Canterbury: Pentland owned brand
27 Jun. 2013
Pentland Group Plc anounces results for 2012Pentland Group Plc has announced its results for the year ended 31 December 2012.
The activities of Pentland Group primarily comprise Pentland Brands and the Retail Division.
Pentland Brands comprises a diversified portfolio of brands covering sports, outdoor and fashion. It manages owned brands such as Speedo, Berghaus, Canterbury, Mitre, Boxfresh, and Red or Dead; and also operates, under global licenses, the footwear of Lacoste and Ted Baker, and Kickers in the UK.
The Retail Division comprises the activities of JD Sports Fashion plc, a retailer and distributor of branded sportswear, fashionwear and outdoor clothing and equipment, in which Pentland Group holds a 57% share. Pentland Group also holds smaller investments in businesses across a number of different industries.
The company announces:
- Total revenue up 14.2% to £1.74bn, and up 6.3% excluding revenue from businesses acquired during the year;
- Revenue from Pentland Brands and other non-retail businesses up 6.8% to £531m, fuelled by particularly strong performances from Speedo, Berghaus and Lacoste footwear;
- Robust performance from the Retail Division, comprising JD Sports Fashion. Revenue up 7.4% to £1.11bn, excluding revenue from the Blacks businesses acquired during the year;
- Operating profit* down 11.7% to £89m, reflecting impact of acquisition and restructuring of Blacks/Millets by JD Sports Fashion during the year, plus continued investment in international development and infrastructure;
- Profit before tax down 44.6% to £63m, reflecting £26m profit last year from sale of stake in Hunter Boot, and operating loss and exceptional charges incurred by JD Sports Fashion this year in relation to Blacks/Millets acquisition.
- Net cash at year end of £97m (2011: £86m);
- Net assets increased by 4.4% to £553m.
In a difficult trading environment in the UK and certain other European markets, Pentland Brands achieved sales growth the majority of its brands during 2012, and the Retail Division produced a robust performance.
The external environment remains challenging. The group continues to invest in developing internationally, focusing on higher growth markets around the world and creating an increasingly well balanced geographic profile.
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