------+-----------+----------+-----------+----------+-----------+
| Taxation | 8 | (5,495) | | (4,662) | | (113) |
+---------------------------------+------+-----------+----------+-----------+----------+-----------+
| Profit from continuing | | 14,129 | | 10,573 | | 23,979 |
| operations | | | | | | |
+---------------------------------+------+-----------+----------+-----------+----------+-----------+
| Loss for the period from | | - | | (1,848) | | (57,619) |
| discontinued operations | | | | | | |
+---------------------------------+------+-----------+----------+-----------+----------+-----------+
| Profit/(loss) for the period | 14,129 | | 8,725 | | (33,640) |
| attributable to owners of the | | | | | |
| company | | | | | |
+----------------------------------------+-----------+----------+-----------+----------+-----------+
| | | | | | | |
+---------------------------------+------+-----------+----------+-----------+----------+-----------+
| Other comprehensive income (net | | | | | | |
| of tax): | | | | | | |
+---------------------------------+------+-----------+----------+-----------+----------+-----------+
| Fair value of warrants issued | | - | | - | | 308 |
+---------------------------------+------+-----------+----------+-----------+----------+-----------+
| Currency translation | | (33) | | 160 | | (4) |
| differences | | | | | | |
+---------------------------------+------+-----------+----------+-----------+----------+-----------+
| Total comprehensive income for | | 14,096 | | 8,885 | | (33,336) |
| the period attributable to | | | | | | |
| owners of the company | | | | | | |
+---------------------------------+------+-----------+----------+-----------+----------+-----------+
| | | | | | | |
+---------------------------------+------+-----------+----------+-----------+----------+-----------+
| | | | | | | |
+---------------------------------+------+-----------+----------+-----------+----------+-----------+
| Earnings/(loss) per share for | 9 | | | | | |
| profit attributable to owners | | | | | | |
| of the company | | | | | | |
+---------------------------------+------+-----------+----------+-----------+----------+-----------+
| From continuing operations: | | | | | | |
+---------------------------------+------+-----------+----------+-----------+----------+-----------+
| Basic and diluted earnings per | | 6.83 | | 5.11 | | 11.59 |
| share (pence) | | | | | | |
+---------------------------------+------+-----------+----------+-----------+----------+-----------+
| From continuing & discontinued | | | | | | |
| operations: | | | | | | |
+---------------------------------+------+-----------+----------+-----------+----------+-----------+
| Basic and diluted profit/(loss) | | 6.83 | | 4.22 | | (16.26) |
| per share (pence) | | | | | | |
+---------------------------------+------+-----------+----------+-----------+----------+-----------+
The notes on pages 9 to 18 are integral to these consolidated condensed
financial statements.
Unaudited Consolidated Balance Sheet
+--------------------------------+------+-----------+----------+-----------+----------+-----------+
| | | As at | | As at | | As at |
+--------------------------------+------+-----------+----------+-----------+----------+-----------+
| | | 31 | | 1 | | 2 |
| | | January | | February | | August |
| | | 2010 | | 2009 | | 2009 |
+--------------------------------+------+-----------+----------+-----------+----------+-----------+
| | Note | GBP'000 | | GBP'000 | | GBP'000 |
+--------------------------------+------+-----------+----------+-----------+----------+-----------+
| Non current assets | | | | | | |
+--------------------------------+------+-----------+----------+-----------+----------+-----------+
| Goodwill | 10 | 17,326 | | 31,330 | | 17,326 |
+--------------------------------+------+-----------+----------+-----------+----------+-----------+
| Other intangible assets | 10 | 1,750 | | 21,476 | | 1,750 |
+--------------------------------+------+-----------+----------+-----------+----------+-----------+
| Property, plant and equipment | 10 | 62,475 | | 77,054 | | 65,204 |
+--------------------------------+------+-----------+----------+-----------+----------+-----------+
| Deferred tax asset | | 411 | | - | | 411 |
+--------------------------------+------+-----------+----------+-----------+----------+-----------+
| | | 81,962 | | 129,860 | | 84,691 |
+--------------------------------+------+-----------+----------+-----------+----------+-----------+
| Current assets | | | | | | |
+--------------------------------+------+-----------+----------+-----------+----------+-----------+
| Inventories | 11 | 40,492 | | 49,952 | | 36,217 |
+--------------------------------+------+-----------+----------+-----------+----------+-----------+
| Trade and other receivables | 12 | 21,041 | | 24,852 | | 19,418 |
+--------------------------------+------+-----------+----------+-----------+----------+-----------+
| Derivative financial | | - | | - | | 250 |
| instruments | | | | | | |
+--------------------------------+------+-----------+----------+-----------+----------+-----------+
| Cash and cash equivalents | 13 | 9,497 | | 1,287 | | 9,056 |
+--------------------------------+------+-----------+----------+-----------+----------+-----------+
| | | 71,030 | | 76,091 | | 64,941 |
+--------------------------------+------+-----------+----------+-----------+----------+-----------+
| | | | | | | |
+--------------------------------+------+-----------+----------+-----------+----------+-----------+
| Total assets | | 152,992 | | 205,951 | | 149,632 |
+--------------------------------+------+-----------+----------+-----------+----------+-----------+
| | | | | | | |
+--------------------------------+------+-----------+----------+-----------+----------+-----------+
| Current liabilities | | | | | | |
+--------------------------------+------+-----------+----------+-----------+----------+-----------+
| Borrowings | | (26,073) | | (32,460) | | (56,581) |
+--------------------------------+------+-----------+----------+-----------+----------+-----------+
| Trade and other payables | 14 | (64,401) | | (81,664) | | (51,265) |
+--------------------------------+------+-----------+----------+-----------+----------+-----------+
| Derivative financial | | (400) | | - | | - |
| instruments | | | | | | |
+--------------------------------+------+-----------+----------+-----------+----------+-----------+
| Current tax liabilities | | (5,495) | | (4,307) | | (1,301) |
+--------------------------------+------+-----------+----------+-----------+----------+-----------+
| Provisions | 15 | (370) | | (209) | | (366) |
+--------------------------------+------+-----------+----------+-----------+----------+-----------+
| | | (96,739) | | (118,640) | | (109,513) |
+--------------------------------+------+-----------+----------+-----------+----------+-----------+
| | | | | | | |
+--------------------------------+------+-----------+----------+-----------+----------+-----------+
| Net current liabilities | | (25,709) | | (42,549) | | (44,572) |
+--------------------------------+------+-----------+----------+-----------+----------+-----------+
| | | | | | | |
+--------------------------------+------+-----------+----------+-----------+----------+-----------+
| Non current liabilities | | | | | | |
+--------------------------------+------+-----------+----------+-----------+----------+-----------+
| Deferred tax liabilities | | - | | (371) | | - |
+--------------------------------+------+-----------+----------+-----------+----------+-----------+
| Other non current liabilities | | (10,051) | | (11,714) | | (7,868) |
+--------------------------------+------+-----------+----------+-----------+----------+-----------+
| Provisions | 15 | (1,153) | | (2,052) | | (1,298) |
+--------------------------------+------+-----------+----------+-----------+----------+-----------+
| | | (11,204) | | (14,137) | | (9,166) |
+--------------------------------+------+-----------+----------+-----------+----------+-----------+
| | | | | | | |
+--------------------------------+------+-----------+----------+-----------+----------+-----------+
| Total liabilities | | (107,943) | | (132,777) | | (118,679) |
+--------------------------------+------+-----------+----------+-----------+----------+-----------+
| | | | | | | |
+--------------------------------+------+-----------+----------+-----------+----------+-----------+
| Net assets | | 45,049 | | 73,174 | | 30,953 |
+--------------------------------+------+-----------+----------+-----------+----------+-----------+
| | | | | | | |
+--------------------------------+------+-----------+----------+-----------+----------+-----------+
| Shareholders' equity | | | | | | |
+--------------------------------+------+-----------+----------+-----------+----------+-----------+
| Called up share capital | | 20,693 | | 20,693 | | 20,693 |
+--------------------------------+------+-----------+----------+-----------+----------+-----------+
| Share premium account | | 5,873 | | 5,873 | | 5,873 |
+--------------------------------+------+-----------+----------+-----------+----------+-----------+
| Capital redemption reserve | | 50 | | 50 | | 50 |
+--------------------------------+------+-----------+----------+-----------+----------+-----------+
| Translation reserve | | 292 | | 489 | | 325 |
+--------------------------------+------+-----------+----------+-----------+----------+-----------+
| Other reserves | | 308 | | - | | 308 |
+--------------------------------+------+-----------+----------+-----------+----------+-----------+
| Retained Earnings | | 17,833 | | 46,069 | | 3,704 |
+--------------------------------+------+-----------+----------+-----------+----------+-----------+
| Total equity | | 45,049 | | 73,174 | | 30,953 |
+--------------------------------+------+-----------+----------+-----------+----------+-----------+
Unaudited Consolidated Statement of Changes in Equity
+---------------+-----------+------+---------+------+------------+------+-------------+------+----------+------+----------+------+----------+
| | Called-up | | Share | | Capital | | Translation | | Other | | Retained | | Total |
| | share | | premium | | redemption | | reserve | | reserves | | earnings | | equity |
| | capital | | account | | reserve | | | | | | | | |
+---------------+-----------+------+---------+------+------------+------+-------------+------+----------+------+----------+------+----------+
| | GBP'000 | | GBP'000 | | GBP'000 | | GBP'000 | | GBP'000 | | GBP'000 | | GBP'000 |
+---------------+-----------+------+---------+------+------------+------+-------------+------+----------+------+----------+------+----------+
| At 3 August | 20,693 | | 5,873 | | 50 | | 329 | | - | | 39,413 | | 66,358 |
| 2008 | | | | | | | | | | | | | |
+---------------+-----------+------+---------+------+------------+------+-------------+------+----------+------+----------+------+----------+
| | | | | | | | | | | | | | |
+---------------+-----------+------+---------+------+------------+------+-------------+------+----------+------+----------+------+----------+
| Profit for | - | | - | | - | | - | | - | | 8,725 | | 8,725 |
| the period | | | | | | | | | | | | | |
+---------------+-----------+------+---------+------+------------+------+-------------+------+----------+------+----------+------+----------+
| Other | | | | | | | | | | | | | |
| comprehensive | | | | | | | | | | | | | |
| income: | | | | | | | | | | | | | |
+---------------+-----------+------+---------+------+------------+------+-------------+------+----------+------+----------+------+----------+
| Currency | - | | - | | - | | 160 | | - | | - | | 160 |
| translation | | | | | | | | | | | | | |
| differences | | | | | | | | | | | | | |
+---------------+-----------+------+---------+------+------------+------+-------------+------+----------+------+----------+------+----------+
| Total | - | | - | | - | | 160 | | - | | 8,725 | | 8,885 |
| comprehensive | | | | | | | | | | | | | |
| income for | | | | | | | | | | | | | |
| the period | | | | | | | | | | | | | |
+---------------+-----------+------+---------+------+------------+------+-------------+------+----------+------+----------+------+----------+
| Transactions | | | | | | | | | | | | | |
| with owners: | | | | | | | | | | | | | |
+---------------+-----------+------+---------+------+------------+------+-------------+------+----------+------+----------+------+----------+
| Dividends | - | | - | | - | | - | | - | | (2,069) | | (2,069) |
| paid | | | | | | | | | | | | | |
+---------------+-----------+------+---------+------+------------+------+-------------+------+----------+------+----------+------+----------+
| At 1 | 20,693 | | 5,873 | | 50 | | 489 | | - | | 46,069 | | 73,174 |
| February | | | | | | | | | | | | | |
| 2009 | | | | | | | | | | | | | |
+---------------+-----------+------+---------+------+------------+------+-------------+------+----------+------+----------+------+----------+
| | | | | | | | | | | | | | |
+---------------+-----------+------+---------+------+------------+------+-------------+------+----------+------+----------+------+----------+
| (Loss)/profit | - | | - | | - | | - | | - | | (42,365) | | (42,365) |
| for the | | | | | | | | | | | | | |
| period | | | | | | | | | | | | | |
+---------------+-----------+------+---------+------+------------+------+-------------+------+----------+------+----------+------+----------+
| Other | | | | | | | | | | | | | |
| comprehensive | | | | | | | | | | | | | |
| income: | | | | | | | | | | | | | |
+---------------+-----------+------+---------+------+------------+------+-------------+------+----------+------+----------+------+----------+
| Fair value | - | | - | | - | | - | | 308 | | - | | 308 |
| of warrants | | | | | | | | | | | | | |
+---------------+-----------+------+---------+------+------------+------+-------------+------+----------+------+----------+------+----------+
| Currency | - | | - | | - | | (164) | | - | | - | | (164) |
| translation | | | | | | | | | | | | | |
| differences | | | | | | | | | | | | | |
+---------------+-----------+------+---------+------+------------+------+-------------+------+----------+------+----------+------+----------+
| Total | - | | - | | - | | (164) | | 308 | | (42,365) | | (42,221) |
| comprehensive | | | | | | | | | | | | | |
| income for | | | | | | | | | | | | | |
| the period | | | | | | | | | | | | | |
+---------------+-----------+------+---------+------+------------+------+-------------+------+----------+------+----------+------+----------+
| Transactions | | | | | | | | | | | | | |
| with owners: | | | | | | | | | | | | | |
+---------------+-----------+------+---------+------+------------+------+-------------+------+----------+------+----------+------+----------+
| Dividends | - | | - | | - | | - | | - | | - | | - |
| paid | | | | | | | | | | | | | |
+---------------+-----------+------+---------+------+------------+------+-------------+------+----------+------+----------+------+----------+
| At 2 August | 20,693 | | 5,873 | | 50 | | 325 | | 308 | | 3,704 | | 30,953 |
| 2009 | | | | | | | | | | | | | |
+---------------+-----------+------+---------+------+------------+------+-------------+------+----------+------+----------+------+----------+
| | | | | | | | | | | | | | |
+---------------+-----------+------+---------+------+------------+------+-------------+------+----------+------+----------+------+----------+
| Profit for | - | | - | | - | | - | | - | | 14,129 | | 14,129 |
| the period | | | | | | | | | | | | | |
+---------------+-----------+------+---------+------+------------+------+-------------+------+----------+------+----------+------+----------+
| Other | | | | | | | | | | | | | |
| comprehensive | | | | | | | | | | | | | |
| income: | | | | | | | | | | | | | |
+---------------+-----------+------+---------+------+------------+------+-------------+------+----------+------+----------+------+----------+
| Currency | - | | - | | - | | (33) | | - | | - | | (33) |
| translation | | | | | | | | | | | | | |
| differences | | | | | | | | | | | | | |
+---------------+-----------+------+---------+------+------------+------+-------------+------+----------+------+----------+------+----------+
| Total | - | | - | | - | | (33) | | - | | 14,129 | | 14,096 |
| comprehensive | | | | | | | | | | | | | |
| income for | | | | | | | | | | | | | |
| the period | | | | | | | | | | | | | |
+---------------+-----------+------+---------+------+------------+------+-------------+------+----------+------+----------+------+----------+
| Transactions | | | | | | | | | | | | | |
| with owners: | | | | | | | | | | | | | |
+---------------+-----------+------+---------+------+------------+------+-------------+------+----------+------+----------+------+----------+
| Dividends | - | | - | | - | | - | | - | | - | | - |
| paid | | | | | | | | | | | | | |
+---------------+-----------+------+---------+------+------------+------+-------------+------+----------+------+----------+------+----------+
| At 31 | 20,693 | | 5,873 | | 50 | | 292 | | 308 | | 17,833 | | 45,049 |
| January | | | | | | | | | | | | | |
| 2010 | | | | | | | | | | | | | |
+---------------+-----------+------+---------+------+------------+------+-------------+------+----------+------+----------+------+----------+
Unaudited Consolidated Cash Flow Statement
+----------------------------------+------+----------+----------+----------+----------+----------+
| | | 26 | | 26 | | 52 |
| | | weeks | | weeks | | weeks |
| | | ended | | ended | | ended |
+----------------------------------+------+----------+----------+----------+----------+----------+
| | | 31 | | 1 | | 2 |
| | | January | | February | | August |
| | | 2010 | | 2009 | | 2009 |
+----------------------------------+------+----------+----------+----------+----------+----------+
| Cash flows from operating | Note | GBP'000 | | GBP'000 | | GBP'000 |
| activities | | | | | | |
+----------------------------------+------+----------+----------+----------+----------+----------+
| Profit before tax from | | 19,624 | | 15,235 | | 24,092 |
| continuing operations | | | | | | |
+----------------------------------+------+----------+----------+----------+----------+----------+
| Loss before tax from | | - | | (2,667) | | (6,858) |
| discontinued operations | | | | | | |
+----------------------------------+------+----------+----------+----------+----------+----------+
| Adjustments for: | | | | | | |
+----------------------------------+------+----------+----------+----------+----------+----------+
| Net finance costs * | | 1,518 | | 1,363 | | 2,703 |
+----------------------------------+------+----------+----------+----------+----------+----------+
| Depreciation | | 4,531 | | 4,406 | | 9,371 |
+----------------------------------+------+----------+----------+----------+----------+----------+
| Amortisation of intangible | | - | | - | | 384 |
| assets | | | | | | |
+----------------------------------+------+----------+----------+----------+----------+----------+
| Net impairment of property, | | 40 | | - | | 183 |
| plant and equipment | | | | | | |
+----------------------------------+------+----------+----------+----------+----------+----------+
| Fair value of warrants | | - | | - | | 308 |
+----------------------------------+------+----------+----------+----------+----------+----------+
| Loss on sale of property, | | 464 | | 1,097 | | 1,824 |
| plant and equipment | | | | | | |
+----------------------------------+------+----------+----------+----------+----------+----------+
| Exceptional profit arising on | | - | | - | | (13,460) |
| acquisition | | | | | | |
+----------------------------------+------+----------+----------+----------+----------+----------+
| Discontinued operations | | - | | 1,222 | | 2,288 |
+----------------------------------+------+----------+----------+----------+----------+----------+
| Operating cash flows before | | 26,177 | | 20,656 | | 20,835 |
| movements in working capital | | | | | | |
+----------------------------------+------+----------+----------+----------+----------+----------+
| | | | | | | |
+----------------------------------+------+----------+----------+----------+----------+----------+
| (Increase)/decrease in | | (4,275) | | 1,436 | | 3,622 |
| inventories | | | | | | |
+----------------------------------+------+----------+----------+----------+----------+----------+
| (Increase)/decrease in trade and | | (754) | | (225) | | (303) |
| other receivables | | | | | | |
+----------------------------------+------+----------+----------+----------+----------+----------+
| Increase/(decrease) in trade and | | 15,418 | | 14,596 | | (1,402) |
| other payables | | | | | | |
+----------------------------------+------+----------+----------+----------+----------+----------+
| Movement in provisions and | | 476 | | 131 | | (855) |
| financial instruments | | | | | | |
+----------------------------------+------+----------+----------+----------+----------+----------+
| Discontinued operations | | - | | 1,878 | | 3,838 |
+----------------------------------+------+----------+----------+----------+----------+----------+
| Cash generated from operations | | 37,042 | | 38,472 | | 25,735 |
+----------------------------------+------+----------+----------+----------+----------+----------+
| | | | | | | |
+----------------------------------+------+----------+----------+----------+----------+----------+
| Interest received | | 197 | | 273 | | 386 |
+----------------------------------+------+----------+----------+----------+----------+----------+
| Interest paid | | (1,287) | | (1,686) | | (2,668) |
+----------------------------------+------+----------+----------+----------+----------+----------+
| Net taxation paid | | (2,204) | | (1,236) | | (1,253) |
+----------------------------------+------+----------+----------+----------+----------+----------+
| Discontinued operations | | - | | 53 | | 5 |
+----------------------------------+------+----------+----------+----------+----------+----------+
| Net cash generated from | | 33,748 | | 35,876 | | 22,205 |
| operating activities | | | | | | |
+----------------------------------+------+----------+----------+----------+----------+----------+
| | | | | | | |
+----------------------------------+------+----------+----------+----------+----------+----------+
| Cash flows from investing | | | | | | |
| activities | | | | | | |
+----------------------------------+------+----------+----------+----------+----------+----------+
| Payments made to acquire assets, | | - | | - | | (574) |
| net of cash acquired | | | | | | |
+----------------------------------+------+----------+----------+----------+----------+----------+
| Fees paid for refinancing | | - | | - | | (2,793) |
+----------------------------------+------+----------+----------+----------+----------+----------+
| Payments relating to disposal of | | (92) | | (417) | | (545) |
| property, plant and equipment | | | | | | |
+----------------------------------+------+----------+----------+----------+----------+----------+
| Purchase of property, plant and | | (2,214) | | (4,316) | | (5,557) |
| equipment | | | | | | |
+----------------------------------+------+----------+----------+----------+----------+----------+
| Discontinued operations | | - | | (1,787) | | (2,151) |
+----------------------------------+------+----------+----------+----------+----------+----------+
| Net cash used in investing | | (2,306) | | (6,520) | | (11,620) |
| activities | | | | | | |
+----------------------------------+------+----------+----------+----------+----------+----------+
| | | | | | | |
+----------------------------------+------+----------+----------+----------+----------+----------+
| Cash flows from financing | | | | | | |
| activities | | | | | | |
+----------------------------------+------+----------+----------+----------+----------+----------+
| Net proceeds from issue of | | - | | - | | - |
| ordinary share capital | | | | | | |
+----------------------------------+------+----------+----------+----------+----------+----------+
| Dividends paid to group | | - | | (2,069) | | (2,069) |
| shareholders | | | | | | |
+----------------------------------+------+----------+----------+----------+----------+----------+
| Net cash used in financing | | - | | (2,069) | | (2,069) |
| activities | | | | | | |
+----------------------------------+------+----------+----------+----------+----------+----------+
| | | | | | | |
+----------------------------------+------+----------+----------+----------+----------+----------+
| Net increase in cash and cash | | 31,442 | | 27,287 | | 8,516 |
| equivalents | | | | | | |
+----------------------------------+------+----------+----------+----------+----------+----------+
| | | | | | | |
+----------------------------------+------+----------+----------+----------+----------+----------+
| Net debt at beginning of period | | (49,944) | | (58,460) | | (58,460) |
+----------------------------------+------+----------+----------+----------+----------+----------+
| | | | | | | |
+----------------------------------+------+----------+----------+----------+----------+----------+
| Net debt at close of period | 16 | (18,502) | | (31,173) | | (49,944) |
+----------------------------------+------+----------+----------+----------+----------+----------+
| | | | | | | |
+----------------------------------+------+----------+----------+----------+----------+----------+
| * Net finance costs excludes movement in financial instruments and unwinding of |
| property provision discount |
+------------------------------------------------------------------------------------------------+
| All comparatives have been restated to reclassify amounts relating to discontinued |
| operations |
+----------------------------------+------+----------+----------+----------+----------+----------+
Notes to the Interim Consolidated Condensed Financial Statements
1 General information
The principal activity of the Group is the specialist retailing of greetings
cards and associated products. This is carried out through two brands on the
high street, Clinton Cards and Birthdays.
Clinton Cards PLC is a Public Limited Company incorporated and domiciled in
England and Wales.
These interim consolidated condensed financial statements and the comparative
figures for the 26 weeks ended 1 February 2009 do not constitute statutory
accounts within the meaning of Section 434 of the Companies Act 2006. Statutory
accounts for the 52 weeks ended 2 August 2009 were approved by the Board of
Directors on 23 October 2009 and delivered to the Registrar of Companies. The
report of the auditors on those accounts was unqualified, did not contain an
emphasis of matter and did not contain statements under Section 498 of the
Companies Act 2006.
The interim results are unaudited and were approved by the Board of Directors on
23 March 2010.
2 Basis of preparation
The interim consolidated condensed financial report for the 26 weeks ended 31
January 2010 has been prepared in accordance with the Disclosure and
Transparency Rules of the Financial Services Authority and with IAS 34 "Interim
Financial Reporting" as adopted by the European Union. The interim financial
report should be read in conjunction with the annual financial statements for
the 52 weeks ended 2 August 2009 which were prepared in accordance with IFRS's
as adopted by the European Union.
Use of adjusted measures
Adjusted operating profits or losses and adjusted net profits or losses are
defined as operating profits or losses and net profits or losses before charging
profits or losses on sale of property, plant and equipment, impairment of
goodwill, amortisation and write off of intangible assets, exceptional
restructuring costs and the movement in the fair value of financial instruments
and exceptional profits on acquisition.
3 Accounting policies
The accounting policies adopted are consistent with those of the annual
financial statements for the 52 weeks ended 2 August 2009 as described in those
financial statements.
The following new standards have been adopted in the period and have had an
impact on the Group:
IAS 1 (revised), "Presentation of financial statements". The revised standard
prohibits the presentation of items of income and expenses (that is "non-owner
changes in equity") in the statement of changes in equity, requiring "non-owner
changes in equity" to be presented separately from owner changes in equity. All
"non-owner changes in equity" are required to be shown in a performance
statement.
Entities can choose whether to present one performance statement (the statement
of comprehensive income) or two statements (the income statement and statement
of comprehensive income).
The Group has elected to present a single statement of comprehensive income.
The interim financial statements have been prepared under the revised disclosure
requirements.
IFRS 8, "Operating segments", IFRS 8 replaces IAS 14, "Segment reporting". It
requires a "management approach" under which segment information is presented on
the same basis as that used for internal reporting purposes. This has resulted
in no change to segments previously reported.
Operating segments are reported in a manner consistent with the internal
reporting provided to the chief operating decision-maker. The chief operating
decision-maker has been identified as the executive board that makes strategic
decisions.
The following new standards, amendments to standards and interpretations are
mandatory for the first time for the financial year ending 1 August 2010 but do
not currently have a material impact on the Group.
· IFRIC 13, "Customer loyalty programmes".
· IFRIC15, "Agreements for the construction of real estate".
· IFRIC 16, "Hedges of a net investment in a foreign operation".
· IAS 39 (amendment), "Financial instruments: Recognition and measurement".
· 'Financial instruments: Recognition and measurement', and IFRS 7,
'Financial instruments: Disclosures', on the 'Reclassification of financial
assets' (effective 1 July 2008).
· Amendment to IFRIC 9 and IAS 39 regarding embedded derivatives (effective
1 July 2008).
· IFRIC 12,'Service concession arrangements' (effective 1 January 2008).
+--+----------------------+---------+-------+-----------+-------+------------+-------+--------------+-------+--------+
| 4| Segmental | | | | | | | | | |
| | Information | | | | | | | | | |
+--+----------------------+---------+-------+-----------+-------+------------+-------+--------------+-------+--------+
| | | | | | | | | | | |
+--+----------------------+---------+-------+-----------+-------+------------+-------+--------------+-------+--------+
| | Store information | Clinton | | Birthdays | | Continuing | | Discontinued | | Group |
| | | Cards | | Retail | | operations | | operations | | |
+--+----------------------+---------+-------+-----------+-------+------------+-------+--------------+-------+--------+
| | | No. | | No. | | No. | | No. | | No. |
+--+----------------------+---------+-------+-----------+-------+------------+-------+--------------+-------+--------+
| | Store numbers | | | | | | | | | |
+--+----------------------+---------+-------+-----------+-------+------------+-------+--------------+-------+--------+
| | Stores at 1 February | 695 | | - | | 695 | | 335 | | 1,030 |
| | 2009 | | | | | | | | | |
+--+----------------------+---------+-------+-----------+-------+------------+-------+--------------+-------+--------+
| | Additions | 1 | | 180 | | 181 | | 1 | | 182 |
+--+----------------------+---------+-------+-----------+-------+------------+-------+--------------+-------+--------+
| | Disposals | (15) | | - | | (15) | | (336) | | (351) |
+--+----------------------+---------+-------+-----------+-------+------------+-------+--------------+-------+--------+
| | Stores at 2 August | 681 | | 180 | | 861 | | - | | 861 |
| | 2009 | | | | | | | | | |
+--+----------------------+---------+-------+-----------+-------+------------+-------+--------------+-------+--------+
| | Additions (4 | 2 | | 10 | | 12 | | - | | 12 |
| | intra group) | | | | | | | | | |
+--+----------------------+---------+-------+-----------+-------+------------+-------+--------------+-------+--------+
| | Disposals (4 | (8) | | (4) | | (12) | | - | | (12) |
| | intra group) | | | | | | | | | |
+--+----------------------+---------+-------+-----------+-------+------------+-------+--------------+-------+--------+
| | Stores at 31 January | 675 | | 186 | | 861 | | - | | 861 |
| | 2010 | | | | | | | | | |
+--+----------------------+---------+-------+-----------+-------+------------+-------+--------------+-------+--------+
| | | | | | | | | | | |
+--+----------------------+---------+-------+-----------+-------+------------+-------+--------------+-------+--------+
| | Trading area (square | '000 | | '000 | | '000 | | '000 | | '000 |
| | feet) | | | | | | | | | |
+--+----------------------+---------+-------+-----------+-------+------------+-------+--------------+-------+--------+
| | Trading area at 1 | 1,321 | | - | | 1,321 | | 509 | | 1,830 |
| | February 2009 | | | | | | | | | |
+--+----------------------+---------+-------+-----------+-------+------------+-------+--------------+-------+--------+
| | Additions | 3 | | 298 | | 301 | | 2 | | 303 |
+--+----------------------+---------+-------+-----------+-------+------------+-------+--------------+-------+--------+
| | Disposals | (17) | | - | | (17) | | (511) | | (528) |
+--+----------------------+---------+-------+-----------+-------+------------+-------+--------------+-------+--------+
| | Trading area at 2 | 1,307 | | 298 | | 1,605 | | - | | 1,605 |
| | August 2009 | | | | | | | | | |
+--+----------------------+---------+-------+-----------+-------+------------+-------+--------------+-------+--------+
| | Additions | 5 | | 15 | | 20 | | - | | 20 |
+--+----------------------+---------+-------+-----------+-------+------------+-------+--------------+-------+--------+
| | Disposals | (14) | | (5) | | (19) | | - | | (19) |
+--+----------------------+---------+-------+-----------+-------+------------+-------+--------------+-------+--------+
| | Trading area at 31 | 1,298 | | 308 | | 1,606 | | - | | 1,606 |
| | January 2010 | | | | | | | | | |
+--+----------------------+---------+-------+-----------+-------+------------+-------+--------------+-------+--------+
| | | | | | | | | | | |
+--+----------------------+---------+-------+-----------+-------+------------+-------+--------------+-------+--------+
| | Average store size | sq | | sq | | sq | | sq ft | | sq |
| | | ft | | ft | | ft | | | | ft |
+--+----------------------+---------+-------+-----------+-------+------------+-------+--------------+-------+--------+
| | At 1 February 2009 | 1,901 | | - | | 1,901 | | 1,521 | | 1,777 |
+--+----------------------+---------+-------+-----------+-------+------------+-------+--------------+-------+--------+
| | At 2 August 2009 | 1,919 | | 1,657 | | 1,864 | | - | | 1,864 |
+--+----------------------+---------+-------+-----------+-------+------------+-------+--------------+-------+--------+
| | At 31 January 2010 | 1,922 | | 1,656 | | 1,865 | | - | | 1,865 |
+--+----------------------+---------+-------+-----------+-------+------------+-------+--------------+-------+--------+
+--+----------------------+----------+-------+-----------+-------+------------+-------+--------------+-------+----------+
| 4| Segmental | | | | | | | | | |
| | information | | | | | | | | | |
| | (continued) | | | | | | | | | |
+--+----------------------+----------+-------+-----------+-------+------------+-------+--------------+-------+----------+
| | | | | | | | | | | |
+--+----------------------+----------+-------+-----------+-------+------------+-------+--------------+-------+----------+
| | Income statement | Clinton | | Birthdays | | Continuing | | Discontinued | | Group |
| | | Cards | | Retail | | operations | | operations | | |
+--+----------------------+----------+-------+-----------+-------+------------+-------+--------------+-------+----------+
| | | GBP'000 | | GBP'000 | | GBP'000 | | GBP'000 | | GBP'000 |
+--+----------------------+----------+-------+-----------+-------+------------+-------+--------------+-------+----------+
| | 26 weeks ended 31 | | | | | | | | | |
| | January 2010 | | | | | | | | | |
+--+----------------------+----------+-------+-----------+-------+------------+-------+--------------+-------+----------+
| | Revenue (excluding | 191,128 | | 34,988 | | 226,116 | | - | | 226,116 |
| | VAT) | | | | | | | | | |
+--+----------------------+----------+-------+-----------+-------+------------+-------+--------------+-------+----------+
| | | | | | | | | | | |
+--+----------------------+----------+-------+-----------+-------+------------+-------+--------------+-------+----------+
| | Adjusted operating | 21,241 | | 1,054 | | 22,295 | | - | | 22,295 |
| | profit | | | | | | | | | |
+--+----------------------+----------+-------+-----------+-------+------------+-------+--------------+-------+----------+
| | Loss on sale of | (303) | | (161) | | (464) | | - | | (464) |
| | property, plant and | | | | | | | | | |
| | equipment | | | | | | | | | |
+--+----------------------+----------+-------+-----------+-------+------------+-------+--------------+-------+----------+
| | Operating profit as | 20,938 | | 893 | | 21,831 | | - | | 21,831 |
| | reported | | | | | | | | | |
+--+----------------------+----------+-------+-----------+-------+------------+-------+--------------+-------+----------+
| | Net finance costs | | | | | (2,207) | | - | | (2,207) |
+--+----------------------+----------+-------+-----------+-------+------------+-------+--------------+-------+----------+
| | Profit before tax | | | | | 19,624 | | - | | 19,624 |
+--+----------------------+----------+-------+-----------+-------+------------+-------+--------------+-------+----------+
| | Taxation | | | | | (5,495) | | - | | (5,495) |
+--+----------------------+----------+-------+-----------+-------+------------+-------+--------------+-------+----------+
| | Profit after tax | | | | | 14,129 | | - | | 14,129 |
+--+----------------------+----------+-------+-----------+-------+------------+-------+--------------+-------+----------+
| | | | | | | | | | | |
+--+----------------------+----------+-------+-----------+-------+------------+-------+--------------+-------+----------+
| | 26 weeks ended 1 | | | | | | | | | |
| | February 2009 | | | | | | | | | |
+--+----------------------+----------+-------+-----------+-------+------------+-------+--------------+-------+----------+
| | Revenue (excluding | 187,256 | | - | | 187,256 | | 56,019 | | 243,275 |
| | VAT) | | | | | | | | | |
+--+----------------------+----------+-------+-----------+-------+------------+-------+--------------+-------+----------+
| | | | | | | | | | | |
+--+----------------------+----------+-------+-----------+-------+------------+-------+--------------+-------+----------+
| | Adjusted operating | 17,850 | | - | | 17,850 | | (2,666) | | 15,184 |
| | profit/(loss) | | | | | | | | | |
+--+----------------------+----------+-------+-----------+-------+------------+-------+--------------+-------+----------+
| | Amortisation of | - | | - | | - | | (242) | | (242) |
| | intangible assets | | | | | | | | | |
+--+----------------------+----------+-------+-----------+-------+------------+-------+--------------+-------+----------+
| | (Loss)/profit on | (1,097) | | - | | (1,097) | | 250 | | (847) |
| | sale of property, | | | | | | | | | |
| | plant and equipment | | | | | | | | | |
+--+----------------------+----------+-------+-----------+-------+------------+-------+--------------+-------+----------+
| | Operating | 16,753 | | - | | 16,753 | | (2,658) | | 14,095 |
| | profit/(loss) as | | | | | | | | | |
| | reported | | | | | | | | | |
+--+----------------------+----------+-------+-----------+-------+------------+-------+--------------+-------+----------+
| | Net finance costs | | | | | (1,518) | | (9) | | (1,527) |
+--+----------------------+----------+-------+-----------+-------+------------+-------+--------------+-------+----------+
| | Profit/(loss) before | | | | | 15,235 | | (2,667) | | 12,568 |
| | tax | | | | | | | | | |
+--+----------------------+----------+-------+-----------+-------+------------+-------+--------------+-------+----------+
| | Taxation | | | | | (4,662) | | 819 | | (3,843) |
+--+----------------------+----------+-------+-----------+-------+------------+-------+--------------+-------+----------+
| | Profit/(loss) after | | | | | 10,573 | | (1,848) | | 8,725 |
| | tax | | | | | | | | | |
+--+----------------------+----------+-------+-----------+-------+------------+-------+--------------+-------+----------+
| | | | | | | | | | | |
+--+----------------------+----------+-------+-----------+-------+------------+-------+--------------+-------+----------+
| | 52 weeks ended 2 | | | | | | | | | |
| | August 2009 | | | | | | | | | |
+--+----------------------+----------+-------+-----------+-------+------------+-------+--------------+-------+----------+
| | Revenue (excluding | 340,473 | | 4,727 | | 345,200 | | 84,913 | | 430,113 |
| | VAT) | | | | | | | | | |
+--+----------------------+----------+-------+-----------+-------+------------+-------+--------------+-------+----------+
| | | | | | | | | | | |
+--+----------------------+----------+-------+-----------+-------+------------+-------+--------------+-------+----------+
| | Adjusted operating | 17,058 | | (1,401) | | 15,657 | | (6,197) | | 9,460 |
| | profit/(loss) | | | | | | | | | |
+--+----------------------+----------+-------+-----------+-------+------------+-------+--------------+-------+----------+
| | (Loss)/profit on | (1,826) | | 2 | | (1,824) | | (249) | | (2,073) |
| | sale of property, | | | | | | | | | |
| | plant and equipment | | | | | | | | | |
+--+----------------------+----------+-------+-----------+-------+------------+-------+--------------+-------+----------+
| | Amortisation of | - | | - | | - | | (384) | | (384) |
| | intangible assets | | | | | | | | | |
+--+----------------------+----------+-------+-----------+-------+------------+-------+--------------+-------+----------+
| | Exceptional profit | - | | 13,460 | | 13,460 | | - | | 13,460 |
| | arising on | | | | | | | | | |
| | acquisition | | | | | | | | | |
+--+----------------------+----------+-------+-----------+-------+------------+-------+--------------+-------+----------+
| | Operating | 15,232 | | 12,061 | | 27,293 | | (6,830) | | 20,463 |
| | profit/(loss) as | | | | | | | | | |
| | reported | | | | | | | | | |
+--+----------------------+----------+-------+-----------+-------+------------+-------+--------------+-------+----------+
| | Net assets written | | | | | - | | (50,761) | | (50,761) |
| | off at | | | | | | | | | |
| | administration | | | | | | | | | |
+--+----------------------+----------+-------+-----------+-------+------------+-------+--------------+-------+----------+
| | Net finance costs | | | | | (3,201) | | (28) | | (3,229) |
+--+----------------------+----------+-------+-----------+-------+------------+-------+--------------+-------+----------+
| | Profit/(loss) before | | | | | 24,092 | | (57,619) | | (33,527) |
| | tax | | | | | | | | | |
+--+----------------------+----------+-------+-----------+-------+------------+-------+--------------+-------+----------+
| | Taxation | | | | | (113) | | - | | (113) |
+--+----------------------+----------+-------+-----------+-------+------------+-------+--------------+-------+----------+
| | Profit/(loss) after | | | | | 23,979 | | (57,619) | | (33,640) |
| | tax | | | | | | | | | |
+--+----------------------+----------+-------+-----------+-------+------------+-------+--------------+-------+----------+
+--+----------------------+----------+-------+-----------+-------+------------+-------+--------------+-------+-----------+
| 4| Segmental | | | | | | | | | |
| | information | | | | | | | | | |
| | (continued) | | | | | | | | | |
+--+----------------------+----------+-------+-----------+-------+------------+-------+--------------+-------+-----------+
| | | | | | | | | | | |
+--+----------------------+----------+-------+-----------+-------+------------+-------+--------------+-------+-----------+
| | Balance Sheet | Clinton | | Birthdays | | Continuing | | Discontinued | | Group |
| | | Cards | | Retail | | operations | | operations | | |
+--+----------------------+----------+-------+-----------+-------+------------+-------+--------------+-------+-----------+
| | | GBP'000 | | GBP'000 | | GBP'000 | | GBP'000 | | GBP'000 |
+--+----------------------+----------+-------+-----------+-------+------------+-------+--------------+-------+-----------+
| | Assets as at 31 | 126,742 | | 26,250 | | 152,992 | | - | | 152,992 |
| | January 2010 | | | | | | | | | |
+--+----------------------+----------+-------+-----------+-------+------------+-------+--------------+-------+-----------+
| | Liabilities as at 31 | (70,383) | | (11,487) | | (81,870) | | - | | (81,870) |
| | January 2010 | | | | | | | | | |
+--+----------------------+----------+-------+-----------+-------+------------+-------+--------------+-------+-----------+
| | Net assets excluding | 56,359 | | 14,763 | | 71,122 | | - | | 71,122 |
| | Group borrowings | | | | | | | | | |
+--+----------------------+----------+-------+-----------+-------+------------+-------+--------------+-------+-----------+
| | Group borrowings | | | | | | | | | (26,073) |
+--+----------------------+----------+-------+-----------+-------+------------+-------+--------------+-------+-----------+
| | Net assets as at 31 | | | | | | | | | 45,049 |
| | January 2010 | | | | | | | | | |
+--+----------------------+----------+-------+-----------+-------+------------+-------+--------------+-------+-----------+
| | | | | | | | | | | |
+--+----------------------+----------+-------+-----------+-------+------------+-------+--------------+-------+-----------+
| | Assets as at 1 | 163,584 | | - | | 163,584 | | 42,367 | | 205,951 |
| | February 2009 | | | | | | | | | |
+--+----------------------+----------+-------+-----------+-------+------------+-------+--------------+-------+-----------+
| | Liabilities as at 1 | (76,857) | | - | | (76,857) | | (23,460) | | (100,317) |
| | February 2009 | | | | | | | | | |
+--+----------------------+----------+-------+-----------+-------+------------+-------+--------------+-------+-----------+
| | Net assets excluding | 86,727 | | - | | 86,727 | | 18,907 | | 105,634 |
| | Group borrowings | | | | | | | | | |
+--+----------------------+----------+-------+-----------+-------+------------+-------+--------------+-------+-----------+
| | Group borrowings | | | | | | | | | (32,460) |
+--+----------------------+----------+-------+-----------+-------+------------+-------+--------------+-------+-----------+
| | Net assets as at 1 | | | | | | | | | 73,174 |
| | February 2009 | | | | | | | | | |
+--+----------------------+----------+-------+-----------+-------+------------+-------+--------------+-------+-----------+
| | | | | | | | | | | |
+--+----------------------+----------+-------+-----------+-------+------------+-------+--------------+-------+-----------+
| | Assets at 2 August | 127,272 | | 22,360 | | 149,632 | | - | | 149,632 |
| | 2009 | | | | | | | | | |
+--+----------------------+----------+-------+-----------+-------+------------+-------+--------------+-------+-----------+
| | Liabilities as at 2 | (57,655) | | (4,443) | | (62,098) | | - | | (62,098) |
| | August 2009 | | | | | | | | | |
+--+----------------------+----------+-------+-----------+-------+------------+-------+--------------+-------+-----------+
| | Net assets excluding | 69,617 | | 17,917 | | 87,534 | | - | | 87,534 |
| | Group borrowings | | | | | | | | | |
+--+----------------------+----------+-------+-----------+-------+------------+-------+--------------+-------+-----------+
| | Group borrowings | | | | | | | | | (56,581) |
+--+----------------------+----------+-------+-----------+-------+------------+-------+--------------+-------+-----------+
| | Net assets at 2 | | | | | | | | | 30,953 |
| | August 2009 | | | | | | | | | |
+--+----------------------+----------+-------+-----------+-------+------------+-------+--------------+-------+-----------+
5 Discontinued operations
On 21 May 2009, a member of the Group, Birthdays Limited entered administration.
As control of the Company and its subsidiary, Birthdays (Ireland) Limited ceased
at that date the results and assets of the Birthdays Group were deconsolidated
and treated as discontinued in the results of the 52 weeks ended 2 August 2009.
As a result, the prior period comparatives have been restated to remove the
results of Birthdays Limited which are shown as discontinued operations.
+--+--------------+---------+----------+----------+----------+---------+-+---------+----------+----------+----------+---------+
| 6| Remuneration of key management |
+--+--------------------------------------------------------------------------------------------------------------------------+
| | | Continuing operations | | Discontinued operations |
+--+--------------+----------------------------------------------------+-+----------------------------------------------------+
| | | 26 | | 26 | | 52 | | 26 | | 26 | | 52 |
| | | weeks | | weeks | | weeks | | weeks | | weeks | | weeks |
| | | ended | | ended | | ended | | ended | | ended | | ended |
+--+--------------+---------+----------+----------+----------+---------+-+---------+----------+----------+----------+---------+
| | | 31 | | 1 | | 2 | | 31 | | 1 | | 2 |
| | | January | | February | | August | | January | | February | | August |
| | | 2010 | | 2009 | | 2009 | | 2010 | | 2009 | | 2009 |
+--+--------------+---------+----------+----------+----------+---------+-+---------+----------+----------+----------+---------+
| | | GBP'000 | | GBP'000 | | GBP'000 | | GBP'000 | | GBP'000 | | GBP'000 |
+--+--------------+---------+----------+----------+----------+---------+-+---------+----------+----------+----------+---------+
| | Salaries and | 1,332 | | 1,260 | | 2,545 | | - | | 101 | | 168 |
| | short-term | | | | | | | | | | | |
| | employee | | | | | | | | | | | |
| | benefits | | | | | | | | | | | |
+--+--------------+---------+----------+----------+----------+---------+-+---------+----------+----------+----------+---------+
| | Payments to | 43 | | 42 | | 81 | | - | | 4 | | 7 |
| | money | | | | | | | | | | | |
| | purchase | | | | | | | | | | | |
| | pension | | | | | | | | | | | |
| | schemes | | | | | | | | | | | |
+--+--------------+---------+----------+----------+----------+---------+-+---------+----------+----------+----------+---------+
| | | 1,375 | | 1,302 | | 2,626 | | - | | 105 | | 175 |
+--+--------------+---------+----------+----------+----------+---------+-+---------+----------+----------+----------+---------+
The directors of the Group are the key management of the Group. Key management
compensation includes salaries, national insurance costs, pension costs and
other employment benefits such as company cars and private medical insurance.
+--+---------------+---------+----------+----------+-----+----------+----------+----------+------+----------+----------+-----+----------+-+----------+-----------+
| 7| Finance costs | | | | | | | | | | | |
+--+---------------+--------------------+----------+-----+----------+----------+----------+------+----------+----------------+----------+------------------------+
| | | Continuing operations | | Discontinued operations |
+--+---------------+-----------------------------------------------------------+----------+----------------------------------------------------------------------+
| | | 26 | | 26 weeks ended | | 52 weeks | | 26 weeks ended | | 26 weeks ended | | 52 weeks |
| | | weeks | | | | ended | | | | | | ended |
| | | ended | | | | | | | | | | |
+--+---------------+---------+----------+----------------+----------+----------+----------+-----------------+----------+------------------+----------+-----------+
| | | 31 | | 1 February | | 2 August | | 31 January 2010 | | 1 February 2009 | | 2 August |
| | | January | | 2009 | | 2009 | | | | | | 2009 |
| | | 2010 | | | | | | | | | | |
+--+---------------+---------+----------+----------------+----------+----------+----------+-----------------+----------+------------------+----------+-----------+
| | | GBP'000 | | GBP'000 | | GBP'000 | | GBP'000 | | GBP'000 | | GBP'000 |
+--+---------------+---------+----------+----------------+----------+----------+----------+-----------------+----------+------------------+----------+-----------+
| | Finance | | | | | | | | | | | |
| | income: | | | | | | | | | | | |
+--+---------------+---------+----------+----------------+----------+----------+----------+-----------------+----------+------------------+----------+-----------+
| | Interest on | 36 | | 278 | | 386 | | - | | 24 | | 40 |
| | bank deposits | | | | | | | | | | | |
+--+---------------+---------+----------+----------------+----------+----------+----------+-----------------+----------+------------------+----------+-----------+
| | Other | 161 | | 4 | | - | | - | | 9 | | - |
| | interest | | | | | | | | | | | |
| | received | | | | | | | | | | | |
+--+---------------+---------+----------+----------------+----------+----------+----------+-----------------+----------+------------------+----------+-----------+
| | Total finance | 197 | | 282 | | 386 | | - | | 33 | | 40 |
| | income | | | | | | | | | | | |
+--+---------------+---------+----------+----------------+----------+----------+----------+-----------------+----------+------------------+----------+-----------+
| | | | | | | | | | | | | |
+--+---------------+---------+----------+----------------+----------+----------+----------+-----------------+----------+------------------+----------+-----------+
| | Finance | | | | | | | | | | | |
| | costs: | | | | | | | | | | | |
+--+---------------+---------+----------+----------------+----------+----------+----------+-----------------+----------+------------------+----------+-----------+
| | Interest | (1,187) | | (1,627) | | (2,716) | | - | | (17) | | (35) |
| | payable on | | | | | | | | | | | |
| | bank loans | | | | | | | | | | | |
| | and overdraft | | | | | | | | | | | |
+--+---------------+---------+----------+----------------+----------+----------+----------+-----------------+----------+------------------+----------+-----------+
| | Amortisation | (493) | | - | | (373) | | - | | - | | - |
| | of finance | | | | | | | | | | | |
| | costs | | | | | | | | | | | |
+--+---------------+---------+----------+----------------+----------+----------+----------+-----------------+----------+------------------+----------+-----------+
| | Other | (35) | | (18) | | - | | - | | (3) | | - |
| | interest paid | | | | | | | | | | | |
+--+---------------+---------+----------+----------------+----------+----------+----------+-----------------+----------+------------------+----------+-----------+
| | Total finance | (1,715) | | (1,645) | | (3,089) | | - | | (20) | | (35) |
| | costs | | | | | | | | | | | |
+--+---------------+---------+----------+----------------+----------+----------+----------+-----------------+----------+------------------+----------+-----------+
| | | | | | | | | | | | | |
+--+---------------+---------+----------+----------------+----------+----------+----------+-----------------+----------+------------------+----------+-----------+
| | Change in | (650) | | (121) | | (430) | | - | | - | | - |
| | fair value of | | | | | | | | | | | |
| | derivative | | | | | | | | | | | |
| | financial | | | | | | | | | | | |
| | instruments | | | | | | | | | | | |
+--+---------------+---------+----------+----------------+----------+----------+----------+-----------------+----------+------------------+----------+-----------+
| | | | | | | | | | | | | |
+--+---------------+---------+----------+----------------+----------+----------+----------+-----------------+----------+------------------+----------+-----------+
| | Unwinding of | (39) | | (34) | | (68) | | - | | (22) | | (33) |
| | property | | | | | | | | | | | |
| | provision | | | | | | | | | | | |
| | discount | | | | | | | | | | | |
+--+---------------+---------+----------+----------------+----------+----------+----------+-----------------+----------+------------------+----------+-----------+
| | | | | | | | | | | | | |
+--+---------------+---------+----------+----------------+----------+----------+----------+-----------------+----------+------------------+----------+-----------+
| | Finance costs | (2,207) | | (1,518) | | (3,201) | | - | | (9) | | (28) |
| | - net | | | | | | | | | | | |
+--+---------------+---------+----------+----------------+----------+----------+----------+-----------------+----------+------------------+----------+-----------+
| | | | | | | | | | | | | | | | | |
+--+---------------+---------+----------+----------+-----+----------+----------+----------+------+----------+----------+-----+----------+-+----------+-----------+
8 Taxation
The tax charge is based on the expected effective tax rate of 28% for the 52
weeks to 1 August 2010 (1 February 2009: 30.6%).
9 Earnings/(loss) per share
The basic earnings per share is calculated by dividing the profit after taxation
by the weighted average number of shares in issue during the period. The
adjusted basic earnings per share shown below is calculated after excluding the
profit or loss on sale of property, plant and equipment, amortisation of
intangible assets, exceptional profits arising on acquisition and the movement
in the fair value of financial instruments and the related taxation effect.
The weighted number of shares of 206,925,115 is the same for all three periods.
+--+---------------+----------+----------+--------+----------+----------+----------+--------+----------+----------+----------+---------+
| | | 26 weeks to 31 January | | 26 weeks to 1 | | 52 weeks to 2 August |
| | | 2010 | | February 2009 | | 2009 |
+--+---------------+------------------------------+----------+------------------------------+----------+-------------------------------+
| | | Earnings | | Per | | Earnings | | Per | | Earnings | | Per |
| | | | | share | | | | Share | | | | Share |
+--+---------------+----------+----------+--------+----------+----------+----------+--------+----------+----------+----------+---------+
| | | GBP'000s | | pence | | GBP'000s | | pence | | GBP'000s | | pence |
+--+---------------+----------+----------+--------+----------+----------+----------+--------+----------+----------+----------+---------+
| | Profit from | 14,129 | | 6.83 | | 10,573 | | 5.11 | | 23,979 | | 11.59 |
| | continuing | | | | | | | | | | | |
| | operations | | | | | | | | | | | |
+--+---------------+----------+----------+--------+----------+----------+----------+--------+----------+----------+----------+---------+
| | Loss on | - | | - | | (1,848) | | (0.89) | | (57,619) | | (27.85) |
| | discontinued | | | | | | | | | | | |
| | operations | | | | | | | | | | | |
+--+---------------+----------+----------+--------+----------+----------+----------+--------+----------+----------+----------+---------+
| | Basic and | 14,129 | | 6.83 | | 8,725 | | 4.22 | | (33,640) | | (16.26) |
| | diluted | | | | | | | | | | | |
| | profit/(loss) | | | | | | | | | | | |
| | per share | | | | | | | | | | | |
+--+---------------+----------+----------+--------+----------+----------+----------+--------+----------+----------+----------+---------+
| | | | | | | | | | | | | |
+--+---------------+----------+----------+--------+----------+----------+----------+--------+----------+----------+----------+---------+
| | | 26 weeks to 31 January | | 26 weeks to 1 | | 52 weeks to 2 August |
| | | 2010 | | February 2009 | | 2009 |
+--+---------------+------------------------------+----------+------------------------------+----------+-------------------------------+
| | | Earnings | | Per | | Earnings | | Per | | Earnings | | Per |
| | | | | share | | | | Share | | | | Share |
+--+---------------+----------+----------+--------+----------+----------+----------+--------+----------+----------+----------+---------+
| | | GBP'000s | | pence | | GBP'000s | | pence | | GBP'000s | | pence |
+--+---------------+----------+----------+--------+----------+----------+----------+--------+----------+----------+----------+---------+
| | Profit from | 14,129 | | 6.83 | | 10,573 | | 5.11 | | 23,979 | | 11.59 |
| | continuing | | | | | | | | | | | |
| | operations | | | | | | | | | | | |
+--+---------------+----------+----------+--------+----------+----------+----------+--------+----------+----------+----------+---------+
| | Exceptional | - | | - | | - | | - | | (13,460) | | (6.50) |
| | profit | | | | | | | | | | | |
| | arising on | | | | | | | | | | | |
| | acquisition | | | | | | | | | | | |
+--+---------------+----------+----------+--------+----------+----------+----------+--------+----------+----------+----------+---------+
| | Amortisation | - | | - | | 242 | | 0.12 | | - | | - |
| | of intangible | | | | | | | | | | | |
| | assets | | | | | | | | | | | |
+--+---------------+----------+----------+--------+----------+----------+----------+--------+----------+----------+----------+---------+
| | Change in | 650 | | 0.31 | | 121 | | 0.06 | | 430 | | 0.21 |
| | fair value of | | | | | | | | | | | |
| | financial | | | | | | | | | | | |
| | instruments | | | | | | | | | | | |
+--+---------------+----------+----------+--------+----------+----------+----------+--------+----------+----------+----------+---------+
| | Loss on sale | 464 | | 0.22 | | 847 | | 0.41 | | 1,824 | | 0.88 |
| | of property, | | | | | | | | | | | |
| | plant and | | | | | | | | | | | |
| | equipment | | | | | | | | | | | |
+--+---------------+----------+----------+--------+----------+----------+----------+--------+----------+----------+----------+---------+
| | Related | (312) | | (0.14) | | (290) | | (0.15) | | 3,138 | | 1.51 |
| | taxation | | | | | | | | | | | |
| | effect | | | | | | | | | | | |
+--+---------------+----------+----------+--------+----------+----------+----------+--------+----------+----------+----------+---------+
| | Adjusted | 14,931 | | 7.22 | | 11,493 | | 5.55 | | 15,911 | | 7.69 |
| | earnings from | | | | | | | | | | | |
| | continuing | | | | | | | | | | | |
| | operations | | | | | | | | | | | |
+--+---------------+----------+----------+--------+----------+----------+----------+--------+----------+----------+----------+---------+
+--+------------------------------------+----------+-+------------+-+-----------+
| 10| Goodwill, intangible assets and property, | | | | |
| | plant and equipment | | | | |
+--+-----------------------------------------------+-+------------+-+-----------+
| | | Goodwill | | Intangible | | Property, |
| | | | | assets | | plant and |
| | | | | | | equipment |
+--+------------------------------------+----------+-+------------+-+-----------+
| | | GBP'000 | | GBP'000 | | GBP'000 |
+--+------------------------------------+----------+-+------------+-+-----------+
| | Opening net book value at 2 August | 31,330 | | 21,718 | | 77,778 |
| | 2008 | | | | | |
+--+------------------------------------+----------+-+------------+-+-----------+
| | Additions | - | | - | | 5,829 |
+--+------------------------------------+----------+-+------------+-+-----------+
| | Disposals | - | | - | | (904) |
+--+------------------------------------+----------+-+------------+-+-----------+
| | Depreciation and amortisation | - | | (242) | | (5,649) |
+--+------------------------------------+----------+-+------------+-+-----------+
| | Closing net book value at 1 | 31,330 | | 21,476 | | 77,054 |
| | February 2009 | | | | | |
+--+------------------------------------+----------+-+------------+-+-----------+
| | | | | | | |
+--+------------------------------------+----------+-+------------+-+-----------+
| | Additions | - | | 1,750 | | 2,443 |
+--+------------------------------------+----------+-+------------+-+-----------+
| | Acquisition of subsidiary | - | | - | | 7,224 |
+--+------------------------------------+----------+-+------------+-+-----------+
| | Disposals | - | | - | | (757) |
+--+------------------------------------+----------+-+------------+-+-----------+
| | Depreciation and amortisation | - | | (142) | | (5,766) |
+--+------------------------------------+----------+-+------------+-+-----------+
| | Impairment | - | | - | | (183) |
+--+------------------------------------+----------+-+------------+-+-----------+
| | Discontinued operations | (14,004) | | (21,334) | | (14,811) |
+--+------------------------------------+----------+-+------------+-+-----------+
| | Closing net book value at 2 August | 17,326 | | 1,750 | | 65,204 |
| | 2009 | | | | | |
+--+------------------------------------+----------+-+------------+-+-----------+
| | | | | | | |
+--+------------------------------------+----------+-+------------+-+-----------+
| | Additions | - | | - | | 2,214 |
+--+------------------------------------+----------+-+------------+-+-----------+
| | Disposals | - | | - | | (372) |
+--+------------------------------------+----------+-+------------+-+-----------+
| | Depreciation and amortisation | - | | - | | (4,531) |
+--+------------------------------------+----------+-+------------+-+-----------+
| | Impairment | - | | - | | (40) |
+--+------------------------------------+----------+-+------------+-+-----------+
| | Closing net book value at 31 | 17,326 | | 1,750 | | 62,475 |
| | January 2010 | | | | | |
+--+------------------------------------+----------+-+------------+-+-----------+
Following the acquisition of the Birthdays Group on 6 December 2004, the Group
capitalised goodwill, intangible assets and property, plant and equipment
relating to the Birthdays business. These were reflected as discontinued
operations at the point that the business entered administration.
The remaining goodwill relates to the acquisition of GSG Holdings Limited in
1998.
11 Inventories
Inventories represent finished goods for resale, excluding any inventories held
on a sale or return basis. The value of sale or return inventories at 31 January
2010 was GBP5.4m (1 February 2009: GBP3.7m).
+--+----------------------------------+---------+----------+----------+-+---------+
| 12| Trade and other receivables | | | | | |
+--+----------------------------------+---------+----------+----------+-+---------+
| | | 26 | | 26 | | 52 |
| | | weeks | | weeks | | weeks |
| | | ended | | ended | | ended |
+--+----------------------------------+---------+----------+----------+-+---------+
| | | 31 | | 1 | | 2 |
| | | January | | February | | August |
| | | 2010 | | 2009 | | 2009 |
+--+----------------------------------+---------+----------+----------+-+---------+
| | | GBP'000 | | GBP'000 | | GBP'000 |
+--+----------------------------------+---------+----------+----------+-+---------+
| | Other receivables | 2,575 | | 1,208 | | 2,393 |
+--+----------------------------------+---------+----------+----------+-+---------+
| | Prepayments | 18,466 | | 23,644 | | 17,025 |
+--+----------------------------------+---------+----------+----------+-+---------+
| | | 21,041 | | 24,852 | | 19,418 |
+--+----------------------------------+---------+----------+----------+-+---------+
+--+----------------------------------+---------+----------+----------+-+---------+
| 13| Cash and cash equivalents | | | | | |
+--+----------------------------------+---------+----------+----------+-+---------+
| | | 26 | | 26 | | 52 |
| | | weeks | | weeks | | weeks |
| | | ended | | ended | | ended |
+--+----------------------------------+---------+----------+----------+-+---------+
| | | 31 | | 1 | | 2 |
| | | January | | February | | August |
| | | 2010 | | 2009 | | 2009 |
+--+----------------------------------+---------+----------+----------+-+---------+
| | | GBP'000 | | GBP'000 | | GBP'000 |
+--+----------------------------------+---------+----------+----------+-+---------+
| | Cash in hand and at bank held in | 4,959 | | 768 | | 4,985 |
| | Sterling | | | | | |
+--+----------------------------------+---------+----------+----------+-+---------+
| | Sterling equivalent of cash in | 83 | | 144 | | 77 |
| | hand and at bank held in Euros | | | | | |
+--+----------------------------------+---------+----------+----------+-+---------+
| | Short term deposits held in | 3,976 | | 3 | | 3,244 |
| | Sterling | | | | | |
+--+----------------------------------+---------+----------+----------+-+---------+
| | Sterling equivalent of short | 479 | | 372 | | 750 |
| | term deposits held in Euros | | | | | |
+--+----------------------------------+---------+----------+----------+-+---------+
| | | 9,497 | | 1,287 | | 9,056 |
+--+----------------------------------+---------+----------+----------+-+---------+
+--+----------------------------------+---------+----------+----------+-+---------+
| 14| Trade and other payables | | | | | |
+--+----------------------------------+---------+----------+----------+-+---------+
| | | 26 | | 26 | | 52 |
| | | weeks | | weeks | | weeks |
| | | ended | | ended | | ended |
+--+----------------------------------+---------+----------+----------+-+---------+
| | | 31 | | 1 | | 2 |
| | | January | | February | | August |
| | | 2010 | | 2009 | | 2009 |
+--+----------------------------------+---------+----------+----------+-+---------+
| | | GBP'000 | | GBP'000 | | GBP'000 |
+--+----------------------------------+---------+----------+----------+-+---------+
| | Trade payables | 33,798 | | 45,184 | | 26,349 |
+--+----------------------------------+---------+----------+----------+-+---------+
| | Other taxation and social | 9,311 | | 10,338 | | 3,705 |
| | security | | | | | |
+--+----------------------------------+---------+----------+----------+-+---------+
| | Other payables | 5,899 | | 8,489 | | 6,650 |
+--+----------------------------------+---------+----------+----------+-+---------+
| | Deferred income | 1,731 | | 1,359 | | 990 |
+--+----------------------------------+---------+----------+----------+-+---------+
| | Other accruals | 13,662 | | 16,294 | | 13,571 |
+--+----------------------------------+---------+----------+----------+-+---------+
| | | 64,401 | | 81,664 | | 51,265 |
+--+----------------------------------+---------+----------+----------+-+---------+
+--+-----------------------------------+---------+-+----------+-+---------+
| 15| Provisions | | | | | |
+--+-----------------------------------+---------+-+----------+-+---------+
| | | Onerous | | Employee | | Total |
| | | leases | | benefits | | |
+--+-----------------------------------+---------+-+----------+-+---------+
| | | GBP'000 | | GBP'000 | | GBP'000 |
+--+-----------------------------------+---------+-+----------+-+---------+
| | At 3 August 2008 | 2,221 | | 152 | | 2,373 |
+--+-----------------------------------+---------+-+----------+-+---------+
| | Utilised in the period | (143) | | - | | (143) |
+--+-----------------------------------+---------+-+----------+-+---------+
| | Credited in the period | (25) | | - | | (25) |
+--+-----------------------------------+---------+-+----------+-+---------+
| | Unwinding of discount | 56 | | - | | 56 |
+--+-----------------------------------+---------+-+----------+-+---------+
| | At 1 February 2009 | 2,109 | | 152 | | 2,261 |
+--+-----------------------------------+---------+-+----------+-+---------+
| | Utilised in the period | (143) | | (32) | | (175) |
+--+-----------------------------------+---------+-+----------+-+---------+
| | Charged in the period | 446 | | 22 | | 468 |
+--+-----------------------------------+---------+-+----------+-+---------+
| | Unwinding of discount | 45 | | - | | 45 |
+--+-----------------------------------+---------+-+----------+-+---------+
| | Fair value of provisions acquired | - | | 28 | | 28 |
+--+-----------------------------------+---------+-+----------+-+---------+
| | Transfer to discontinued | (901) | | (62) | | (963) |
| | operations | | | | | |
+--+-----------------------------------+---------+-+----------+-+---------+
| | At 2 August 2009 | 1,556 | | 108 | | 1,664 |
+--+-----------------------------------+---------+-+----------+-+---------+
| | Utilised in the period | (168) | | | | (168) |
+--+-----------------------------------+---------+-+----------+-+---------+
| | Credited in the period | (12) | | - | | (12) |
+--+-----------------------------------+---------+-+----------+-+---------+
| | Unwinding of discount | 39 | | - | | 39 |
+--+-----------------------------------+---------+-+----------+-+---------+
| | At 31 January 2010 | 1,415 | | 108 | | 1,523 |
+--+-----------------------------------+---------+-+----------+-+---------+
| | | | | | | |
+--+-----------------------------------+---------+-+----------+-+---------+
| | Amounts due within one year | | | | | 370 |
+--+-----------------------------------+---------+-+----------+-+---------+
| | Amounts due after more than one | | | | | 1,153 |
| | year | | | | | |
+--+-----------------------------------+---------+-+----------+-+---------+
| | | | | | | 1,523 |
+--+-----------------------------------+---------+-+----------+-+---------+
The provision for onerous leases relates to empty properties or properties
sub-let at less than their passing rent over the life of the lease. For the
period ended 31 January 2010 the discount rate used in calculating the provision
was 0.5% (1 February 2009: 5.0%).
+--+-----------------------------------+---------+-+------------+-+----------+
| 16| Reconciliation of net debt | | | | | |
+--+-----------------------------------+---------+-+------------+-+----------+
| | | Cash | | Borrowings | | Net |
| | | | | | | debt |
+--+-----------------------------------+---------+-+------------+-+----------+
| | | GBP'000 | | GBP'000 | | GBP'000 |
+--+-----------------------------------+---------+-+------------+-+----------+
| | Balance at 3 August 2008 | 5,023 | | (63,483) | | (58,460) |
+--+-----------------------------------+---------+-+------------+-+----------+
| | Cash flow movement | (3,736) | | 31,023 | | 27,287 |
+--+-----------------------------------+---------+-+------------+-+----------+
| | Balance at 1 February 2009 | 1,287 | | (32,460) | | (31,173) |
+--+-----------------------------------+---------+-+------------+-+----------+
| | Cash flow movement | 7,769 | | (26,540) | | (18,771) |
+--+-----------------------------------+---------+-+------------+-+----------+
| | Net Debt per Cash Flow Statement | 9,056 | | (59,000) | | (49,944) |
+--+-----------------------------------+---------+-+------------+-+----------+
| | Financing costs capitalised at | - | | 2,419 | | 2,419 |
| | period end | | | | | |
+--+-----------------------------------+---------+-+------------+-+----------+
| | Balance Sheet at 2 August 2009 | 9,056 | | (56,581) | | (47,525) |
+--+-----------------------------------+---------+-+------------+-+----------+
| | Financing costs capitalised at | - | | (2,419) | | (2,419) |
| | beginning of period | | | | | |
+--+-----------------------------------+---------+-+------------+-+----------+
| | Cash flow movement | 441 | | 31,001 | | 31,442 |
+--+-----------------------------------+---------+-+------------+-+----------+
| | Net Debt per Cash Flow Statement | 9,497 | | (27,999) | | (18,502) |
+--+-----------------------------------+---------+-+------------+-+----------+
| | Financing costs capitalised at | - | | 1,926 | | 1,926 |
| | period end | | | | | |
+--+-----------------------------------+---------+-+------------+-+----------+
| | Balance Sheet at 31 January 2010 | 9,497 | | (26,073) | | (16,576) |
+--+-----------------------------------+---------+-+------------+-+----------+
+--+-----------------------------------+---------+-+----------+-+---------+
| 17| Dividends | | | | | |
+--+-----------------------------------+---------+-+----------+-+---------+
| | | 26 | | 26 | | 52 |
| | | weeks | | weeks | | weeks |
| | | ended | | ended | | ended |
+--+-----------------------------------+---------+-+----------+-+---------+
| | | 31 | | 1 | | 2 |
| | | January | | February | | August |
| | | 2010 | | 2009 | | 2009 |
+--+-----------------------------------+---------+-+----------+-+---------+
| | | GBP'000 | | GBP'000 | | GBP'000 |
+--+-----------------------------------+---------+-+----------+-+---------+
| | Final | - | | 2,069 | | 2,069 |
+--+-----------------------------------+---------+-+----------+-+---------+
| | Interim | - | | - | | - |
+--+-----------------------------------+---------+-+----------+-+---------+
| | | - | | 2,069 | | 2,069 |
+--+-----------------------------------+---------+-+----------+-+---------+
18 Risks and uncertainties
The Board and senior management are responsible for identifying and managing
potential risks and uncertainties which could have an impact on the performance
of the Group. These are set out in the Annual Report and Financial Statements
2009 and the Board considers that these remain the principal risks which could
affect the Group in respect of the current financial year.
19 Forward looking statements
To the extent that any statement in this interim report can be considered
forward looking, the Board can give no assurance that these statements will
prove to be correct. Because any such statement involves risk and uncertainty,
actual results may differ materially from any expressed or implied by these
forward looking statements.
The Board undertakes no obligation to update any forward looking statement
whether as a result of new information, future events or otherwise.
20 Statement of directors' responsibilities
The directors confirm, to the best of their knowledge and belief, that this
condensed set of financial statements has been prepared in accordance with IAS
34 as adopted by the European Union and that the interim report herein includes
a fair review of the information required by DTR 4.2.7 and DTR 4.2.8.
The directors of Clinton Cards PLC are listed in the Clinton Cards PLC Annual
Report and Financial Statements 2009 and on the company website at
www.clintoncards.co.uk.
By order of the Board
+---------------------+--------------+--------------------+
| D J Lewin, OBE | | P Salador, FCCA |
+---------------------+--------------+--------------------+
| Chairman | | Group Finance |
| | | Director |
+---------------------+--------------+--------------------+
| | | |
+---------------------+--------------+--------------------+
| 25 March 2010 | | |
+---------------------+--------------+--------------------+
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR VZLFLBXFFBBF
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