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Postie posts profit plus in a very tough market
30 Sep '11
5 min read
“The total Cost of Doing Business (CODB) percentage for 2011 is again reflective of our cost efficiency focus, with total operating expenses as a percentage of sales reduced by a half percent to 47.7%, compared with 48.2% in 2010. A focused effort by management has achieved additional savings in several points in the supply chain from overseas suppliers to shop-floor.”
Gross profit as a percentage of sales for 2011 was maintained at 52.00% compared with 53.18% in 2010, which is indicative of the discounting required to achieve a clean inventory position prior to the end of each season and reflects the unusual sales decline in May and June 2011 felt across most of the retail sector.
“PPGL's year-end Inventory position at $23.4m includes the stocks of school product acquired earlier in the year and is slightly lower than in 2010 ($23.8m); seasonal carryover stock has been well managed.”
The company has a sound balance sheet position at year-end, with total current assets of $25.50m (2010: $25.36m) and current liabilities at $11.57m (2010: $11.80m). Total assets stand at $37.36m (2010: $37.56). PPGL has term debt of $8.58m (2010: $8.02m) and the company's gearing is 22.9%.
As a result of this year's performance the directors are pleased to advise shareholders that the Board have determined that it is appropriate to pay a fully imputed dividend of one cent per share. The dividend will be paid on the 14th December 2011 with an entitlement date of the 7th December 2011.
Mr. Punter acknowledged the excellent contributions made to the board by two directors, Patricia Whiting and Ted van Arkel, who retired during the course of the year.
“We greatly appreciate their input to our strategic development and thank Patricia for her commitment and expertise during 4 years on the board; she has resigned to become CEO of Max Fashions. Similarly, we are grateful to Ted van Arkel for his experience and retail know-how during 2 ½ years on the board; Ted has resigned to accept a position on the board of The Warehouse Group.”
“The board has conducted a recruitment process that, he added, would introduce skills relevant to PPGL's aim of being a modern, exciting, retailer well connected with its customers in multiple retail channels. An announcement regarding these appointments will be made shortly.”
The Annual Meeting of PPGL will be held at Commodore Airport Hotel, 449 Memorial Avenue, Christchurch, at 10.00 am on 25 November 2011.
Gross profit as a percentage of sales for 2011 was maintained at 52.00% compared with 53.18% in 2010, which is indicative of the discounting required to achieve a clean inventory position prior to the end of each season and reflects the unusual sales decline in May and June 2011 felt across most of the retail sector.
“PPGL's year-end Inventory position at $23.4m includes the stocks of school product acquired earlier in the year and is slightly lower than in 2010 ($23.8m); seasonal carryover stock has been well managed.”
The company has a sound balance sheet position at year-end, with total current assets of $25.50m (2010: $25.36m) and current liabilities at $11.57m (2010: $11.80m). Total assets stand at $37.36m (2010: $37.56). PPGL has term debt of $8.58m (2010: $8.02m) and the company's gearing is 22.9%.
As a result of this year's performance the directors are pleased to advise shareholders that the Board have determined that it is appropriate to pay a fully imputed dividend of one cent per share. The dividend will be paid on the 14th December 2011 with an entitlement date of the 7th December 2011.
Mr. Punter acknowledged the excellent contributions made to the board by two directors, Patricia Whiting and Ted van Arkel, who retired during the course of the year.
“We greatly appreciate their input to our strategic development and thank Patricia for her commitment and expertise during 4 years on the board; she has resigned to become CEO of Max Fashions. Similarly, we are grateful to Ted van Arkel for his experience and retail know-how during 2 ½ years on the board; Ted has resigned to accept a position on the board of The Warehouse Group.”
“The board has conducted a recruitment process that, he added, would introduce skills relevant to PPGL's aim of being a modern, exciting, retailer well connected with its customers in multiple retail channels. An announcement regarding these appointments will be made shortly.”
The Annual Meeting of PPGL will be held at Commodore Airport Hotel, 449 Memorial Avenue, Christchurch, at 10.00 am on 25 November 2011.
Postie Plus Group Ltd
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