Source - LSE Regulatory
RNS Number : 2181U
Colefax Group PLC
28 July 2015
 



Colefax Group plc

CFX

28th July 2015

COLEFAX GROUP PLC

("Colefax" or the "Group")

 

Preliminary Results for the year ended 30th April 2015

 

Colefax is an international designer and distributor of luxury furnishing fabrics & wallpapers and owns a leading interior decorating business. The Group trades under five brand names, which serve different segments of the soft furnishings marketplace. These are Colefax and Fowler, Cowtan and Tout, Jane Churchill, Manuel Canovas and Larsen.

 

Highlights

 

·      Results reflect a good performance from the Fabric Division which offset a challenging year in the Decorating Division

 

·      Sales down by 2% to £76.80 million (2014: £78.04 million) 

 

·      Pre-tax profit up 3% to £5.03m (2014: £4.89m)

 

·      Earnings per share up 15% to 32.2p (2014: 27.9p)

 

·      Strong operating cash flow of £8.74 million (2014: £4.87 million)

 

·      £1.6m of cash returned to shareholders via share buybacks

 

·      Net cash of £6.86m (2014: £4.06m)

 

·      Proposed increase in final dividend to 2.30p per share, taking total for the year to 4.40p, an increase of 5% (2014: 4.20p)

 

·      Fabric Division - good performance with profits up 28% to £5.01 million on sales up 3% to £66.31m:

 

-     Sales in core US market up 7%, UK sales up 1% and Europe flat (on a constant currency basis)

 

·      Positive trading outlook for the Fabric Division with continued improvement in the US and UK although Continental Europe remains difficult

 

David Green, Chairman of Colefax, commented,

 

 

 

Enquiries:

 

Colefax Group plc

David Green, Chairman

Tel: 020 3178 6378 (today)


Robert Barker, Finance Director





KTZ Communications

Katie Tzouliadis

Tel: 020 3178 6378




Peel Hunt LLP

Dan Webster

Tel: 020 7418 8900

(NOMAD & Broker)

Richard Brown





 

 

 

COLEFAX GROUP PLC

CHAIRMAN'S STATEMENT

·             Fabric Division - Portfolio of Five Brands: "Colefax and Fowler", "Cowtan and Tout", "Jane Churchill", "Manuel Canovas" and "Larsen"

·              Furniture - Kingcome Sofas

 

 

 

 

 



COLEFAX GROUP PLC

GROUP INCOME STATEMENT

For the year ended 30th April 2015

 



2015


2014





£'000


£'000

























Revenue

     76,796


     78,035




Cost of sales

       34,760


       36,418


















Gross profit

       42,036


       41,617




Operating expenses

      36,999


      36,695


















Profit from operations

         5,037


         4,922











Finance income

              4


              4




Finance expense

(12)


(41)





(8)


           (37)


















Profit before taxation

         5,029


         4,885


















Tax expense







-  UK

(651)


(875)




-  Overseas

(836)


(657)





(1,487)


(1,532)


















Profit for the year attributable to equity holders of the parent

         3,542


         3,353


















Basic earnings per share

           32.2

p

           27.9

p










Diluted earnings per share

           32.2

p

           27.9

p
















 

GROUP STATEMENT OF COMPREHENSIVE INCOME

For the year ended 30th April 2015



2015


2014

 



£'000


£'000

 






 






 


Profit for the year

3,542


   3,353

 






 






 


Other comprehensive income / (expense):




 






 


Exchange differences on translation of foreign operations

299


(797)

 






 


Cash flow hedges:




 


(Losses) / gains recognised directly in equity

     (103)


      135

 


Transferred to profit and loss for the year

160


(171)

 






 


Tax on components of other comprehensive income

(313)


248

 






 






 


Total other comprehensive income / (expense)

     43     


    (585)

 






 






 


Total comprehensive income for the year attributable to equity holders of the parent

       3,585


       2,768

 











 



COLEFAX GROUP PLC

GROUP STATEMENT OF FINANCIAL POSITION

At 30th April 2015


2015

2014


£'000

£'000







Non-current assets:



Property, plant and equipment

        7,257

        6,810

Deferred tax asset

        285

        590


        7,542

        7,400




Current assets:



Inventories and work in progress

      12,296

      13,526

Trade and other receivables

      9,681

      10,055

Cash and cash equivalents

        6,861

        4,298


      28,838

      27,879




Current liabilities:



Trade and other payables

10,812

11,386

Current corporation tax

            230

            425


      11,042

      11,811







Net current assets

       17,796

       16,068




Total assets less current liabilities

       25,338

       23,468




Non-current liabilities:



Deferred rent

1,433

1,140

Pension liability

           148

           117




Net assets

       23,757

       22,211




Capital and reserves attributable to equity holders of the Company:



Called up share capital

        1,083

        1,125

Share premium account

       11,148

       11,148

Capital redemption reserve

         1,791

         1,749

ESOP share reserve

(113)

(113)

Foreign exchange reserve

         1,062

         1,065

Cash flow hedge reserve

            46

            -

Retained earnings

       8,740

       7,237

Total equity

       23,757

       22,211

 

 

 

The financial statements were approved by the board of directors and authorised for issue on 27th July 2015.

 

D. B. Green Director

R. M. Barker Director



COLEFAX GROUP PLC

GROUP STATEMENT OF CASH FLOWS

For the year ended 30th April 2015

 


2015

2014


£'000

£'000







Operating activities



Profit before taxation

        5,029

        4,885

Finance income

(4)

(4)

Finance expense

              12

              41

Depreciation

         2,028

         2,078




Cash flows from operations before changes in working capital

         7,065

         7,000




Decrease/(increase) in inventories and work in progress

     1,409

     (503)

Decrease/(increase) in trade and other receivables

655

(380)

Decrease in trade and other payables

(388)

(1,250)




Cash generated from operations

         8,741

         4,867







Taxation paid



UK corporation tax paid

(765)

(660)

Overseas tax paid

(894)

(967)


(1,659)

(1,627)




Net cash inflow from operating activities

         7,082

         3,240







Investing activities



Payments to acquire property, plant and equipment

(2,213)

(1,583)

Receipts from sales of property, plant and equipment

            32

            17

Interest received

              4

              4

Net cash outflow from investing

(2,177)

(1,562)







Financing activities



Purchase of own shares

(1,567)

(4,362)

Interest paid

(10)

(29)

Equity dividends paid

(472)

(478)




Net cash outflow from financing

(2,049)

(4,869)







Net increase / (decrease) in cash and cash equivalents

         2,856

         (3,191)

Cash and cash equivalents at beginning of year

       4,057

       7,630

Exchange losses on cash and cash equivalents

(52)

(382)




Cash and cash equivalents at end of year

        6,861

        4,057

 

 



 

COLEFAX GROUP PLC

GROUP STATEMENT OF CHANGES IN EQUITY

For the year ended 30th April 2015


Share capital

Share premium account

Capital redemption reserve

ESOP share reserve

Foreign exchange reserve

Cash flow hedge reserve

Retained earnings

Total equity


£'000

£'000

£'000

£'000

£'000

£'000

£'000

£'000



















At 1 May 2014

1,125

 11,148

  1,749

(113)

1,065

-

7,237

22,211

Profit for the year

-

-

-

-

-

-

3,542

3,542

Foreign exchange

-

-

-

-

299

-

-

299

 

Cash flow hedges:









Losses

-

-

-

-

-

(103)

-

(103)

Transfers

-

-

-

-

-

160

-

160

 

Tax on other comprehensive income

-

-

-

-

(302)

(11)

-

(313)

Share buybacks

(42)

          -

         42

          -

              -

             -

(1,567)

(1,567)

Dividends paid

           -

           -

              -

           -

              -

             -

(472)

(472)



















At 30 April 2015

      1,083

    11,148

         1,791

(113)

    1,062

         46

   8,740

23,757



















At 1 May 2013

1,231

 11,148

  1,643

(113)

1,622

28

 8,724

24,283

Profit for the year

-

-

-

-

-

-

3,353

3,353

Foreign exchange

-

-

-

-

(797)

-

-

(797)

 

Cash flow hedges:









Gains

-

-

-

-

-

135

-

135

Transfers

-

-

-

-

-

(171)

-

(171)

 

Tax on other comprehensive income

-

-

-

-

240

8

-

248

Share buybacks

(106)

          -

         106

          -

              -

             -

(4,362)

(4,362)

Dividends paid

           -

           -

              -

           -

              -

             -

(478)

(478)



















At 30 April 2014

      1,125

    11,148

         1,749

(113)

    1,065

         - 

   7,237

22,211












 

COLEFAX GROUP PLC

NOTES TO THE FINANCIAL INFORMATION

At 30th April 2015

 

 

1. Earnings per share

Basic earnings per share have been calculated on the basis of profit on ordinary activities after tax of £3,542,000 (2014: £3,353,000) and on 10,984,807 (2014: 12,025,641) ordinary shares, being the weighted average number of ordinary shares in issue during the year. Shares owned by the Colefax Group Plc Employees' Share Ownership Plan (ESOP) Trust are excluded from the basic earnings per share calculation.

 

Diluted earnings per share have been calculated on the basis of profit on ordinary activities after tax of £3,542,000 (2014: £3,353,000) and on 10,984,807 (2014: 12,025,641) ordinary shares, being the weighted average number of ordinary shares in issue during the year.

 




2. Cash and cash equivalents

For the purposes of the consolidated statement of cash flows, cash and cash equivalents comprise the following:


2015

2014


£'000

£'000




Cash at bank and in hand

6,861

4,298

Bank overdrafts

-

(241)








6,861

4,057

 

 

The fair value of cash and cash equivalents are considered to be their book value.

 

 

 

3.  The above financial information, which has been prepared in accordance with International Financial Reporting Standards as endorsed by the European Union, does not constitute statutory accounts as defined in Section 435 of the Companies Act 2006.

 

The financial information for the year ended 30th April 2015 has been extracted from the statutory accounts which will be delivered to the Registrar of Companies following the company's annual general meeting. The comparative financial information is based on the statutory accounts for the financial year ended 30th April 2014 which have been delivered to the Registrar of Companies. The Independent Auditors' Report on both of those financial statements was unqualified, did not draw attention to any matters by way of emphasis and did not contain a statement under Section 498(2) and Section 498(3) of the Companies Act 2006.

 

 

 

4. Annual general meeting

The Annual General Meeting of Colefax Group plc will be held at 19-23 Grosvenor Hill, London W1K 3QD on 17th September 2015 at 11.00 a.m.


This information is provided by RNS
The company news service from the London Stock Exchange
 
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