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Financial highlights
Unaudited interim results for the six months ended 31 December 2007
 
  • Headline earnings increase by 35%
     

  • Headline earnings per ordinary share increase by 22%
     

  • Operating margin increased to 9,6%
     

  • Strong balance sheet with gearing reduced to 27%
     

  • Turnaround achieved in UK Retail

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The growth in operating profits across all segments, reflects another period of sound performance and growth. The period under review had been challenging.

Retail activities: household goods and building supplies

The United Kingdom (UK) retail operations had a good result, especially against the background ofthe turnaround to profitability achieved by the retail division, comprising Harveys, Cargo and Beds Division (Bensons, Bed Shed and Sleepmaster). The retail division’s performance should be viewed in perspective to a substantial reduction in net trading space caused by the closure of loss-making stores and Beds concessions lost. The results confirmed that the remedial steps previously taken have successfully addressed some key supply chain issues that adversely impacted on the business in the past. Improvements include: improved image, changed product offerings, staff training, aggressive advertising and better supply chain and customer complaint management which resulted in enhanced service levels, shorter lead times and substantially reduced goods returns levels. The rationalisation of distribution centres and optimisation of logistics capacity utilisation and management changes have also had the desired results. The entire property portfolio is being actively managed in terms of store closures, trading space reductions and re-allocations in order to optimise the coverage of the entire retail division’s footprint. Due to its importance, it is appropriate to report on Harveys’ Winter Sale results, even though they do not fall within the reporting period. Confirmed sale orders at good margins, over the period from December 2007 to February 2008 represent an 8% year-on-year increase which were achieved with 5% fewer staff and 8% less trading space. These results are in contrast to the trading updates of listed competitors which announced like-for-like sales figures over the comparable period ranging from 16% to 22% down on last year. The Cargo chain achieved pleasing results.
 

 
 
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Steinhoff International Holdings Ltd

 

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