Half Yearly Report
June 03 2009 - 2:00AM
UK Regulatory
TIDMSLM
RNS Number : 2149T
Slimma PLC
03 June 2009
Date: Wednesday 3rd June 2009
Embargoed: 7.00am
Slimma plc
("Slimma" or "the Company")
Interim Results
for the 26 weeks ended 3 April 2009
STATEMENT BY THE NON-EXECUTIVE CHAIRMAN, CAROLYN SIMONS
Slimma's results for the 26 weeks ended 3 April 2009 reflect the continuing
challenges of the current economic downturn. Despite these conditions, the Board
are continuing the Company's strategy of moving towards the design, marketing
and wholesale of high value, high margin branded products.
Sales for the period were GBP6.99 million, down 14% against sales of GBP8.13
million last year. Operating profit was GBP62,000 compared to GBP177,000 last
year, and pre tax profit was GBP2,000 compared to GBP44,000 last year.
In the statement issued at the April 2009 annual general meeting of the Company
(the "2009 AGM Statement"), I stated that in order to ensure Slimma's long term
position with the market and as a further strategic move in the progress towards
the wholesale of high value, high margin branded product, the Company's contract
design and manufacturing business, which services mail order and high street
customers, would be closed. Sales in this division have been in decline for a
number of years and as a result, the Board believe it is commercially unviable
for the Company to continue operating this part of its business. Exceptional
costs relating to redundancies associated with the closure will be met within
the current financial year. Going forward as part of the Company's restructuring
program, this will not only reduce future bank borrowings, but will also allow
management to focus on the support of Slimma's key brands.
Shareholders attention is drawn to the comments in the 2009 AGM Statement
relating to the next six months, which the board still believe will represent
the most challenging period for the Company and the sector's retailing in
general.
Despite the continuing economic difficulties, Slimma is making good progress
towards its ultimate goal but the Board recognise that there are further testing
times ahead for all retailers.
C Simons
Chairman
3rd June 2009
+-----------------------------+---------------------+--------------------------------+
| Enquiries: | | |
+-----------------------------+---------------------+--------------------------------+
| Stephen Thwaite, Chief | David Youngman | Katie Dale, Head of Financial |
| Executive | | PR/IR |
+-----------------------------+---------------------+--------------------------------+
| Slimma plc | WH Ireland Limited | Golley Slater |
+-----------------------------+---------------------+--------------------------------+
| Tel: 01538 399 141 | Tel: 0161 832 2174 | Tel: 0121 384 9743 |
+-----------------------------+---------------------+--------------------------------+
| www.slimma.com | | Mobile: 07918 716 754 |
+-----------------------------+---------------------+--------------------------------+
Interim Income Statement
For the 26 weeks ended 3 April 2009
+-------------------------------------------------+-------------+-------------+-----------+
| | Interim | Interim | Final |
+-------------------------------------------------+-------------+-------------+-----------+
| | 26 weeks | 26 weeks | 52 weeks |
+-------------------------------------------------+-------------+-------------+-----------+
| | ended | ended | ended |
+-------------------------------------------------+-------------+-------------+-----------+
| | 3 April | 28 March | 3 October |
+-------------------------------------------------+-------------+-------------+-----------+
| | 2009 | 2008 | 2008 |
+-------------------------------------------------+-------------+-------------+-----------+
| | (unaudited) | (unaudited) | (audited) |
+-------------------------------------------------+-------------+-------------+-----------+
| | GBP'000 | GBP'000 | GBP'000 |
+-------------------------------------------------+-------------+-------------+-----------+
| | | | |
+-------------------------------------------------+-------------+-------------+-----------+
| Revenue | 6,992 | 8,130 | 13,494 |
+-------------------------------------------------+-------------+-------------+-----------+
| Operating expenses | (6,930) | (7,953) | (14,103) |
+-------------------------------------------------+-------------+-------------+-----------+
| | | | |
+-------------------------------------------------+-------------+-------------+-----------+
| Operating profit/(loss) | 62 | 177 | (609) |
+-------------------------------------------------+-------------+-------------+-----------+
| | | | |
+-------------------------------------------------+-------------+-------------+-----------+
| Finance income | 20 | 0 | 16 |
+-------------------------------------------------+-------------+-------------+-----------+
| Finance costs | (80) | (113) | (237) |
+-------------------------------------------------+-------------+-------------+-----------+
| | | | |
+-------------------------------------------------+-------------+-------------+-----------+
| Profit/loss before income tax | 2 | 64 | (830) |
+-------------------------------------------------+-------------+-------------+-----------+
| Income tax (expense)/credit | 0 | (20) | 216 |
+-------------------------------------------------+-------------+-------------+-----------+
| | | | |
+-------------------------------------------------+-------------+-------------+-----------+
| Profit/(loss) for the period | 2 | 44 | (614) |
+-------------------------------------------------+-------------+-------------+-----------+
| | | | |
+-------------------------------------------------+-------------+-------------+-----------+
| Profit/loss attributable to equity holders of | 2 | 44 | (614) |
| the Company | | | |
+-------------------------------------------------+-------------+-------------+-----------+
| | | | |
+-------------------------------------------------+-------------+-------------+-----------+
| Earnings per ordinary share (basic and diluted) | 0.02p | 0.47p | (6.54p) |
+-------------------------------------------------+-------------+-------------+-----------+
Statement of recognised income and expense
+-------------------------------------------------+-------------+-------------+-----------+
| | Interim | Interim | Final |
+-------------------------------------------------+-------------+-------------+-----------+
| | 26 weeks | 26 weeks | 52 weeks |
+-------------------------------------------------+-------------+-------------+-----------+
| | ended | ended | ended |
+-------------------------------------------------+-------------+-------------+-----------+
| | 3 April | 28 March | 3 October |
+-------------------------------------------------+-------------+-------------+-----------+
| | 2009 | 2008 | 2008 |
+-------------------------------------------------+-------------+-------------+-----------+
| | (unaudited) | (unaudited) | (audited) |
+-------------------------------------------------+-------------+-------------+-----------+
| | GBP'000 | GBP'000 | GBP'000 |
+-------------------------------------------------+-------------+-------------+-----------+
| | | | |
+-------------------------------------------------+-------------+-------------+-----------+
| Profit/(loss) for the period | 2 | 44 | (614) |
+-------------------------------------------------+-------------+-------------+-----------+
| Actuarial gain on defined benefit pension | 0 | 0 | 4 |
| scheme | | | |
+-------------------------------------------------+-------------+-------------+-----------+
| Related deferred tax on actuarial gain | 0 | 0 | (1) |
+-------------------------------------------------+-------------+-------------+-----------+
| Total recognised income and expense | 2 | 44 | (611) |
+-------------------------------------------------+-------------+-------------+-----------+
| | | | |
+-------------------------------------------------+-------------+-------------+-----------+
| Attributable to equity holders of the Company | 2 | 44 | (611) |
+-------------------------------------------------+-------------+-------------+-----------+
Balance Sheet
As at 3 April 2009
+----------------------------------------------------+-------------+-------------+-----------+
| | 3 April | 28 March | 3 |
| | | | October |
+----------------------------------------------------+-------------+-------------+-----------+
| | 2009 | 2008 | 2008 |
+----------------------------------------------------+-------------+-------------+-----------+
| | (unaudited) | (unaudited) | (audited) |
+----------------------------------------------------+-------------+-------------+-----------+
| | GBP'000 | GBP'000 | GBP'000 |
+----------------------------------------------------+-------------+-------------+-----------+
| | | | |
+----------------------------------------------------+-------------+-------------+-----------+
| ASSETS | | | |
+----------------------------------------------------+-------------+-------------+-----------+
| Non-current assets | | | |
+----------------------------------------------------+-------------+-------------+-----------+
| Property, plant & equipment | 469 | 181 | 498 |
+----------------------------------------------------+-------------+-------------+-----------+
| Intangible assets | 524 | 584 | 529 |
+----------------------------------------------------+-------------+-------------+-----------+
| Deferred income tax assets | 462 | 187 | 462 |
+----------------------------------------------------+-------------+-------------+-----------+
| Pension scheme surplus | 383 | 242 | 383 |
+----------------------------------------------------+-------------+-------------+-----------+
| | 1,838 | 1,194 | 1,872 |
+----------------------------------------------------+-------------+-------------+-----------+
| Current assets | | | |
+----------------------------------------------------+-------------+-------------+-----------+
| Inventories | 2,360 | 2,177 | 2,151 |
+----------------------------------------------------+-------------+-------------+-----------+
| Trade and other receivables | 5,265 | 5,826 | 4,149 |
+----------------------------------------------------+-------------+-------------+-----------+
| Financial assets | 0 | 3 | 15 |
+----------------------------------------------------+-------------+-------------+-----------+
| Cash and cash equivalents | 63 | 20 | 61 |
+----------------------------------------------------+-------------+-------------+-----------+
| Total current assets | 7,688 | 8,026 | 6,376 |
+----------------------------------------------------+-------------+-------------+-----------+
| | | | |
+----------------------------------------------------+-------------+-------------+-----------+
| Total assets | 9,526 | 9,220 | 8,248 |
+----------------------------------------------------+-------------+-------------+-----------+
| | | | |
+----------------------------------------------------+-------------+-------------+-----------+
| Non-current assets held for sale | 0 | 371 | 0 |
+----------------------------------------------------+-------------+-------------+-----------+
| | | | |
+----------------------------------------------------+-------------+-------------+-----------+
| LIABILITIES | | | |
+----------------------------------------------------+-------------+-------------+-----------+
| Non-current assets | | | |
+----------------------------------------------------+-------------+-------------+-----------+
| Pension scheme deficit | 0 | 0 | 0 |
+----------------------------------------------------+-------------+-------------+-----------+
| | 0 | 0 | 0 |
+----------------------------------------------------+-------------+-------------+-----------+
| Current liabilities | | | |
+----------------------------------------------------+-------------+-------------+-----------+
| Financial liabilities | 3,936 | 3,301 | 3,219 |
+----------------------------------------------------+-------------+-------------+-----------+
| Trade and other payables | 2,151 | 2,305 | 1,592 |
+----------------------------------------------------+-------------+-------------+-----------+
| Total current liabilities | 6,087 | 5,606 | 4,811 |
+----------------------------------------------------+-------------+-------------+-----------+
| | | | |
+----------------------------------------------------+-------------+-------------+-----------+
| Deferred tax liability | 107 | 0 | 107 |
+----------------------------------------------------+-------------+-------------+-----------+
| | | | |
+----------------------------------------------------+-------------+-------------+-----------+
| Total Liabilities | 6,194 | 5,606 | 4,918 |
+----------------------------------------------------+-------------+-------------+-----------+
| | | | |
+----------------------------------------------------+-------------+-------------+-----------+
| Total net assets | 3,332 | 3,985 | 3,330 |
+----------------------------------------------------+-------------+-------------+-----------+
| | | | |
+----------------------------------------------------+-------------+-------------+-----------+
| Equity | | | |
+----------------------------------------------------+-------------+-------------+-----------+
| Share capital | 521 | 521 | 521 |
+----------------------------------------------------+-------------+-------------+-----------+
| Share premium | 3,024 | 3,024 | 3,024 |
+----------------------------------------------------+-------------+-------------+-----------+
| Capital redemption reserve | 285 | 285 | 285 |
+----------------------------------------------------+-------------+-------------+-----------+
| Treasury shares | (600) | (600) | (600) |
+----------------------------------------------------+-------------+-------------+-----------+
| Retained earnings | 102 | 755 | 100 |
+----------------------------------------------------+-------------+-------------+-----------+
| Total equity attributable to the equity holders of | 3,332 | 3,985 | 3,330 |
| the Company | | | |
+----------------------------------------------------+-------------+-------------+-----------+
Cash Flow Statement
For the 26 weeks ended 3 April 2009
+-------------------------------------------------+-------------+-------------+-----------+
| | 26 weeks | 26 weeks | 52 weeks |
+-------------------------------------------------+-------------+-------------+-----------+
| | ended | ended | ended |
+-------------------------------------------------+-------------+-------------+-----------+
| | 3 April | 28 March | 3 October |
+-------------------------------------------------+-------------+-------------+-----------+
| | 2009 | 2008 | 2008 |
+-------------------------------------------------+-------------+-------------+-----------+
| | (unaudited) | (unaudited) | (audited) |
+-------------------------------------------------+-------------+-------------+-----------+
| | GBP'000 | GBP'000 | GBP'000 |
+-------------------------------------------------+-------------+-------------+-----------+
| Operating activities | | | |
+-------------------------------------------------+-------------+-------------+-----------+
| Profit/(loss) before income tax | 2 | 64 | (830) |
+-------------------------------------------------+-------------+-------------+-----------+
| Finance income | (20) | 0 | (16) |
+-------------------------------------------------+-------------+-------------+-----------+
| Finance costs | 80 | 113 | 237 |
+-------------------------------------------------+-------------+-------------+-----------+
| Impact of defined benefit pension scheme | 0 | 0 | (42) |
+-------------------------------------------------+-------------+-------------+-----------+
| Depreciation charge | 40 | 59 | 117 |
+-------------------------------------------------+-------------+-------------+-----------+
| Amortisation of intellectual property assets | 34 | 34 | 69 |
+-------------------------------------------------+-------------+-------------+-----------+
| Amortisation of design assets | 187 | 208 | 404 |
+-------------------------------------------------+-------------+-------------+-----------+
| | 323 | 478 | (61) |
+-------------------------------------------------+-------------+-------------+-----------+
| Changes in working capital | | | |
+-------------------------------------------------+-------------+-------------+-----------+
| Inventories | (209) | 264 | 290 |
+-------------------------------------------------+-------------+-------------+-----------+
| Trade and other receivables | (1,116) | (1,787) | (121) |
+-------------------------------------------------+-------------+-------------+-----------+
| Financial assets | 15 | (3) | (15) |
+-------------------------------------------------+-------------+-------------+-----------+
| Financial liabilities | 0 | 0 | (72) |
+-------------------------------------------------+-------------+-------------+-----------+
| Trade and other payables | 559 | 742 | 12 |
+-------------------------------------------------+-------------+-------------+-----------+
| | (751) | (784) | 94 |
+-------------------------------------------------+-------------+-------------+-----------+
| | | | |
+-------------------------------------------------+-------------+-------------+-----------+
| Cash from other operating activities | (428) | (306) | 33 |
+-------------------------------------------------+-------------+-------------+-----------+
| Net financing cost | (60) | (113) | (221) |
+-------------------------------------------------+-------------+-------------+-----------+
| Net cash from operating activities | (488) | (419) | (188) |
+-------------------------------------------------+-------------+-------------+-----------+
| | | | |
+-------------------------------------------------+-------------+-------------+-----------+
| Investing activities | | | |
+-------------------------------------------------+-------------+-------------+-----------+
| Capital expenditure less disposals | (56) | (27) | (31) |
+-------------------------------------------------+-------------+-------------+-----------+
| Capitalisation of expenditure on design asset | (171) | (197) | (373) |
+-------------------------------------------------+-------------+-------------+-----------+
| Net cash used in investing activities | (227) | (224) | (404) |
+-------------------------------------------------+-------------+-------------+-----------+
| | | | |
+-------------------------------------------------+-------------+-------------+-----------+
| Financing activities | | | |
+-------------------------------------------------+-------------+-------------+-----------+
| Increase in overdraft | (715) | (643) | (592) |
+-------------------------------------------------+-------------+-------------+-----------+
| Net cash used in financing activities | (715) | (643) | (592) |
+-------------------------------------------------+-------------+-------------+-----------+
| | | | |
+-------------------------------------------------+-------------+-------------+-----------+
| Net (decrease in) cash and cash equivalents | (715) | (643) | (592) |
+-------------------------------------------------+-------------+-------------+-----------+
| Cash and cash equivalents at beginning of the | (3,158) | (2,638) | (2,566) |
| period | | | |
+-------------------------------------------------+-------------+-------------+-----------+
| Cash and cash equivalents at the end of the | (3,873) | (3,281) | (3,158) |
| period | | | |
+-------------------------------------------------+-------------+-------------+-----------+
Statement of Changes in Equity
+---------------------------------+-------------+-------------+-------------+-------------+-------------+-------------+
| | Share | Share | Capital | Treasury | Retained | Total |
| | capital | premium | redemption | shares | earnings | equity |
| | | | reserve | | | |
+---------------------------------+-------------+-------------+-------------+-------------+-------------+-------------+
| | | | | | | |
+---------------------------------+-------------+-------------+-------------+-------------+-------------+-------------+
| | (unaudited) | (unaudited) | (unaudited) | (unaudited) | (unaudited) | (unaudited) |
+---------------------------------+-------------+-------------+-------------+-------------+-------------+-------------+
| | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 |
+---------------------------------+-------------+-------------+-------------+-------------+-------------+-------------+
| | | | | | | |
+---------------------------------+-------------+-------------+-------------+-------------+-------------+-------------+
| As at 28 September 2007 | 521 | 3,024 | 285 | (600) | 711 | 3,941 |
+---------------------------------+-------------+-------------+-------------+-------------+-------------+-------------+
| Profit for the period to 28 | 0 | 0 | 0 | 0 | 44 | 44 |
| March 2008 | | | | | | |
+---------------------------------+-------------+-------------+-------------+-------------+-------------+-------------+
| Loss for the period to 3 | 0 | 0 | 0 | 0 | (658) | (658) |
| October 2008 | | | | | | |
+---------------------------------+-------------+-------------+-------------+-------------+-------------+-------------+
| Dividends | 0 | 0 | 0 | 0 | 0 | 0 |
+---------------------------------+-------------+-------------+-------------+-------------+-------------+-------------+
| Actuarial Gain on Pension | 0 | 0 | 0 | 0 | 3 | 3 |
| Scheme Net Assets | | | | | | |
+---------------------------------+-------------+-------------+-------------+-------------+-------------+-------------+
| At 3 October 2008 | 521 | 3,024 | 285 | (600) | 100 | 3,330 |
+---------------------------------+-------------+-------------+-------------+-------------+-------------+-------------+
| | | | | | | |
+---------------------------------+-------------+-------------+-------------+-------------+-------------+-------------+
| Profit for the period to 3 | 0 | 0 | 0 | 0 | 2 | 2 |
| April 2009 | | | | | | |
+---------------------------------+-------------+-------------+-------------+-------------+-------------+-------------+
| At 3 April 2009 | 521 | 3,024 | 285 | (600) | 102 | 3,332 |
+---------------------------------+-------------+-------------+-------------+-------------+-------------+-------------+
Notes to the Interim Announcement
For the 26 weeks ended 3 April 2009
1. Basis of preparation
These interim financial statements have been prepared in accordance with the
accounting policies set out below. The Company has not adopted the reporting
requirements of IAS 34 'Interim Financial Reporting'.
The financial statements for the 52 weeks ended 3 October 2008 were fully
prepared in accordance with the International Accounting Standards (IAS) and
IFRS published by the International Accounting Standards Board (IASB) that were
in issue.
The information relating to the 26 weeks ended 3 April 2009 and 28 March 2008 is
unaudited and does not constitute statutory accounts. The comparative figures
for the 52 weeks to 3 October 2008 are the Company's statutory accounts for that
financial year. The statutory accounts for the 52 weeks ended 3 October 2008,
prepared under IFRS, have been reported on by the Company's auditors and
delivered to the Registrar of Companies. The report of the auditors was
unqualified and did not contain a statement under section 237(2) or (3) of the
Companies Act 1985. The interim financial statements are unaudited and have not
been reviewed by the auditors.
2. Accounting policies
The interim financial statements have been prepared on the basis of the
accounting policies set out in the Company's 3 October 2008 Annual Report
3. IAS 19 Employee Benefits
The year ended 3 October 2008 retirement benefit obligations under IAS 19 were
provided by the Actuary for the Scheme. The 26 weeks to 3 April 2009 and 28
March 2008 have assumed no movement on the prior September year end surplus.
4. Tax on profit on ordinary activities
Tax for the 26 weeks ended 3 April 2009 has been provided at 30% of profits,
which is the anticipated effective rate for the 52 weeks ending 2 October 2009.
5. Dividends
No dividend is proposed.
6. Earnings per share
Earnings per share for 2009 have been calculated on the number of shares in
issue, excluding shares held in treasury, throughout the period of 9,382,442
(2008: 9,382,442) and on the profits after taxation for each period. There was
no dilutive impact on the earnings per share for the reported periods.
7. Approval of the Interim Announcement
The Interim Announcement was approved by the Board of Directors on 3 June 2009.
8. Availability of the Interim Announcement
The Interim Announcement will be made available to all shareholders our web site
www.slimma.com, where more information on our brands and products can be found,
and will be available from the Company's Registered Office at:
Slimma plc
Slimma House
PO Box 30
Barngate Street
Leek
Staffordshire
ST13 8AR
This information is provided by RNS
The company news service from the London Stock Exchange
END
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