RNS Number:7191V
Thorntons PLC
24 February 2004
Embargoed for Release until 24 February 2004
THORNTONS PLC
ANNOUNCEMENT OF INTERIM RESULTS
FOR 28 WEEKS ENDED10 JANUARY 2004
(UNAUDITED)
Delivering the Strategy
Thorntons PLC, the specialist manufacturer and retailer of high quality
chocolate, toffee and other sweet foods, today reports its Interim Results for
the 28 weeks ended 10 January 2004.
Financial Highlights (#m) 2004 2003 Change
Turnover 109.3 104.7 +4.4%
Operating profit 13.7 12.7 +7.9%
Profit before tax 12.1 10.9 +11.0%
Net Debt 20.9 24.9 down 16.1%
Gearing 43.8% 52.4% down 16.4%
Earnings per share (basic) 12.12p 11.05p +9.7%
Dividend per share 1.95p 1.95p unchanged
Note: Profit before tax excl. LTIP share write 11.4 11.0 +3.6%
back, asset disposals and bid related fees
* Total company turnover rose +4.4% over last year for the 28 reported
weeks which increased to +5.1% including the first 5 weeks of the
second half year to 14th February 2004
* Commercial listings and sales growing fast, now over 20% of total
confectionery sales by volume
* Own shop like-for-like +2.5% for the 28 weeks and +2.3%including the
first 5 weeks of the second half year
* Strong Christmas with like for like sales of +4.6% for the 7 weeks
ended 27 December 2003
* Own shop Valentines Day sales flat over the two weeks holding the
+10.6% gain over the last two years
* Net margin (after selling and distribution costs) rose marginally
despite lower gross margin
* Continued strong cash flow means gearing is well inside the target set
3 years ago.
Commenting, Peter Burdon, Chief Executive, said:
"We are now delivering the first phase of our plan for growth and the results
demonstrate this. We know there is much work ahead of us in order to create
consistent sales and profitgrowth but we remain confident that the strategy
will deliver this."
For further information, please contact:
Peter Burdon - Chief Executive, Thorntons PLC 01773 540550
Martin Allen - Finance Director, Thorntons PLC 01773 540550
Tim Anderson/Catherine Miles - Buchanan Communications 020 7466 5000
THORNTONS PLC
INTERIM REPORT 2004
BUSINESS REVIEW
Since 2001, our vision has been to become the UK's leading retailer and
distributor of sweet special food. This has meant that, in addition to driving
continued long term profitable growth from our Confectionary retail business, we
set out to broaden the range of products sold under the Thorntons brand and also
widen the availability of our products beyond our own shops.
The first significant evidence of our strategy to achieve this vision was in
September 2001, when our first licensed product, the large Continental
Celebration Cake, was listed in J Sainsbury stores. The expansion of
non-confectionary ranges has been rapid and produced a #0.3m royalty
contribution to profits in the half year results below.
In March 2002, we took an even more significant step, when we began selling
Thornton's branded confectionery in Tesco stores throughout the UK.
Two years later, this strategy has evolved further, with a greater range of
products now listed in all the major food retailers. Most recently, we have
secured listings for a range of gift-oriented products. The first is our Premium
'Art Of The Chocolatier' boxed chocolate selection, which was launched this
month and is selling extremely well. Looking forward to Easter, we have
listings for a range of Easter eggs in a number of retailers including
Woolworths and Asda.
The strategy is clearly working as demonstrated in the sales being delivered.
Moreover, the rate of increase in sales of Thorntons branded products outside of
Thorntons own shops over the next year or two is expected to accelerate further,
such that it will rapidly become a significant contributor in our growth. We
also believe that by extending the availability of the premium confectionery
favourites, more customers will be drawn into Thorntons own shops and franchises
to experience the broader specialist ranges available.
The other key part of our strategy is to continue to improve our customer offer
in our own stores to underpin continuing like-for-like sales growth. This
involves focused innovation of our product range and revitalisation ofthe
in-store experience. Despite having gone through the hottest summer for 26
years, own shop sales growth for the first half was satisfactory due, in
particular, to the recovery through Christmas 2003. This result demonstrated
that the investment in training and marketing over recent years is creating a
good return and should be continued.
The latest market data available confirms the progress we are making in our core
markets with an increase in our share of the Boxed Chocolate market ofover 3%
points to 11.8%.
Corporate activity
On 15 October 2003, the Independent Directors of Thorntons, John Thornton and
John Jackson, following an approach by a private equity house, indicated to
shareholders that preliminary discussions hadtaken place in connection with a
possible offer for the Company. It was further announced on 29 October 2003 that
a number of additional preliminary approaches had been received from interested
parties independent of the management team. On 4 February 2004, the Independent
Directors announced that all such discussions had been terminated. In the view
of the Independent Directors and their advisers none of the indicative proposals
received from potentially interested parties represented fair value to
shareholders.
Board
Following the announcement on 4 February 2004 that discussions with interested
parties had been terminated, we have now recommenced the process of recruiting
additional non-executive directors which was suspended whilethe discussions
were in progress.
Profit and Dividend
Profit before tax rose by 11.0% to #12.1m in the 28 weeks.
This includes a number of one-off items including #0.6m which relates to the
writing back of Thorntons plc shares held under Long Term Incentive Plan (LTIP)
schemes, now lapsed but previously written off as an operating cost. Profits on
property disposals in the half year were #0.4m, compared with #0.1m loss last
year. Costs related to aborted takeover talks were #0.3m. If all the above items
are excluded, underlying profit before tax rose by 3.6% to #11.4m (2003:
#11.0m).
Tax rate is 34.7%, which compares with 33.9% last year.
Basic earnings per share has increased by 9.7% to 12.12 pence (2003:
11.05pence).
Whilst profit has increased we have decided to declare an unchanged interim
dividend of 1.95 pence per share. The interim dividend will be paid on 30 April
2004 to shareholders on the register at close of business on 2 April 2004.
Our aim is to ensurethat profit continues to grow whilst investment takes
place. We recently launched a strategic initiative called Project Rebalance.
This project is expected to be complete in late Spring/early Summer this year.
Whilst this will almost certainly causea one off cost relating to
implementation, this project will immediately start to enhance the margin and
reduce the total cost base. We will update you on the final outcome in the full
year review.
Sales
In the 28 weeks to 10 January 2004 total company sales rose by 4.4% against the
same period last year to #109.3m (2003: #104.7m). After 33 weeks total sales are
now up +5.1%.
Own Shop
We opened a new shop in the Birmingham Bullring development and a new cafe at
Chatham Docks Retail Park and closed three non-core stores during the period, so
that the net estate reduced by one to 388. This now includes 27 cafes and we
anticipate opening two more cafes before summer. However, we do expect, overall,
that our own retail estate will continue to slowly reduce in number.
As we reported to you in September, like for like sales for the first nine weeks
of the half-year were down by 1.9%. It is therefore pleasing to report that our
strong Christmas performance completely overturnedthis decline. Over the key
seven weeks of Christmas, which represents around 35% of annual sales, we grew
like for like sales by 4.6% resulting in +2.5% for the 28 weeks in total.
Own shop like for like sales over the two weeks of Valentines Day were flat,
holding the +10.6% gain over the previous two years. Year to date we are now
+2.3% like for like after 33 weeks.
Commercial
Total Commercial sales were #12.4m representing 11% of total company sales by
value but over 20% by volume of confectionery. Sales of Thorntons branded
products, outside our own estate, were #3.6m in the 28 weeks against #1.5m for
the same period last year an increase of 140%. This represents significant
progress in the delivery of our strategy and we anticipate significant higher
rates of growth ahead of us as listings grow to include more retailers and a
deeper range of products. Valentines Day sales were strong through this channel
to market.
Retailer own branded product sales rose by 6.0% to #8.8m. Our partnership with
Marks &Spencer continues to flourish. We continue to work closely together to
leverage the premium quality and innovation that we can provide alongside their
customer insights. This enables us to offer jointly a real point of difference
in their range, providing a platform for sustained growth for the future.
Franchises
Since January last year, we have grown the number of locations operated under
franchise by a net 10 to 201.
However total sales, at #7.8m, were only 1.3% above the same period last year,
implying a like for like sales decline. The main reason for this is that only a
small minority of our franchised locations can switch to ice cream products
rather than confectionery during summer months. Thisswitch was important in our
own shops to mitigate the impact of the hot summer. We reported in September
for the weeks through July and August sales to franchisees were down 7.2% year
on year compared with a much smaller decline in own shops. It isagain a measure
of the Christmas success that the majority of this shortfall was recovered.
Gift Delivery Service
Sales for the 28 weeks fell back slightly from #3.4m to #3.3m. This was
disappointing, given the general increase in online purchasing in the wider
market, particularly over Christmas.
This performance has highlighted that we need to review the methods of marketing
this area of our business in order to attract new users. The loyalty of existing
customers, however, remains high and the methods by which we attract new
customers are being addressed and we anticipate a return to growth in the second
half of the current financial year.
Margins and stocks
Total company gross margin percentage was 54.6% compared with 55.8% last year.
This reduction was as a result of a number of factors.
First, our new channels to market, via other retailers, return a lower gross
margin as products are sold at wholesale prices rather than retail (RSP). This
channel, however, has lower operating costs than running our own shop estate.
Sales at RSP fell from 83.3% of the total last year to 81.5%. We expect this
trend to continue.
Second, discounts were higher than last year. We recognise that our shops are
exceptionally busyin those last few days before Christmas. Therefore, we
decided to encourage sales in early December by offering customers an 'early
bird' promotion which was a unique free box offer for spend over #15. Very
strong TV advertising featuring Frankie Dettori backed this. The promotion
proved highly successful and helped generate the strong Christmas result leading
to a higher overall cash margin but at a lower percentage margin.
Third, improved stock management enabled us to monitor slow moving products and
take action to clear them prior to Christmas rather than be left with surplus
stock potentially requiring heavier discounting in January.
Finally, we have historically had a heavy reliance on temporary factory workers
for our Christmasstock build. The tightening labour market in Derbyshire
increased the costs of recruitment that also adversely affected our margin. As a
result, we plan to radically change the phasing of our production in the coming
year to minimise the reliance on temporary workers. This will result in higher
stock levels on average but result in lower unit costs of production.
Whilst total stock levels at the end of the period were marginally higher than
last year at #18.1m, this is explained by production being brought forward on
spring ranges due to Mother's Day and Easter being earlier than last year.
Despite the fall in gross margin we slightly improved net margin to 21.0% (2003:
20.9%). This is after deduction of all selling, marketing, distribution and shop
running costs.
Cash
Gearing continues to fall and is now well below the mid-term target we set three
years ago of around 60%. From 52.4% in January last year, gearing fell to 43.8%
at 10th January 2004. Total net debt is now #20.9m although, due to the fixed US
loan note financing, we had #12.2m cash on deposit in the UK.
Capital investment included the cost of the move of the remaining Belper
production, of toffee, fudge and hardboiled products, onto the Thornton Park
site.
The brand new facility has opened months ahead of the original schedule and
within our budget cost of #3.6m. The Belper site was sold in 2000 for #1.7m. We
have doubled production capacity as part of this move and the new, purpose built
facility will also provide ongoing cost savings.
We also recognise the need to invest in key infrastructure, particularly IT
systems. Project FOCUS, jointly developed with EDS, our systems partner, will
provide an updated platform for the supply chain and the forecasting process.
This investment is critical to our strategy to broaden the distribution of
products, as well as providing a high quality service to the other channels.
Despite this, gross capital expenditure again remained below the depreciation
charge of #6.0m
Working capital increased by #1.6m compared with last year. Stocks increased by
#4.5m, as detailed above, but higher creditors offset this. Debtors rose by
#2.0m which, in part, reflects more sales going through third party retailers.
Summary
We are now delivering the first phase of our plan for growth and the results
demonstrate this. We know there is much work ahead of us in order to create
consistent sales and profit growth but we remain confident that the strategy
will deliver this.
CONSOLIDATED PROFIT AND LOSS ACCOUNT
Unaudited results for 28 weeks ended 10 January 2004
For 52 weeks Notes For 28 weeks For 28 weeks
ended 28 June 2003 ended 10 January ended 11 January
(audited) 2004 2003
#'000 (unaudited) (unaudited)
#'000 #'000
167,095 Turnover 2 109,344 104,684
(78,356) Cost of sales (49,642) (46,314)
88,739 Gross profit 59,702 58,370
(64,575) Other selling and distribution costs (36,828) (36,507)
(29) Net release of onerous lease provisions 50 -
(64,604) Selling and distribution costs (36,778) (36,507)
(15,507) Other administrative expenses (10,277) (9,557)
- Lapsed Share Option Schemes 4 594 -
(15,507) Administrative expenses (9,683) (9,557)
816 Other operating income 3 430 392
9,444 Operating profit 13,671 12,698
107 Interest receivable and similar income 24 47
(3,156) Interest payable and similar charges 5 (1,616) (1,868)
6,395 Profit on ordinary activities before 12,079 10,877
taxation
(1,972) Tax on profit on ordinary activities 6 (4,195) (3,691)
4,423 Profit on ordinary activities after 7,884 7,186
taxation
(4,422) Dividends 7 (1,269)(1,268)
1 Retained profit for the period 6,615 5,918
Key ratios
6.80p Basic earnings per ordinary share 8 12.12 11.05p
(pence)
6.64p Fully diluted earnings per ordinary 8 11.75 10.83p
share (pence)
6.80p Dividend per ordinary share (pence) 7 1.95 1.95p
Continuing operations
All amounts above relate solely to continuing operations. There are no
recognised gains or losses during the current and previous period other than the
retained profit for the period.
Historical cost results
There was no material difference between the result disclosed above and the
result on an unmodified historical cost basis.
CONSOLIDATED BALANCE SHEET
As at 28 June 2003 As at 10 January As at 11 January
(restated) 2004 2003
#'000 (unaudited) (restated)
#'000 #'000
Fixed assets
81,890 Tangible assets 80,786 83,734
81,890 80,786 83,734
Current assets
13,659 Stocks 18,135 17,854
12,659 Debtors 14,626 12,981
4,552 Cash at bank and in hand 12,197 15,471
30,870 44,958 46,306
Creditors: amounts falling due within one year
(11,533) Bank loans, overdrafts and finance leases (11,640) (11,155)
(28,393) Other creditors (35,763) (33,160)
(39,926) (47,403) (44,315)
(9,056) Net current assets/(liabilities) (2,445) 1,991
72,834 Total assets less current liabilities 78,341 85,725
(21,883) Bank loans and finance leases falling due after one (21,461) (29,231)
year
(517) Other creditors falling due after one year (690) (607)
(8,474) Deferred tax provision (8,199) (8,060)
(292) Onerous lease provision (231) (270)
41,668 Net assets 47,760 47,557
Capital and reserves
6,656 Share capital 6,658 6,656
(2,310) Investment in own shares (2,310) (2,310)
12,400 Share premium 12,424 12,400
475 Revaluation reserves 347 480
24,447 Profit and loss account 30,641 30,331
41,668 Equity shareholders' funds 47,760 47,557
Key ratios
28,864 Net debt 20,904 24,915
69.3% Gearing 43.8% 52.4%
62.6p Net assets per share 71.7p 71.5p
Movements in shareholders' funds
For 52 weeks For 28 weeks For 28 weeks
ended 28 June 2003 ended 10 January 2004 ended 11 January
(restated) (unaudited) 2003
#'000 #'000 (restated)
#'000
4,423 Profit after tax attributable to shareholders 7,884 7,186
(4,422) Dividends (1,269) (1,268)
1 Retained profit attributable to shareholders 6,615 5,918
- New share capital issued 26 -
104 Movement in investment in own shares (549) 76
105 Net increase in shareholders' funds 6,092 5,994
43,015 Opening shareholders' funds - as originally 41,668 43,015
reported
(1,452) Prior period adjustment - UITF38 - (1,452)
41,563 Opening shareholders' funds - as restated 41,668 41,563
41,668 Closing shareholders' funds 47,760 47,557
Following the adoption of UITF 38 'Accounting for ESOP trusts' the investment in
own shares is included in share capital and reserves. Shareholders' funds at
11 January 2003 and 28 June 2003 were previously reported as #48,933,000 and
#43,016,000 respectively.
CONSOLIDATED CASH FLOW STATEMENT
Unaudited results for 28 weeks ended 10 January 2004
For 52 weeks For 28 weeks For 28 weeks
ended 28 June Note ended 10 January ended 11 January
2003 2004 2003
(audited) (unaudited) (unaudited)
#'000 #'000 #'000
24,860 Cash inflow from operating activities 9 17,208 21,414
(3,225) Returns on investments and servicing of finance (1,537) (1,756)
(2,727) Taxation (803) (927)
(2,337) Capital expenditure and financial investment (2,064) (1,826)
(4,422) Equity dividends paid (3,154) (3,154)
12,149 Cash inflow before use of liquid resources and 9,650 13,751
financing
1,792 Management of liquid resources (8,750) (12,318)
- Financing - issue of shares 26 -
(11,132) Financing - decrease in debt (2,028) (1,808)
2,809 (Decrease)/Increase in cash in the period (1,102) (375)
Reconciliation of net cash flow to movement in net debt
For 52 weeks For 28 weeks For 28 weeks
ended 28 June 2003 ended 10 January ended 11 January
(audited) 2004 2003
#'000 (unaudited) (unaudited)
#'000 #'000
2,809 (Decrease)/Increase in cash in the period (1,102) (375)
11,132 Cash outflow from decrease in debt 2,028 1,808
(1,792) Cash outflow from increase in liquid resources 8,750 12,318
12,149 Change in net debt resulting from cash flows 9,676 13,751
(3,835) Inception of new finance leases (1,713) (1,481)
15 Translation difference (3) 8
8,329 Movement in net debt in the period 7,960 12,278
(37,193) Net debt at beginning of period (28,864) (37,193)
(28,864) Net debt at end of period (20,904) (24,915)
Analysis of net debt
Other non-cash Exchange
Group: for the 28 weeks At 28 June 2003 Cash flow changes movement At 10 January 2004
ended 10 January 2004 #'000 #'000 #'000 #'000 #'000
Cash at bank and in hand 4,052 (1,102) - (3) 2,947
Debt due within one year (7,915) - - - (7,915)
Debt due after one year (15,829) - - - (15,829)
Finance leases (9,672) 2,028 (1,713) - (9,357)
(33,416) 2,028 (1,713) - (33,101)
Cash on deposit 500 8,750 - - 9,250
Total net debt (28,864) 9,676 (1,713) (3) (20,904)
Other non-cash Exchange
Group: for the 28 weeks At 29 June 2002 Cash flow changes movement At 11 January 2003
ended 11 January 2003 #'000 #'000 #'000 #'000 #'000
Cash at bank and in hand 1,228 (375) - 8 861
Debt due within one year (7,915) - - - (7,915)
Debt due after one year (23,744) - - - (23,744)
Finance leases (9,054) 1,808 (1,481) - (8,727)
(40,713) 1,808 (1,481) - (40,386)
Cash on deposit 2,292 12,318 - - 14,610
Total net debt (37,193) 13,751 (1,481) 8 (24,915)
Other non-cash Exchange
Group: for the 52 weeks At 29 June 2002 Cash flow changes movement At 28 June 2003
ended 28 June 2003 #'000 #'000 #'000 #'000 #'000
Cash at bank and in hand 1,228 2,809 - 15 4,052
Debt due within one year (7,915) 7,915 (7,915) - (7,915)
Debt due after one year (23,774) - 7,915 - (15,829)
Financeleases (9,054) 3,217 (3,835) - (9,672)
(40,713) 11,132 (3,835) - (33,416)
Cash on deposit 2,292 (1,792) - - 500
Total net debt (37,193) 12,149 (3,835) 15 (28,864)
Notes to the interim financial statements
1. Basis of preparation of the interim financial statements
The unaudited interim financial statements, which are abridged, have been
prepared on the basis of accounting policies set out in the Annual Report 2003
after giving effect to the adoption of UITF38. The consolidated balance sheet as
at 28 June 2003, the consolidated profit and loss account and consolidated cash
flow statement for the 52 weeks ended 28 June 2003 are extracts from the Annual
Report 2003, which has been delivered to the Registrar of Companies. The
auditors' report in the Annual Report 2003 was unqualified and did not contain a
statement under Section 237 of the Companies Act 1985.
2. Segmental analysis and exception items
The Group's continuing activities arise from UK operations only.
3. Other operating income
For 52 weeks For 28 weeks For 28 weeks
ended 28 June 2003 ended 10 January ended 11 January 2003
#'000 2004 #'000
#'000
114 Rents receivable 64 62
540 Licensing royalties 248 251
162 Franchise License Fees 118 79
816 Other operating income 430 392
4. Operating profit is stated after charging
For 52 weeks For 28 weeks For 28 weeks
ended 28 June 2003 ended 10 January 2004 ended 11 January 2003
#'000 #'000 #'000
8,498 Depreciation of owned tangible fixed 4,082 4,705
assets
3,472 Depreciation of tangible fixed assets held 1,989 1,950
under finance lease
104 Amortisation of investments in shares 46 76
(192) (Profit) / Loss on disposal of assets (423) 122
- Costs associated with abortive takeover 330 -
talks
- Lapsed share option scheme (594) -
Exceptional Item: Lapsed share option scheme
The exceptional item of #594,000 relates to 504,610 shares held by a trust in
connection with the Long Term Incentive Plan. The plan lapsed in November 2003.
5. Interest payable and similar charges
For 52 weeks For 28 weeks For 28 weeks
ended 28 June 2003 ended 10 January 2004 ended 11 January
#'000 #'000 2003
#'000
273 Borrowings wholly repayable within one 337 225
year
2,256 Unsecured loan note interest payable 963 1,296
17 Exchange differences and other interest 11 5
610 Interest on finance lease repayments 305 342
3,156 Interest payable and similar charges 1,616 1,868
6. Tax on profit on ordinary activities
For 52 weeks For 28 weeks For 28 weeks
ended 28 June 2003 ended 10 January 2004 ended 11 January
#'000 #'000 2003
#'000
2,324 UK Corporation Tax at 30% (2002: 30%) 4,470 3,425
(500) Adjustments in respect of previous periods - -
- Overseas taxation - -
1,824 Current taxation 4,470 3,425
148 Deferred tax (275) 266
1,972 Total taxation 4,195 3,691
The tax on profit on ordinary activities, including deferred tax, for the 28
weeks ended 10 January 2004 is based on the estimated effective rate for the
full period.
7. Dividends
The Directors have declared an interim dividend of 1.95 pence per share (2003:
1.95 pence per share), which amounts to approximately #1,269,000 (2003:
#1,268,000). The dividend will be paid on 30 April 2004 to shareholders
registered on 2 April 2004. The shares will be quoted ex-dividend on 31 March
2004.
8. Earnings per share
The calculations of earnings per share are based on the following profits after
taxation and numbers of shares:
2004 2004 2003 2003
2004 Basic Fully diluted 2003 Basic Fully
Results earnings earnings Results earnings diluted
#'000 per share Per share #'000 per share earnings
Per share
Profit before onerous leases 7,851 12.07p 11.70p 7,186 11.05p 10.83p
credit
Onerous leases credit 33 0.05p 0.05p - - -
Profit on ordinary activities 7,884 12.12p 11.75p 7,186 11.05p 10.83p
Weighted average number of shares:
2004 2003
Number of Number of
Ordinary Shares Ordinary
Shares
Basic weighted average number of ordinary shares 65,023,288 65,021,748
Dilutive effect from share options* 2,091,912 1,355,256
Fully diluted weighted average number of ordinary shares 67,115,200 66,377,004
*Average market price of the Group's shares during the period #1.3569 #1.2129
9. Reconciliation of operating profit to operating cash flows
For 52 weeks For 28 weeks For 28 weeks
ended 28 June 2003 ended 10 January 2004 ended 11 January 2003
#'000 #'000 #'000
9,444 Operating profit 13,671 12,698
(192) (Profit) / Loss on disposal of fixed assets (423) 122
11,970 Depreciation charges 6,071 6,655
104 Amortisation (Credits) / charges (549) 76
- Non-cash movements in provisions 0 -
21,326 Operating cash flows before working capital 18,770 19,551
movements
18 Cash flows relating to previous years (61) (4)
provisions
414 Increase in stocks (4,476) (3,781)
(1,916) Increase in debtors (1,967) (2,238)
5,018 Increase/(decrease) in creditors 4,942 7,886
24,860 Net cash inflow from operating activities 17,208 21,414
10. Interim Report 2004
The Interim Report 2004 will be sent to all registered shareholders during March
2004. Copies for general release will be available from the Company Secretary,
Thorntons PLC, Thornton Park, Somercotes, Alfreton, Derbyshire, DE55 4XJ.
The Interim Report 2004 will also be available on the company's website
(www.thorntons.co.uk).
This information is provided by RNS
The company news service from the London Stock Exchange
END
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