TIDMMUL
RNS Number : 8654D
Mulberry Group PLC
10 December 2009
MULBERRY GROUP PLC ("Mulberry" or the "Group")
INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2009
Mulberry Group plc, the luxury British fashion brand specialising in the design,
manufacture and sale of leather goods and accessories, is pleased to announce
its results for the six months ended 30 September 2009.
HIGHLIGHTS - MULBERRY DELIVERS SALES AND PROFITS GROWTH
* Total sales increased by 16% to GBP32.3 million (30 September 2008: GBP27.8
million)
* UK retail sales up 41%, like-for-like UK retail sales up 39%
* Operating profit increased by 28% to GBP1.5 million (30 September 2008: GBP1.2
million)
* Profit before tax increased by 16% to GBP1.5 million (30 September 2008: GBP1.3
million)
* The Group has cash of GBP4.3 million and no debt
OUTLOOK - FULL YEAR RESULTS EXPECTED TO SUBSTANTIALLY EXCEED CURRENT MARKET
EXPECTATIONS
* UK retail sales up 47% for the 10 weeks to 5 December 2009, like-for-like up 46%
* Spring/Summer 2010 wholesale order books level compared to the same period last
year
* Strong demand for new Alexa range of women's bags
GODFREY DAVIS, CHAIRMAN AND CHIEF EXECUTIVE COMMENTED:
"Mulberry has delivered further growth during the first half of the year due to
strong demand for new and existing designs. Since September, demand has
continued to grow for both the retail and wholesale channels. The outlook is
positive and on current trends the results for the year will be substantially
ahead of market expectations."
FOR FURTHER DETAILS PLEASE CONTACT:
+-------------------------------------+----------------------------------------+
| Pelham PR | |
+-------------------------------------+----------------------------------------+
| Kate Catchpole | 0207 337 1512 |
+-------------------------------------+----------------------------------------+
| | |
+-------------------------------------+----------------------------------------+
| Altium Capital | |
+-------------------------------------+----------------------------------------+
| Ben Thorne | 0207 484 4076 |
+-------------------------------------+----------------------------------------+
| Melanie Szalkiewicz | 0207 484 4187 |
+-------------------------------------+----------------------------------------+
CHAIRMAN'S STATEMENT
The Group has continued to deliver sales and profit growth. Sales increased 16%
to GBP32.3 million (2008: GBP27.8 million).
Gross profit margins at 55.0% (2008: 57.7%) have been under some pressure due to
the increased cost of leather purchased in Euros and metal components which are
purchased in US dollars. This has necessitated some product price increases
which consumers have accepted.
Net operating expenses for the period increased by GBP1.4 million to GBP16.3
million (2008: GBP14.9 million). Of this increase, GBP0.6 million relates to
extra costs directly linked to the UK sales growth, GBP0.3 million relates to
new shops and GBP0.2 million relates to the one off costs of the USA
restructuring.
Operating profits increased by 28% from GBP1.2 million to GBP1.5 million. When
the one off USA costs are added back, underlying operating profits increased by
50% compared to the prior period.
Profit before tax has increased 16% from GBP1.3 million in 2008 to GBP1.5
million in 2009.
The Group balance sheet is strong with cash of GBP4.3 million and no debt.
BUSINESS REVIEW
Sales for the six months to 30 September 2009 were significantly ahead of our
expectations. Sales through our UK retail shops started well and have improved
further, while sales through the wholesale channel were initially down due to
cautious buying by our customers. However, our order books have improved
progressively throughout the six month period as customers reordered to replace
product selling strongly in their shops. The comparative period up to 30
September 2008 was a period of good growth for Mulberry.
Bags and accessories remain our core business and continue to account for
over 90% of Group sales. The new Daria range introduced during August 2009 has
become a best seller in addition to continued strong demand for our successful
Bayswater and Mitzy ranges.
For the six months to 30 September 2009, total retail sales in the UK were 41%
above the prior year with like-for-like sales up 39%. This increase was due to
strong customer demand for our new and existing ranges of bags and accessories.
The sales increase was similar in both our full price and our off price shops.
Sales through our website, www.mulberry.com, grew by 80% during the period,
increasing from 4% to 7% of Group sales. In addition to being a profitable and
growing sales channel, the web is a key marketing tool for the brand.
Wholesale shipments to third parties during the six months to 30 September were
down 24% compared to the prior year. As expected, customers reduced their
initial buying budgets due to the economic climate. Sell through remained good
however and so for the Autumn/Winter 2009 season we have seen an unusually high
amount of top up orders, some of which will be delivered during the fourth
calendar quarter. The final order book for the Autumn/Winter 2009 season will be
5% below the prior year.
The combination of the strong sales in our own shops and the stronger than
expected wholesale demand has resulted in the business having very little
surplus stock from the Autumn/Winter 2009 season. This will limit the amount of
merchandise available for our January sale.
CURRENT TRADING AND OUTLOOK
The strong consumer demand for Mulberry products experienced during the six
months to 30 September 2009 continues.
During the ten weeks leading up to 5 December 2009, total UK retail sales were
47% above last year with like-for-like sales up 46%. These figures are slightly
flattered by the weak sales during the same period last year (-12%), but the
underlying trend is of strong growth.
The Spring/Summer 2010 season has started more strongly than Autumn/Winter 2009
and the order book is currently on a par with the previous year.
During October 2009, we completed the transaction to assume operational control
of the two New York shops previously held by our joint venture partner. In
addition, we reclaimed the full distribution rights for the North American
market. Under the terms of the transaction, we took management control of the
two shops with effect from 1 April 2009 and they have been fully accounted for
in the results of the Group for the period from that date.
During January 2010, we will deliver the new Alexa family of bags, which has
been well received around the world. We have a waiting list for this bag and it
has the potential to become another best seller in our growing family of
successful designs.
Christmas trading is a key contributor to turnover and profit as are the January
sales. The Group will not discount product in the lead up to Christmas. On the
basis of current trends, it is expected that the financial performance for the
year will be substantially ahead of market expectations and ahead of last year.
DIVIDENDS
The full year dividend of 2.0 pence per ordinary share was paid on 21 August
2009. In line with prior years, the Board is not recommending the payment of an
interim dividend.
STAFF
I would like to take this opportunity to thank all of our staff and our partners
for their enthusiasm and commitment to Mulberry and its strategy. The
significant achievements of the last six months would not have been possible
without them.
Godfrey Davis
Chairman and Chief Executive
10 December 2009
Consolidated income statement
Six months ended 30 September 2009
+----------------------------------+-------+------------+---+------------+---+------------+
| | Note | Unaudited | | Unaudited | | Audited |
| | | six months | | six months | | year ended |
| | | 30 Sept | | 30 Sept | | 31 Mar |
| | | 2009 | | 2008 | | 2009 |
| | | GBP'000 | | GBP'000 | | GBP'000 |
+----------------------------------+-------+------------+---+------------+---+------------+
| | | | | | | |
+----------------------------------+-------+------------+---+------------+---+------------+
| Revenue | | 32,316 | | 27,779 | | 58,585 |
+----------------------------------+-------+------------+---+------------+---+------------+
| Cost of sales | | (14,528) | | (11,762) | | (23,449) |
+----------------------------------+-------+------------+---+------------+---+------------+
| | | | | | | |
+----------------------------------+-------+------------+---+------------+---+------------+
| Gross profit | | 17,788 | | 16,017 | | 35,136 |
+----------------------------------+-------+------------+---+------------+---+------------+
| | | | | | | |
+----------------------------------+-------+------------+---+------------+---+------------+
| Administration expenses | | (16,197) | | (14,961) | | (31,627) |
+----------------------------------+-------+------------+---+------------+---+------------+
| Exceptional USA transaction | 4 | (256) | | - | | - |
| costs | | | | | | |
+----------------------------------+-------+------------+---+------------+---+------------+
| Other operating income | | 150 | | 103 | | 421 |
+----------------------------------+-------+------------+---+------------+---+------------+
| | | | | | | |
+----------------------------------+-------+------------+---+------------+---+------------+
| Operating profit | | 1,485 | | 1,159 | | 3,930 |
+----------------------------------+-------+------------+---+------------+---+------------+
| | | | | | | |
+----------------------------------+-------+------------+---+------------+---+------------+
| Share of results of associates | | 54 | | 2 | | 34 |
+----------------------------------+-------+------------+---+------------+---+------------+
| Finance income | | 10 | | 179 | | 229 |
+----------------------------------+-------+------------+---+------------+---+------------+
| Finance expense | | (14) | | (12) | | (16) |
+----------------------------------+-------+------------+---+------------+---+------------+
| | | | | | | |
+----------------------------------+-------+------------+---+------------+---+------------+
| Profit before tax | | 1,535 | | 1,328 | | 4,177 |
+----------------------------------+-------+------------+---+------------+---+------------+
| | | | | | | |
+----------------------------------+-------+------------+---+------------+---+------------+
| Tax | 5 | (508) | | (435) | | (1,596) |
+----------------------------------+-------+------------+---+------------+---+------------+
| | | | | | | |
+----------------------------------+-------+------------+---+------------+---+------------+
| Profit for the period | | 1,027 | | 893 | | 2,581 |
+----------------------------------+-------+------------+---+------------+---+------------+
| | | | | | | |
+----------------------------------+-------+------------+---+------------+---+------------+
| | | | | | | |
+----------------------------------+-------+------------+---+------------+---+------------+
| Attributable to: | | | | | | |
+----------------------------------+-------+------------+---+------------+---+------------+
| Equity holders of the parent | | 1,027 | | 893 | | 2,581 |
+----------------------------------+-------+------------+---+------------+---+------------+
| | | | | | | |
+----------------------------------+-------+------------+---+------------+---+------------+
| | | | | | | |
+----------------------------------+-------+------------+---+------------+---+------------+
| | | pence | | pence | | pence |
+----------------------------------+-------+------------+---+------------+---+------------+
| | | | | | | |
+----------------------------------+-------+------------+---+------------+---+------------+
| Basic earnings per share | 6 | 1.8 | | 1.6 | | 4.5 |
+----------------------------------+-------+------------+---+------------+---+------------+
| Diluted earnings per share | 6 | 1.8 | | 1.5 | | 4.5 |
+----------------------------------+-------+------------+---+------------+---+------------+
All activities arise from continuing operations.
Consolidated statement of comprehensive income
Six months ended 30 September 2009
+----------------------------------+-------+------------+---+------------+---+------------+
| | | Unaudited | | Unaudited | | Audited |
| | | six months | | six months | | year ended |
| | | 30 Sept | | 30 Sept | | 31 Mar |
| | | 2009 | | 2008 | | 2009 |
| | | GBP'000 | | GBP'000 | | GBP'000 |
+----------------------------------+-------+------------+---+------------+---+------------+
| | | | | | | |
+----------------------------------+-------+------------+---+------------+---+------------+
| Net profit for the period | | 1,027 | | 893 | | 2,581 |
+----------------------------------+-------+------------+---+------------+---+------------+
| Exchange differences on | | (26) | | 22 | | 278 |
| translation of foreign | | | | | | |
| operations | | | | | | |
+----------------------------------+-------+------------+---+------------+---+------------+
| Total comprehensive income for | | 1,001 | | 915 | | 2,859 |
| the period | | | | | | |
+----------------------------------+-------+------------+---+------------+---+------------+
| | | | | | | |
+----------------------------------+-------+------------+---+------------+---+------------+
| Attributable to: | | | | | | |
+----------------------------------+-------+------------+---+------------+---+------------+
| Equity holders of the parent | | 1,001 | | 915 | | 2,859 |
+----------------------------------+-------+------------+---+------------+---+------------+
Consolidated balance sheet
At 30 September 2009
+--------------------------------------+---+------------+---+------------+---+------------+
| | | Unaudited | | Unaudited | | Audited |
| | | 30 Sept | | 30 Sept | | 31 Mar |
| | | 2009 | | 2008 | | 2009 |
| | | GBP'000 | | GBP'000 | | GBP'000 |
+--------------------------------------+---+------------+---+------------+---+------------+
| | | | | | | |
+--------------------------------------+---+------------+---+------------+---+------------+
| Non-current assets | | | | | | |
+--------------------------------------+---+------------+---+------------+---+------------+
| Intangible assets | | 2,568 | | 2,032 | | 2,527 |
+--------------------------------------+---+------------+---+------------+---+------------+
| Property, plant and equipment | | 8,603 | | 9,221 | | 8,872 |
+--------------------------------------+---+------------+---+------------+---+------------+
| Interests in associates | | 351 | | 246 | | 295 |
+--------------------------------------+---+------------+---+------------+---+------------+
| Deferred tax assets | | - | | 6 | | - |
+--------------------------------------+---+------------+---+------------+---+------------+
| | | 11,522 | | 11,505 | | 11,694 |
+--------------------------------------+---+------------+---+------------+---+------------+
| Current assets | | | | | | |
+--------------------------------------+---+------------+---+------------+---+------------+
| Inventories | | 12,268 | | 11,834 | | 14,830 |
+--------------------------------------+---+------------+---+------------+---+------------+
| Trade and other receivables | | 7,207 | | 7,437 | | 6,032 |
+--------------------------------------+---+------------+---+------------+---+------------+
| Cash and cash equivalents | | 4,267 | | 2,636 | | 3,710 |
+--------------------------------------+---+------------+---+------------+---+------------+
| | | 23,742 | | 21,907 | | 24,572 |
+--------------------------------------+---+------------+---+------------+---+------------+
| | | | | | | |
+--------------------------------------+---+------------+---+------------+---+------------+
| Total assets | | 35,264 | | 33,412 | | 36,266 |
+--------------------------------------+---+------------+---+------------+---+------------+
| | | | | | | |
+--------------------------------------+---+------------+---+------------+---+------------+
| Current liabilities | | | | | | |
+--------------------------------------+---+------------+---+------------+---+------------+
| Trade and other payables | | (10,259) | | (10,646) | | (10,726) |
+--------------------------------------+---+------------+---+------------+---+------------+
| Current tax liabilities | | (498) | | (439) | | (1,024) |
+--------------------------------------+---+------------+---+------------+---+------------+
| | | (10,757) | | (11,085) | | (11,750) |
+--------------------------------------+---+------------+---+------------+---+------------+
| Non-current liabilities | | | | | | |
+--------------------------------------+---+------------+---+------------+---+------------+
| Deferred tax liabilities | | (71) | | - | | (132) |
+--------------------------------------+---+------------+---+------------+---+------------+
| | | | | | | |
+--------------------------------------+---+------------+---+------------+---+------------+
| Total liabilities | | (10,828) | | (11,085) | | (11,882) |
+--------------------------------------+---+------------+---+------------+---+------------+
| | | | | | | |
+--------------------------------------+---+------------+---+------------+---+------------+
| Net assets | | 24,436 | | 22,327 | | 24,384 |
+--------------------------------------+---+------------+---+------------+---+------------+
| | | | | | | |
+--------------------------------------+---+------------+---+------------+---+------------+
| | | | | | | |
+--------------------------------------+---+------------+---+------------+---+------------+
| Equity | | | | | | |
+--------------------------------------+---+------------+---+------------+---+------------+
| Share capital | | 2,871 | | 2,871 | | 2,871 |
+--------------------------------------+---+------------+---+------------+---+------------+
| Share premium account | | 7,007 | | 7,007 | | 7,007 |
+--------------------------------------+---+------------+---+------------+---+------------+
| Own share reserve | | (34) | | (49) | | (49) |
+--------------------------------------+---+------------+---+------------+---+------------+
| Capital redemption reserve | | 154 | | 154 | | 154 |
+--------------------------------------+---+------------+---+------------+---+------------+
| Special reserves | | 1,467 | | 1,470 | | 1,467 |
+--------------------------------------+---+------------+---+------------+---+------------+
| Foreign exchange reserve | | 467 | | 237 | | 493 |
+--------------------------------------+---+------------+---+------------+---+------------+
| Retained earnings | | 12,504 | | 10,637 | | 12,441 |
+--------------------------------------+---+------------+---+------------+---+------------+
| | | | | | | |
+--------------------------------------+---+------------+---+------------+---+------------+
| Total equity | | 24,436 | | 22,327 | | 24,384 |
+--------------------------------------+---+------------+---+------------+---+------------+
| | | | | | | |
+--------------------------------------+---+------------+---+------------+---+------------+
Consolidated statement of changes in equity
Six months ended 30 September 2009
+---------------------+---------+---------+---------+----------+----------+----------+----------+---------+
| | Equity attributable to equity holders of the parent |
+---------------------+-----------------------------------------------------------------------------------+
| | | | | | | | | |
+---------------------+---------+---------+---------+----------+----------+----------+----------+---------+
| | Share | Share | Own | Capital | Special | Foreign | Retained | Total |
| | | premium | share | reserves | reserves | exchange | earnings | |
| | capital | account | reserve | | | reserve | | |
+---------------------+---------+---------+---------+----------+----------+----------+----------+---------+
| | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 |
+---------------------+---------+---------+---------+----------+----------+----------+----------+---------+
| | | | | | | | | |
+---------------------+---------+---------+---------+----------+----------+----------+----------+---------+
| As at 1 April 2008 | 2,871 | 7,007 | - | 154 | 1,485 | 215 | 10,787 | 22,519 |
+---------------------+---------+---------+---------+----------+----------+----------+----------+---------+
| | | | | | | | | |
+---------------------+---------+---------+---------+----------+----------+----------+----------+---------+
| Total comprehensive | - | - | - | - | - | 22 | 893 | 915 |
| income for the | | | | | | | | |
| period | | | | | | | | |
+---------------------+---------+---------+---------+----------+----------+----------+----------+---------+
| Amortisation of | - | - | - | - | (15) | - | 15 | - |
| revaluation | | | | | | | | |
| surplus | | | | | | | | |
+---------------------+---------+---------+---------+----------+----------+----------+----------+---------+
| Charge for | - | - | - | - | - | - | 90 | 90 |
| employee share | | | | | | | | |
| based payments | | | | | | | | |
+---------------------+---------+---------+---------+----------+----------+----------+----------+---------+
| Own shares | - | - | (49) | - | - | - | - | (49) |
+---------------------+---------+---------+---------+----------+----------+----------+----------+---------+
| Ordinary dividends | - | - | - | - | - | - | (1,148) | (1,148) |
| paid | | | | | | | | |
+---------------------+---------+---------+---------+----------+----------+----------+----------+---------+
| | | | | | | | | |
+---------------------+---------+---------+---------+----------+----------+----------+----------+---------+
| As at 30 September | 2,871 | 7,007 | (49) | 154 | 1,470 | 237 | 10,637 | 22,327 |
| 2008 | | | | | | | | |
+---------------------+---------+---------+---------+----------+----------+----------+----------+---------+
| | | | | | | | | |
+---------------------+---------+---------+---------+----------+----------+----------+----------+---------+
| Total | - | - | - | - | - | 256 | 1,688 | 1,944 |
| comprehensive | | | | | | | | |
| income for the | | | | | | | | |
| period | | | | | | | | |
+---------------------+---------+---------+---------+----------+----------+----------+----------+---------+
| Amortisation of | - | - | - | - | (3) | - | 3 | - |
| revaluation | | | | | | | | |
| surplus | | | | | | | | |
+---------------------+---------+---------+---------+----------+----------+----------+----------+---------+
| Charge for | - | - | - | - | - | - | 113 | 113 |
| employee share | | | | | | | | |
| based payments | | | | | | | | |
+---------------------+---------+---------+---------+----------+----------+----------+----------+---------+
| Own shares | - | - | - | - | - | - | - | - |
+---------------------+---------+---------+---------+----------+----------+----------+----------+---------+
| Ordinary dividends | - | - | - | - | - | - | - | - |
| paid | | | | | | | | |
+---------------------+---------+---------+---------+----------+----------+----------+----------+---------+
| | | | | | | | | |
+---------------------+---------+---------+---------+----------+----------+----------+----------+---------+
| As at 31 March | 2,871 | 7,007 | (49) | 154 | 1,467 | 493 | 12,441 | 24,384 |
| 2009 | | | | | | | | |
+---------------------+---------+---------+---------+----------+----------+----------+----------+---------+
| | | | | | | | | |
+---------------------+---------+---------+---------+----------+----------+----------+----------+---------+
| Total | - | - | - | - | - | (26) | 1,027 | 1,001 |
| comprehensive | | | | | | | | |
| income for the | | | | | | | | |
| period | | | | | | | | |
+---------------------+---------+---------+---------+----------+----------+----------+----------+---------+
| Charge for | - | - | - | - | - | - | 184 | 184 |
| employee share | | | | | | | | |
| based payments | | | | | | | | |
+---------------------+---------+---------+---------+----------+----------+----------+----------+---------+
| Own shares | - | - | 15 | - | - | - | - | 15 |
+---------------------+---------+---------+---------+----------+----------+----------+----------+---------+
| Ordinary dividends | - | - | - | - | - | - | (1,148) | (1,148) |
| paid | | | | | | | | |
+---------------------+---------+---------+---------+----------+----------+----------+----------+---------+
| | | | | | | | | |
+---------------------+---------+---------+---------+----------+----------+----------+----------+---------+
| As at 30 September | 2,871 | 7,007 | (34) | 154 | 1,467 | 467 | 12,504 | 24,436 |
| 2009 | | | | | | | | |
+---------------------+---------+---------+---------+----------+----------+----------+----------+---------+
Consolidated cash flow statement
Six months ended 30 September 2009
+---------------------------------------+---+------------+---+------------+---+------------+
| | | Unaudited | | Unaudited | | Audited |
| | | six months | | six months | | year ended |
| | | 30 Sept | | 30 Sept | | 31 Mar |
| | | 2009 | | 2008 | | 2009 |
| | | GBP'000 | | GBP'000 | | GBP'000 |
+---------------------------------------+---+------------+---+------------+---+------------+
| | | | | | | |
+---------------------------------------+---+------------+---+------------+---+------------+
| Operating profit for the period | | 1,485 | | 1,159 | | 3,930 |
+---------------------------------------+---+------------+---+------------+---+------------+
| | | | | | | |
+---------------------------------------+---+------------+---+------------+---+------------+
| Adjustments for: | | | | | | |
+---------------------------------------+---+------------+---+------------+---+------------+
| Depreciation of property, plant and | | 907 | | 710 | | 1,723 |
| equipment | | | | | | |
+---------------------------------------+---+------------+---+------------+---+------------+
| Amortisation of intangible assets | | 145 | | 111 | | 217 |
+---------------------------------------+---+------------+---+------------+---+------------+
| Loss on sale of property, plant and | | - | | - | | 287 |
| equipment | | | | | | |
+---------------------------------------+---+------------+---+------------+---+------------+
| Effects of foreign exchange | | 22 | | 16 | | (117) |
+---------------------------------------+---+------------+---+------------+---+------------+
| Share based payments charge | | 184 | | 90 | | 203 |
+---------------------------------------+---+------------+---+------------+---+------------+
| | | | | | | |
+---------------------------------------+---+------------+---+------------+---+------------+
| Operating cash flows before movements | | 2,743 | | 2,086 | | 6,243 |
| in working capital | | | | | | |
+---------------------------------------+---+------------+---+------------+---+------------+
| | | | | | | |
+---------------------------------------+---+------------+---+------------+---+------------+
| Decrease/(increase) in stocks | | 2,562 | | (4,049) | | (7,045) |
+---------------------------------------+---+------------+---+------------+---+------------+
| Increase in debtors | | (1,177) | | (1,889) | | (484) |
+---------------------------------------+---+------------+---+------------+---+------------+
| Decrease in creditors | | (450) | | (229) | | (205) |
+---------------------------------------+---+------------+---+------------+---+------------+
| | | | | | | |
+---------------------------------------+---+------------+---+------------+---+------------+
| Cash generated by operations | | 3,678 | | (4,081) | | (1,491) |
+---------------------------------------+---+------------+---+------------+---+------------+
| | | | | | | |
+---------------------------------------+---+------------+---+------------+---+------------+
| Corporation taxes paid | | (1,095) | | (936) | | (1,374) |
+---------------------------------------+---+------------+---+------------+---+------------+
| Interest paid | | (14) | | (11) | | (16) |
+---------------------------------------+---+------------+---+------------+---+------------+
| | | | | | | |
+---------------------------------------+---+------------+---+------------+---+------------+
| Net cash from/(used in) operating | | 2,569 | | (5,028) | | (2,881) |
| activities | | | | | | |
+---------------------------------------+---+------------+---+------------+---+------------+
| | | | | | | |
+---------------------------------------+---+------------+---+------------+---+------------+
| Investing activities: | | | | | | |
+---------------------------------------+---+------------+---+------------+---+------------+
| Interest received | | 10 | | 179 | | 229 |
+---------------------------------------+---+------------+---+------------+---+------------+
| Purchases of property, plant and | | (659) | | (1,477) | | (2,313) |
| equipment | | | | | | |
+---------------------------------------+---+------------+---+------------+---+------------+
| Proceeds from sale of property, plant | | - | | - | | 11 |
| and equipment | | | | | | |
+---------------------------------------+---+------------+---+------------+---+------------+
| Acquisition of intangible fixed | | (215) | | (64) | | (362) |
| assets | | | | | | |
+---------------------------------------+---+------------+---+------------+---+------------+
| | | | | | | |
+---------------------------------------+---+------------+---+------------+---+------------+
| Net cash used in investing activities | | (864) | | (1,362) | | (2,435) |
+---------------------------------------+---+------------+---+------------+---+------------+
| | | | | | | |
+---------------------------------------+---+------------+---+------------+---+------------+
| Financing activities: | | | | | | |
+---------------------------------------+---+------------+---+------------+---+------------+
| Dividends paid | | (1,148) | | (1,148) | | (1,148) |
+---------------------------------------+---+------------+---+------------+---+------------+
| Repayments of obligations under | | - | | (14) | | (14) |
| finance leases | | | | | | |
+---------------------------------------+---+------------+---+------------+---+------------+
| Acquisition of own shares | | - | | (49) | | (49) |
+---------------------------------------+---+------------+---+------------+---+------------+
| | | | | | | |
+---------------------------------------+---+------------+---+------------+---+------------+
| Net cash used in financing activities | | (1,148) | | (1,211) | | (1,211) |
+---------------------------------------+---+------------+---+------------+---+------------+
| | | | | | | |
+---------------------------------------+---+------------+---+------------+---+------------+
| Net increase/(decrease) in cash and | | 557 | | (7,601) | | (6,527) |
| cash equivalents | | | | | | |
+---------------------------------------+---+------------+---+------------+---+------------+
| | | | | | | |
+---------------------------------------+---+------------+---+------------+---+------------+
| Cash and cash equivalents at | | 3,710 | | 10,237 | | 10,237 |
| beginning of period | | | | | | |
+---------------------------------------+---+------------+---+------------+---+------------+
| | | | | | | |
+---------------------------------------+---+------------+---+------------+---+------------+
| Cash and cash equivalents at end of | | 4,267 | | 2,636 | | 3,710 |
| period | | | | | | |
+---------------------------------------+---+------------+---+------------+---+------------+
Notes to the condensed financial statements
Six months ended 30 September 2009
1. General information
Mulberry Group plc is a company incorporated in the United Kingdom under the
Companies Act 1985. The half-year results and condensed consolidated financial
statements for the six months ended 30 September 2009 (the interim financial
statements) comprise the results for the Company and its subsidiaries (together
referred to as the Group) and the Group's interest in associates.
The information for the year ended 31 March 2009 contained in these interim
financial statements do not constitute statutory accounts as defined in section
240 of the Companies Act 1985. A copy of the statutory accounts for the year
ended 31 March 2009 has been delivered to the Registrar of Companies. The
auditors' report on those accounts was unqualified and did not contain
statements under section 237(2) or (3) of the Companies Act 1985.
The interim financial statements for the six months ended 30 September 2009,
have not been reviewed or audited.
2. Significant accounting policies
The accounting policies and methods of computation followed in the interim
financial statements are consistent with those as published in the Group's
Annual Report and Financial Statements for the year ended 31 March 2009, except
for the adoption of IAS 1 (revised) 'Presentation of Financial Statements'.
This has resulted in a consolidated statement of changes in equity being
presented as a primary statement. The Annual Report and Financial Statements
are available from the Group's website (www.mulberrygroupplc.com) or from the
Company Secretary at the Company's registered office, The Rookery, Chilcompton,
Bath, England, BA3 4EH.
3. Going concern
After making enquiries, the Directors have a reasonable expectation that the
Company will have adequate resources to continue in operational existence for
the foreseeable future. Accordingly, they continue to adopt the going concern
basis in preparing the half year results.
4.Exceptional USA transaction costs
During October 2009, the transaction to assume operational control of the two
New York shops and the distribution rights to the North American market
previously held by our joint venture partner was completed. Given the nature
and amount of the transaction fees associated with this restructuring, they have
been disclosed separately on the face of the Income Statement.
5. Taxation
The tax charge is calculated by applying the forecast full year effective tax
rate to the interim profit.
6. Earnings per share and share issue
Basic earnings per ordinary share has been calculated by dividing the profit for
the period by 57,419,505 (30 September 2008: 57,419,505, 31 March 2009:
57,419,505) ordinary shares, being the weighted average number of ordinary
shares in issue during the period.
Diluted earnings per share has been calculated by dividing the profit for the
period by 57,435,027 (30 September 2008: 58,545,838, 31 March 2009: 57,438,950)
potential ordinary shares. These shares take into account the exercise of
dilutive unexercised options.
On 8 October 2009, 1,450,000 5p ordinary shares were issued at par. These shares
were issued to the Mulberry Group plc Employee Share Trust for share awards.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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