TIDMTED
RNS Number : 8877N
Ted Baker PLC
04 October 2012
Ted Baker PLC
("Ted Baker", the "Group")
Interim Results for the 28 weeks ended 11 August 2012
'Robust performance against a backdrop of challenging
conditions'
28 weeks 28 weeks
ended ended
Highlights 11 August 13 August
2012 2011 Change
Group Revenue GBP118.6m GBP102.8m 15.4%
Profit Before Tax and Exceptional Costs GBP9.4m GBP8.5m 10.4%
Profit Before Tax GBP7.8m GBP8.5m (8.4%)
Adjusted EPS 16.8p 14.8p 13.5%
Diluted Adjusted EPS 15.9p 14.1p 12.8%
Basic EPS 13.9p 14.8p (6.1%)
Interim Dividend 7.9p 7.15p 10.5%
-- Retail sales up 15.4% on a 12.6% increase in average retail square footage
o UK and European retail sales up 7.9% to GBP74.7m
o US retail sales up 53.3% to $25.6m
o Rest of the world retail sales up 58.1% to GBP2.8m
-- E-commerce sales up 82.4% to GBP6.2m
-- Planned expansion continued with the opening of:
o Our first store in Tokyo, Japan and first concessions in South
Korea and the Netherlands
o New stores in existing markets on the Brompton Road, London,
Fifth Avenue, New York and Harbour City, Hong Kong
-- Wholesale sales up 15.4% to GBP24.9m
-- Licence income up 19.2% to GBP3.7m
Commenting, Ray Kelvin CBE, Founder and Chief Executive,
said:
"We have delivered good results in a challenging environment
whilst making important investments for the long term development
of the brand, including opening new stores in Tokyo and on Fifth
Avenue, New York.
We are especially pleased with the positive reaction to our
Autumn/Winter collections and I am delighted with the openings,
since the period end, of our first store in China in Beijing and
our first concessions in Germany, as we continue to build Ted's
global presence.
As ever, our full year results will be dependent on trading in
the important second half and we remain understandably cautious at
this stage given the uncertainty in the global economy. However, we
believe that we are well placed to deal with the challenges
ahead."
Enquiries:
Ted Baker PLC Tel: 020 7796 4133 on 4 October 2012 only
Ray Kelvin CBE, Chief Executive Tel: 020 7255 4800 thereafter
Lindsay Page, Finance Director
Hudson Sandler Tel: 020 7796 4133
Alex Brennan
Michael Sandler
www.tedbaker.com
www.tedbakerplc.com
Media images available for download at:
http://www.tedbakerplc.com/ted/en/mediacentre/imagelibrary
Notes to Editors
Ted Baker PLC - "No Ordinary Designer Label"
Ted Baker is a leading global lifestyle brand distributing
across five continents through its three main distribution
channels: retail (including e-commerce); wholesale; and
licensing.
Ted Baker has almost 300 stores and concessions worldwide,
comprising of 179 in the UK, 41 in Europe, 47 in the US, 28 in the
Middle East and Asia and 4 in Australasia.
Ted Baker offers a wide range of collections including:
Menswear; Womenswear; Global; Phormal; Endurance; Born by Ted
Baker; Accessories; Lingerie and Sleepwear; Childrenswear;
Fragrance and Skinwear; Footwear; Neckwear; Eyewear; and Watches,
all of which are underpinned by an unwavering emphasis on design,
product quality and attention to detail.
Development of the brand
Our strategy is to become a leading global designer brand, based
on three main elements:
-- considered expansion of our collections. We review our
collections continually to ensure we react to trends and meet our
customers' expectations. In addition, we look for opportunities to
extend the breadth of collections and enhance our offer;
-- controlled distribution through three main channels: retail
(including e-commerce); wholesale; and licensing. We consider each
new opportunity to ensure it is right for the brand and will
deliver margin led growth; and
-- carefully managed development of existing and new
international markets. We continue to manage growth in existing
territories while considering new territories for expansion.
Underlying our strategy is an emphasis on design, product
quality and attention to detail, which is delivered by the passion,
commitment and dedication of our teams, licence partners and
wholesale customers ("trustees").
Chairman's Statement
I am pleased to announce a robust performance despite a backdrop
of challenging conditions, which resulted in a 15.4% increase in
Group revenue to GBP118.6m and a 10.4% improvement in profit before
tax and exceptional costs to GBP9.4m.
The retail division performed well across all markets, with
sales up 15.4% on a 12.6% increase in average retail square
footage. We are delighted with the continued expansion of the Ted
Baker brand, both in the UK and internationally, which included
openings on the Brompton Road, London, Tokyo, Japan, Seoul, South
Korea and Harbour City, Hong Kong. We also opened a store on Fifth
Avenue, New York at the end of the period.
Wholesale sales were up 15.4%, reflecting continued growth in
our US wholesale business and a good performance from our UK
wholesale business, which includes the results of our wholesale
export business.
Licence income increased by 19.2% to GBP3.7m as a result of a
strong performance from both our product and territorial
licences.
Financial Results
Group revenue increased by 15.4% to GBP118.6m (2011: GBP102.8m)
for the 28 weeks ended 11 August 2012 ("the period"). The composite
gross margin increased to 60.6% (2011: 59.5%), reflecting a
reduction in the level of promotional activity in our retail
markets compared to the same period last year.
Operating expenses excluding exceptional costs increased by
17.4% in the period to GBP65.9m (2011: GBP56.2m). Distribution
costs, which mainly comprise the cost of retail stores, outlets and
concessions, increased in line with expectations to GBP48.3m (2011:
GBP41.2m) and as a percentage of sales increased slightly to 40.7%
(2011: 40.1%). This was primarily due to our expansion into new
international markets and included pre-opening costs of GBP0.4m
(excluding exceptional rental costs discussed below) in respect of
stores before they commenced trading.
Administrative expenses increased by 17.3% to GBP17.6m (2011:
GBP15.0m) reflecting the growth in the US team to support our US
retail and wholesale businesses and growth in other central
functions to support our expansion into new international
markets.
Exceptional costs of GBP1.6m (2011: nil), which were previously
highlighted, were rental costs incurred in respect of our stores on
Fifth Avenue, New York and in Tokyo, Japan for the periods before
they commenced trading.
Profit before tax and exceptional costs increased by 10.4% to
GBP9.4m (2011: GBP8.5m) and profit before tax was GBP7.8m (2011:
GBP8.5m). Adjusted basic earnings per share excluding exceptional
costs increased by 13.5% to 16.8p (2011: 14.8p) whilst basic
earnings per share fell by 6.1% to 13.9p (2011: 14.8p). Adjusted
diluted earnings per share rose 12.8% to 15.9p (2011: 14.1p) whilst
diluted earnings per share fell by 6.4% to 13.2p (2011: 14.1p).
The effective tax rate of 25.3% (2011 full year effective rate:
27.6%) is in line with our expectations for the full financial year
and reflects the reduction in the rate of corporation tax in the UK
from 26% to 24% which came into effect on 1 April 2012.
The net decrease in cash and cash equivalents of GBP20.7m (2011:
GBP16.5m) primarily reflected an increase in both inventories and
in capital expenditure.
Total working capital, which comprises inventories, trade and
other receivables and trade and other payables, increased by
GBP12.1m to GBP58.4m (2011: GBP46.3m). This was mainly due to a
GBP12.6m increase in inventories to GBP58.9m (2011: GBP46.3m)
reflecting the growth of our business and earlier timing of stock
receipts towards the end of the period. The timing of stock
payments also resulted in a decrease in trade and other
payables.
Capital expenditure of GBP12.9m (2011: GBP8.2m) reflected the
opening and refurbishment of stores and concessions in both new and
existing markets, as well as investment in some new stores and
concessions due to open in the second half of the year. Further
investment was also made in the infrastructure of the business to
support our planned expansion. We expect full year capital
expenditure to be in the region of GBP18m.
Dividends
The Board has declared an interim dividend of 7.9p (2011:
7.15p), representing an increase of 10.5%, which will be payable on
23 November 2012 to shareholders on the register at the close of
business on 19 October 2012.
People
I would like to take this opportunity to thank all of my
colleagues around the world. This strong performance and the
continued successful development of our brand, both in the UK and
internationally, are testament to the passion, commitment and
dedication of the Ted Baker team.
Global Group Performance
Retail
We operate stores and concessions across the UK, Europe, the US
and Asia and an e-commerce business based in the UK, primarily
serving the UK and Europe, with a separate site dedicated to the
Americas. We also have an e-commerce business with some of our
concession partners.
Retail sales were up 15.4% to GBP93.7m (2011: GBP81.2m) with
average retail square footage increasing by 12.6% to 264,138 sq.ft
(2011: 234,564 sq.ft). Sales per square foot fell slightly by 0.3%
to GBP331 (2011: GBP332).
Our e-commerce business performed very well during the period,
resulting in an 82.4% increase in sales to GBP6.2m (2011: GBP3.4m).
In April, we launched a mobile optimised transactional site and the
response from our customers has been very positive. Our e-commerce
business continues to benefit from enhancements to our UK based
transactional site which took place in the second half of last
year.
The retail gross margin was 64.6% (2011: 64.0%) reflecting a
lower level of promotional activity in our markets compared to the
same period last year.
Retail operating costs were 17.8% up on space ahead 12.6%,
resulting in a slight reduction in retail operating contribution of
13.6% (2011: 14.0%). The increase in costs above the growth in
space was primarily due to our expansion into new international
markets and included pre-opening costs of GBP0.4m (excluding the
exceptional rental costs) in respect of stores before they
commenced trading.
Wholesale
We currently operate a wholesale business in the UK serving
countries across Europe and a wholesale business in the US.
Group wholesale sales were 15.4% above the same period last year
at GBP24.9m (2011: GBP21.6m) with gross margins of 45.4% (2011:
42.5%). This reflects a good performance from our UK wholesale
business and continuing growth in both our wholesale export
business and our US wholesale business. Part of the increase was
also due to the phasing of sales between the first and second half
of the year.
Underlying wholesale margins were largely unchanged but the
division benefited from an increase in income arising from the
supply of stock to our overseas subsidiaries which is managed
through this channel.
Licence Income
We operate both territorial and product licences. Our
territorial licences cover the Middle East, Asia and Australasia,
through which we operate licensed retail stores and, in some
territories, wholesale operations. Our product licences cover
lingerie & sleepwear, perfume & fragrance, watches,
footwear, eyewear, neckwear, jewellery and childrenswear.
Licence income was up 19.2% to GBP3.7m (2011: GBP3.1m) as a
result of a good performance across both territorial and product
licences. Notably there were good performances from our product
licence partner, Debenhams, with whom we have an exclusive
childrenswear collection, and B by Ted Baker, an exclusive lingerie
and sleepwear collection, and our licensed footwear partner,
Pentland Group. Our licensed stores in the Middle East and Asia,
operated by our territorial partner, RSH Limited, also performed
well during the period.
Collections
Ted Baker Womenswear delivered a very strong performance with
sales up 24.5% to GBP66.1m (2011: GBP53.1m). Womenswear represented
55.7% of total sales (2011: 51.7%). Part of this growth was due to
more Womenswear space added in the second half of last year and the
first half of this year.
Ted Baker Menswear also performed well with sales increasing
5.7% to GBP52.5m (2011: GBP49.7m). Menswear represented 44.3% of
total sales (2011: 48.3%).
Geographic Performance
United Kingdom & Europe
Sales in the period in our UK and Europe retail division were up
7.9% to GBP74.7m (2011: GBP69.2m). This good performance was
delivered despite a backdrop of challenging conditions.
During the period we opened a store on the Brompton Road, London
which performed well. We also opened concessions with leading
department stores in Spain, Ireland and the Netherlands and are
pleased with their performances at this early stage.
Average square footage rose by 6.5% over the period to 201,153
sq.ft (2011: 188,865 sq.ft). At 11 August 2012, total retail square
footage was 203,989 sq.ft (2011: 193,264 sq.ft), representing an
increase of 5.5%. Retail sales per square foot decreased by 2.0%
from GBP349 to GBP342 reflecting the challenging conditions,
particularly in Europe outside the UK.
At 11 August 2012, we operated 34 stores (2011: 34), 171
concessions (2011: 164) and 10 outlet stores (2011: 10).
Sales from our UK wholesale business increased by 11.7% to
GBP21.0m (2011: GBP18.8m) due to a good performance from our UK
wholesale business and continued growth in our wholesale export
business. Part of this increase also reflected the phasing of sales
between the first and second half of the year.
US
Sales from our US retail division increased by 53.3% to $25.6m
(2011: $16.7m), which in sterling was equivalent to sales up 57.3%
to GBP16.2m (2011: GBP10.3m). At the end of the period we opened a
store on Fifth Avenue, New York and, at this early stage,
performance has been encouraging. We are confident that this
prominent store will help to raise awareness of the Ted Baker brand
both in the US and internationally. We also opened further
concessions through a leading department store during the
period.
Average square footage rose 32.2% over the period to 54,261
sq.ft (2011: 41,034 sq.ft). At 11 August 2012, total retail square
footage was up 43.8% on last year at 61,266 sq.ft (2011: 42,605
sq.ft). Retail sales per square foot rose 16.0% from $400 to
$464.
As at 11 August 2012, we operated 26 concessions across the
United States (2011: 7), 15 stores (2011: 13) and 3 outlet stores
(2011: 2).
Sales from our US wholesale business increased by 37.8% to $6.2m
(2011: $4.5m) reflecting the continued growth of the business.
Middle East, Asia and Australasia
We continue to develop the Ted Baker brand across the Middle
East, Asia and Australasia, working closely with our partners in
those territories to ensure the visual merchandising of the stores
and the training of the teams reflects the Ted Baker culture. As at
11 August 2012, we operated a total of 31 stores (2011: 26 stores)
across those territories.
Our licensed stores across the Middle East continued to perform
well during the period and consequently our partners continue to
seek further opportunities to expand in this region. As at 11
August 2012, we operated 7 stores across the Middle East (2011: 7
stores).
Our expansion into new international markets continued with an
opening in Tokyo, Japan in February and two concessions through
leading department stores in South Korea in March. These openings
reflect investments for the long term development of the brand and
we have been encouraged by the initial reaction to the brand and
our collections in these new markets.
In June, we opened stores in the Plaza Senayan Mall in Jakarta,
Indonesia, the Suria Mall in Kuala Lumpar, Malayasia and ION Mall
in Singapore with our licence partner in those territories, RSH
Limited. During the period two existing stores were closed and as a
result, as at 11 August 2012, we operated a total of 20 stores
across Asia (2011: 15).
In July, we opened a third store in Hong Kong under our own
management and the brand continues to be well received in the
region.
The joint venture with our Australasian licence partner, Flair
Industries Pty Ltd, continues to perform in line with our
expectations. As at 11 August 2012, we operated 4 stores in
Australasia (2011: 4 stores).
Current Trading and Outlook
Group
The Ted Baker brand continues to perform well in an uncertain
trading environment and we are encouraged by the positive reaction
to our Autumn/Winter collections. We believe that we are well
placed to deal with the challenges and opportunities ahead and look
forward to the continuing expansion and long term investment in our
business in the UK and overseas in the second half of the year.
Retail
The strong performance seen in the first half of 2012 has
continued into the second half of the year. We have also continued
our planned expansion into new international markets by opening our
first concessions through a leading department store in Germany in
September.
In Europe, we will be opening further concessions through
leading department stores in Spain, Ireland and the Netherlands in
the second half of the year.
In the US, we will be opening a further outlet store in Woodbury
Common, New York in January as well as further concessions through
a leading department store during the second half of the year. In
Canada, we will be opening our first store in the Yorkdale Shopping
Centre in Toronto in November.
In Asia, we opened our first store in China in September in the
Park View Green Mall, Beijing and are encouraged by its performance
at this very early stage. We plan to open a store in Shanghai
during the second half of the year.
Wholesale
Trading in our UK and US wholesale businesses has continued in
line with expectations. We anticipate Group wholesale sales for the
full year being some 8% ahead of last year.
Licence Income
Our product and territorial licences continue to perform in line
with expectations. Our licence partner in Kuwait will be opening a
store in the Al Hamra Mall in December, whilst our other
territorial licence partners continue to seek opportunities in
their respective territories.
Outlook
Whilst we have made a strong start to the financial year, our
results for the full year will, as always, be dependent on trading
in the second half of the financial year and we remain cautious
given the challenging trading environment. Our costs and financial
commitments remain under control and, with our strong balance
sheet, we will continue to invest in the long term development of
the Ted Baker brand.
We intend to make our next interim management statement,
covering the period since the start of the second half of the
financial year, in mid November.
Condensed Group Income Statement
For the 28 weeks ended 11 August 2012
Unaudited 28 weeks Unaudited 28 weeks Audited
ended ended 52 weeks ended
11 August 13 August 28 January
Note 2012 2011 2012
GBP'000 GBP'000 GBP'000
Revenue 2 118,607 102,776 215,625
Cost of sales (46,775) (41,638) (83,419)
------------------- ------------------- ----------------
Gross profit 2 71,832 61,138 132,206
Distribution costs (48,329) (41,170) (82,358)
Administrative expenses (17,571) (14,981) (29,640)
Exceptional costs (1,589) - (2,814)
Licence income 3,733 3,133 6,733
Other operating (expense)/income (117) 316 142
Operating profit 2 7,959 8,436 24,269
Finance income 4 29 41 45
Finance expenses 4 (317) (55) (208)
Share of profit of jointly controlled entity,
net of tax 92 50 149
Profit before tax 2 7,763 8,472 24,255
Income tax expense 7 (1,964) (2,322) (6,698)
------------------- ------------------- ----------------
Profit for the period 5,799 6,150 17,557
------------------- ------------------- ----------------
Earnings per share 5
Basic 13.9p 14.8p 42.2p
Diluted 13.2p 14.1p 40.6p
Condensed Group Statement of Comprehensive Income
For the 28 weeks ended 11 August 2012
Unaudited 28 weeks Unaudited 28 weeks Audited
ended ended 52 weeks ended
11 August 13 August 28 January
2012 2011 2012
GBP'000 GBP'000 GBP'000
Profit for the period 5,799 6,150 17,557
------------------- ------------------- ----------------
Other comprehensive (loss) / income
Net effective portion of changes in fair value of cash
flow hedges (101) (84) (190)
Net change in fair value of cash flow hedges transferred
to profit or loss 149 171 26
Exchange rate movement (52) (115) (92)
------------------- ------------------- ----------------
Other comprehensive loss for the period, net of tax (4) (28) (256)
Total comprehensive income for the period 5,795 6,122 17,301
------------------- ------------------- ----------------
Condensed Group Statement of Changes in Equity - Unaudited
For the 28 weeks ended 11 August 2012
Total equity
attributable
Cash flow to equity
Share premium hedging Translation Retained shareholders
Share capital account reserve reserve earnings of the parent
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Balance at 28
January 2012 2,160 9,137 (312) 144 74,056 85,185
Comprehensive
income for the
period
Profit for the
period - - - - 5,799 5,799
Deferred tax
associated
with movement
in hedging
reserve - - 12 - - 12
Effective
portion of
changes in
fair value of
cash flow
hedges - - (113) - - (113)
Net change in
fair value of
cash flow
hedges
transferred to
profit or loss - - 149 - - 149
Exchange rate
movement - - - (52) - (52)
--------------- --------------- --------------- --------------- --------------- ---------------
Total
comprehensive
income for the
period - - 48 (52) 5,799 5,795
--------------- --------------- --------------- --------------- --------------- ---------------
Transactions
with owners
recorded
directly in
equity
Share options /
awards charge - - - - 205 205
Movement on
current /
deferred tax
on share
options /
awards - - - - 735 735
Disposal of own
/ treasury
shares - - - - 204 204
Dividends paid - - - - (6,767) (6,767)
--------------- --------------- --------------- --------------- --------------- ---------------
Total
transactions
with owners - - - - (5,623) (5,623)
--------------- --------------- --------------- --------------- --------------- ---------------
Balance at 11
August 2012 2,160 9,137 (264) 92 74,232 85,357
--------------- --------------- --------------- --------------- --------------- ---------------
Condensed Group Statement of Changes in Equity - Unaudited
For the 28 weeks ended 13 August 2011
Total equity
attributable
Cash flow to equity
Share premium hedging Translation Retained shareholders
Share capital account reserve reserve earnings of the parent
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Balance at 29
January 2011 2,160 9,137 (148) 236 64,639 76,024
Comprehensive
income for the
period
Profit for the
period - - - - 6,150 6,150
Deferred tax
associated with
movement in
hedging reserve - - - - - -
Effective
portion of
changes in
fair value of
cash flow
hedges - - (84) - - (84)
Net change in
fair value of
cash flow
hedges
transferred to
profit or loss - - 171 - - 171
Exchange rate
movement - - - (115) - (115)
--------------- --------------- --------------- --------------- --------------- ---------------
Total
comprehensive
income for the
period - - 87 (115) 6,150 6,122
--------------- --------------- --------------- --------------- --------------- ---------------
Transactions
with owners
recorded
directly in
equity
Share options /
awards charge - - - - 238 238
Movement on
current /
deferred tax
on share
options /
awards - - - - 633 633
Disposal of own
/ treasury
shares - - - - 69 69
Dividends paid - - - - (5,953) (5,953)
--------------- --------------- --------------- --------------- --------------- ---------------
Total
transactions
with owners - - - - (5,013) (5,013)
--------------- --------------- --------------- --------------- --------------- ---------------
Balance at 13
August 2011 2,160 9,137 (61) 121 65,776 77,133
--------------- --------------- --------------- --------------- --------------- ---------------
Condensed Group Statement of Changes in Equity - Audited
For the 52 weeks ended 28 January 2012
Total equity
attributable
Cash flow to equity
Share premium hedging Translation Retained shareholders
Share capital account reserve reserve earnings of the parent
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Balance at 29
January 2011 2,160 9,137 (148) 236 64,639 76,024
Comprehensive
income for the
period
Profit for the
period - - - - 17,557 17,557
Deferred tax
associated
with movement
in hedging
reserve - - 50 - - 50
Effective
portion of
changes in
fair value of
cash flow
hedges - - (240) - - (240)
Net change in
fair value of
cash flow
hedges
transferred to
profit or loss - - 26 - - 26
Exchange rate
movement - - - (92) - (92)
--------------- --------------- --------------- --------------- --------------- ---------------
Total
comprehensive
income for the
period - - (164) (92) 17,557 17,301
--------------- --------------- --------------- --------------- --------------- ---------------
Transactions
with owners
recorded
directly in
equity
Share options /
awards charge - - - - 446 446
Movement on
current /
deferred tax
on share
options /
awards - - - - 275 275
Disposal of own
/ treasury
shares - - - - 69 69
Dividends paid - - - - (8,930) (8,930)
--------------- --------------- --------------- --------------- --------------- ---------------
Total
transactions
with owners - - - - (8,140) (8,140)
--------------- --------------- --------------- --------------- --------------- ---------------
Balance at 28
January 2012 2,160 9,137 (312) 144 74,056 85,185
--------------- --------------- --------------- --------------- --------------- ---------------
Condensed Group Balance Sheet
At 11 August 2012
Unaudited Unaudited Audited
Note 11 August 2012 13 August 2011 28 January 2012
GBP'000 GBP'000 GBP'000
Non-current assets
Intangible assets 910 1,013 968
Property, plant and equipment 43,520 32,342 35,680
Investments in equity accounted investee 587 395 494
Deferred tax assets 3,431 2,416 3,418
Prepayments 623 757 695
---------------- ---------------- -----------------
49,071 36,923 41,255
---------------- ---------------- -----------------
Current assets
Inventories 58,869 46,314 51,872
Trade and other receivables 30,038 26,648 30,587
Amount due from equity accounted investee 396 498 407
Derivative financial assets 507 303 411
Cash and cash equivalents 9 7,378 5,165 8,560
---------------- ---------------- -----------------
97,188 78,928 91,837
---------------- ---------------- -----------------
Current liabilities
Trade and other payables (30,482) (26,658) (35,281)
Bank overdraft 9 (26,381) (8,254) (6,790)
Income tax payable (1,555) (2,314) (3,353)
Derivative financial liabilities (1,789) (628) (1,063)
---------------- ---------------- -----------------
(60,207) (37,854) (46,487)
---------------- ---------------- -----------------
Non-current liabilities
Deferred tax liabilities (695) (864) (1,420)
---------------- ---------------- -----------------
(695) (864) (1,420)
---------------- ---------------- -----------------
Net assets 85,357 77,133 85,185
---------------- ---------------- -----------------
Equity
Share capital 2,160 2,160 2,160
Share premium account 9,137 9,137 9,137
Other reserves (264) (61) (312)
Translation reserve 92 121 144
Retained earnings 74,232 65,776 74,056
---------------- ---------------- -----------------
Total equity 85,357 77,133 85,185
---------------- ---------------- -----------------
Condensed Group Cash Flow Statement
For the 28 weeks ended 11 August 2012
Note Unaudited Unaudited Audited
28 weeks ended 28 weeks ended 52 weeks ended
11 August 13 August 28 January
2012 2011 2012
GBP'000 GBP'000 GBP'000
Cash generated from operations
Profit for the period 5,799 6,150 17,557
Adjusted for:
Income tax expense 1,964 2,322 6,698
Depreciation 4,944 3,884 7,656
(Profit) / loss on disposal of property, plant &
equipment 37 (211) (352)
Net impairment credit - - 30
Share options / awards charge 205 238 446
Net finance losses 233 51 201
Net change in derivative financial assets and
liabilities 432 59 85
Share of profit in joint venture (92) (50) (149)
Decrease in non current prepayments 32 35 62
Increase in inventories (7,017) (3,939) (9,302)
Decrease / (increase) in trade and other receivables 681 808 (3,720)
(Decrease) / increase in trade and other payables (4,818) (8,328) 242
Interest paid (187) (31) (192)
Income taxes paid (3,425) (3,793) (7,738)
---------------- ---------------- ----------------
Net cash generated from operating activities (1,212) (2,805) 11,524
---------------- ---------------- ----------------
Cash flow from investing activities
Purchases of property, plant & equipment (12,925) (8,227) (14,993)
Proceeds from sale of property, plant & equipment 7 451 451
Interest received 2 4 8
---------------- ---------------- ----------------
Net cash from investing activities (12,916) (7,772) (14,534)
---------------- ---------------- ----------------
Cash flow from financing activities
Proceeds from option holders for exercise of options 10 204 69 69
Dividends paid 6 (6,767) (5,953) (8,930)
---------------- ---------------- ----------------
Net cash from financing activities (6,563) (5,884) (8,861)
---------------- ---------------- ----------------
Net decrease in cash and cash equivalents (20,691) (16,461) (11,871)
Cash and cash equivalents at 28 January 2012 / 29
January 2011 1,770 13,536 13,536
Exchange rate movement (82) (164) 105
---------------- ---------------- ----------------
Net Cash and cash equivalents at 11 August 2012 /
13 August 2011 / 28 January 2012 9 (19,003) (3,089) 1,770
---------------- ---------------- ----------------
Cash and cash equivalents at 11 August 2012 / 13 August
2011 / 28 January 2012 7,378 5,165 8,560
Bank overdraft at 11 August 2012 / 13 August 2011 / 28
January 2012 (26,381) (8,254) (6,790)
---------------- ---------------- ----------------
Net Cash and cash equivalents at 11 August 2012 /
13 August 2011 / 28 January 2012 9 (19,003) (3,089) 1,770
---------------- ---------------- ----------------
Notes to the Condensed Interim Financial Statements
For the 28 weeks ended 11 August 2012
1. Basis of preparation
a. Reporting entity
Ted Baker PLC is a company domiciled in the United Kingdom. The
condensed interim financial statements ("interim financial
statements") of Ted Baker PLC as at, and for the 28 weeks ended, 11
August 2012 comprise the Company and its subsidiaries (together
referred to as the "Group").
The Group financial statements as at, and for the 52 weeks
ended, 28 January 2012 are available upon request from the
Company's registered office at Ted Baker PLC, The Ugly Brown
Building, 6a St. Pancras Way, London NW1 0TB or at
www.tedbakerplc.com.
b. Statement of compliance
These interim financial statements have been prepared in
accordance with "IAS 34 Interim Financial Reporting" as adopted by
the EU and the requirements of the Disclosures and Transparency
Rules. They do not include all of the information required for full
annual financial statements and should be read in conjunction with
the Group financial statements as at, and for the 52 weeks ended,
28 January 2012. These interim financial statements were approved
by the Board of Directors on 4 October 2012.
The comparative figures for the 52 weeks ended 28 January 2012
are not the Company's statutory accounts for that financial year.
Those accounts have been reported on by the Company's auditors and
delivered to the registrar of companies. The report of the auditors
was (i) unqualified; (ii) did not include a reference to any
matters to which the auditors drew attention by way of emphasis
without qualifying their report; and (iii) did not contain a
statement under section 498(2) or (3) of the Companies Act 2006.
These sections address whether proper accounting records have been
kept, whether the Company's accounts are in agreement with these
records and whether the auditors have obtained all the information
and explanations necessary for the purposes of the audit.
The financial information in this document is unaudited, but has
been reviewed by the auditors in accordance with the Auditing
Practices Board guidance on Review of Interim Financial
Information.
c. Going concern
The Group financial statements for the 52 weeks ended 28 January
2012, approved by the Board on 21 March 2012, included information
on the business environment in which the Group operates, including
the factors that are likely to impact the future prospects of the
Group, together with the principal risks and uncertainties that the
Group faces. In addition, the notes to the consolidated financial
statements set out the Group's objectives, policies and processes
for managing its financial and capital risk and its exposures to
credit, market and liquidity risk. Many of the risks and
uncertainties reported are such that their potential to impact the
Group's operations are inherent and remain valid as regards to
their potential impact during the second half of 2012. The impact
of the economic environment in which the Group's businesses operate
is considered in the Chairman's Statement.
The Directors have prepared trading and cash flow forecasts for
a period of one year from the date of approval of these interim
financial statements. The Directors have a reasonable expectation
that the Group has adequate cash headroom and expects to meet all
banking covenant requirements. Accordingly, they continue to adopt
a going concern basis in preparing the financial statements of the
Group.
d. Significant accounting policies
The accounting policies adopted in these interim financial
statements are consistent with those followed in the preparation of
the Group's annual financial statements for the 52 weeks ended 28
January 2012. Adoption of amendments to published standards and
interpretations effective for the Group for the half year ended 11
August 2012 have had no impact on the financial position and
performance of the Group.
2. Segment information
The Group has three reportable segments; retail, wholesale and
licence income.
For each of the three segments the Group's chief operating
decision maker (the "Board") reviews internal management reports on
a four weekly basis.
The accounting policies of the reportable segments are the same
as described in note (s) on page 54 of the Group financial
statements as at and for the 52 weeks ended 28 January 2012.
Information regarding the results of each reportable segment is
included below. Performance for the retail segment is measured
based on operating contribution, whereas performance of the
wholesale segment is measured based on gross profit and performance
of the licence segment is measured based on royalty income, as
included in the internal management reports that are reviewed by
the Board.
Segment results are used to measure performance as management
believes that such information is the most relevant in evaluating
the performance of certain segments relative to other entities that
operate within these industries. Inter-segment pricing is
determined on an arm's length basis.
Segment revenue and segment result
Unaudited - 28 weeks ended 11 August 2012 Retail Wholesale Licence income Total
GBP'000 GBP'000 GBP'000 GBP'000
Revenue 93,702 24,905 - 118,607
Cost of sales (33,185) (13,590) - (46,775)
--------- ---------- --------------- ---------
Gross profit 60,517 11,315 - 71,832
Operating costs (47,811) - - (47,811)
--------- ---------- --------------- ---------
Operating contribution 12,706 11,315 - 24,021
Licence income - - 3,733 3,733
--------- ---------- --------------- ---------
Segment result 12,706 11,315 3,733 27,754
Reconciliation of segment result to profit before tax
Segment result 12,706 11,315 3,733 27,754
Other operating costs (18,089)
Exceptional costs (1,589)
Other operating expense (117)
Operating profit 7,959
Net finance expense (288)
Share of profit of jointly controlled entity, net of tax 92
---------
Profit before tax 7,763
---------
Capital expenditure 11,796 109 - 11,905
Unallocated capital expenditure 1,086
---------
Total capital expenditure 12,991
---------
Depreciation 3,519 118 - 3,637
Unallocated depreciation 1,307
---------
Total depreciation 4,944
---------
Segment assets 108,146 28,691 - 136,837
Other assets 9,422
---------
Total assets 146,259
---------
Segment liabilities (44,923) (11,940) - (56,863)
Other liabilities (4,039)
---------
Total liabilities (60,902)
---------
Net assets 85,357
---------
Wholesale sales are shown after the elimination of inter-company
sales of GBP14,756,000 (13 August 2011: GBP9,816,000, 28 January
2012: GBP20,348,000).
Unaudited - 28 weeks ended 13 August 2011 Retail Wholesale Licence income Total
GBP'000 GBP'000 GBP'000 GBP'000
Revenue 81,199 21,577 - 102,776
Cost of sales (29,230) (12,408) - (41,638)
--------- ---------- --------------- ---------
Gross profit 51,969 9,169 - 61,138
Operating costs (40,602) - - (40,602)
--------- ---------- --------------- ---------
Operating contribution 11,367 9,169 - 20,536
Licence income - - 3,133 3,133
--------- ---------- --------------- ---------
Segment result 11,367 9,169 3,133 23,669
Reconciliation of segment result to profit before tax
Segment result 11,367 9,169 3,133 23,669
Other operating costs (15,549)
Other operating income 316
---------
Operating profit 8,436
Net finance expense (14)
Share of profit of jointly controlled entity, net of tax 50
---------
Profit before tax 8,472
---------
Capital expenditure 6,398 119 - 6,517
Unallocated capital expenditure 1,715
---------
Total capital expenditure 8,232
---------
Depreciation 2,684 76 - 2,760
Unallocated depreciation 1,124
---------
Total depreciation 3,884
---------
Segment assets 83,061 24,833 - 107,894
Other assets 7,957
---------
Total assets 115,851
---------
Segment liabilities (27,583) (7,329) - (34,912)
Other liabilities (3,806)
---------
Total liabilities (38,718)
---------
Net assets 77,133
---------
Audited - 52 weeks ended 28 January 2012 Retail Wholesale Licence income Total
GBP'000 GBP'000 GBP'000 GBP'000
Revenue 174,185 41,440 - 215,625
Cost of sales (60,667) (22,752) - (83,419)
--------- ---------- --------------- ---------
Gross profit 113,518 18,688 - 132,206
Operating costs (81,207) - - (81,207)
--------- ---------- --------------- ---------
Operating contribution 32,311 18,688 - 50,999
Licence income - - 6,733 6,733
--------- ---------- --------------- ---------
Segment result 32,311 18,688 6,733 57,732
Reconciliation of segment result to profit before tax
Segment result 32,311 18,688 6,733 57,732
Other operating costs (30,791)
Exceptional costs (2,814)
Other operating income 142
---------
Operating profit 24,269
Net finance expense (163)
Share of profit of jointly controlled entity, net of tax 149
---------
Profit before tax 24,255
---------
Capital expenditure 12,178 159 - 12,337
Unallocated capital expenditure 2,752
---------
Total capital expenditure 15,089
---------
Depreciation 5,460 157 - 5,617
Unallocated depreciation 2,039
---------
Total Depreciation 7,656
---------
Segment assets 100,512 23,691 - 124,203
Other assets 8,889
---------
Total assets 133,092
---------
Segment liabilities (33,986) (8,085) - (42,071)
Other liabilities (5,836)
---------
Total liabilities (47,907)
---------
Net assets 85,185
---------
3. Exceptional costs
The directors believe that the profit before exceptional items
and the adjusted earnings per share measures provide additional
useful information for shareholders on the underlying performance
of the business. These measures are consistent with how underlying
business performance is measured internally.
The exceptional profit before tax measure is not a recognised
profit measure under IFRS and may not be directly comparable with
adjusted profit measures used by other companies.
Exceptional costs of GBP1.6m (13 August 2011: GBPnil, 28 January
2012: GBP2.8m) are in respect of rent for our stores on Fifth
Avenue, New York and in Tokyo, Japan for the period before they
commenced trading. Exceptional costs incurred in the period ended
28 January 2012 were in respect of rent for our stores on Fifth
Avenue, New York and in Tokyo, Japan for the periods before they
commenced trading, but additionally included set up costs in
relation to our expansion into China and a provision for bad and
doubtful debts in respect of our exposure in Greece.
4. Finance income and expenses
Unaudited Unaudited Audited
28 weeks ended 11 August 2012 28 weeks ended 13 August 2011 52 weeks
ended 28 January 2012
GBP'000 GBP'000 GBP'000
Finance income
- Interest receivable 2 4 7
- Foreign exchange gains 27 37 38
------------------------------ ------------------------------ -----------------------
29 41 45
------------------------------ ------------------------------ -----------------------
Finance expenses
- Interest payable (235) (55) (208)
- Foreign exchange losses (82) - -
------------------------------ ------------------------------ -----------------------
(317) (55) (208)
------------------------------ ------------------------------ -----------------------
5. Earnings per share
Unaudited Unaudited Audited
28 weeks ended 11 August 28 weeks ended 13 August 52 weeks ended 28 January
2012 2011 2012
No. No. No.
Number of shares:
Weighted number of ordinary
shares outstanding 41,648,506 41,634,313 41,637,410
Effect of dilutive options 2,212,117 1,970,701 1,571,313
---------------------------- ---------------------------- ----------------------------
Weighted number of ordinary
shares outstanding -
diluted 43,860,623 43,605,014 43,208,723
---------------------------- ---------------------------- ----------------------------
Earnings: GBP'000 GBP'000 GBP'000
Profit for the period,
basic and diluted 5,799 6,150 17,557
Profit for the period
adjusted * 7,005 6,150 20,371
Basic earnings per share 13.9p 14.8p 42.2p
Adjusted earnings per share
* 16.8p 14.8p 48.9p
Diluted earnings per share 13.2p 14.1p 40.6p
Diluted adjusted earnings
per share * 15.9p 14.1p 47.1p
* Adjusted profit for the period and adjusted earnings per share
are shown before exceptional costs of GBP1,589,000 (28 weeks ended
13 August 2011: GBPNil, 52 weeks ended 28 January 2012:
GBP2,814,000).
6. Dividends per share
Unaudited Unaudited Audited
28 weeks ended 11 August 28 weeks ended 13 August 52 weeks ended 28 January
2012 2011 2012
GBP'000 GBP'000 GBP'000
Final dividend paid for the
prior year of 16.25p per
ordinary share (2011:
14.3p) 6,767 5,953 5,953
Interim dividend paid 2012:
GBPNil (2011: 7.15p) - - 2,977
---------------------------- ---------------------------- ----------------------------
6,767 5,953 8,930
---------------------------- ---------------------------- ----------------------------
The Board has declared an interim dividend of 7.9p per share
(2011: 7.15p) payable on 23 November 2012 to shareholders on the
register at the close of business on 19 October 2012.
7. Income tax expense
The Group's full year forecast effective tax rate in respect of
continuing operations for the 28 weeks ended 11 August 2012 was
25.3% (28 weeks ended 13 August 2011: 27.4%, 52 weeks ended 28
January 2012: 27.6%).
This reduction reflects the fall in the UK corporation tax rate
from 26% to 24% on 1 April 2012. The closing deferred tax assets
and liabilities as at 28 January 2012 were recognised at a rate of
25% based on the corporation tax rate substantively enacted at the
balance sheet date. As the further reduction to 23% was
substantively enacted on 17 July 2012, the closing deferred tax
assets and liabilities have been re-measured.
The proposed future reductions in the rate to 22% will be
reflected when the relevant legislation is substantively enacted.
We expect to see a future reduction in our effective tax rate in
line with these changes although the rate will be impacted where
future profits arise in overseas jurisdictions with higher tax
rates than the UK.
8. Share based payments
Share options and Long Term Incentive Plans "LTIP" awards
Equity settled awards are granted to employees in the form of
share options, share awards or the award of units that can convert
to nil-cost options.
Share options are granted at an option price equal to the
Company share price at the grant date, or at a discount of 20% in
the case of SAYE share options. No consideration is payable when
share awards or nil-cost options vest. The vesting period is
generally between three and five years and the share options expire
between three and ten years after grant. Share options and awards
will also expire if the employee leaves the Group prior to the
exercise or vesting date.
The terms and conditions of the grants made during the 28 weeks
ended 11 August 2012 are as follows:
Grant date Type of award Number of shares Vesting conditions Vesting period
19 April 2012 SAYE share option 48,737 None 100% after three years
19 April 2012 SAYE share option 5,232 None 100% after five years
The basis of measuring fair value is consistent with that
disclosed in the consolidated financial statements for the 52 weeks
ended 28 January 2012. The range of inputs into the Black-Scholes
model was as follows:
At 11 August 2012
Share price 902.0p
Exercise price 722.0p
Risk free interest rate 0.59% - 1.09%
Expected life of options 3 - 5 years
Share price volatility 24.8% - 28.2%
Dividend yield 3.16%
Value Creation Plan
The award of units is made under the Ted Baker 2009 Value
Creation Plan ("2009 VCP"). Units have no value at grant, but
subject to the satisfaction of earnings per share, share price and
total shareholder return performance targets can convert and give
participants the right to be granted nil-cost options at the end of
the performance period.
No awards were made under the 2009 VCP in the 28 weeks ended 11
August 2012.
The charge to the income statement for 28 weeks ended 11 August
2012 for VCP awards amounted to GBP165,541 (2011: GBP208,527).
Included in the charge for the period is an amount in respect of R
S Kelvin, who is employed by the Company, amounting to GBP37,326
(2011: GBP37,326).
The awards made in August 2009 under the 2009 VCP will vest on
13 August 2012. Those awards will convert into nil-cost options
exercisable in two tranches, 50 per cent. in October 2012 and 50
per cent. in October 2013 subject to the participants being
employed by the Group at these dates. The units are expected to
vest as all performance related vesting conditions have been met or
exceeded.
9. Reconciliation of cash and cash equivalents per balance sheet to the cash flow statement
Unaudited Unaudited Audited
28 weeks 28 weeks 52 weeks ended 28 January 2012
ended 11 August 2012 ended 13 August 2011
GBP'000 GBP'000 GBP'000
Cash and cash equivalents per
balance sheet 7,378 5,165 8,560
Bank overdraft per balance sheet (26,381) (8,254) (6,790)
---------------------- ---------------------- -------------------------------
Cash and cash equivalents per cash
flow statement (19,003) (3,089) 1,770
---------------------- ---------------------- -------------------------------
10. Treasury shares
The Company acquired nil treasury shares (2011: nil) and
disposed of 62,471 treasury shares for proceeds of GBP203,734
(2011: 16,021 for proceeds of GBP69,132) in the 28 weeks ended 11
August 2012.
11. Related Parties
The Company has a related party relationship with its directors
and executive officers.
Directors of the Company and their immediate relatives control
40% (2011: 40%) of the voting shares of the Company.
At 11 August 2012, the main trading company owed the parent
company GBP23,490,000 (13 August 2011: GBP18,826,000, 28 January
2012: GBP30,053,000). The main trading company was owed
GBP50,236,000 (13 August 2011: GBP26,662,000, 28 January 2012:
GBP38,987,000) from the other subsidiaries within the Group.
Transactions between subsidiaries and between the parent and
subsidiaries were priced on an arms length basis.
The Group has a 50% interest in a joint venture company in
Australia which is also the parent company of a subsidiary joint
venture in New Zealand. As at 11 August 2012, the joint venture
owed GBP396,000 to the main trading company (13 August 2011:
GBP498,000, 28 January 2012: GBP407,000). The value of sales made
to the joint venture by the Group was GBP551,000 in the period to
11 August 2012 (13 August 2011: GBP412,000, 28 January 2012:
GBP726,000).
12. Principal risks and uncertainties
The current uncertain trading environment has affected, and will
continue to affect, all areas of our business. We also recognise
that we will be affected by the impact this will have on our
customers, partners and suppliers.
The Board recognises there are a number of risks and
uncertainties that face the Group. The Board has established a
structured approach to identify, assess and manage these risks and
this is regularly monitored and updated by the Risk Committee. The
principal risks and uncertainties are unchanged from those reported
in the Group's consolidated financial statements as at and for the
52 weeks ended 28 January 2012, and are summarised below:
Strategic Risks Operational Risks
* Significant external events affecting our supply * Failure in our supply chain affecting our ability to
chain, customers, partners affecting our revenue deliver our offer to customers and/or partners
and/or cost base
* Cost inflation affecting our operating costs
* Reputational risk to our brand as a result of our
actions or those of our partners
* Risk that our offer will not satisfy the needs of our * Operational problems affecting the internal
customers infrastructure of our business
* Failure to operate in a sustainable and responsible
manner
* IT security breach and loss of controlled data
Financial Risks
* Loss of key individuals
* Failure of counterparties
* Currency, interest and credit risks * Non-compliance with applicable legislations and
regulations
Responsibility statement of the directors in respect of the
interim financial statements
The directors confirm that to the best of their knowledge:
-- the condensed financial statements have been prepared in
accordance with IAS 34, Interim Financial Reporting as adopted by
the EU;
-- the interim management report includes a fair review of the information required by:
(a) DTR 4.2.7R of the Disclosure and Transparency Rules, being
an indication of important events that have occurred during the
first 28 weeks of the financial year and their impact on the
condensed financial statements, and a description of the principal
risks and uncertainties for the remaining 24 weeks of the financial
year; and
(b) DTR 4.2.8R of the Disclosure and Transparency Rules, being
related party transactions that have taken place in the first 28
weeks of the current financial year and that have materially
affected the financial position or performance of the entity during
that period; and any changes in the related party transactions
described in the last annual report that could do so.
The directors of Ted Baker PLC are listed on page 27 of the
financial statements as at, and for, the 52 weeks to 28 January
2012.
By order of the Board
R S Kelvin CBE L D Page
Chief Executive Finance Director
4 October 2012 4 October 2012
This interim report will be sent by post to all registered
shareholders. Copies will be available to the public from the
Company Secretary at the registered office: Ted Baker PLC, The Ugly
Brown Building, 6a St Pancras Way, London NW1 0TB.
Cautionary statement regarding forward-looking statements
This announcement contains certain forward-looking statements.
These forward-looking statements include matters that are not
historical facts or are statements regarding the Group's
intentions, beliefs or current expectations concerning, among other
things, the Group's results of operations, financial condition,
liquidity, prospects, growth, strategies, and the industries in
which the Group operates. Forward-looking statements are based on
the information available to the Directors at the time of
preparation of this announcement, and will not be updated during
the year. The Directors can give no assurance that these
expectations will prove to have been correct. Due to inherent
uncertainties, including both economic and business risk factors
underlying such forward looking information, actual results may
differ materially from those expressed or implied by these
forward-looking statements.
Independent Review Report on the Condensed Financial Statements
to the members of Ted Baker PLC
Introduction
We have been engaged by the company to review the condensed set
of financial statements in the interim financial statements for the
28 weeks ended 11 August 2012 which comprises the Condensed Group
Income Statement, Condensed Group Statement of Comprehensive
Income, the Condensed Group Statement of Changes in Equity, the
Condensed Group Balance Sheet, the Condensed Group Cash Flow
Statement and the related explanatory notes. We have read the other
information contained in the interim financial statements and
considered whether it contains any apparent misstatements or
material inconsistencies with the information in the condensed set
of financial statements.
This report is made solely to the company in accordance with the
terms of our engagement to assist the company in meeting the
requirements of the Disclosure and Transparency Rules ("the DTR")
of the UK's Financial Services Authority ("the UK FSA"). Our review
has been undertaken so that we might state to the company those
matters we are required to state to it in this report and for no
other purpose. To the fullest extent permitted by law, we do not
accept or assume responsibility to anyone other than the company
for our review work, for this report, or for the conclusions we
have reached.
Directors' responsibilities
The interim financial statements are the responsibility of, and
have been approved by, the directors. The directors are responsible
for preparing the interim financial statements in accordance with
the DTR of the UK FSA.
As disclosed in note 1, the annual financial statements of the
group are prepared in accordance with International Financial
Reporting Standards as adopted by the EU. The condensed set of
financial statements included in these interim financial statements
have been prepared in accordance with IAS 34 Interim Financial
Reporting as adopted by the EU.
Our responsibility
Our responsibility is to express to the company a conclusion on
the condensed set of financial statements in the interim financial
statements based on our review.
Scope of review
We conducted our review in accordance with International
Standard on Review Engagements (UK and Ireland) 2410 Review of
Interim Financial Information Performed by the Independent Auditor
of the Entity issued by the Auditing Practices Board for use in the
UK. A review of interim financial information consists of making
enquiries, primarily of persons responsible for financial and
accounting matters, and applying analytical and other review
procedures. A review is substantially less in scope than an audit
conducted in accordance with International Standards on Auditing
(UK and Ireland) and consequently does not enable us to obtain
assurance that we would become aware of all significant matters
that might be identified in an audit. Accordingly, we do not
express an audit opinion.
Conclusion
Based on our review, nothing has come to our attention that
causes us to believe that the condensed set of financial statements
in the interim financial statements for the 28 weeks ended 11
August 2012 is not prepared, in all material respects, in
accordance with IAS 34 as adopted by the EU and the DTR of the UK
FSA.
Mike Barradell (Senior Statutory Auditor)
For and on behalf of KPMG Audit Plc, Statutory Auditor
Chartered Accountants
15 Canada Square
London
E14 5GL
4 October 2012
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR UGGPCUUPPGBW
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