Ted Baker PLC Replacement Annual Results -5-
March 20 2014 - 6:21AM
UK Regulatory
posing security equipment
an increased security risk. and software mitigate these
There is also the risks.
possibility of
unintentional loss of
controlled
data by authorised users.
---------------------------- ---------------------------- ---------------------------- ----------------------------
Implementation of new ERP The Group is in the process The Group's IT Steering
system of implementing Microsoft Committee meets on a two
Dynamics AX across the weekly basis to review the
business. With implementation
any project of this scale, and all other major IT
there is a risk of a poorly projects. The Committee
managed implementation or comprises members of the
take up of executive committee
new systems, which could and the Board and is
lead to business advised by professional
disruptions. advisers.
Strong change management
and project governance with
professional project
managers recruited
to oversee the project team
which includes key business
stakeholders.
---------------------------- ---------------------------- ---------------------------- ----------------------------
People The Group's performance is Retention of key talent is
linked to the performance important and we take
of our people and, in active steps to provide
particular, to stability and security
the leadership of key to the key team. We carry
individuals. The loss of a out an annual benchmarking
key individual whether at review to ensure that we
management level provide competitive
or within a specialist remuneration and total
skill set could have a reward packages. We also
detrimental effect on our utilise long-term incentive
operations and, in schemes to retain
some cases, the creative key talent. Employee
vision for the brand. engagement through our
culture and environment
strengthen the commitment
of team members and has a
positive impact on our
attrition rate.
Succession plans are in
place and have been
reviewed during the year.
---------------------------- ---------------------------- ----------------------------
Regulatory and legal The Group operates within The Group closely monitors
framework many markets globally and changes in the legal and
must comply with various regulatory framework within
regulatory requirements. the markets
Failure to do so could lead in which it operates. We
to financial penalties work closely with
and/or reputational damage. specialists in each market
to ensure compliance
with local laws and
regulations.
---------------------------- ---------------------------- ---------------------------- ----------------------------
Financial Risks Currency, interest, credit In the course of its The Group's policies for
and counterparty credit operations, the Group is dealing with these risks
risks, including financial exposed to these financial are discussed in detail in
covenants under risks which if they the Group's financial
the credit facilities were to arise may have statements
material financial impacts
on the Group.
---------------------------- ---------------------------- ---------------------------- ----------------------------
Group Income Statement
For the 52 weeks ended 25 January 2014
Note 52 weeks ended 52 weeks ended
25 January 26 January
2014 2013
GBP'000 GBP'000
Revenue 2 321,921 254,466
Cost of sales (123,451) (95,740)
-------------- --------------
Gross profit 198,470 158,726
Distribution costs (123,211) (101,357)
Administrative expenses (43,381) (32,984)
Exceptional costs 3 (1,046) (2,614)
Licence income 8,888 7,509
Other operating (expense)/income (132) 234
Operating profit 39,588 29,514
Finance income 4 316 34
Finance expenses 4 (1,312) (824)
Share of profit of jointly controlled
entity, net of tax 331 198
Profit before tax 3,5 38,923 28,922
Income tax expense 5 (10,071) (7,325)
-------------- --------------
Profit for the period 28,852 21,597
============== ==============
Earnings per share 7
Basic 67.2 51.5
Diluted 66.3 49.9
Group Statement of Comprehensive Income
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