RNS Number:3717T
Ted Baker PLC
21 March 2007
21 March 2007
Ted Baker PLC
Preliminary Results for the 52 weeks ended 27 January 2007
Highlights
* Strong performance of the brand in the UK and the US, particularly in
retail.
* Development across Middle East and Asia commenced with the opening of
six licensed stores in Dubai (2), Singapore, Bangkok, Jakarta and Hong Kong.
* Strong growth in licence income, up 14.3%.
* Proposed final dividend up 25.6% to 10.3p per share (2006: 8.2p per
share), making a total for the year of 14.6p per share (2006: 12.1p per
share), an increase of 20.7%.
2007 2006 Change
Group Revenue #125.6m #117.8m +6.6%
Profit Before Tax #20.0m #18.4m +9.2%
Basic EPS 33.9p 30.6p +10.8%
Proposed Final Dividend 10.3p 8.2p +25.6%
Cash Balance #13.5m #10.1m +34.2%
Commenting on the results, Ray Kelvin, Chief Executive, said:
"As Ted Baker continues its global expansion we are pleased to report yet
another year of success for the brand. Quintessentially British, Ted Baker's
high product quality and attention to detail continues to drive the growth of
the Group. We pride ourselves on our unique culture, which is inherent in all
our products and operations, both in the UK and internationally.
We commenced the development of Ted Baker in Middle East and Asia through our
licence agreements, while considering further opportunities for new stores in
both the UK and the US. We remain confident in the long term strength of the
Group and look forward to the year with confidence."
Enquiries:
Ted Baker Tel: 020 7796 4133 on 21 March 2007 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.com
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, the Middle East, Asia and Australasia.
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.
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's 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 individual accessory collections.
The Childrenswear and Babywear ranges are aptly named Teddy Boy, Teddy Girl and
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 another year of strong results for Ted Baker. Growth,
both in the UK and internationally was supported by our continued multi-channel
distribution strategy. The year saw a particularly strong performance in the
retail and licence divisions with retail sales increasing by 11.4% and licence
income increasing by 14.3%. Wholesale sales fell by 3.5% reflecting the
difficult market conditions experienced by some of our wholesale trustees.
I would like to take this opportunity to thank the team at Ted Baker for its
hard work during the year. The passion, commitment and dedication of our teams
continue to drive the business forward in what is an exciting period for the
Group.
Results
Group revenue increased by 6.6% to #125.6m (2006: #117.8m) for the 52 weeks
ended 27 January 2007. Operating profit increased by 9.4% to #20.0m (2006:
#18.3m) and profit before tax increased by 9.2% to #20.0m (2006: #18.4m). Basic
earnings per share increased by 10.8% to 33.9p per share (2006: 30.6p per
share).
Dividends
The Board is pleased to recommend a final dividend of 10.3p per share (2006:
8.2p per share) making a total for the year of 14.6p per share (2006: 12.1p per
share) an increase of 20.7% on the previous year. The directors feel it is
appropriate to recommend a more progressive dividend policy to reflect the
strong cash generation of the business. The final dividend will be payable on 22
June 2007 to those shareholders on the register on 18 May 2007.
Share Buy-back
In line with market practice, the Company will seek to renew the 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, Founder and 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 and Outlook
The reaction to our Spring Summer 2007 collection has been encouraging with
total retail sales ahead by 12.1% for the first seven weeks, compared with the
same period last year. Retail square footage was some 7.8% higher at the start
of the current financial year compared to last year. We plan to open stores in
Gatwick North and Brighton this year and expect retail square footage to
increase by some 10,000 square feet in total. Our retail licensees have opened a
third store in Dubai and one in Kuala Lumpur, Malaysia since the end of the
year.
Wholesale sales were 11.2% ahead of the same period last year. Whilst this
improvement is encouraging, it is against a weak comparative and we anticipate
that conditions will remain difficult for some of our wholesale customers. We
have also taken action in respect of certain customers where their profile is no
longer appropriate for our brand. As a result, we expect wholesale sales to be
slightly below the level achieved last year.
We have made an encouraging start to the current year and the Ted Baker brand is
in excellent health. At this early stage we remain confident of another year of
growth and development.
Robert Breare
Non-Executive Chairman
Chief Executive's Review
INTRODUCTION
I am delighted to report another year of strong growth for the Group. The
brand's performance in the UK has once again been strong and Ted Baker continues
to develop its global presence. During the year we opened a store in Southern
California and our licence partners opened six stores in Dubai (2), Singapore,
Bangkok, Jakarta and Hong Kong.
Quality, design and attention to detail are key strengths of the Ted Baker brand
and we remain focused on these areas. These strengths are not only seen in our
products but are evident across our stores and working environments and underpin
our culture. We continue to maintain close control of our brand as we expand
internationally.
GLOBAL GROUP PERFORMANCE
Retail
The retail division performed strongly during the year with sales growth up
11.4% to #89.2m (2006: #80.1m). Average retail square footage rose by 7.5% over
the period to 147,861 sq.ft. (2006: 137,538 sq.ft.). At 27 January 2007, total
retail square footage was 152,937 sq.ft. (2006: 141,022 sq.ft.), representing an
increase of 8.4%. Retail sales per square foot increased from #582 to #603 as
our newer space and overseas stores continue to mature.
Wholesale
In the interim statement we reported that some of our trustees had experienced
difficult market conditions, which would impact on our wholesale performance for
the year. Wholesale sales for the year were #36.5m (2006: #37.8m), representing
a decline of 3.5%. This outturn was better than anticipated at the half year due
to an improved performance in the second half.
Licence income
Ted Baker operates two types of licences: territorial licences covering North
America, the Middle East, Asia, Australia and New Zealand; and product licences
covering lingerie, eyewear, perfume & fragrance, watches and footwear.
Licence income for the year was up 14.3% to #4.0m (2006: #3.5m) and we were
particularly pleased with the performances of our perfume and fragrance
licensees and of our footwear licencee who both delivered above average growth.
Our other product and territorial licensees continue to perform in line with our
expectations.
Collections
Ted Baker Menswear enjoyed good growth in the period with sales up 7.5% to
#71.4m (2006: #66.4m). Menswear represented 56.8% of total sales (2006: 56.4%).
Ted Baker Womenswear enjoyed good growth in the period with sales up 6.6% to
#48.9m (2006: #45.9m). Womenswear represented 39.0% of total sales (2006:
39.0%).
Sales of other collections, comprising Childrenswear and Footwear were #5.3m
(2006: #5.5m) and these collections represented 4.2% of our total sales (2006:
4.6%).
UNITED KINGDOM & EUROPE
Our UK & Europe retail division performed strongly during the year with sales up
9.2% to #80.0m (2006: #73.2m).
Average square footage rose by 5.1% over the period to 125,333 (2006: 119,304).
At 27 January 2007, total retail square footage was 128,481 (2006: 120,461)
representing an increase of 6.7%. Retail sales per square foot increased from
#614 to #638.
In November 2006, we opened a store in Bath on Milsom Street, a premier street
in the City centre. Situated in a 2,100 sq ft listed building, the store houses
both the Ted Baker menswear and womenswear collections. We also opened 12 new
concessions during the year in leading department stores.
At 27 January 2007, we operated 21 stores (2006: 20), 78 concessions (2006: 68)
and 8 outlet stores (2006: 8).
In November 2006, Ted Baker's new website went live. Our new transactional
website has undergone a complete redesign, offering our customers a more
user-friendly interface with a wider product range. The site offers the largest
range of Ted Baker collections and customer reaction has been positive. We have
seen a significant increase in activity compared to the previous site.
US
Our US retail division performed strongly during the year with sales up 35.2% to
#9.2m (2006: #6.8m). We continue to develop our presence in the United States
and in May 2006 opened our second largest US store in Southern California's
luxury shopping destination, South Coast Plaza. We now have 7 stores across the
United States and will continue to review suitable opportunities to open further
stores as they arise.
Average square footage rose by 23.5% over the period to 22,528 (2006: 18,234).
At 27 January 2007, total retail square footage was 24,456 (2006: 20,561)
representing an increase of 18.9%. Retail sales per square foot increased from
#374 to #409.
Our US wholesale licensee, Hartmarx Corporation continues to make progress.
During the year, a sub-licence was granted to Swank Inc for mens small leather
goods and jewellery and progress to date has been encouraging.
MIDDLE EAST AND ASIA
In the second quarter of 2005, we signed territorial licence agreements with RSH
Limited and Li and Fung Group of Companies to develop our brand across the
Middle East and Asia.
Our expansion in these territories has commenced with the opening of six
licensed stores in Dubai (2), Singapore, Bangkok, Jakarta and Hong Kong. The
initial reaction from customers has been promising and expansion will continue
at a similar level in the current year.
Although the financial impact of these new stores is not material in the year,
they represent significant progress in our global expansion. The stores were
designed by our in-house design teams and we have been closely involved in the
visual merchandising of the stores and the training of the retail teams to
ensure these new stores effectively reflect the culture and ethos of the brand.
Ray Kelvin
Chief Executive
Finance Director's Report
We continue to focus on margin led growth and strong cash management. Our net
margin before taxation increased to 16.0% (2006: 15.6%) and opening cash and
cash equivalents of #10.1m improved to closing cash and cash equivalents of
#13.5m.
Gross Margin
Retail gross margins were slightly below last year at 65.0% (2006: 66.1%). As
previously reported in the interim statement the margins in the first half were
1.6% below last year. In the second half, the retail margin was 65.7% against
66.1% reflecting a higher proportion of sales being generated in the United
States. The wholesale gross margin was slightly up at 42.9% (2006: 42.2%). The
composite gross margin improved to 58.6% (2006: 58.4%) mainly reflecting a
change in mix towards a higher proportion of retail sales.
Operating Expenses
Operating expenses rose by 6.8% to #58.0m (2006: #54.3m). Distribution costs,
which include the costs of retail stores, outlets and concessions increased by
6.1% to #41.4m (2006: #39.0m), which was below the increase in average retail
selling space. Administration expenses increased by 8.5% to #16.6m (2006:
#15.3m), largely reflecting the growth in the business activity and our support
of the retail business in the Middle East and Asia.
Finance Income and Expenses
The net interest income during the year was above last year at #0.1m (2006: nil)
reflecting continued generation of cash from operations. This was offset by a
small foreign exchange loss compared to a gain in the prior year as a result of
the weakening dollar.
Taxation
The tax charge for the year was #5.6m (2006: #5.4m), an effective tax rate of
28.1% (2006: 29.6%). The effective rate was lower, due to a deferred tax
adjustment on the recognition of tax losses in overseas subsidiaries. Our
underlying effective rate was 30.9%.
Cash Flow and Working Capital
Net cash generated from operations was #13.9m (2006: #15.1m) primarily
reflecting higher working capital requirements.
Inventory levels increased by #4.7m or 18.5% largely reflecting the planned
growth in the business for the current year. As expected, due to a disappointing
wholesale performance, inventory levels also include a slightly higher level of
prior season stock. We have made appropriate provisions for this stock which
will be dealt with through the usual channels.
Capital expenditure was #5.0m (2006: #5.1m) and largely comprised investment in
new retail stores and our second distribution facility.
Shareholder Return
Basic earnings per share increased by 10.8% to 33.9p per share (2006: 30.6p per
share) and the proposed dividend per share increased by 25.6% from 8.2p to
10.3p. Free cash flow per share reduced by 8.4% from 35.6p to 32.6p, primarily
reflecting higher inventory levels at the year-end.
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 and outflows. 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.
Lindsay Page
Finance Director
Group Income Statement
For the 52 weeks ended 27 January 2007
Note 52 weeks ended 52 weeks ended
27 January 28 January
2007 2006
#'000 #'000
Revenue 2 125,648 117,832
Cost of sales (51,986) (48,979)
----------- -----------
Gross profit 73,662 68,853
Distribution
costs (41,404) (39,007)
Administrative
expenses (16,645) (15,339)
Other
operating
income 4,436 3,827
----------- -----------
Operating
profit 20,049 18,334
Finance income 4 192 129
Finance
expenses 4 (191) (109)
----------- -----------
Profit before
tax 3 20,050 18,354
Income tax
expense (5,634) (5,435)
----------- -----------
Profit for the
period 14,416 12,919
=========== ===========
Attributable to:
Equity
shareholders
of the parent
company 14,421 12,931
Minority
interests (5) (12)
----------- -----------
Profit for the
period 14,416 12,919
=========== ===========
Earnings per share
Basic 5 33.9p 30.6p
Diluted 5 33.6p 29.7p
Dividends
Paid in period (#'000) 6 5,335 4,775
Paid in period (pence per share) 6 12.5 11.2
Proposed (#'000) 6 4,394 3,525
Proposed (Pence per share) 6 10.3 8.2
The Income Statement relates to continuing operations
Group Statement of Changes in Equity
For the 52 weeks ended 27 January 2007
Share Share Available Hedging Translation Retained Total Minority Total
capital premium for reserve reserve earnings equity interest equity
sale attributable
reserve to equity
shareholders
of the
parent
#'000 #'000 #'000 #'000 #'000 #'000 #'000 #'000 #'000
Balance at 28
January 2006 2,149 6,983 176 (7) 12 32,911 42,224 (52) 42,172
Share option
charge - - - - - 332 332 - 332
Movement on
current/deferred
tax on share
options - - - - - (23) (23) - (23)
Change in fair
value - - (176) - - - (176) - (176)
Change in hedge
reserve - - - (83) - - (83) - (83)
Exchange rate
movement - - - - (505) - (505) - (505)
Profit for the
period - - - - - 14,421 14,421 (5) 14,416
Shares issued 11 1,045 - - - - 1,056 - 1,056
Movement in
respect of
treasury shares - - - - - 2,469 2,469 - 2,469
Movement in
respect of own
shares - - - - - (3,977) (3,977) - (3,977)
Disposal of own
shares - - - - - 935 935 - 935
Dividends paid - - - - - (5,335) (5,335) - (5,335)
------- --------- --------- --------- ----------- --------- ------------- -------- -------
Balance at 27
January 2007 2,160 8,028 - (90) (493) 41,733 51,338 (57) 51,281
======= ========= ========= ========= =========== ========= ============= ======== =======
Group Statement of Changes in Equity
For the 52 weeks ended 28 January 2006
Share Share Available Hedging Translation Retained Total Minority Total
capital premium for sale reserve reserve earnings equity interest equity
reserve attributable
to equity
shareholders
of the
parent
#'000 #'000 #'000 #'000 #'000 #'000 #'000 #'000 #'000
Balance at
30 January
2005 2,149 6,983 428 (142) (33) 27,771 37,156 (40) 37,116
Share
option
charge - - - - - 612 612 - 612
Deferred
tax on
share
options - - - - - 718 718 - 718
Change in
fair value - - (252) - - - (252) - (252)
Change in
hedge
reserve - - - 135 - - 135 - 135
Exchange
rate
movement - - - - 45 - 45 - 45
Profit for
the period - - - - - 12,931 12,931 (12) 12,919
Purchase of
own shares - - - - - (447) (447) - (447)
Purchase of
shares held
as treasury - - - - - (4,170) (4,170) - (4,170)
Movement in
respect of
own shares - - - - - 271 271 - 271
Dividends
paid - - - - - (4,775) (4,775) - (4,775)
-------- --------- ---------- --------- ------------ ---------- ------------- -------- --------
Balance at
28 January
2006 2,149 6,983 176 (7) 12 32,911 42,224 (52) 42,172
======== ========= ========== ========= ============ ========== ============= ======== ========
Group Balance Sheet
At 27 January 2007
Note 27 January 2007 28 January 2006
#'000 #'000
Non-current assets
Intangible assets 482 501
Property, plant and equipment 19,209 18,667
Deferred tax assets 525 1,543
Available-for-sale financial assets - 176
----------- -----------
20,216 20,887
Current assets
Inventories 27,825 23,475
Trade and other receivables 11,843 11,764
Derivative financial assets 216 155
Cash and cash equivalents 7 13,513 11,381
----------- -----------
53,397 46,775
Current liabilities
Trade and other payables (16,714) (17,507)
Borrowings 7 - (563)
Current tax payable (5,268) (6,544)
Derivative financial liabilities (307) (126)
----------- -----------
(22,289) (24,740)
Non-current liabilities
Deferred tax liabilities (43) -
Borrowings 7 - (750)
----------- -----------
(43) (750)
----------- -----------
Total liabilities (22,332) (25,490)
----------- -----------
Net assets 51,281 42,172
=========== ===========
Equity
Share capital 2,160 2,149
Share premium account 8,028 6,983
Other reserves (90) 169
Retained earnings 41,240 32,923
----------- -----------
Total equity attributable to equity
shareholders of the parent company 51,338 42,224
Minority interests (57) (52)
----------- -----------
Total equity 51,281 42,172
=========== ===========
Group Cash Flow Statement
For the 52 weeks ended 27 January 2007
Note 52 weeks ended 52 weeks ended
27 January 28 January
2007 2006
#'000 #'000
Cash generated from operations
Profit for the
period 14,416 12,919
Adjusted for:
Income tax
expense 5,634 5,435
Depreciation 3,981 3,820
Loss on
disposal of
property, plant
& equipment 63 23
Share option
charge 332 612
Net finance
(losses) /
gains (125) 35
Changes in
hedge reserves (83) (7)
Increase in
inventories (4,714) (595)
Decrease /
(increase) in
trade and other
receivables 903 (3,534)
(Decrease) /
increase in
trade and other
payables (554) 2,030
----------- -----------
Cash generated
from operations 19,853 20,738
Interest paid (64) (125)
Income taxes
paid (5,873) (5,480)
----------- -----------
Net cash
generated from
operating
activities 13,916 15,133
Cash flow from investing activities
Purchases of
property, plant
& equipment (4,970) (5,059)
Proceeds from
sale of
property, plant
& equipment 26 13
Interest
received 164 63
----------- -----------
Net cash from
investing
activities (4,780) (4,983)
Cash flow from financing activities
Proceeds from
issue of
ordinary shares 1,056 -
Purchase of own
shares (3,438) (4,617)
Sale of own
shares 5,907 -
Shares vested (3,042) 271
Loan repayment (750) -
Dividends paid (5,335) (4,775)
----------- -----------
Net cash from
financing
activities (5,602) (9,121)
----------- -----------
Net increase in
cash and cash
equivalents 3,534 1,029
Cash and cash
equivalents at
28 January 2006 10,068 8,853
Loan repayment 750 -
Exchange rate
movement (839) 186
----------- -----------
Cash and cash
equivalents at
27 January 2007 7 13,513 10,068
=========== ===========
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 27 January 2007, 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 27 January 2007.
The financial information set out above does not constitute the Group's
statutory accounts for the 52 weeks ended 27 January 2007 or 28 January 2006.
The annual financial information presented in this preliminary announcement for
the 52 weeks ended 27 January 2007 is based on, and is consistent with, that in
the Group's audited financial statements for the 52 weeks ended 27 January 2007,
and those financial statements will be delivered in due course. The auditor's
report on those financial statements is unqualified and does not contain any
statement under Section 237 of the Companies Act 1985.
Statutory accounts for 2006 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.
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 52 weeks ended
27 January 28 January
2007 2006
#'000 #'000
Menswear 71,359 66,403
Womenswear 48,947 45,920
Other 5,342 5,509
----------- -----------
125,648 117,832
=========== ===========
b) Primary reporting format - divisional segments
52 weeks ended 27 January 2007 Retail Wholesale Total
#'000 #'000 #'000
Revenue 89,187 36,461 125,648
Cost of sales (31,173) (20,813) (51,986)
----------- ----------- -----------
Gross profit 58,014 15,648 73,662
Operating costs (48,054) (9,995) (58,049)
----------- ----------- -----------
Operating profit before other operating 9,960 5,653 15,613
income
Other operating income 4,436
-----------
Operating profit 20,049
Net finance income 1
-----------
Profit before taxation 20,050
Income tax expense (5,634)
-----------
Profit for the period 14,416
===========
Total assets 53,095 20,518 73,613
Total liabilities (15,852) (6,480) (22,332)
----------- ----------- -----------
37,243 14,038 51,281
----------- ----------- -----------
Capital expenditure 4,603 318 4,921
Depreciation 3,724 257 3,981
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 profit before other operating 8,838 5,669 14,507
income
Other operating income 3,827
-----------
Operating profit 18,334
Net finance expenses 20
-----------
Profit before taxation 18,354
Income tax expense (5,435)
-----------
Profit for the period 12,919
===========
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
Wholesale sales are shown after the elimination of inter-company sales of
#2,801,000 (2006: #3,732,000).
C) Secondary reporting format - geographical segments by origin
52 weeks ended 27 January 2007 United Kingdom Other Total
#'000 #'000 #'000
Revenue 114,293 11,355 125,648
Cost of sales (47,387) (4,599) (51,986)
----------- ----------- -----------
Gross profit 66,906 6,756 73,662
Operating costs (51,436) (6,613) (58,049)
----------- ----------- -----------
Operating profit before other 15,470 143 15,613
operating income
Other operating income 4,436
-----------
Operating profit 20,049
Net finance income 1
-----------
Profit before taxation 20,050
Income tax expense (5,634)
-----------
Profit for the period 14,416
===========
Total assets 62,284 11,329 73,613
Total liabilities (21,151) (1,181) (22,332)
----------- ----------- -----------
41,133 10,148 51,281
----------- ----------- -----------
Capital expenditure 4,019 902 4,921
Depreciation 3,285 696 3,981
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 profit before other 15,099 (592) 14,507
operating income
Other operating income 3,827
-----------
Operating profit 18,334
Net finance expenses 20
-----------
Profit before taxation 18,354
Income tax expense (5,435)
-----------
Profit for the period 12,919
===========
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
United Kingdom sales are shown after the elimination of inter-company sales of
#2,801,000 (2006: #3,732,000).
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
Profit before taxation is stated after charging: 52 weeks ended 52 weeks ended
27 January 28 January
2007 2006
#'000 #'000
Depreciation 3,981 3,820
Operating lease
rentals 9,238 7,927
Fees payable to the
company's auditor for
the audit of the
company's
subsidiaries, pursuant
to legislation 48 45
Fees payable to the
company's auditor for
review work associated
with IFRS convergence - 40
Fees payable to the
company's auditor for
the audit of the
company's annual
accounts 6 6
Fees payable to the
company's auditor for
other services
supplied pursuant to
legislation 16 12
Other services
provided 35 -
Loss on disposal of
property, plant &
equipment 63 23
4) Finance income and expenses
52 weeks ended 52 weeks ended
27 January 28 January
2007 2006
#'000 #'000
Finance income
- Interest receivable 192 74
- Net foreign exchange
transaction gains - 55
----------- -----------
192 129
Finance expenses
- Interest payable (67) (109)
- Net foreign exchange
transaction losses (124) -
----------- -----------
(191) (109)
5) Earnings per share
52 weeks ended 52 weeks ended
27 January 28 January
2007 2006
No. No.
Number of shares:
Weighted number of
ordinary shares
outstanding 42,594,516 42,236,880
Effect of dilutive
options 320,881 1,216,443
----------- -----------
Weighted number of
ordinary shares
outstanding - diluted 42,915,397 43,453,323
#'000 #'000
Earnings:
Profit for the period
basic and diluted 14,421 12,931
Basic earnings per
share 33.9p 30.6p
Diluted earnings per
share 33.6p 29.7p
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 52 weeks ended
27 January 2007 28 January 2006
#'000 #'000
Final dividend paid for
prior year of 8.2p per
ordinary share (2006: 7.3p) 3,501 3,138
Interim dividend paid of
4.3p per ordinary share
(2006: 3.9p) 1,834 1,637
----------- -----------
5,335 4,775
=========== ===========
A final dividend in respect of 2007 of 10.3p per share, amounting to a dividend
payable of #4,393,752 is to be proposed at the Annual General Meeting on 12 June
2007.
7) Reconciliation of cash and cash equivalents per balance sheet to cash
flow statement
52 weeks ended 52 weeks ended
27 January 28 January
2007 2006
#'000 #'000
Cash and cash equivalents per
balance sheet 13,513 11,381
Current borrowings - (563)
Non-current borrowings - (750)
----------- -----------
Cash and cash equivalents per
cash flow statement 13,513 10,068
=========== ===========
This information is provided by RNS
The company news service from the London Stock Exchange
END
FR OKKKNBBKBBNB
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