TIDMJLH
RNS Number : 6351S
John Lewis Of Hungerford PLC
18 March 2021
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse (Amendment) (EU EXIT) Regulations 2019/310.
18 March 2021
John Lewis of Hungerford plc
(the "Company")
Half-year Report
John Lewis of Hungerford Plc (AIM: JLH), the specialist
manufacturer and retailer of kitchens, bedrooms and freestanding
furniture, is pleased to announce its unaudited interim results for
the six months ended 31 December 2020.
Overview
Sales for the six months to 31 December 2020 were GBP3,326k
(2019: GBP3,345k) and the loss before tax for the period was
GBP213k (2019: loss before tax GBP398k). The improved position is
due in part to the structural costs savings made last year and a
portion can be attributed to government support received during the
pandemic.
During the first six months of the financial year, our four
London showrooms have been pushing forward at pace and have
contributed almost half of the income, with customers keen to
complete their building works and home refurbishments, which had
already been delayed for many months. Our other seven showrooms are
experiencing reduced availability of trades people, which is
impacting the speed of recovery outside London, although customers
continue to place deposits to secure production slots, with
marginally more uncertainty around installation timing.
A significant step change for the business with regards to its
digital footprint has contributed greatly to the year-to-date
trading pattern. The investment in digital campaigns across all of
our social media, together with our improved website, has led to
record levels of customer engagement and progress into orders. The
launch of our CRM system has provided improved data on our
marketing programme and ensured we are focused on spend that
enhances our brand positioning.
Another key change in our operating model during our first six
months is the launch in earnest of our new finance offering in
conjunction with Hitachi Capital UK. This has allowed more
customers to work with our team and provided the Company with the
opportunity to reach new customers.
Current Trading and Outlook
Our despatched sales and forward orders (which we consider to be
the best measure of current trading) for the first 35 weeks of
trading of the current financial year stood at GBP6.2 million
(2020: GBP5.7 million). Future orders against which a first stage
deposit has been taken stood at GBP2.1 million (2020: GBP0.7
million), of which GBP1.5 million is currently scheduled for
completion by the 30 June 2021 year end (2020: GBP0.5 million).
Therefore, the total of all despatched sales and forward orders is
GBP8.3 million, which is 30% ahead of the corresponding period in
the previous year, which was prior to the first lockdown beginning
on 23 March 2020. Quotation activity within the business continues
to be substantially up on the previous year which reflects a
sustained consumer interest in home improvements.
The Government's road map out of lockdown currently states that
our showrooms can re-open on 12 April 2021. The Board are
cautiously optimistic for an improved performance over recent
years, however, we remain beholden to the prevailing market
conditions and we are prepared for further disruption from the
pandemic, together with building delays arising from the succession
of lockdowns - all of which could impact our results in the current
year. The work done to move the business online in the event of
extensions to local lockdowns, however, should support customers to
continue their buying journey with our design team and minimise any
substantive impact on our order book. The lockdown since the new
year into 2021 has seen sustained high levels of interest in the
home improvement sector and our forward order book demonstrates a
strong level of conversion into orders.
Given the current levels of uncertainty, the Board has
considered a number of scenarios in modelling the financial
out-turn for the current financial year. Our central scenario
assumes no further delays to the proposed Government Roadmap and
that we see the showrooms re-open fully on the currently scheduled
date of 12 April 2021. Our central scenario reflects the strength
of current trading and projects a profitable second half of the
year. Under this scenario we also expect to enter the new financial
year to June 2022 with an order book which will be higher than in
recent years.
Kiran Noonan
Chief Executive Officer and Acting Chairman
18 March 2021
Enquiries:
John Lewis of Hungerford plc 01235 774300
Kiran Noonan - Chief Executive Officer and Acting Chairman
Allenby Capital Limited (Nominated Adviser and Broker) 020 3328
5656
David Worlidge/Nick Naylor
INCOME STATEMENT
FOR THE SIX MONTHSED 31 December
2020
Audited
Unaudited 6 months Year ended
ended
31 December 31 December 30 June
2020 2019 2020
GBP'000 GBP'000 GBP'000
Revenue 3,326 3,345 5,553
------------ ------------ ------------
Cost of sales (1,807) (1,768) (3,004)
Gross profit 1,519 1,577 2,549
Selling and distribution
costs (146) (266) (413)
Administration expenses:
Other (1,469) (1,631) (3,081)
Other operating income - - 210
------------ ------------ ------------
Total (1,469) (1,631) (2,871)
(Loss) from operations (96) (320) (735)
Finance expenses (117) (78) (151)
(Loss) before tax (213) (398) (886)
Taxation - - 95
(Loss) after taxation (213) (398) (791)
============ ============ ============
(Loss) per share
Basic (0.11)p (0.21)p (0.42)p
Fully diluted (0.11)p (0.21)p (0.42)p
STATEMENT OF COMPREHENSIVE INCOME
FOR THE SIX MONTHSED 31 December
2020
Audited
Unaudited 6 months Year ended
ended
31 December 31 December 30 June
2020 2019 2020
GBP'000 GBP'000 GBP'000
(Loss) for the period (213) (398) (791)
Revaluation of freehold
land and buildings - - 692
Deferred tax on revaluation
of freehold land and
buildings - - (132)
Total Comprehensive
Income (213) (398) (230)
============ ============ ============
BALANCE SHEET
AS AT 31 DECEMBER 2020 Audited
Unaudited As at
As at
31 December 31 December 30 June
2020 2019 2020
GBP'000 GBP'000 GBP'000
Non-Current Assets
Intangible assets 140 166 157
Tangible assets 4,030 4,491 4,235
Trade and other receivables 43 43 43
--------
4,213 4,700 4,435
------------ ------------ --------
Current assets
Inventories 174 144 153
Trade and other receivables 570 374 543
Cash and cash equivalents 507 (114) 559
------------ ------------ --------
1,251 404 1,254
Current liabilities (2,571) (1,606) (2,450)
Net current liabilities (1,320) (1,202) (1,196)
------------ ------------ --------
Total assets less current
liabilities 2,894 3,498 3,239
Non-current liabilities
Borrowings (1,147) (437) (1,156)
Lease Liabilities (1,309) (1,835) (1,432)
Provisions for liabilities
and charges (56) (112) (56)
Net Assets 381 1,114 595
============ ============ ========
Equity
Share capital 187 187 187
Other reserves 1 1 1
Share premium account 1,188 1,188 1,188
Revaluation Reserve 561 692 561
Retained Earnings (1,556) (954) (1,342)
Total Equity 381 1,114 595
============ ============ ========
STATEMENT OF CHANGES IN EQUITY
FOR THE SIX MONTHS ENDED 31 DECEMBER
2020
Share Share Other Revaluation Retained
Capital Premium Reserves Reserves Earnings Total
----------------------------- -------- -------- --------- ------------ --------- --------
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
At 30 June 2019 (Audited)
Restated 187 1,188 1 - (556) 820
Loss for the period - - - - (398) (398)
Revaluation of freeholds - - - 692 - 692
At 31 December 2019
(Unaudited) 187 1,188 1 692 (954) 1,114
Loss for the period - - - - (525) (525)
Share based payments - - - - 5 5
Deferred tax on Revaluation
of freeholds - - - (132) - (132)
At 30 June 2020 (Audited) 187 1,188 1 560 (1,474) 594
Loss for the period - - - - (213) (213)
At 31 December 2020
(Unaudited) 187 1,188 1 560 (1,687) 381
======== ======== ========= ============ ========= ========
STATEMENT OF CASH FLOWS
FOR THE SIX MONTHS ENDED 31
DECEMBER 2020
Audited
Unaudited 6 months ended Year ended
31 December 31 December 30 June
2020 2019 2020
GBP'000 GBP'000 GBP'000
(Loss) from operations (96) (320) (641)
Depreciation, impairment and
amortisation 239 288 566
Share based payments - - 5
(Increase) in inventories (21) (0) (9)
(Increase) / Decrease in receivables (28) 363 157
(Decrease) in payables (22) (505) (96)
Increase / (Decrease) in Customer
Deposits 254 (80) 212
Loss / (Profit) on disposal
of property plant and equipment 1 (1) (1)
Increase in provisions - 7 12
Tax (credit) / charge on operations - - (95)
Net cash from operating activities 328 (248) 111
Cash flows from financing activities (361) (140) 188
Cash flows from investing activities (19) (13) (27)
Net (decrease) / increase in
cash and cash equivalents (52) (401) 272
Net cash and cash equivalents
at the start of the period 559 287 287
Net cash and cash equivalents
at the end of the period 507 (114) 559
============= ============ ============
NOTES:
1. These interim financial statements have been prepared on the basis
of accounting policies adopted by the Company and set out in the
annual report and accounts for the period ended 30 June 2020. All
accounting policies are expected to remain unchanged for the year
ending 30 June 2021. As permitted, these interim financial statements
have been prepared in accordance with the AIM Rules and not in accordance
with IAS 34 "Interim financial reporting". The principal risks and
uncertainties facing the Company are disclosed in the Company's financial
statements for the period ended 30 June 2020, available from www.john-lewis.co.uk.
2. Basic and fully diluted loss per ordinary share is calculated
as follows:
6 months 6 months Year
ended ended ended
31 December 31 December 30 June
2020 2019 2020
Profit / (loss) attributable to ordinary
shareholders (GBP'000) (213) (398) (791)
Weighted average number of
shares in issue 186,745,519 186,745,519 186,745,519
Shares used to calculate diluted earnings
per share 186,745,519 186,745,519 186,745,519
Basic loss per ordinary share
(pence) (0.11)p (0.21)p (0.42)p
Diluted loss per ordinary share
(pence) (0.11)p (0.21)p (0.42)p
At 31 December 2020 the basic and diluted loss per share is the same,
as the vesting of share option awards would reduce the loss per share
and is, therefore, anti-dilutive.
3. Copies of the 2020 interim accounts will be available to shareholders
on the Company's website www.john-lewis.co.uk.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
IR DGGDXDBBDGBR
(END) Dow Jones Newswires
March 18, 2021 03:05 ET (07:05 GMT)
John Lewis Of Hungerford (LSE:JLH)
Historical Stock Chart
From Mar 2024 to Apr 2024
John Lewis Of Hungerford (LSE:JLH)
Historical Stock Chart
From Apr 2023 to Apr 2024