RNS Number:1723A
Ted Baker PLC
22 March 2006
22 March 2006
Ted Baker PLC
Preliminary Results for the 52 weeks ended 28 January 2006
Highlights
* Group revenue up by 11.4% to #117.8m (2005: #105.8m)
- Retail sales up 11.7% to #80.1m (2005: #71.7m)
- Wholesale sales up 10.8% to #37.8m (2005: #34.1m)
* Licence income up 9.4% to #3.5m (2005: #3.2m)
* Profit before tax up 12.9% to #18.4m (2005: #16.3m)
* Basic earnings per share up 14.2% to 30.6p per share (2005: 26.8p
per share)
* Proposed final dividend of 8.2p per share, (2005: 7.3p per share)
making a total for the year of 12.1p per share, an increase of 12.0% (2005:
10.8p per share)
* Continued US expansion with the successful launch of our 'Best in
Show' store in Los Angeles in June and our Dallas store in November
* First Asian territorial licence signed with the Li & Fung Group of
Companies in October for retail distribution of the Ted Baker brand and
wholesale distribution of certain collections in Hong Kong, Macau, China,
Taiwan and South Korea
* Second Asian territorial licence and Middle East licence signed in
December with RSH Limited for retail distribution of the Ted Baker brand in
Singapore, Malaysia, Thailand, Indonesia, UAE, Saudi Arabia, Bahrain, Qatar,
Oman, Kuwait and Lebanon
Commenting on the results, Ray Kelvin, Chief Executive, said:
"We are pleased to report another year of international success for Ted Baker
despite a tough domestic retail environment. Design, product quality and
attention to detail continue to drive the performance of the brand.
Our multi-channel distribution strategy is providing a strong foundation for our
global expansion. We are now carefully launching Ted Baker in Asia and the
Middle East through licence agreements and over the next few years the
distribution of our brand will extend to a further sixteen countries.
While being cautious of the economic outlook, we remain confident in the long
term strength of the Ted Baker brand."
Enquiries:
Ted Baker Tel: 020 7796 4133 on 22 March 2006 only
Ray Kelvin, Chief Executive thereafter Tel: 020 7255 4800
Lindsay Page, Finance Director
Hudson Sandler Tel: 020 7796 4133
Sandrine Gallien / Kate Hough
Visit Ted's new e-commerce site at www.tedbaker.co.uk
Notes to Editors
'No Ordinary Designer Label...' Ted Baker has grown steadily from a single shirt
specialist store in Glasgow to an international brand that distributes through
retail showcases, leading department stores and key independents in Europe, USA,
Canada and Australasia. In 2006 distribution will extend to the Middle East and
Asia.
Using three distinct channels of distribution, retail, wholesale and licensing,
allows Ted to pursue a policy of careful brand management and growth by
extending the breadth of the collections, controlling distribution channels and
developing our presence within key markets especially the United States.
Ted's collections include three men's ranges: Global, which consists of limited
edition opulent pieces; Endurance, a fusion of traditional tailoring with 21st
century technology and high performance fabrics; and Men's Mainline which is a
combined collection of laid-back denim pieces, casual shirts and contemporary
suiting. Ted Womenswear collection includes tailoring, silk jerseys, directional
knitwear, sophisticated dresses, and appliqued denim pieces. Both the men's and
women's offer is complimented by their individual accessory collections.The
Childrenswear and Babywear ranges are aptly named Teddy Boy, Teddy Girl, Teddy
Baby and are treated as 'small cuts dressed by Ted.' Fragrances, Footwear,
Eyewear, Watches and Intimates are designed by Ted and distributed through
licensees.
Renowned for the brand's quirky sense of humour and attention to detail, Ted
Baker has always had a very clear unswerving focus on quality. Ted creates
collections that appeal to a broad range of style conscious men and women
looking for that certain something a little out of the ordinary.
CHAIRMAN'S STATEMENT
I am pleased to report strong results despite a marked slowdown in the domestic
retail economy. Solid growth in our three divisions, retail, wholesale and
licensing, resulted in both turnover and profits being significantly up on last
year, reflecting the strength of the brand. Ted Baker continues to make good
progress in the United States, with new store openings in Los Angeles and Dallas
during the year. Towards the end of the year, we signed three licences to take
the brand into a further sixteen countries across Asia and the Middle East. I
would like to thank the team at Ted Baker for another successful year for our
business.
Results
Group turnover increased by 11.4% to #117.8m (2005: #105.8m) for the 52 weeks
ended 28 January 2006. Operating profit increased by 11.8% to #18.3m (2005:
#16.4m) and profit before tax increased by 12.9% to #18.4m (2005: #16.3m). Basic
earnings per share increased by 14.2% to 30.6p per share (2005: 26.8p per
share).
Dividends
The Board is pleased to recommend a final dividend of 8.2p per share (2005: 7.3p
per share) making a total for the year of 12.1p per share (2005: 10.8p per
share) an increase of 12.0% on the previous year, which is in line with our
targeted dividend cover of two and a half times. The final dividend will be
payable on 23 June 2006 to those shareholders on the register on 19 May 2006.
Share Buy-back
In line with market practice, the Company will seek authority from shareholders
to buy back up to 10% of the ordinary issued share capital of the Company in the
next twelve months. As the exercise of such authority could give rise to an
obligation on the part of Ray Kelvin, chief executive of the Company, to make a
mandatory offer under Rule 9 of The City Code on Takeovers and Mergers, such
authority will also be conditional on the Panel on Takeovers and Mergers
agreeing to grant a dispensation from that obligation. Further details of this
will be sent out in a letter accompanying the Notice of Meeting.
Current Trading
The reaction to our Spring Summer 2006 collection has been encouraging with
total retail sales ahead by 5.3% for the first seven weeks, compared with the
same period last year, even though two stores were closed for refurbishment
during part of the period.
Later phasing of deliveries and difficult market conditions currently being
experienced by some of our trustees have led to wholesale sales being down 14.6%
compared to the same period last year.
We will continue our expansion in the United States in May with a store opening
in South Coast Plaza, a leading shopping centre located in Costa Mesa,
California.
While being mindful of the current economic conditions, at this early stage we
remain confident of another year of growth and development for our brand.
Robert Breare
Non-Executive Chairman
CHIEF EXECUTIVE'S REVIEW
It has been another good year for Ted Baker despite a tough UK retail
environment. Increased turnover and profit growth demonstrate the resilience of
our multi-channel distribution strategy. The brand performed well thanks to our
key strengths of design, product quality and attention to detail. During the
period we continued to build our presence in the United States with the
successful openings of two more stores in Los Angeles and Dallas. We are now
launching the brand in Asia and the Middle East through licence agreements
signed with two leading partners: The Li & Fung Group and RSH Limited. As a
result over the next few years the distribution of our brand will extend to a
further sixteen countries.
Retail
Our retail division performed strongly during the year with sales up 11.7% to
#80.1m (2005: #71.7m). The average retail square footage rose by 20.5% over the
period to 137,538 sq. ft. (2005: 114,153 sq. ft.). At 28 January 2006, total
retail square footage was 141,022 sq. ft. (2005: 129,023 sq. ft.) representing
an increase of 9.3%. As anticipated, retail sales per square foot decreased from
#628 to #582 due to a significant increase in retail space as a result of
relocations and new openings, which have lower than average trading densities.
At 28 January 2006, the retail division consisted of 102 retail locations (2005:
96) comprising 19 UK stores (2005: 19), 7 overseas stores (2005: 6), 68
concessions (2005: 64) and 8 outlet stores (2005: 7).
In the United States, our expansion strategy continued as planned with the
opening of a 3,310 sq.ft. 'Best in Show' store in Los Angeles in June and a new
3,500 sq.ft. store in November, as part of the expansion to the exclusive North
Park centre in Dallas. Both stores have received very positive reactions. We
also expanded the New York store, with additional space dedicated to Womenswear
collections, based around an English Tea Party theme. Other stores in the United
States continued to perform well and in line with our expectations. Miami has
now been closed and as previously indicated there is no profit impact associated
with this exit as the assets were fully written off in the previous financial
year. We remain committed to further store openings in the United States as we
find appropriate locations to showcase the brand.
Wholesale
Our wholesale division performed strongly during the year as wholesale sales
rose by 10.8% to #37.8m (2005: #34.1m). Our principal collections, men's and
women's casualwear, Endurance and Accessories all performed well, with
womenswear in particular recording above average growth. However, childrenswear
was affected by difficult trading conditions during the period.
Underlying gross margins were slightly ahead of last year due to buying
efficiencies but this was impacted by a small level of inventory management in
the second half leading to an achieved gross margin of 42.2% (2005: 42.6%),
which was slightly below last year.
Licence Income
Licence income increased by 9.4% to #3.5m (2005: #3.2m).
In the US, our wholesale licensee, Hartmarx Corporation, made good progress
although the minimum guarantee for the period was not exceeded. Tura LP was
appointed by Hartmarx as sub-licensee for eyewear in the US and Canada and they
have made an excellent start, considerably exceeding our expectations. Our
licensee in Australia and New Zealand, Flair Menswear Pty Ltd, also made good
progress and continues to grow this area of the business.
Our sunglasses and ophthalmic licensee, Mondottica Ltd, made strong progress and
continues to increase distribution both in the UK and overseas. Ted Baker
Skinwear, our licensed fragrance range, continued to perform well and we
launched Ted Baker Bodywear, a range of bodycare products in the second half of
the year. The performance of this new range has exceeded our expectations. Our
watch licensee performed well and was in line with our expectations. Our shoe
licensee had a tough year and performed below expectations although the Spring
Summer collection has been very well received and we are confident that 2006
should see a significant improvement.
In October 2005 we signed Ted Baker's first Asian territorial licence with the
Li & Fung Group of Companies. The Li & Fung Group operates three distinctive
businesses: export trading, retail and distribution, in 40 countries and employs
over 12,000 people worldwide. The licence covers retail distribution of the Ted
Baker brand and wholesale distribution of certain collections in Hong Kong,
Macau, China, Taiwan and South Korea. The agreement, which is subject to minimum
guaranteed royalties and minimum number of store openings runs to 31 December
2011, and may be renewed for a further five years subject to specific
performance criteria.
In December 2005 we signed a second Asian territorial licence and a Middle East
licence with RSH Limited, a company listed on the Singapore Stock Exchange,
which covers retail distribution of the Ted Baker brand in Singapore, Malaysia,
Thailand, Indonesia, UAE, Saudi Arabia, Bahrain, Qatar, Oman, Kuwait and
Lebanon. RSH is a leading marketeer, distributor and retailer of sports and
fashion brands across Asia and the Middle East, operating 390 stores and 480
shop-in-shops in 11 countries. The agreements with RSH Limited are subject to
minimum guaranteed royalties and minimum number of store openings. The two
licences will run for six years to 31 December 2011 with a possible renewal for
a further 5 years subject to specific performance criteria.
Although the financial impact of these licences will not be material in the
short term, they are in line with Ted Baker's strategy to develop its presence
in overseas markets in conjunction with key territorial partners. They represent
significant progress in our ongoing strategy for the development of Ted Baker as
a global brand.
Ray Kelvin
Chief Executive
FINANCE DIRECTOR'S REPORT
The financial results reflect our continued focus on margin led growth and
strong cash management. Our net margin before taxation increased to 15.6%
(2005: 15.4%) and opening cash and cash equivalents of #8.9m improved to closing
cash and cash equivalents of #10.1m.
Gross Margin
Retail gross margins were slightly below last year at 66.1% (2005: 66.8%) and
the wholesale gross margin was slightly down at 42.2% (2005: 42.6%), which
resulted in a decrease in the composite gross margin to 58.4% (2005: 59.0%).
Operating Expenses
Operating expenses rose by 9.8% to #54.3m (2005: #49.5m). Distribution costs,
which include the costs of retail stores, outlets and concessions increased by
13.3% to #39.0m (2005: #34.4m), which was below the increase in average retail
selling space. Administration expenses increased by 1.7% to #15.3m (2005:
#15.1m), reflecting tight cost management.
Finance Income and Expenses
The net interest charge during the year was below last year at #0.1m (2005:
#0.2m) reflecting continued generation of cash from operations.
Taxation
The tax charge for the year was #5.4m (2005: #4.9m), an effective tax rate of
29.6% (2005: 30.1%). The effective rate was lower, due mainly to adjustments in
respect of prior periods.
Shareholder Return
Basic earnings per share increased by 14.2% to 30.6p per share (2005: 26.8p per
share). Free cash flow per share increased 9.2% from 32.6p to 35.6p and the
proposed dividend per share increased by 12.0% from 10.8p to 12.1p. During the
year, we purchased 1,010,000 of our own shares at 410.0p per share, to be held
in treasury, which represented a timely use of our cash resources.
Cash Flow and Working Capital
Net cash generated from operations was #20.7m (2005: #18.5m) primarily
reflecting increased trading and continued tight cash management. Working
capital was tightly controlled and increased from #9.6m to #11.2m largely in
line with the growth of the business. Stock levels increased by 3.3%, which was
below the increase in retail square footage during the year and the growth and
phasing of the wholesale business.
Capital expenditure was #5.1m (2005: #7.5m) and largely comprised investment in
new retail stores and our distribution facility.
Net cash outflow from financing was #9.1m (2005: net cash outflow #6.6m) and
reflected the purchase of treasury shares during the year (#4.2m) and the
purchase of shares by the Ted Baker Group Employee Benefit Trust (#0.4m).
Treasury and Risk Management
The principal risks to the Group arise from exchange rate and interest rate
fluctuations. The Board reviews and agrees policies for managing these risks on
a regular basis. Where appropriate, the Group uses financial instruments to
mitigate these risks. All transactions in derivatives, principally forward
foreign exchange contracts, are taken solely to manage these risks. No
transactions of a speculative nature are entered into.
The most significant exposure to foreign exchange fluctuations relates to
purchases in foreign currencies. The Group's policy is to hedge substantially
all the risks of such currency fluctuations by using forward contracts taking
into account forecast foreign currency cash inflows. There has been no change
since the year-end to the major financial risks faced by the Group or the
Group's approach to the management of those risks.
International Financial Reporting Standards
For the year ended 28 January 2006, the Group was required to prepare its
financial statements in accordance with International Financial Reporting
Standards (IFRS) as adopted by the EU.
The adoption of IFRS represents an accounting change only and does not affect
the underlying business or cash flows. Details of the changes may be found on
our website, www.tedbaker.com. The most significant change has been in the
recognition of a fair value charge for share options, which has resulted in an
additional net charge of #0.5m for the full year.
Lindsay Page
Finance Director
Group Income Statement
For the 52 weeks ended 28 January 2006
52 weeks ended 28 52 weeks ended 29
January January
2006 2005
Note
#'000 #'000
Revenue 2 117,832 105,753
Cost of sales (48,979) (43,357)
Gross profit 68,853 62,396
Distribution costs (39,007) (34,417)
Administrative expenses (15,339) (15,089)
Other operating income 3,827 3,515
Operating profit 18,334 16,405
Finance income 4 129 68
Finance expenses 4 (109) (221)
Profit before tax 3 18,354 16,252
Income tax expense (5,435) (4,884)
Profit for the period 12,919 11,368
Attributable to:
Equity shareholders of the parent company 12,931 11,347
Minority interests (12) 21
Profit for the period 12,919 11,368
Earnings per share
Basic 5 30.6p 26.8p
Diluted 5 29.7p 26.2p
Group Statement of Changes in Equity
For the 52 weeks ended 28 January 2006
Available Hedging Translation
for sale reserve reserve
Share Share reserve Retained Minority Total
capital premium earnings interest equity
#'000 #'000 #'000 #'000 #'000 #'000 #'000 #'000
Balance at 29 January 2,149 6,983 - - (33) 27,771 (40) 36,830
2005
Transitional IFRS - - 428 (142) - - - 286
adjustments
Balance at 30 January 2,149 6,983 428 (142) (33) 27,771 (40) 37,116
2005
Share option charge - - - - - 612 - 612
Deferred tax on share - - - - - 718 - 718
options
Change in fair value - - (252) - - - - (252)
Change in hedge - - - 135 - - - 135
reserve
Exchange rate - - - - 45 - - 45
movement
Profit for the period - - - - - 12,931 (12) 12,919
Purchase of own - - - - - (447) - (447)
shares
Purchase of shares - - - - - (4,170) - (4,170)
held as treasury
Movement in respect - - - - - 271 - 271
of own shares
Dividends paid - - - - - (4,775) - (4,775)
Balance at 28 January 2,149 6,983 176 (7) 12 32,911 (52) 42,172
2006
Available Hedging Translation
for sale reserve reserve
Share Share reserve Retained Minority Total
capital premium earnings interest equity
#'000 #'000 #'000 #'000 #'000 #'000 #'000 #'000
Balance at 31January 2004 2,131 5,358 - - - 20,086 (61) 27,514
Share option charge - - - - - 605 - 605
Deferred tax on share options - - - - - 691 - 691
Exchange rate movement - - - - (33) - - (33)
Profit for the period - - - - - 11,347 21 11,368
Shares issued 18 1,625 - - - (1,093) - 550
Movement in respect of own - - - - - 385 - 385
shares
Dividends paid - - - - - (4,250) - (4,250)
Balance at 29 January 2005 2,149 6,983 - - (33) 27,771 (40) 36,830
Group Balance Sheet
At 28 January 2006
28 January 2006 29 January 2005
Note
#'000 #'000
Non-current assets
Intangible assets 501 506
Property, plant and equipment 18,667 17,346
Deferred tax assets 1,543 567
Available-for-sale financial assets 176 -
20,887 18,419
Current assets
Inventories 23,475 22,725
Trade and other receivables 11,764 8,762
Derivative financial assets 155 -
Cash and cash equivalents 7 11,381 9,603
46,775 41,090
Current liabilities
Trade and other payables (17,507) (15,806)
Borrowings 7 (563) -
Current tax payable (6,544) (6,123)
Derivative financial liabilities (126) -
(24,740) (21,929)
Non-current liabilities
Borrowings 7 (750) (750)
(750) (750)
Total liabilities (25,490) (22,679)
Net assets 42,172 36,830
Equity
Share capital 2,149 2,149
Share premium account 6,983 6,983
Other reserves 169 -
Retained earnings 32,923 27,738
Total equity attributable to equity shareholders of the 42,224 36,870
parent company
Minority interests (52) (40)
Total equity 42,172 36,830
Group Cash Flow Statement
For the 52 weeks ended 28 January 2006
52 weeks ended 28 52 weeks ended 29
January January
2006 2005
Note
#'000 #'000
Cash generated from operations
Profit for the period 12,919 11,368
Adjusted for:
Income tax expense 5,435 4,884
Depreciation 3,820 3,451
Loss on disposal of property, plant & equipment 23 152
Impairment losses - 381
Share option charge 612 605
Net finance gains 35 153
Changes in hedge reserves (7) -
Increase in inventories (595) (5,457)
Increase in trade and other receivables (3,534) (1,554)
Increase in trade and other payables 2,030 4,552
Cash generated from operations 20,738 18,535
Interest paid (125) (231)
Income taxes paid (5,480) (4,344)
Net cash generated from operating activities 15,133 13,960
Cash flow from investing activities
Purchases of property, plant & equipment (5,059) (7,527)
Proceeds from sale of property, plant & equipment 13 (39)
Interest received 63 59
Net cash from investing activities (4,983) (7,507)
Cash flow from financing activities
Proceeds from issue of ordinary shares - 550
Purchase of own shares (4,617) -
Shares vested 271 385
Loan repayment - (4,000)
Increase in borrowings - 750
Dividends paid (4,775) (4,250)
Net cash from financing activities (9,121) (6,565)
Net increase/(decrease) in cash and cash equivalents 1,029 (112)
Cash and cash equivalents at 29 January 2005 8,853 5,811
Loan repayment - 4,000
Increase in borrowings - (750)
Exchange rate movement 186 (96)
Cash and cash equivalents at 28 January 2006 7 10,068 8,853
Notes
1) Basis of preparation
EU law (IAS Regulation EC 1606/2002) requires that the Group financial
statements of the Group, for the 52 weeks ended 28 January 2006, are prepared in
accordance with International Financial Reporting Standards (IFRSs) adopted for
use in the EU ("adopted IFRSs").
This financial information has been prepared on the basis of the recognition and
measurement requirements of adopted IFRSs as at 28 January 2006.
As allowed by IFRS 1 'First-time adoption of IFRS,' the Group adopted IAS 32 '
Financial instruments: disclosure and presentation' and IAS 39 'Financial
instruments: recognition and measurement', prospectively from 30 January 2005.
Therefore until 29 January 2005, the Group continued to hedge account for
forecast foreign transactions and commodity exposures in accordance with UK
GAAP, and hence the comparative financial statements exclude the impact of these
standards.
The financial information set out above does not constitute the Group's
statutory accounts for the 52 weeks ended 28 January 2006 or 29 January 2005.
Statutory accounts for 2005, which were prepared under UK GAAP, have been
delivered to the registrar of companies. The auditors have reported on those
accounts; their reports were i) unqualified and, ii) did not contain statements
under section 237 (2) or (3) of the Companies Act 1985. The statutory accounts
for 2006, prepared under accounting standards adopted by the EU, will be
delivered in due course.
A full list of the UK GAAP accounting policies is provided in the Group's
financial statements for the year ended 29 January 2005. A reconciliation of
total equity and retained profit from UK GAAP to International Financial
Reporting Standards ("IFRS") for the comparative periods is available on the
Company's website, www.tedbaker.com, together with narrative describing the key
differences applicable to the Group.
2) Segment information
The revenue and profit before taxation are attributable to the Group's principal
activities, the design and contracted manufacture of high quality fashion
clothing and related accessories for wholesale and retail customers.
a) Analysis of revenue by brand
52 weeks ended 28 52 weeks ended 29
January January
2006 2005
#'000 #'000
Menswear 66,403 57,137
Womenswear 45,920 41,492
Other 5,509 7,124
117,832 105,753
b) Primary reporting format - divisional segments
52 weeks ended 28 January 2006 Retail Wholesale Total
#'000 #'000 #'000
Revenue 80,055 37,777 117,832
Cost of sales (27,136) (21,843) (48,979)
Gross profit 52,919 15,934 68,853
Operating costs (44,081) (10,265) (54,346)
Operating contribution 8,838 5,669 14,507
Other operating income 3,827
Operating profit 18,334
Net finance income 20
Profit before taxation 18,354
Total assets 47,816 19,846 67,662
Total liabilities (17,308) (8,182) (25,490)
30,508 11,664 42,172
Capital expenditure 4,692 403 5,095
Depreciation 3,518 302 3,820
52 weeks ended 29 January 2005 Retail Wholesale Total
#'000 #'000 #'000
Revenue 71,669 34,084 105,753
Cost of sales (23,795) (19,562) (43,357)
Gross profit 47,874 14,522 62,396
Operating costs (39,977) (9,529) (49,506)
Operating contribution 7,897 4,993 12,890
Other operating income 3,515
Operating profit 16,405
Net finance expenses (153)
Profit before taxation 16,252
Total assets 43,274 16,235 59,509
Total liabilities (15,376) (7,303) (22,679)
27,898 8,932 36,830
Capital expenditure 6,996 503 7,499
Depreciation 3,220 231 3,451
Wholesale sales are shown after the elimination of inter-company sales of
#3,732,000 (2005: #2,567,000). Included within retail are impairment costs of
#Nil (2005: #381,000).
C) Secondary reporting format - geographical segments
52 weeks ended 28 January 2006 United Kingdom Other Total
#'000 #'000 #'000
Revenue 109,494 8,338 117,832
Cost of sales (45,582) (3,397) (48,979)
Gross profit 63,912 4,941 68,853
Operating costs (48,813) (5,533) (54,346)
Operating contribution 15,099 (592) 14,507
Other operating income 3,827
Operating profit 18,334
Net finance income 20
Profit before taxation 18,354
Total assets 56,878 10,784 67,662
Total liabilities (24,371) (1,119) (25,490)
32,507 9,665 42,172
Capital expenditure 3,106 1,989 5,095
Depreciation 3,329 491 3,820
52 weeks ended 29 January 2005 United Kingdom Other Total
#'000 #'000 #'000
Revenue 101,188 4,565 105,753
Cost of sales (41,603) (1,754) (43,357)
Gross profit 59,585 2,811 62,396
Operating costs (46,137) (3,369) (49,506)
Operating contribution 13,448 (558) 12,890
Other operating income 3,515
Operating profit 16,405
Net finance expenses (153)
Profit before taxation 16,252
Total assets 53,321 6,188 59,509
Total liabilities (21,434) (1,245) (22,679)
31,887 4,943 36,830
Capital expenditure 6,375 1,124 7,499
Depreciation 3,113 338 3,451
United Kingdom sales are shown after the elimination of inter-company sales of
#3,732,000 (2005: #2,567,000). Included within Other are impairment costs of
#Nil (2005: #381,000).
Other includes sales arising mainly in the United States. Revenue by destination
is not materially different from revenue by geographic origin.
3) Profit before taxation
52 weeks ended 28 52 weeks ended 29
January January
2006 2005
Profit before taxation is stated after charging:
#'000 #'000
Depreciation and amounts written off owned tangible property, plant and 3,820 3,451
equipment
Impairment of property, plant and equipment - 381
Operating lease rentals 7,927 7,060
Auditors' remuneration for group audit services 45 33
Auditors' remuneration for group non-audit services 52 9
Auditors' remuneration for parent company audit services 6 6
Auditors' remuneration for parent company non-audit services - -
Loss on disposal of property, plant & equipment 23 152
Amounts payable to KPMG Audit Plc in respect of non-audit services relate to
review work associated with the interim statement and IFRS convergence.
4) Finance income and expenses
52 weeks ended 28 52 weeks ended 29
January January
2006 2005
#'000 #'000
Finance income
- Interest receivable 74 68
- Net foreign exchange transaction gains 55 -
129 68
Finance expenses
- Interest payable (109) (221)
- Net foreign exchange transaction losses - -
(109) (221)
5) Earnings per share
52 weeks ended 28 52 weeks ended 29
January January
2006 2005
No No
Number of shares:
Weighted number of ordinary shares outstanding 42,236,880 42,375,426
Effect of dilutive options 1,216,443 991,840
Weighted number of ordinary shares outstanding - diluted 43,453,323 43,367,266
#'000 #'000
Earnings:
Profit for the period basic and diluted 12,919 11,368
Basic earnings per share 30.6p 26.8p
Diluted earnings per share 29.7p 26.2p
Own shares held by the Ted Baker Group Employee Benefit Trust, the Ted Baker
1998 Employee Benefit Trust and treasury shares have been eliminated from the
weighted average number of ordinary shares. Dividend income received by the
Company as a result of holding these own shares has been eliminated from the
profit after income tax expense and minority interests. The options exercised
during the year and long-term incentive scheme awards distributed were of shares
held by the Trusts.
Diluted earnings per share have been calculated using additional ordinary shares
of 5p each available under the 1997 Unapproved Share Option Scheme, the 1997
Executive Share Option Scheme and the Ted Baker Performance Share Plan.
There were no share related events after the balance sheet date that may affect
earnings per share.
6) Dividends per share
52 weeks ended 28 52 weeks ended 29
January 2006 January 2005
#'000 #'000
Final dividend paid for prior year of 7.3p per ordinary share (2005: 6.4p) 3,138 2,746
Interim dividend paid of 3.9p per ordinary share (2005: 3.5p) 1,637 1,504
4,775 4,250
A dividend in respect of 2006 of 8.2p per share, amounting to a total dividend
of #3,442,000, is to be proposed at the Annual General Meeting on 13 June 2006.
7) Reconciliation of cash and cash equivalents per balance sheet to cash
flow statement
52 weeks ended 28 52 weeks ended 29
January January
2006 2005
#'000 #'000
Cash and cash equivalents per Balance sheet 11,381 9,603
Current borrowings (563) -
Non-current borrowings (750) (750)
Cash and cash equivalents per Cash flow statement 10,068 8,853
This information is provided by RNS
The company news service from the London Stock Exchange
END
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