Retail Corporation - Interim Results
October 15 1998 - 6:18AM
UK Regulatory
RNS No 3906k
RETAIL CORPORATION PLC
15th October 1998
THE RETAIL CORPORATION PLC
AND SUBSIDIARY UNDERTAKINGS
(The entire Ordinary share capital of the Company is held by Sears plc)
INTERIM REPORT
FOR THE SIX MONTHS ENDED 31 JULY 1998
Notes 1998 1997
#m #m
TURNOVER
Continuing operations 2 17.5 15.1
Discontinued operations - 312.4
---- -----
17.5 327.5
====== =====
TRADING PROFIT/(LOSS)
Continuing operations 5.3 5.6
Discontinued operations - (22.1)
----- -----
5.3 (16.5)
Restructuring costs - (2.7)
Impairment of footwear assets - (80.0)
Profit on disposal of properties - 0.1
Net interest payable 3 (15.4) (2.2)
----- -----
LOSS ON ORDINARY ACTIVITIES BEFORE (10.1) (101.3)
TAXATION
Taxation 3.1 5.3
---- -------
LOSS AFTER TAXATION (7.0) (96.0)
Dividends on preference shares (0.2) (0.2)
----- ----
Attributable to equity shareholders (7.2) (96.2)
Dividends on ordinary shares (75.0) -
------ -----
DEDUCTED FROM RESERVES (82.2) (96.2)
==== =====
NOTES
1. The Interim Report has been drawn up under the same accounting policies
as those used for the Annual Report and Accounts for 1997/98 and has been
drawn up to the Saturday nearest to 31st July in each year, being 1st August
in 1998 and 2nd August in 1997. The Interim Report does not constitute
statutory accounts and the figures are unaudited.
2. Continuing operations comprise the results of Creation Financial Services
Limited (formerly SearsCard) and include sales of #0.6m (1997 #0.6m) to
fellow subsidiary undertakings of Sears plc. As at 31st July 1998 there were
approximately 720,000 active accounts with combined balances of #119m, making
it one of the largest in-house credit businesses in the UK. It is building
its operational and processing capability through a joint venture with
Equifax, one of the world's largest processing groups, which is due to begin
operation in April 1999.
3. Of the net interest payable, #14.3 million (1997 #2.4 million) relates to
interest on loans with the parent undertaking and fellow subsidiary
undertakings.
4. The exit from Footwear has been completed and the sale of related
properties is underway. Total costs are expected to be within the #150m
provision made in the 1997/98 Annual Report.
5. A copy of this Interim Report will be posted to shareholders and copies
will be available from the Secretary, The Retail Corporation plc, 40 Duke
Street, London W1A 2HP.
END
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