French Connection Group PLC announces a significant growth in profit for its latest financial year ended 31 January 2011.
Results of the core continuing operations are as follows:
• Revenue up 2% to £205.0 million (2010: £200.8 million)
• Gross margin at 52.0%, up 50 bps
• Profit before tax was £7.3 million (2010: £0.7 million)
• Adjusted Earnings Per Share+ of 7.5 pence (2010: 0.5 pence)
• Positive cash flow of £6.5 million contributing to closing net cash of £34.1 million (2010:
£35.7 million)
• Dividend proposed of 1.5p for the year (2010: total dividend 0.5p)
Commenting on this announcement, Stephen Marks, Chairman and Chief Executive of French Connection said:
“I am delighted with the significantly improved performance for our latest financial year. We have achieved a considerably higher profit from the core continuing operations, notwithstanding a period of major change for the Group and challenging market conditions. I am looking forward to growing the business further from the solid foundations generated by our recent reorganisation and I believe there are many opportunities for the Group to create further value for shareholders in the future.”
“The proposed increase in final dividend reflects the Group's profitability and cash generation and the Board's confidence in the future. It is the Board's intention to increase the dividend in the future in line with increases in profit.”
“The French Connection brand is recognised all around the world and generates over £400 million of sales at retail for us and our partners. With our business back on track we are focused on creating great products that stand apart from the rest and reflect the enormous fashion heritage inherent within the French Connection brand.”
“The current economic environment is clearly difficult and it appears likely that it will remain so in the coming year. However, I am confident that we have the people, infrastructure, drive and brand strength to build further on the growth we have achieved.”
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French Connection Group PLC
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