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Supply chain & logistics drag Oroton's restructuring efforts

27
Sep '05
Australian fashion firm OrotonGroup announced earnings before interest, tax and amortisation (EBITA), before significant items, of $8.5 million for the year ended 30 July 2005. This outcome is at the lower end of the guidance of $8.5 – 9.5 million provided in the Group's trading update statement of 7 June 2005.

The Board has declared a final dividend of 7.5 cents per share, fully franked. The total dividend for the full year is 12.5 cents per share, fully franked. Significant items reduced EBITA by $4.1 million.

These significant items include costs incurred with respect to the terminated privatisation discussions and costs and writedowns associated with the finalisation of the FY05 accounts, including those stemming from the Group's year-end balance sheet review which was foreshadowed in the trading update issued on 7 June 2005.

Net profit after tax, before significant items and goodwill amortisation, amounted to $5.0 million, compared to $9.4 million for the same period last year. Total net profit after tax, including significant items, was $1.0 million.

Ross Lane, Managing Director of OrotonGroup commented that the result, whilst in line with their revised EBITA guidance of 7 June, is a disappointing performance. It reflects the supply chain and logistics issues they encountered during the year and the increased overhead costs and expenses associated with the Group's restructuring activities. In the second half of the year, they encountered some unusually tough retail trading conditions and disruption from the privatisation discussions. In the long term, they believe the Group will benefit from the challenges it has faced through this period.


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