TIDMMUL
RNS Number : 0623U
Mulberry Group PLC
18 June 2009
MULBERRY GROUP PLC
18 June 2009 - Embargoed until 7am
MULBERRY GROUP PLC ("Mulberry" or the "Group")
PRELIMINARY RESULTS FOR THE YEAR ENDED 31 MARCH 2009
Mulberry Group plc,
the AIM listed luxury brand announces sales growth of 14% to GBP58.6 million
(2008: GBP51.2 million) and profit before tax of GBP4.2 million (2008: GBP5.2
million). This is the sixth successive year of sales growth, delivered during a
period of significant economic challenge and uncertainty.
HIGHLIGHTS
* Sales increased by 14% to GBP58.6 million (2008: GBP51.2 million)
* UK retail sales growth of 15%, like for like growth of 2%
* Wholesale sales increased by 15%
* Profit before tax ahead of market expectations at GBP4.2 million (2008: GBP5.2
million)
* Cash of GBP3.7 million (2008: GBP10.2 million)
* UK retail sales for the first 10 weeks of the current financial year up 26%,
like for like up 21%
GODFREY DAVIS, CHAIRMAN AND CHIEF EXECUTIVE COMMENTED:
"We have achieved another year of strong sales growth, delivering an increase of
14% for the year. These results reflect the continued investment in the brand.
With our strong balance sheet we are well placed to continue to build Mulberry
as a global brand. The current financial year has started well."
FOR FURTHER DETAILS PLEASE CONTACT:
+-------------------------------------------------+------------------------------------------------------+
| Pelham PR | |
+-------------------------------------------------+------------------------------------------------------+
| David Wynne-Morgan | 0207 337 1503 |
+-------------------------------------------------+------------------------------------------------------+
| Gavin Davis | 0207 337 1515 |
+-------------------------------------------------+------------------------------------------------------+
| Kate Catchpole | 0207 337 1512 |
+-------------------------------------------------+------------------------------------------------------+
| | |
+-------------------------------------------------+------------------------------------------------------+
| Altium Capital | |
+-------------------------------------------------+------------------------------------------------------+
| Ben Thorne | 0207 484 4076 |
+-------------------------------------------------+------------------------------------------------------+
| Melanie Szalkiewicz | 0207 484 4187 |
+-------------------------------------------------+------------------------------------------------------+
Chairman's statement
The Group has completed a successful year with sales growth of 14% to GBP58.6
million (2008: GBP51.2 million). Sales grew by 29% during the first half and
then slowed from September 2008 running up to Christmas as the economic
uncertainty intensified. Subsequently, UK wholesale and retail sales picked up
strongly during the last two weeks of December 2008 and continued to show good
growth compared to the prior year through to 31 March 2009.
The result of
this last quarter performance in the UK was that profit before tax was ahead of
market expectations at GBP4.2 million (2008: GBP5.2 million). A final dividend
of 2 pence per share will be recommended for approval by shareholders (2008: 2
pence).
We continued to invest in the business both in the UK and
internationally, using retained profits and cash flow to invest in new shops,
developing new products, strengthening the management team and increasing
expenditure on marketing. This strategy has enabled the Group to continue to
grow and increase market share despite demanding market conditions.
The
Group's balance sheet is strong with no debt. Stocks have risen due to growth in
the business and because production and purchases were planned and committed in
anticipation of higher sales before the downturn in the economy. Production and
purchases have been adjusted for the forthcoming year and the benefits of this
are expected to flow through as a reduction in working capital and an increase
in cash. The Group's positive cash position means that it is able to continue to
pursue its growth objectives.
BUSINESS REVIEW
The business has continued to perform well despite the global slowdown. While
Mulberry's performance has been strong, the Group has not been immune to broader
market conditions. Starting in mid-September 2008, sales slowed in all markets,
but the pattern was not uniform with the USA being hardest hit.
Trading
in the UK was variable but sales returned to healthy growth during the last two
weeks of December 2008 and this was sustained through to the financial year end.
We resisted pressure from other retailers to go on sale early resulting in
planned margins being achieved during the important Christmas period. The upturn
in sales performance coincided with the introduction within our Spring 2009
collection of the Mitzy family of bags which have become immediate best sellers.
We have also benefited from an increase in demand from tourists, particularly in
London, due to the weaker pound. Accessories remain our core business and
continue to account for over 90% of Group sales. Handbags have continued to be
the mainstay of the accessories business.
In the UK we opened shops in
Leeds and the new Westfield development in west London. Our UK retail business
grew by 15% during the year and like for like shop sales increased by 2%. Online
sales grew by 38% year on year helped by the introduction of a US dollar
denominated site during November 2008 and a Euro denominated site during
February 2009. Our online presence has become a key channel for the development
of Mulberry as a modern global luxury brand.
The Group's wholesale sales
for the year grew by 15%. Growth slowed during the second half as buyers became
increasingly cautious; however, our order book for the Spring Summer 2009 season
grew by 3% compared to the prior year.
In Asia, our Korean business with
our partner SHK continues to make good progress with the opening of a further
department store shop in shop, bringing the total to six plus two duty free
outlets. As previously reported, the arrangements with our Japanese partner
finished during January 2009. Since that date, we have been working directly
with the influential Isetan department store in Tokyo. Our business with our
partner Club 21 in the rest of Asia continues satisfactorily.
In Europe,
our partners opened 2 new shops in Athens and Copenhagen Airport during the
financial year. While in the Middle East, our partners opened 2 new shops in
Dubai and Kuwait.
CURRENT TRADING AND OUTLOOK
Our UK shops have continued to perform well since the financial year end. During
the first ten weeks of the current financial year, total retail sales in the UK
were 26% above prior year with like for like sales up 21%. A pattern has
developed with like for like sales in our full price shops increasing by 11% and
in our off price stores by 45%. This growth in sales has been due to continued
demand for the Group's products combined with the success of the new Mitzy
family of bags and increased demand from tourists. Despite this, we remain
cautious given the weak domestic economy.
Our wholesale customers remain
very cautious and this is reflected in their reduced buying budgets. This is
despite the fact that the sell through of Mulberry products remains strong. We
have planned on the basis of third party wholesale orders dropping year on year
by approximately 15% for the Autumn Winter 2009 season and 4% for Spring Summer
2010 season.
During the year to 31 March 2010, our international partners
are scheduled to open three further shops in Athens, Qatar and Helsinki Airport
respectively.
In Asia, our Korean partner continues to perform well and
opened another department store shop in shop during May 2009 bringing the total
to seven plus two duty free outlets. One further shop in shop is planned for
Korea in early 2010.
As announced on 14 May 2009, we have reached an
agreement with our joint venture partner in the USA to take full control of the
wholesale and retail business in the US. Our retail operation will be focused on
the two shops in New York and the wholesale business which will be controlled by
the Mulberry team in London. This will allow the US website which is operated
from the UK to be integrated with the rest of the US business, which in turn
will simplify marketing and administration. The arrangement has been agreed in
principle and is subject to the completion of legal formalities. In the meantime
Mulberry assumed management control of these US operations from 1 April
2009.
As previously reported, we have outgrown our existing London
premises and are continuing to work on a project to relocate our London offices
and showrooms during 2010.
Overall we have made a very positive start to
the current financial year. However, we remain cautious due to the uncertain
economic climate.
DIVIDEND
The Board is recommending the payment of a dividend on the ordinary shares of 2
pence per share (2008: 2 pence) which will be paid on 21 August 2009 to ordinary
shareholders on the register on 24 July 2009.
STAFF
I would like to thank all of our staff for their enthusiasm and commitment which
are so important to the brand's future development. The achievements of the last
year are a direct result of their efforts and would not have been possible
without them.
Godfrey Davis
Chairman and Chief Executive
17 June 2009
Financial review
Gross margin
The Group's gross profit as a percentage of revenue has remained consistent with
the prior year at 60%. Although some pressure on costs was experienced due to
the devaluation of sterling, this has been counteracted by the increase in the
proportion of retail sales to wholesale sales, which carry a higher
margin.
NET OPERATING EXPENSES
Net operating expenses for the year increased by GBP5.4 million to GBP31.2
million (2008: GBP25.8 million). This increase reflects GBP2.1 million of
additional costs associated with expanding the retail network, GBP1.5 million
increase in employee costs, GBP0.8 million of extra marketing investment in
building the international Mulberry brand and GBP0.2 million incurred with the
reorganisation of the US business. This reflects our investment in growing the
Group and providing a firm foundation for the future.
FINANCE INCOME AND EXPENSE
The decrease in net finance income of GBP0.1 million has resulted from the fall
in interest rates achieved on cash held on deposit and through the decrease in
cash balances held on deposit throughout the year.
Taxation
The Group reported an effective tax rate of 38.2% (2008: 33.7%), resulting in a
tax charge of GBP1.6 million (2008: GBP1.8 million). The increase in the
effective rate compared to the prior year is due to the withdrawal of Industrial
Building Allowances (3.1%) and the non-deductible expense for share based
payments (1.4%). The accounting for the withdrawal of Industrial Building
Allowances under IFRS gives rise to a one-off deferred tax expense.
Balance Sheet
Capital expenditure on tangible fixed assets for the year totalled GBP2.4
million (2008: GBP2.6 million) and included the fit out of the new stores opened
during the year. The expenditure of GBP0.4 million on intangible fixed assets
reflects the ongoing investment in the Group's new ERP system, the retail module
of which was rolled out during February 2009.
Stock levels have increased
by GBP7.0 million to GBP14.8 million (2008: GBP7.8 million) resulting from the
growth of the business and the impact of sales falling below expectations during
the second half of the year. Purchasing decisions are made six months in advance
of the selling season and therefore when sales declined during the autumn of
2008, the inflow of goods could not be stemmed in the short term. Purchases have
been adjusted to reflect the current trading conditions and with the objective
of reducing stocks to normal levels by the end of the current financial
year.
Cashflow
The principal source of funds was cash generated from operations which amounted
to GBP6.2 million (2008: GBP6.1 million) during the year before changes in
working capital. The net cash balance has reduced to GBP3.7 million (2008:
GBP10.2 million) due primarily to the extra investment in stock.
Shareholder return
The basic earnings per share for the year declined by 25% to 4.5p (2008: 6.0p).
This reflects the 19% reduction in pre-tax profit and the significant increased
tax charge explained above.
Roger Mather
Group Finance Director
17 June 2009
Consolidated income statement
Year ended 31 March 2009
+------------------------------------------+----------+-------------+--------+--------------+
| | | 2009 | | 2008 |
+------------------------------------------+----------+-------------+--------+--------------+
| | | GBP'000 | | GBP'000 |
+------------------------------------------+----------+-------------+--------+--------------+
| | | | | |
+------------------------------------------+----------+-------------+--------+--------------+
| Revenue | | 58,585 | | 51,174 |
+------------------------------------------+----------+-------------+--------+--------------+
| Cost of sales | | (23,449) | | (20,622) |
+------------------------------------------+----------+-------------+--------+--------------+
| | | | | |
+------------------------------------------+----------+-------------+--------+--------------+
| Gross profit | | 35,136 | | 30,552 |
+------------------------------------------+----------+-------------+--------+--------------+
| | | | | |
+------------------------------------------+----------+-------------+--------+--------------+
| Administrative expenses | | (31,627) | | (25,979) |
+------------------------------------------+----------+-------------+--------+--------------+
| Other operating income | | 421 | | 201 |
+------------------------------------------+----------+-------------+--------+--------------+
| | | | | |
+------------------------------------------+----------+-------------+--------+--------------+
| Operating profit | | 3,930 | | 4,774 |
+------------------------------------------+----------+-------------+--------+--------------+
| | | | | |
+------------------------------------------+----------+-------------+--------+--------------+
| Share of results of associates | | 34 | | 63 |
+------------------------------------------+----------+-------------+--------+--------------+
| Finance income | | 229 | | 473 |
+------------------------------------------+----------+-------------+--------+--------------+
| Finance expense | | (16) | | (124) |
+------------------------------------------+----------+-------------+--------+--------------+
| | | | | |
+------------------------------------------+----------+-------------+--------+--------------+
| Profit before tax | | 4,177 | | 5,186 |
+------------------------------------------+----------+-------------+--------+--------------+
| | | | | |
+------------------------------------------+----------+-------------+--------+--------------+
| Tax | | (1,596) | | (1,750) |
+------------------------------------------+----------+-------------+--------+--------------+
| | | | | |
+------------------------------------------+----------+-------------+--------+--------------+
| Profit for the year | | 2,581 | | 3,436 |
+------------------------------------------+----------+-------------+--------+--------------+
| | | | | |
+------------------------------------------+----------+-------------+--------+--------------+
| Attributable to: | | | | |
+------------------------------------------+----------+-------------+--------+--------------+
| Equity holders of the parent | | 2,581 | | 3,436 |
+------------------------------------------+----------+-------------+--------+--------------+
| | | | | |
+------------------------------------------+----------+-------------+--------+--------------+
| | | | | |
+------------------------------------------+----------+-------------+--------+--------------+
| | | pence | | pence |
+------------------------------------------+----------+-------------+--------+--------------+
| Basic earnings per share | | 4.5 | | 6.0 |
+------------------------------------------+----------+-------------+--------+--------------+
| Diluted earnings per share | | 4.5 | | 6.0 |
+------------------------------------------+----------+-------------+--------+--------------+
| | | | | |
+------------------------------------------+----------+-------------+--------+--------------+
| Consolidated statement of recognised income and expense | | |
+-------------------------------------------------------------------+--------+--------------+
| Year ended 31 March 2009 | | |
+-------------------------------------------------------------------+--------+--------------+
| | | 2009 | | 2008 |
+------------------------------------------+----------+-------------+--------+--------------+
| | | GBP'000 | | GBP'000 |
+------------------------------------------+----------+-------------+--------+--------------+
| | | | | |
+------------------------------------------+----------+-------------+--------+--------------+
| Profit for the year | | 2,581 | | 3,436 |
+------------------------------------------+----------+-------------+--------+--------------+
| Exchange differences on translation of | | 278 | | 309 |
| foreign operations | | | | |
+------------------------------------------+----------+-------------+--------+--------------+
| | | | | |
+------------------------------------------+----------+-------------+--------+--------------+
| Total recognised income and expense for | | 2,859 | | 3,745 |
| the year | | | | |
+------------------------------------------+----------+-------------+--------+--------------+
| | | | | |
+------------------------------------------+----------+-------------+--------+--------------+
| Attributable to: | | | | |
+------------------------------------------+----------+-------------+--------+--------------+
| Equity holders of the parent | | 2,859 | | 3,745 |
+------------------------------------------+----------+-------------+--------+--------------+
Consolidated balance sheet
At 31 March 2009
+------------------------------------------+--------------+--------+--------------+
| | 2009 | | 2008 |
+------------------------------------------+--------------+--------+--------------+
| | GBP'000 | | GBP'000 |
+------------------------------------------+--------------+--------+--------------+
| Non-current assets | | | |
+------------------------------------------+--------------+--------+--------------+
| Intangible assets | 2,527 | | 2,095 |
+------------------------------------------+--------------+--------+--------------+
| Property, plant and equipment | 8,872 | | 8,454 |
+------------------------------------------+--------------+--------+--------------+
| Interests in associates | 295 | | 242 |
+------------------------------------------+--------------+--------+--------------+
| | | | |
+------------------------------------------+--------------+--------+--------------+
| | 11,694 | | 10,791 |
+------------------------------------------+--------------+--------+--------------+
| Current assets | | | |
+------------------------------------------+--------------+--------+--------------+
| Inventories | 14,830 | | 7,785 |
+------------------------------------------+--------------+--------+--------------+
| Trade and other receivables | 6,032 | | 5,548 |
+------------------------------------------+--------------+--------+--------------+
| Cash and cash equivalents | 3,710 | | 10,237 |
+------------------------------------------+--------------+--------+--------------+
| | | | |
+------------------------------------------+--------------+--------+--------------+
| | 24,572 | | 23,570 |
+------------------------------------------+--------------+--------+--------------+
| | | | |
+------------------------------------------+--------------+--------+--------------+
| Total assets | 36,266 | | 34,361 |
+------------------------------------------+--------------+--------+--------------+
| | | | |
+------------------------------------------+--------------+--------+--------------+
| Current liabilities | | | |
+------------------------------------------+--------------+--------+--------------+
| Trade and other payables | (10,726) | | (10,894) |
+------------------------------------------+--------------+--------+--------------+
| Current tax liabilities | (1,024) | | (917) |
+------------------------------------------+--------------+--------+--------------+
| Obligations under finance leases | - | | (10) |
+------------------------------------------+--------------+--------+--------------+
| | | | |
+------------------------------------------+--------------+--------+--------------+
| | (11,750) | | (11,821) |
+------------------------------------------+--------------+--------+--------------+
| Non-current liabilities | | | |
+------------------------------------------+--------------+--------+--------------+
| Deferred tax liabilities | (132) | | (17) |
+------------------------------------------+--------------+--------+--------------+
| Obligations under finance leases | - | | (4) |
+------------------------------------------+--------------+--------+--------------+
| | | | |
+------------------------------------------+--------------+--------+--------------+
| | (132) | | (21) |
+------------------------------------------+--------------+--------+--------------+
| | | | |
+------------------------------------------+--------------+--------+--------------+
| Total liabilities | (11,882) | | (11,842) |
+------------------------------------------+--------------+--------+--------------+
| | | | |
+------------------------------------------+--------------+--------+--------------+
| Net assets | 24,384 | | 22,519 |
+------------------------------------------+--------------+--------+--------------+
| | | | |
+------------------------------------------+--------------+--------+--------------+
| Equity | | | |
+------------------------------------------+--------------+--------+--------------+
| Share capital | 2,871 | | 2,871 |
+------------------------------------------+--------------+--------+--------------+
| Share premium account | 7,007 | | 7,007 |
+------------------------------------------+--------------+--------+--------------+
| Own share reserve | (49) | | - |
+------------------------------------------+--------------+--------+--------------+
| Revaluation reserves | - | | 18 |
+------------------------------------------+--------------+--------+--------------+
| Capital redemption reserve | 154 | | 154 |
+------------------------------------------+--------------+--------+--------------+
| Special reserve | 1,467 | | 1,467 |
+------------------------------------------+--------------+--------+--------------+
| Foreign exchange reserve | 493 | | 215 |
+------------------------------------------+--------------+--------+--------------+
| Retained earnings | 12,441 | | 10,787 |
+------------------------------------------+--------------+--------+--------------+
| | | | |
+------------------------------------------+--------------+--------+--------------+
| Total equity | 24,384 | | 22,519 |
+------------------------------------------+--------------+--------+--------------+
Consolidated cash flow statement
At 31 March 2009
+--------------------------------------------+--------------+--------+--------------+
| | 2009 | | 2008 |
+--------------------------------------------+--------------+--------+--------------+
| | GBP'000 | | GBP'000 |
+--------------------------------------------+--------------+--------+--------------+
| | | | |
+--------------------------------------------+--------------+--------+--------------+
| Operating profit for the year | 3,930 | | 4,774 |
+--------------------------------------------+--------------+--------+--------------+
| | | | |
+--------------------------------------------+--------------+--------+--------------+
| Adjustments for: | | | |
+--------------------------------------------+--------------+--------+--------------+
| Depreciation of property, plant and | 1,723 | | 1,231 |
| equipment | | | |
+--------------------------------------------+--------------+--------+--------------+
| Amortisation of intangible assets | 217 | | 137 |
+--------------------------------------------+--------------+--------+--------------+
| Loss on sale of property, plant and | 287 | | 12 |
| equipment | | | |
+--------------------------------------------+--------------+--------+--------------+
| Effects of foreign exchange | (117) | | (61) |
+--------------------------------------------+--------------+--------+--------------+
| Share based payments charge/(credit) | 203 | | (5) |
+--------------------------------------------+--------------+--------+--------------+
| Operating cash flows before movements in | 6,243 | | 6,088 |
| working capital | | | |
+--------------------------------------------+--------------+--------+--------------+
| | (7,045) | | (1,097) |
| | | | |
| Increase in stocks | | | |
+--------------------------------------------+--------------+--------+--------------+
| Increase in debtors | (484) | | (1,679) |
+--------------------------------------------+--------------+--------+--------------+
| (Decrease)/increase in creditors | (205) | | 2,772 |
+--------------------------------------------+--------------+--------+--------------+
| Cash (used in)/generated by operations | (1,491) | | 6,084 |
+--------------------------------------------+--------------+--------+--------------+
| | | | |
+--------------------------------------------+--------------+--------+--------------+
| Corporation taxes paid | (1,374) | | (1,685) |
+--------------------------------------------+--------------+--------+--------------+
| Interest paid | (16) | | (121) |
+--------------------------------------------+--------------+--------+--------------+
| Preference dividends paid | - | | (56) |
+--------------------------------------------+--------------+--------+--------------+
| Net cash (outflow)/inflow from operating | (2,881) | | 4,222 |
| activities | | | |
+--------------------------------------------+--------------+--------+--------------+
| | | | |
+--------------------------------------------+--------------+--------+--------------+
| Investing activities: | | | |
+--------------------------------------------+--------------+--------+--------------+
| Interest received | 229 | | 473 |
+--------------------------------------------+--------------+--------+--------------+
| Purchases of property, plant and equipment | (2,313) | | (2,418) |
| | | | |
+--------------------------------------------+--------------+--------+--------------+
| Proceeds from sale of property, plant and | 11 | | 32 |
| equipment | | | |
+--------------------------------------------+--------------+--------+--------------+
| Acquisition of intangible fixed assets | (362) | | (389) |
+--------------------------------------------+--------------+--------+--------------+
| Net cash used in investing activities | (2,435) | | (2,302) |
+--------------------------------------------+--------------+--------+--------------+
| | | | |
+--------------------------------------------+--------------+--------+--------------+
| Financing activities: | | | |
+--------------------------------------------+--------------+--------+--------------+
| Dividends paid | (1,148) | | (861) |
+--------------------------------------------+--------------+--------+--------------+
| Repayments of borrowings | - | | (1,250) |
+--------------------------------------------+--------------+--------+--------------+
| Repayments of obligations under finance | (14) | | (50) |
| leases | | | |
+--------------------------------------------+--------------+--------+--------------+
| Proceeds on issue of shares | - | | 207 |
+--------------------------------------------+--------------+--------+--------------+
| Investment in own shares | (49) | | - |
+--------------------------------------------+--------------+--------+--------------+
| Net cash used in financing activities | (1,211) | | (1,954) |
+--------------------------------------------+--------------+--------+--------------+
| | | | |
+--------------------------------------------+--------------+--------+--------------+
| Net decrease in cash and cash equivalents | (6,527) | | (34) |
+--------------------------------------------+--------------+--------+--------------+
| | | | |
+--------------------------------------------+--------------+--------+--------------+
| Cash and cash equivalents at beginning of | 10,237 | | 10,271 |
| year | | | |
+--------------------------------------------+--------------+--------+--------------+
| | | | |
+--------------------------------------------+--------------+--------+--------------+
| Cash and cash equivalents at end of year | 3,710 | | 10,237 |
+--------------------------------------------+--------------+--------+--------------+
Notes
1.Basis of preparation
The financial information in this announcement, which was approved by the Board
of Directors on 17 June 2009, does not constitute the Company's statutory
accounts for the year ended 31 March 2009 or the year ended 31 March 2008, but
is derived from these accounts.
Statutory accounts for the year ended 31
March 2008 have been delivered to the Registrar of Companies and those for the
year ended 31 March 2009 will be delivered following the Company's Annual
General Meeting. The auditors have reported on these accounts; their reports
were unqualified, did not draw attention to any matters by way of emphasis and
did not contain statements under section 237 (2) or (3) of the Companies Act
1985.
Whilst the financial information included in this preliminary
announcement has been completed in accordance with International Financial
Reporting Standards (IFRS), this announcement itself does not contain sufficient
information to comply with IFRS.
2.Accounting policies
The Group's financial statements for the year ended 31 March 2009 have been
prepared in accordance with International Financial Reporting Standards (IFRS)
as adopted for use in the European Union.
3.Earnings per share
Basic earnings per ordinary share has been calculated by dividing the profit for
the year by 57,419,505 (2008: 56,968,275) ordinary shares, being the weighted
average number of ordinary shares in issue during the year.
Diluted
earnings per share has been calculated by dividing the profit for the year
excluding the interest and finance costs relating to the preference shares by
57,438,950 (2008: 57,832,347) potential ordinary shares. These shares take into
account the exercise of unexercised dilutive options and the diluting effect of
the preference shares prior to their conversion during April 2007.
The
weighted average number of ordinary shares in issue during the year includes
those held by the Mulberry Group Plc Employee Share Trust.
4. Dividends
The dividends approved and paid during the year are as follows:
+--------------------------------------------------+--------------+--------+--------------+
| | 2009 | | 2008 |
+--------------------------------------------------+--------------+--------+--------------+
| | GBP'000 | | GBP'000 |
+--------------------------------------------------+--------------+--------+--------------+
| | | | |
+--------------------------------------------------+--------------+--------+--------------+
| 2.0p (2008: 1.5p) per share on 5p ordinary | 1,148 | | 861 |
| shares | | | |
+--------------------------------------------------+--------------+--------+--------------+
The Directors are recommending the payment of a final dividend of 2.0p per
ordinary share (2008: 2.0p) to be paid on 21 August 2009 to ordinary
shareholders on the register as at 24 July 2009. This proposed final dividend is
subject to approval by shareholders at the Annual General Meeting and has not
been included as a liability in these financial statements.
5. Information
Copies of the Annual Report and Financial Statements will be posted to
shareholders. Further copies can be obtained from Mulberry Group plc's
registered office at The Rookery, Chilcompton, Somerset, BA3 4EH.
Copies
of this announcement are available for a period of one month from the date
hereof from the Company's registered office, and from the Company's nominated
adviser, Altium Capital Limited, 30 St James's Square, London, SW1Y
4AL.
This information is provided by RNS
The company news service from the London Stock Exchange
END
FR KGGMVFNMGLZM
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