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INTER IMREPORT
ANDACCOUNTS
FOR THE HALF YEAR ENDED30 SEPTEMBER 2015
MULBERRY GROUP PLCTHE ROOKERY CHILCOMPTON SOMERSET BA3 4EH
TEL +44 (0)1761 234 500 FAX +44 (0)1761 234 555 MULBERRY.COM
24645.04 14 December 2015 2:51 PM Proof 2Mulberry-IR-2015-Proof 2.indd 2 14/12/2015 14:52:19
Notes-headingLevelOne
Notes-headiNgLeveLtwo
Notes-headiNgLeveLtwoCoNt
Notes-headiNgLeveLthree
Notes-headiNgLeveLFour
Notes-straplineNotes-body
• Notes-bullets
• Notes-bulletsBespoke
❱ Notes-bulletsChevron
– Notes-bulletsDash
a. Notes-alphaList
2. Notes-numbersList
iii.Notes-romanList
MulberryInterimReportandAccounts
Sixmonthsended30September2015
FiNaNCiaL highLights
• Totalrevenueup5%to£67.8million(2014:£64.7million)
• Grossprofitmarginincreasedby1.6%to61.5%(2014:59.9%)
• Profitbeforetax£0.1million(2014:lossbeforetax£1.1million)
oPeratiNg highLights
• Digitalsalesincreasedby20%,representing12%ofGroupsales(2014:10%)
• EfficiencygainsinourUKfactories,whichnowproducec.50%ofourhandbags
CUrreNt tradiNg aNd oUtLooK
• TotalRetailsalesforthe10weeksto5Decemberwereup4%(like-for-likeup5%)
• 2015Christmasvideo#MulberryMiraclehasbeenviewedover1.7milliontimes
• NewCreativeDirector,JohnnyCoca,willshowhisfirstMulberrycollectionaspartofLondonFashionWeekduringFebruary2016
24645.04 14 December 2015 2:51 PM Proof 2
1
Mulberry Group plc
Mulberry-IR-2015-Proof 2.indd 1 14/12/2015 14:52:19
ChiefExecutive’sreport
Sixmonthsended30September2015
FiNaNCiaL review
Salescontinuedtogrowduringthesixmonthsto30September2015andtheprofitbeforetaxwasaheadoftheprioryearperiod.
Totalrevenuefortheperiodwas£67.8million,up5%from£64.7millionlastyear,reflectinggrowthinRetailsaleswhichwaspartiallyoffsetbytheexpecteddeclineinWholesalesales.Tradinginourownretailstorescontinuedtogrowencouraginglythroughouttheperiod.
Retail
RetailsaleshavecontinuedtogrowfollowingthemomentumgainedduringthesecondhalfoftheyeartoMarch2015.Retailsales(includingDigital) increased12%(£5.3million)to£50.4millionduringtheperiod,withlike-for-likesalesup10%.
• UKRetailsales(includingDigital)wereup12%(like-for-likeup14%)fortheperiodto£40.0million(2014:£35.8million);
• InternationalRetail sales (includingDigital)wereup12% (like-for-likedown3%) for theperiod to£10.4million(2014:£9.3million).SalesinEuropehavegrownencouragingly,benefittingfrombothpositivelike-for-likegrowthandnewstores,whilstNorthAmericawasmorechallenging;and
• Digitalsaleswereup20%to£7.9million,accountingfor12%ofGroupsales(2014:10%);77%ofourDigitalsalesweregeneratedintheUKand46%ofrevenuesweregeneratedthroughordersplacedviamobilephonesortablets.
Wholesale
As anticipated, Wholesale sales declined by 11% to £17.4 million (2014: £19.6 million), reflectingconservativeorderingbyourAsianpartnersaswellasourowneffortstoincreasecontroloverdistributiontoindependentretailers.WeexpectthesalestrendtocontinuefortheshorttermasourpartnersawaitthearrivalofthenewcollectionsfromJohnnyCocaandwecontinuetooptimiseournetwork.
Thefranchisenetworkat30September2015included57partnerstoresinAsiaandEurope(2014:51).
Financial
Grossmargin for the sixmonths to 30 September 2015 increased by 1.6% to 61.5% (2014: 59.9%),reflecting the increased proportion of sales generated in our own retail stores and the efficiencyimprovementsachievedinourUKfactoriesinSomerset.
Netoperatingexpensesfortheperiodincreasedby£1.7millionto£41.7million(2014:£40.0million),reflectinganincreaseinnetRetailcostsforstoresopened/closed(£1.6million)andadditionalseniormanagement (£1.2million), partially offset by reduced advertising and promotion costs due to thephasing of spend (£0.7million) and other cost reductions (£0.4million). In addition, an exceptionalprofitwasrecordedonthesaleoftheleasesoftwostores,whichwasoffsetbytheimpairmentofonedirectlyoperatedstoreandthewritedownofourcontributiontoapartnerstorethatwasclosedaftertheperiodend.
Profitbeforetaxwas£0.1million(2014:lossbeforetax£1.1million).
Theeffectivetaxrateforthefullyearisexpectedtodeclineto48%(2014:63%)asaresultofareductionintheEuropeanandCanadianlossesthatcannotbeoffsetagainstincreasingUKprofits.
Capital and investment expenditure for the period was £2.1 million (2014: £12.0 million), of which£1.3millionrelatedtonewstoresand£0.5milliontoinvestmentindigitalandITsystems.
Theimprovementinfactoryefficiencyisinpartresponsiblefortheincreaseininventoriesto£47.7millionfrom£39.4millionatthestartoftheperiod.Octoberwholesaleshipmentswere£3.0millionhigherthanlastyear,whichenablesourpartnerstohavemoretimetoselltheSS16collection.
TheGrouphadcashof£4.1millionat30September2015(2014:£3.6million),whichincludes£3.6millionreceivedfromthedisposalofthetwostores.
oPeratiNg review
PRoduct and design
Duringthe lasteighteenmonths,ourpriorityhasbeento focusonregainingmomentumwithinoursingle largestcategory,women’shandbags.Thisstrategy isprovingsuccessfuland, looking forward,wewillapplythesameapproachacrossallproductcategoriestoreinforcethebrand’sBritishlifestyleimage.
OurnewCreativeDirector,JohnnyCoca,joinedMulberryduringJulyandhasbeenworkingcloselywiththedesignandproductdevelopmentteamstopreparetheAW16collection.Duringtheperiod,wehavetakentheopportunitytobuildourdesignteambyhiringnewtalentwithspecialistskillsinordertoenhancetheimportantandcomplementarycategoriesofmen’sbags,smallleathergoods,women’sshoesandready-to-wear.Inparticular,wearefocussingupondeliveringMulberrystyleandqualitywhilstadheringtoourwelldefinedpricepositioningstrategy.
We look forward to showing the firstMulberry collection under JohnnyCoca’s creative direction atLondonFashionWeekduringFebruary2016.TheserangeswillreachourdistributionnetworkduringJune2016.
BRand and MaRketing
Wecontinuetoinvestindigitalmarketingandhaveupgradedourwebsitewww.mulberry.com.Throughanincreaseduseofstories,filmandstrongervisualaesthetic,thesiteaimstocommunicateourrichbrandheritageandconnectwithourcustomers.
Wehavefollowedthesuccessof lastyear’stongueincheekChristmasvideowithanewofferingfor2015inouruniquelyBritishway.Thevideo,#MulberryMiracle,hasbeenviewedover1.7milliontimes.OurcollaborationwithGeorgiaMayJaggerenabledustoreachnewcustomers,whilstincreasingoursocialmediafollowers.
24645.04 14 December 2015 2:51 PM Proof 2
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Mulberry Group plcMulberry Group plc
Mulberry-IR-2015-Proof 2.indd 2 14/12/2015 14:52:19
ChiefExecutive’sreport
Sixmonthsended30September2015
FiNaNCiaL review
Salescontinuedtogrowduringthesixmonthsto30September2015andtheprofitbeforetaxwasaheadoftheprioryearperiod.
Totalrevenuefortheperiodwas£67.8million,up5%from£64.7millionlastyear,reflectinggrowthinRetailsaleswhichwaspartiallyoffsetbytheexpecteddeclineinWholesalesales.Tradinginourownretailstorescontinuedtogrowencouraginglythroughouttheperiod.
Retail
RetailsaleshavecontinuedtogrowfollowingthemomentumgainedduringthesecondhalfoftheyeartoMarch2015.Retailsales(includingDigital) increased12%(£5.3million)to£50.4millionduringtheperiod,withlike-for-likesalesup10%.
• UKRetailsales(includingDigital)wereup12%(like-for-likeup14%)fortheperiodto£40.0million(2014:£35.8million);
• InternationalRetail sales (includingDigital)wereup12% (like-for-likedown3%) for theperiod to£10.4million(2014:£9.3million).SalesinEuropehavegrownencouragingly,benefittingfrombothpositivelike-for-likegrowthandnewstores,whilstNorthAmericawasmorechallenging;and
• Digitalsaleswereup20%to£7.9million,accountingfor12%ofGroupsales(2014:10%);77%ofourDigitalsalesweregeneratedintheUKand46%ofrevenuesweregeneratedthroughordersplacedviamobilephonesortablets.
Wholesale
As anticipated, Wholesale sales declined by 11% to £17.4 million (2014: £19.6 million), reflectingconservativeorderingbyourAsianpartnersaswellasourowneffortstoincreasecontroloverdistributiontoindependentretailers.WeexpectthesalestrendtocontinuefortheshorttermasourpartnersawaitthearrivalofthenewcollectionsfromJohnnyCocaandwecontinuetooptimiseournetwork.
Thefranchisenetworkat30September2015included57partnerstoresinAsiaandEurope(2014:51).
Financial
Grossmargin for the sixmonths to 30 September 2015 increased by 1.6% to 61.5% (2014: 59.9%),reflecting the increased proportion of sales generated in our own retail stores and the efficiencyimprovementsachievedinourUKfactoriesinSomerset.
Netoperatingexpensesfortheperiodincreasedby£1.7millionto£41.7million(2014:£40.0million),reflectinganincreaseinnetRetailcostsforstoresopened/closed(£1.6million)andadditionalseniormanagement (£1.2million), partially offset by reduced advertising and promotion costs due to thephasing of spend (£0.7million) and other cost reductions (£0.4million). In addition, an exceptionalprofitwasrecordedonthesaleoftheleasesoftwostores,whichwasoffsetbytheimpairmentofonedirectlyoperatedstoreandthewritedownofourcontributiontoapartnerstorethatwasclosedaftertheperiodend.
Profitbeforetaxwas£0.1million(2014:lossbeforetax£1.1million).
Theeffectivetaxrateforthefullyearisexpectedtodeclineto48%(2014:63%)asaresultofareductionintheEuropeanandCanadianlossesthatcannotbeoffsetagainstincreasingUKprofits.
Capital and investment expenditure for the period was £2.1 million (2014: £12.0 million), of which£1.3millionrelatedtonewstoresand£0.5milliontoinvestmentindigitalandITsystems.
Theimprovementinfactoryefficiencyisinpartresponsiblefortheincreaseininventoriesto£47.7millionfrom£39.4millionatthestartoftheperiod.Octoberwholesaleshipmentswere£3.0millionhigherthanlastyear,whichenablesourpartnerstohavemoretimetoselltheSS16collection.
TheGrouphadcashof£4.1millionat30September2015(2014:£3.6million),whichincludes£3.6millionreceivedfromthedisposalofthetwostores.
oPeratiNg review
PRoduct and design
Duringthe lasteighteenmonths,ourpriorityhasbeento focusonregainingmomentumwithinoursingle largestcategory,women’shandbags.Thisstrategy isprovingsuccessfuland, looking forward,wewillapplythesameapproachacrossallproductcategoriestoreinforcethebrand’sBritishlifestyleimage.
OurnewCreativeDirector,JohnnyCoca,joinedMulberryduringJulyandhasbeenworkingcloselywiththedesignandproductdevelopmentteamstopreparetheAW16collection.Duringtheperiod,wehavetakentheopportunitytobuildourdesignteambyhiringnewtalentwithspecialistskillsinordertoenhancetheimportantandcomplementarycategoriesofmen’sbags,smallleathergoods,women’sshoesandready-to-wear.Inparticular,wearefocussingupondeliveringMulberrystyleandqualitywhilstadheringtoourwelldefinedpricepositioningstrategy.
We look forward to showing the firstMulberry collection under JohnnyCoca’s creative direction atLondonFashionWeekduringFebruary2016.TheserangeswillreachourdistributionnetworkduringJune2016.
BRand and MaRketing
Wecontinuetoinvestindigitalmarketingandhaveupgradedourwebsitewww.mulberry.com.Throughanincreaseduseofstories,filmandstrongervisualaesthetic,thesiteaimstocommunicateourrichbrandheritageandconnectwithourcustomers.
Wehavefollowedthesuccessof lastyear’stongueincheekChristmasvideowithanewofferingfor2015inouruniquelyBritishway.Thevideo,#MulberryMiracle,hasbeenviewedover1.7milliontimes.OurcollaborationwithGeorgiaMayJaggerenabledustoreachnewcustomers,whilstincreasingoursocialmediafollowers.
24645.04 14 December 2015 2:51 PM Proof 2
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Mulberry Group plcMulberry Group plc
Mulberry-IR-2015-Proof 2.indd 3 14/12/2015 14:52:19
ChiefExecutive’sreport
(continued)
distRiBution
Ourdistributionstrategyistoexpandthebusinessinternationallyasanomni-channelbrandwithwell-placedstorescomplementedbyastrongdigitaloffering.A largeproportionofourNorthAmericanandEuropeanstoreshavebeenopenedrelativelyrecentlyandsointheshorttomediumtermwewillfocusupon improving theirproductivitywith limitednewstoreopenings.Wewill continue to refineourwholesaledistribution,focussinguponfranchisepartnersandbrandenhancingdepartmentstores.
Duringtheperiod,weopenedaflagshipstoreinParis(andclosedoursmallerstore)andclosedtwodirectlyoperatedstoresinSanFrancisco,CaliforniaandShortHills,NewJersey.OurpartnersopenedthreestoresinMacau,JakartaandSingaporewhilstclosingonestoreinKuwait.At30September2015Mulberry’sglobalstorefootprintwas122stores,includingdirectlyoperatedandpartnerstores.
oPeRations
WehavecontinuedtoinvestinourtwoUKfactories,whichemployc.600peopleandhaveachievedsignificantimprovementsinefficiencyoverthepast12months.Theyareworkingatfullcapacity,deliverontimeandproducec.50%ofourhandbags.
We have continued to develop our IT systems during the first half and have implemented furtherenhancementstoouromni-channelcapability, includingthe integrationofDigital, in-storesalesandcustomerdatainourUKdirectlyoperatedstores.
CUrreNt tradiNg aNd oUtLooK
TotalRetailsales for the10weeksto5December2015wereup4%relativetothesameperiod lastyear(like-for-likeup5%).Retailsaleshavecontinuedtogrowinthesecondhalfbutthecomparativesaretougherasourstrategyhadstartedtotakeeffect inthesecondhalfof lastyear.Thiswasdrivenby strong growth in ourDigital business, where sales increased by 18%.Digital contributed to thecontinuedstrongperformanceoftheUK,wheretotalRetailsales(includingDigital)duringthe10weeksroseby6%(like-for-likeup6%).
Whilst trading for the year todatehasgrown in linewithourexpectations,our full year results aredependentonthenextfewweeksoftradingthroughChristmasandintoJanuary.
retail total sales retail like-for-like sales*
this year vs last year (%)26 weeks to
30 sep 1510 weeks to
5 dec 1526 weeks to
30 sep 1510 weeks to
5 dec 15
UKRetail** +12% +6% +14% +6%InternationalRetail** +12% -6% -3% +1%
TotalRetail +12% +4% +10% +5%
* Like-for-likedefinedastheyear-on-yearchangeinsalesfromstoreswhichhavebeentradingbothduringthecurrentandpreviousperiods
** Regionalsplitsincludedigitalsales*** Digitalsalesroseby+20%inthe26weeksto30September2015andby+18%inthe10weeksto
5December2015
ConsistentwithourstrategytobuildonourBritishlifestyleimageacrossallofourcollections,therewillbeanincreasedinvestmentindesigning,developingandlaunchingourAW16collectionsduringthesixmonthsto31March2016.ThesecollectionswillreachourRetailandWholesalenetworksduringJune2016,whichfallswithinournextfinancialyearending31March2017.
Women’sready-to-wearandshoesareaverysmallproportionofoursalesbuthavepotentialforgrowthinthefutureandareanimportantfactorinbuildingthelifestyleimagethatwillhelpdevelopMulberryinternationally.Aftercarefulanalysis,wehaveconcludedthatlicensingthemanufactureanddistributionofthesecategorieswillenableustodeliverbestinclassqualitywhilstachievingourtargetpricerange.Wehavesignedaletterofintentwithhighqualitythirdpartypartnerswhohavebeenselectedbasedupontheirproventrackrecordintheluxuryindustry.
SincetheendofSeptemberwehavereopenedourdirectlyoperatedstoreinStanstedAirportfollowingtheredevelopmentoftheterminalandwillberelocatingourstoreinWestfieldWhiteCitytoalargerandimprovedlocationon11December.WehavealsoopenedonepartnerstoreinAbuDhabi.
Wecontinuetofocusuponimprovingtheproductivityofourexistingstores.Omni-channelremainsapriority,withcontinuedinvestmentplannedduringthisfinancialyeartoenhancetheUKofferingandtorollouttheseservicestokeyinternationalmarkets.DuringNovember,welaunchedourlocallanguagewebsite inGermany. In addition, wewill soon be rolling out the omni-channel offer to our directlyoperatedstoresinEurope.
Operating costs will increase during the second half, reflecting the additional design and productdevelopmentcostsasexplainedabove,thecostsofnewstoresopenedboththisyearandlastyear,aswellasthecostsrelatingtothenewseniormanagementteam.
Capitalexpenditureforthefullyearto31March2016isexpectedtobeintheregionof£9.0million(2015:£17.0million),ofwhichthemajoritywillbeonstores.
24645.04 14 December 2015 2:51 PM Proof 2
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Mulberry Group plcMulberry Group plc
Mulberry-IR-2015-Proof 2.indd 4 14/12/2015 14:52:19
ChiefExecutive’sreport
(continued)
distRiBution
Ourdistributionstrategyistoexpandthebusinessinternationallyasanomni-channelbrandwithwell-placedstorescomplementedbyastrongdigitaloffering.A largeproportionofourNorthAmericanandEuropeanstoreshavebeenopenedrelativelyrecentlyandsointheshorttomediumtermwewillfocusupon improving theirproductivitywith limitednewstoreopenings.Wewill continue to refineourwholesaledistribution,focussinguponfranchisepartnersandbrandenhancingdepartmentstores.
Duringtheperiod,weopenedaflagshipstoreinParis(andclosedoursmallerstore)andclosedtwodirectlyoperatedstoresinSanFrancisco,CaliforniaandShortHills,NewJersey.OurpartnersopenedthreestoresinMacau,JakartaandSingaporewhilstclosingonestoreinKuwait.At30September2015Mulberry’sglobalstorefootprintwas122stores,includingdirectlyoperatedandpartnerstores.
oPeRations
WehavecontinuedtoinvestinourtwoUKfactories,whichemployc.600peopleandhaveachievedsignificantimprovementsinefficiencyoverthepast12months.Theyareworkingatfullcapacity,deliverontimeandproducec.50%ofourhandbags.
We have continued to develop our IT systems during the first half and have implemented furtherenhancementstoouromni-channelcapability, includingthe integrationofDigital, in-storesalesandcustomerdatainourUKdirectlyoperatedstores.
CUrreNt tradiNg aNd oUtLooK
TotalRetailsales for the10weeksto5December2015wereup4%relativetothesameperiod lastyear(like-for-likeup5%).Retailsaleshavecontinuedtogrowinthesecondhalfbutthecomparativesaretougherasourstrategyhadstartedtotakeeffect inthesecondhalfof lastyear.Thiswasdrivenby strong growth in ourDigital business, where sales increased by 18%.Digital contributed to thecontinuedstrongperformanceoftheUK,wheretotalRetailsales(includingDigital)duringthe10weeksroseby6%(like-for-likeup6%).
Whilst trading for the year todatehasgrown in linewithourexpectations,our full year results aredependentonthenextfewweeksoftradingthroughChristmasandintoJanuary.
retail total sales retail like-for-like sales*
this year vs last year (%)26 weeks to
30 sep 1510 weeks to
5 dec 1526 weeks to
30 sep 1510 weeks to
5 dec 15
UKRetail** +12% +6% +14% +6%InternationalRetail** +12% -6% -3% +1%
TotalRetail +12% +4% +10% +5%
* Like-for-likedefinedastheyear-on-yearchangeinsalesfromstoreswhichhavebeentradingbothduringthecurrentandpreviousperiods
** Regionalsplitsincludedigitalsales*** Digitalsalesroseby+20%inthe26weeksto30September2015andby+18%inthe10weeksto
5December2015
ConsistentwithourstrategytobuildonourBritishlifestyleimageacrossallofourcollections,therewillbeanincreasedinvestmentindesigning,developingandlaunchingourAW16collectionsduringthesixmonthsto31March2016.ThesecollectionswillreachourRetailandWholesalenetworksduringJune2016,whichfallswithinournextfinancialyearending31March2017.
Women’sready-to-wearandshoesareaverysmallproportionofoursalesbuthavepotentialforgrowthinthefutureandareanimportantfactorinbuildingthelifestyleimagethatwillhelpdevelopMulberryinternationally.Aftercarefulanalysis,wehaveconcludedthatlicensingthemanufactureanddistributionofthesecategorieswillenableustodeliverbestinclassqualitywhilstachievingourtargetpricerange.Wehavesignedaletterofintentwithhighqualitythirdpartypartnerswhohavebeenselectedbasedupontheirproventrackrecordintheluxuryindustry.
SincetheendofSeptemberwehavereopenedourdirectlyoperatedstoreinStanstedAirportfollowingtheredevelopmentoftheterminalandwillberelocatingourstoreinWestfieldWhiteCitytoalargerandimprovedlocationon11December.WehavealsoopenedonepartnerstoreinAbuDhabi.
Wecontinuetofocusuponimprovingtheproductivityofourexistingstores.Omni-channelremainsapriority,withcontinuedinvestmentplannedduringthisfinancialyeartoenhancetheUKofferingandtorollouttheseservicestokeyinternationalmarkets.DuringNovember,welaunchedourlocallanguagewebsite inGermany. In addition, wewill soon be rolling out the omni-channel offer to our directlyoperatedstoresinEurope.
Operating costs will increase during the second half, reflecting the additional design and productdevelopmentcostsasexplainedabove,thecostsofnewstoresopenedboththisyearandlastyear,aswellasthecostsrelatingtothenewseniormanagementteam.
Capitalexpenditureforthefullyearto31March2016isexpectedtobeintheregionof£9.0million(2015:£17.0million),ofwhichthemajoritywillbeonstores.
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Consolidatedincomestatement
Sixmonthsended30September2015
Consolidatedstatementofcomprehensiveincome
Sixmonthsended30September2015
Note
Unauditedsix months
30 sept 2015£’000
Unauditedsix months
30 sept 2014£’000
auditedyear ended
31 Mar 2015£’000
Revenue 67,768 64,700 148,680Costofsales (26,083) (25,950) (58,745)
gross profit 41,685 38,750 89,935
Otheroperatingexpenses (42,077) (40,127) (85,932)Exceptionaloperatingincome 4 1,078 – –Exceptionaloperatingexpenses 5 (942) – (2,662)
Operatingexpenses (41,941) (40,127) (88,594)
Otheroperatingincome 198 159 359
operating (loss)/profit (58) (1,218) 1,700Shareofresultsofassociates 128 100 190Financeincome 2 13 17Financeexpense (12) (5) (46)
Profit/(loss) before tax 60 (1,110) 1,861Taxcredit/(charge) 6 60 700 (3,253)
Profit/(loss) for the period 120 (410) (1,392)
attributable to:
Equityholdersoftheparent 120 (410) (1,392)
Basicearnings/(loss)pershare 9 0.2p (0.7p) (2.3p)Dilutedearnings/(loss)pershare 9 0.2p (0.7p) (2.3p)
Allactivitiesarisefromcontinuingoperations.
Unauditedsix months
30 sept 2015£’000
Unauditedsix months
30 sept 2014£’000
auditedyear ended
31 Mar 2015£’000
Profit/(loss)fortheperiod 120 (410) (1,392)Exchangedifferencesontranslation offoreignoperations (218) (436) (1,084)Taximpactarisingonabove exchangedifferences 44 89 (137)
total comprehensive expense for the period
(54) (757) (2,613)
attributable to:Equityholdersoftheparent (54) (757) (2,613)
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Consolidatedincomestatement
Sixmonthsended30September2015
Consolidatedstatementofcomprehensiveincome
Sixmonthsended30September2015
Note
Unauditedsix months
30 sept 2015£’000
Unauditedsix months
30 sept 2014£’000
auditedyear ended
31 Mar 2015£’000
Revenue 67,768 64,700 148,680Costofsales (26,083) (25,950) (58,745)
gross profit 41,685 38,750 89,935
Otheroperatingexpenses (42,077) (40,127) (85,932)Exceptionaloperatingincome 4 1,078 – –Exceptionaloperatingexpenses 5 (942) – (2,662)
Operatingexpenses (41,941) (40,127) (88,594)
Otheroperatingincome 198 159 359
operating (loss)/profit (58) (1,218) 1,700Shareofresultsofassociates 128 100 190Financeincome 2 13 17Financeexpense (12) (5) (46)
Profit/(loss) before tax 60 (1,110) 1,861Taxcredit/(charge) 6 60 700 (3,253)
Profit/(loss) for the period 120 (410) (1,392)
attributable to:
Equityholdersoftheparent 120 (410) (1,392)
Basicearnings/(loss)pershare 9 0.2p (0.7p) (2.3p)Dilutedearnings/(loss)pershare 9 0.2p (0.7p) (2.3p)
Allactivitiesarisefromcontinuingoperations.
Unauditedsix months
30 sept 2015£’000
Unauditedsix months
30 sept 2014£’000
auditedyear ended
31 Mar 2015£’000
Profit/(loss)fortheperiod 120 (410) (1,392)Exchangedifferencesontranslation offoreignoperations (218) (436) (1,084)Taximpactarisingonabove exchangedifferences 44 89 (137)
total comprehensive expense for the period
(54) (757) (2,613)
attributable to:Equityholdersoftheparent (54) (757) (2,613)
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Consolidatedbalancesheet
At30September2015
Consolidatedstatementofchangesinequity
Sixmonthsended30September2015
Unaudited30 sept 2015
£’000
Unaudited30 sept 2014
£’000
audited31 Mar 2015
£’000
Non-current assetsIntangibleassets 11,125 14,020 12,713Property,plantandequipment 28,918 36,274 33,289Interestsinassociates 155 120 93Deferredtaxasset 1,381 550 1,260
41,579 50,964 47,355Current assetsInventories 47,666 39,329 39,379Tradeandotherreceivables 12,864 13,988 13,260Currenttaxasset 110 1,199 –Cashandcashequivalents 4,057 3,585 9,900
64,697 58,101 62,539
total assets 106,276 109,065 109,894
Current liabilitiesTradeandotherpayables (27,380) (28,639) (28,733)Currenttaxliabilities – – (2,472)
(27,380) (28,639) (31,205)
total liabilities (27,380) (28,639) (31,205)
Net assets 78,896 80,426 78,689
equitySharecapital 3,000 3,000 3,000Sharepremiumaccount 11,961 11,961 11,961Ownsharereserve (1,498) (1,641) (1,601)Capitalredemptionreserve 154 154 154Specialreserves – 1,467 1,467Foreignexchangereserve (1,607) (559) (1,433)Retainedearnings 66,886 66,044 65,141
total equity 78,896 80,426 78,689
equity attributable to equity holders of the parent
sharecapital£’000
sharepremiumaccount
£’000
ownshare
reserve£’000
Capitalreserve
£’000
specialreserves
£’000
Foreignexchange
reserve£’000
retainedearnings
£’000total
£’000
as at 1 april 2014 3,000 11,961 (1,676) 154 1,467 (212) 69,264 83,958Totalcomprehensive expensefortheperiod – – – – – (347) (410) (757)Chargeforemployee share-basedpayments – – – – – – 90 90Exerciseofshareoptions – – – – – – 66 66Ownshares – – 35 – – – – 35Ordinarydividendspaid – – – – – – (2,966) (2,966)
as at 30 september 2014 3,000 11,961 (1,641) 154 1,467 (559) 66,044 80,426Totalcomprehensive expensefortheperiod – – – – – (874) (982) (1,856)Chargeforemployee share-basedpayments – – – – – – 46 46Exerciseofshareoptions – – – – – – 33 33Ownshares – – 40 – – – – 40
as at 31 March 2015 3,000 11,961 (1,601) 154 1,467 (1,433) 65,141 78,689Totalcomprehensive expensefortheperiod – – – – – (174) 120 (54)Chargeforemployee share-basedpayments – – – – – – 259 259Exerciseofshareoptions – – – – – – (101) (101)Ownshares – – 103 – – – – 103Redemptionofreserve – – – – (1,467) – 1,467 –
as at 30 september 2015 3,000 11,961 (1,498) 154 – (1,607) 66,886 78,896
24645.04 14 December 2015 2:51 PM Proof 2
98
Mulberry Group plcMulberry Group plc
Mulberry-IR-2015-Proof 2.indd 8 14/12/2015 14:52:20
Consolidatedbalancesheet
At30September2015
Consolidatedstatementofchangesinequity
Sixmonthsended30September2015
Unaudited30 sept 2015
£’000
Unaudited30 sept 2014
£’000
audited31 Mar 2015
£’000
Non-current assetsIntangibleassets 11,125 14,020 12,713Property,plantandequipment 28,918 36,274 33,289Interestsinassociates 155 120 93Deferredtaxasset 1,381 550 1,260
41,579 50,964 47,355Current assetsInventories 47,666 39,329 39,379Tradeandotherreceivables 12,864 13,988 13,260Currenttaxasset 110 1,199 –Cashandcashequivalents 4,057 3,585 9,900
64,697 58,101 62,539
total assets 106,276 109,065 109,894
Current liabilitiesTradeandotherpayables (27,380) (28,639) (28,733)Currenttaxliabilities – – (2,472)
(27,380) (28,639) (31,205)
total liabilities (27,380) (28,639) (31,205)
Net assets 78,896 80,426 78,689
equitySharecapital 3,000 3,000 3,000Sharepremiumaccount 11,961 11,961 11,961Ownsharereserve (1,498) (1,641) (1,601)Capitalredemptionreserve 154 154 154Specialreserves – 1,467 1,467Foreignexchangereserve (1,607) (559) (1,433)Retainedearnings 66,886 66,044 65,141
total equity 78,896 80,426 78,689
equity attributable to equity holders of the parent
sharecapital£’000
sharepremiumaccount
£’000
ownshare
reserve£’000
Capitalreserve
£’000
specialreserves
£’000
Foreignexchange
reserve£’000
retainedearnings
£’000total
£’000
as at 1 april 2014 3,000 11,961 (1,676) 154 1,467 (212) 69,264 83,958Totalcomprehensive expensefortheperiod – – – – – (347) (410) (757)Chargeforemployee share-basedpayments – – – – – – 90 90Exerciseofshareoptions – – – – – – 66 66Ownshares – – 35 – – – – 35Ordinarydividendspaid – – – – – – (2,966) (2,966)
as at 30 september 2014 3,000 11,961 (1,641) 154 1,467 (559) 66,044 80,426Totalcomprehensive expensefortheperiod – – – – – (874) (982) (1,856)Chargeforemployee share-basedpayments – – – – – – 46 46Exerciseofshareoptions – – – – – – 33 33Ownshares – – 40 – – – – 40
as at 31 March 2015 3,000 11,961 (1,601) 154 1,467 (1,433) 65,141 78,689Totalcomprehensive expensefortheperiod – – – – – (174) 120 (54)Chargeforemployee share-basedpayments – – – – – – 259 259Exerciseofshareoptions – – – – – – (101) (101)Ownshares – – 103 – – – – 103Redemptionofreserve – – – – (1,467) – 1,467 –
as at 30 september 2015 3,000 11,961 (1,498) 154 – (1,607) 66,886 78,896
24645.04 14 December 2015 2:51 PM Proof 2
98
Mulberry Group plcMulberry Group plc
Mulberry-IR-2015-Proof 2.indd 9 14/12/2015 14:52:21
Consolidatedcashflowstatement
Sixmonthsended30September2015
Notestothecondensedfinancialstatements
Sixmonthsended30September2015
Unauditedsix months
30 sept 2015£’000
Unauditedsix months
30 sept 2014£’000
auditedyear ended
31 Mar 2015£’000
operating (loss)/profit for the period (58) (1,218) 1,700adjustments for:Depreciationandimpairmentofproperty, plantandequipment 4,104 3,462 10,300Amortisationofintangibleassets 904 1,027 2,028(Loss)/profitonsaleofproperty,plantandequipment (694) (4) 8Lossonsaleofintangibleassets (388) – –Effectsofforeignexchange 8 51 204Share-basedpaymentscharge 259 107 155
operating cash flows before movements in working capital 4,135 3,425 14,395Increaseininventories (8,346) (5,581) (5,595)Decrease/(increase)inreceivables 398 (389) 106(Decrease)/increaseinpayables (634) 498 838
Cash (used in)/generated by operations (4,447) (2,047) 9,744Corporationtaxespaid (2,599) (873) (2,103)Interestpaid (12) (5) (46)
Net cash (outflow)/inflow from operating activities (7,058) (2,925) 7,595
investing activities:Interestreceived 2 13 17Purchasesofproperty,plantandequipment (2,036) (6,074) (10,057)Proceedsfromsalesofproperty, plantandequipment 2,089 9 157Acquisitionofintangiblefixedassets (335) (7,755) (8,130)Proceedsfromsalesofintangibleassets 1,495 – –
Net cash generated from/(used in) investing activities 1,215 (13,807) (18,013)
Financing activities:Dividendspaid – (2,966) (2,966)Settlementofshareawards – (131) (130)
Net cash used in financing activities – (3,097) (3,096)
Net decrease in cash and cash equivalents (5,843) (19,829) (13,514)Cashandcashequivalentsatbeginningofperiod 9,900 23,414 23,414
Cash and cash equivalents at end of period 4,057 3,585 9,900
1. geNeraL iNForMatioN
MulberryGroupplcisacompanyincorporatedintheUnitedKingdomundertheCompaniesAct2006.Thehalfyear resultsandcondensedconsolidated financial statements for thesixmonthsended30September2015(theinterimfinancialstatements)comprisetheresultsfortheCompanyanditssubsidiaries(togetherreferredtoastheGroup)andtheGroup’sinterestinassociates.
The information for the year ended 31March 2015 does not constitute statutory accounts asdefinedinsection434oftheCompaniesAct2006. AcopyofthestatutoryaccountsforthatyearhasbeendeliveredtotheRegistrarofCompanies. Theauditor’sreportonthoseaccountswasnotqualified,didnotincludeareferencetoanymatterstowhichtheAuditordrewattentionbywayofemphasiswithoutqualifyingthereportanddidnotcontainstatementsundersection498(2)or(3)oftheCompaniesAct2006.
The interim financial statements for the sixmonths ended 30 September 2015, have not beenreviewedoraudited.
2. sigNiFiCaNt aCCoUNtiNg PoLiCies
TheaccountingpoliciesandmethodsofcomputationfollowedintheinterimfinancialstatementsareconsistentwiththoseaspublishedintheGroup’sAnnualReportandFinancialStatementsfortheyearended31March2015.
Atthedateofapprovalofthesefinancialstatements,thefollowingStandardsandInterpretationswhichhavenotbeenappliedinthesefinancialstatementswereinissuebutnotyeteffective:
• IFRS9:FinancialInstruments;and
• IFRS15:RevenuefromContractswithCustomers.
TheDirectorsdonotexpectthattheadoptionoftheseStandardswillhaveamaterialimpactonthefinancialstatementsoftheGroupinfutureperiods.Beyondthe informationabove, it isnotpracticabletoprovideareasonableestimateoftheeffectoftheseStandardsuntiladetailedreviewhasbeencompleted.
The Annual Report and Financial Statements are available from the Group’s website(www.mulberry.com) or from the Company Secretary at the Company’s registered office, TheRookery,Chilcompton,Bath,England,BA34EH.
24645.04 14 December 2015 2:51 PM Proof 2
1110
Mulberry Group plcMulberry Group plc
Mulberry-IR-2015-Proof 2.indd 10 14/12/2015 14:52:21
Consolidatedcashflowstatement
Sixmonthsended30September2015
Notestothecondensedfinancialstatements
Sixmonthsended30September2015
Unauditedsix months
30 sept 2015£’000
Unauditedsix months
30 sept 2014£’000
auditedyear ended
31 Mar 2015£’000
operating (loss)/profit for the period (58) (1,218) 1,700adjustments for:Depreciationandimpairmentofproperty, plantandequipment 4,104 3,462 10,300Amortisationofintangibleassets 904 1,027 2,028(Loss)/profitonsaleofproperty,plantandequipment (694) (4) 8Lossonsaleofintangibleassets (388) – –Effectsofforeignexchange 8 51 204Share-basedpaymentscharge 259 107 155
operating cash flows before movements in working capital 4,135 3,425 14,395Increaseininventories (8,346) (5,581) (5,595)Decrease/(increase)inreceivables 398 (389) 106(Decrease)/increaseinpayables (634) 498 838
Cash (used in)/generated by operations (4,447) (2,047) 9,744Corporationtaxespaid (2,599) (873) (2,103)Interestpaid (12) (5) (46)
Net cash (outflow)/inflow from operating activities (7,058) (2,925) 7,595
investing activities:Interestreceived 2 13 17Purchasesofproperty,plantandequipment (2,036) (6,074) (10,057)Proceedsfromsalesofproperty, plantandequipment 2,089 9 157Acquisitionofintangiblefixedassets (335) (7,755) (8,130)Proceedsfromsalesofintangibleassets 1,495 – –
Net cash generated from/(used in) investing activities 1,215 (13,807) (18,013)
Financing activities:Dividendspaid – (2,966) (2,966)Settlementofshareawards – (131) (130)
Net cash used in financing activities – (3,097) (3,096)
Net decrease in cash and cash equivalents (5,843) (19,829) (13,514)Cashandcashequivalentsatbeginningofperiod 9,900 23,414 23,414
Cash and cash equivalents at end of period 4,057 3,585 9,900
1. geNeraL iNForMatioN
MulberryGroupplcisacompanyincorporatedintheUnitedKingdomundertheCompaniesAct2006.Thehalfyear resultsandcondensedconsolidated financial statements for thesixmonthsended30September2015(theinterimfinancialstatements)comprisetheresultsfortheCompanyanditssubsidiaries(togetherreferredtoastheGroup)andtheGroup’sinterestinassociates.
The information for the year ended 31March 2015 does not constitute statutory accounts asdefinedinsection434oftheCompaniesAct2006. AcopyofthestatutoryaccountsforthatyearhasbeendeliveredtotheRegistrarofCompanies. Theauditor’sreportonthoseaccountswasnotqualified,didnotincludeareferencetoanymatterstowhichtheAuditordrewattentionbywayofemphasiswithoutqualifyingthereportanddidnotcontainstatementsundersection498(2)or(3)oftheCompaniesAct2006.
The interim financial statements for the sixmonths ended 30 September 2015, have not beenreviewedoraudited.
2. sigNiFiCaNt aCCoUNtiNg PoLiCies
TheaccountingpoliciesandmethodsofcomputationfollowedintheinterimfinancialstatementsareconsistentwiththoseaspublishedintheGroup’sAnnualReportandFinancialStatementsfortheyearended31March2015.
Atthedateofapprovalofthesefinancialstatements,thefollowingStandardsandInterpretationswhichhavenotbeenappliedinthesefinancialstatementswereinissuebutnotyeteffective:
• IFRS9:FinancialInstruments;and
• IFRS15:RevenuefromContractswithCustomers.
TheDirectorsdonotexpectthattheadoptionoftheseStandardswillhaveamaterialimpactonthefinancialstatementsoftheGroupinfutureperiods.Beyondthe informationabove, it isnotpracticabletoprovideareasonableestimateoftheeffectoftheseStandardsuntiladetailedreviewhasbeencompleted.
The Annual Report and Financial Statements are available from the Group’s website(www.mulberry.com) or from the Company Secretary at the Company’s registered office, TheRookery,Chilcompton,Bath,England,BA34EH.
24645.04 14 December 2015 2:51 PM Proof 2
1110
Mulberry Group plcMulberry Group plc
Mulberry-IR-2015-Proof 2.indd 11 14/12/2015 14:52:21
Notestothecondensedfinancialstatements
(continued)
3. goiNg CoNCerN
TheGrouphasconsiderablefinancialresourcestogetherwithacustomerbasesplitacrossdifferentgeographicareasandbetweendirectlyoperatedstores,partnerstoresandwholesaleaccounts.TheGroup’sforecastsandprojections,takingaccountofreasonablypossiblechangesintradingperformance,showthattheGroupshouldbeabletooperatewithinthelevelofitscurrentfacilities.Asaconsequence,theDirectorsbelievethattheGroupiswellplacedtomanageitsbusinessriskssuccessfullydespitetheuncertaineconomicoutlook.
Aftermakingenquiries,theDirectorshaveareasonableexpectationthattheCompanyandtheGroupwillhaveadequateresourcestocontinueinoperationalexistencefortheforeseeablefuture.Accordingly,theycontinuetoadoptthegoingconcernbasisinpreparingthehalfyearresults.
4. exCePtioNaL oPeratiNg iNCoMe
Theexceptionaloperatingincomeof£1,078,000(2014:nil)representstheprofitondisposaloftheinterestintwostoreleases(207RueSaintHonoré,ParisandGrantAvenue,SanFrancisco).
5. exCePtioNaL oPeratiNg exPeNses
Theexceptionaloperatingexpensesof£942,000(2014:nil)represents:
• An impairment charge of £548,000 relating to the retail assets of one international store.Thestorehasnotbeentradinginlinewithitsexpectedpotential;and
• Animpairmentchargeof£394,000forthecontributiontowardstheopeningofaflagshipstoreforafranchisepartnerinprioryearsandwherethestorehasnowbeenclosed.
6. taxatioN
Thetaxcreditiscalculatedbyapplyingtheforecastfullyeareffectivetaxratetotheinterimprofitandcalculatingthedeferredtaxbalancefortheperiod.
7. CoNtiNgeNt LiabiLity
TheGroupiscurrentlyindiscussionwiththeUKtaxauthoritiesregardingtheresidencyofitsUSsubsidiary for tax purposes. Following the acquisition of the retail store business during 2009,MulberryCompany (USA) Inchasbeentreatedasdual residentandtaxespaid in theUKwhentheCompanymadeprofitsandanylossesusedtooffsettheUKtaxableprofits.InarrivingattheoverallGrouptaxcharge,theUStaxlosseshavebeengrouprelieved,reducingthetaxpayableintheUKbyatotalof£5,700,000(£700,000inthecurrentperiodand£5,000,000inprioryears).TheDirectorsaresatisfiedthatthebusinessisoperatedandcontrolledintheUKandthereforemeetstherelevantUKCentralManagementandControltestandcanoffsetthe losses.ShouldHMRCsuccessfullychallengetheGroup’sposition,additionaltaxandinterestmayneedtobepaid.
8. divideNd
six months30 sept 2015
£’000
six months30 sept 2014
£’000
year ended31 Mar 2015
£’000
Dividendof5pperordinaryshare paidduringtheperiod – 2,966 2,966
Thefinaldividendfortheyearended31March2015waspaidtoshareholderson26November2015.Thefinaldividendfortheyearended31March2014waspaidon15August2014.
24645.04 14 December 2015 2:51 PM Proof 2
1312
Mulberry Group plcMulberry Group plc
Mulberry-IR-2015-Proof 2.indd 12 14/12/2015 14:52:21
Notestothecondensedfinancialstatements
(continued)
3. goiNg CoNCerN
TheGrouphasconsiderablefinancialresourcestogetherwithacustomerbasesplitacrossdifferentgeographicareasandbetweendirectlyoperatedstores,partnerstoresandwholesaleaccounts.TheGroup’sforecastsandprojections,takingaccountofreasonablypossiblechangesintradingperformance,showthattheGroupshouldbeabletooperatewithinthelevelofitscurrentfacilities.Asaconsequence,theDirectorsbelievethattheGroupiswellplacedtomanageitsbusinessriskssuccessfullydespitetheuncertaineconomicoutlook.
Aftermakingenquiries,theDirectorshaveareasonableexpectationthattheCompanyandtheGroupwillhaveadequateresourcestocontinueinoperationalexistencefortheforeseeablefuture.Accordingly,theycontinuetoadoptthegoingconcernbasisinpreparingthehalfyearresults.
4. exCePtioNaL oPeratiNg iNCoMe
Theexceptionaloperatingincomeof£1,078,000(2014:nil)representstheprofitondisposaloftheinterestintwostoreleases(207RueSaintHonoré,ParisandGrantAvenue,SanFrancisco).
5. exCePtioNaL oPeratiNg exPeNses
Theexceptionaloperatingexpensesof£942,000(2014:nil)represents:
• An impairment charge of £548,000 relating to the retail assets of one international store.Thestorehasnotbeentradinginlinewithitsexpectedpotential;and
• Animpairmentchargeof£394,000forthecontributiontowardstheopeningofaflagshipstoreforafranchisepartnerinprioryearsandwherethestorehasnowbeenclosed.
6. taxatioN
Thetaxcreditiscalculatedbyapplyingtheforecastfullyeareffectivetaxratetotheinterimprofitandcalculatingthedeferredtaxbalancefortheperiod.
7. CoNtiNgeNt LiabiLity
TheGroupiscurrentlyindiscussionwiththeUKtaxauthoritiesregardingtheresidencyofitsUSsubsidiary for tax purposes. Following the acquisition of the retail store business during 2009,MulberryCompany (USA) Inchasbeentreatedasdual residentandtaxespaid in theUKwhentheCompanymadeprofitsandanylossesusedtooffsettheUKtaxableprofits.InarrivingattheoverallGrouptaxcharge,theUStaxlosseshavebeengrouprelieved,reducingthetaxpayableintheUKbyatotalof£5,700,000(£700,000inthecurrentperiodand£5,000,000inprioryears).TheDirectorsaresatisfiedthatthebusinessisoperatedandcontrolledintheUKandthereforemeetstherelevantUKCentralManagementandControltestandcanoffsetthe losses.ShouldHMRCsuccessfullychallengetheGroup’sposition,additionaltaxandinterestmayneedtobepaid.
8. divideNd
six months30 sept 2015
£’000
six months30 sept 2014
£’000
year ended31 Mar 2015
£’000
Dividendof5pperordinaryshare paidduringtheperiod – 2,966 2,966
Thefinaldividendfortheyearended31March2015waspaidtoshareholderson26November2015.Thefinaldividendfortheyearended31March2014waspaidon15August2014.
24645.04 14 December 2015 2:51 PM Proof 2
1312
Mulberry Group plcMulberry Group plc
Mulberry-IR-2015-Proof 2.indd 13 14/12/2015 14:52:21
Notestothecondensedfinancialstatements
(continued)
9. earNiNgs Per share (‘ePs’)
six months30 sept 2015
six months30 sept 2014
year ended31 Mar 2015
Basicearnings/(loss)pershare 0.2p (0.7p) (2.3p)Dilutedearnings/(loss)pershare 0.2p (0.7p) (2.3p)
Earningspershareiscalculatedbasedonthefollowingdata:
six months30 sept 2015
£’000
six months30 sept 2014
£’000
year ended31 Mar 2015
£’000
Profit/(loss)fortheperiodforbasic anddilutedearningspershare 120 (410) (1,392)
30 sept 2015Million
30 sept 2014Million
31 Mar 2015Million
Weightedaveragenumberofordinary sharesforthepurposeofbasicEPS 59.3 59.3 59.3Effectofdilutivepotentialordinary shares:shareoptions 0.5 0.6 0.6
Weightedaveragenumberofordinary sharesforthepurposeofdilutedEPS 59.8 59.9 59.9
24645.04 14 December 2015 2:51 PM Proof 2
1514
Mulberry Group plcMulberry Group plc
Mulberry-IR-2015-Proof 2.indd 14 14/12/2015 14:52:21
Notestothecondensedfinancialstatements
(continued)
9. earNiNgs Per share (‘ePs’)
six months30 sept 2015
six months30 sept 2014
year ended31 Mar 2015
Basicearnings/(loss)pershare 0.2p (0.7p) (2.3p)Dilutedearnings/(loss)pershare 0.2p (0.7p) (2.3p)
Earningspershareiscalculatedbasedonthefollowingdata:
six months30 sept 2015
£’000
six months30 sept 2014
£’000
year ended31 Mar 2015
£’000
Profit/(loss)fortheperiodforbasic anddilutedearningspershare 120 (410) (1,392)
30 sept 2015Million
30 sept 2014Million
31 Mar 2015Million
Weightedaveragenumberofordinary sharesforthepurposeofbasicEPS 59.3 59.3 59.3Effectofdilutivepotentialordinary shares:shareoptions 0.5 0.6 0.6
Weightedaveragenumberofordinary sharesforthepurposeofdilutedEPS 59.8 59.9 59.9
24645.04 14 December 2015 2:51 PM Proof 2
1514
Mulberry Group plcMulberry Group plc
Mulberry-IR-2015-Proof 2.indd 15 14/12/2015 14:52:21
24645.04 14 December 2015 2:51 PM Proof 2
1616
Mulberry Group plcMulberry Group plc
Mulberry-IR-2015-Proof 2.indd 16 14/12/2015 14:52:21