Parenting and children's products retailer Mothercare plc (MTC.L)Thursday, in preliminary results, reported a lower pre-tax profit for fiscal 2010, reflecting mainly one-time charges, despite higher revenues.
Profit before tax for the year was GBP 32.5 million, lower than GBP 42.0 million a year ago. Underlying pre-tax profit edged up to GBP 37.2 million from GBP 36.9 million in the prior year. The company noted that the prior-year results were restated. Underlying results for the year exclude one-time charges of GBP 4.7 million compared to one-time gains of GBP 5.1 million last year.
Profit attributable to equity holders declined to GBP 23.6 million or 27.3 pence per share from GBP 30.2 million or 35.0 pence per share last year.
Revenue for the fiscal year was GBP 766.4 million, 5.9% higher than GBP 723.6 million a year ago. UK revenues were GBP 590.3 million, up from GBP 578.8 million last year, whereas international revenues rose to GBP 176.1 million, from GBP 144.8 million in the previous year.
Total direct sales were GBP 126.8 million in the year, up 18.2% from last year, while wholesale sales were up 78% to GBP 4.8 million.
Total international franchise sales, which include international retail sales and international wholesale sales, were up 21.4% to GBP 490.9 million from last year. Total network sales, which include the retail sales made by franchise partners overseas to customers and wholesale sales were GBP 1.1 billion, up 10.0% from prior year.
Administrative expenses increased to GBP 54.3 million from GBP 41.2 million in the year earlier.
"The year finished with a more challenging consumer environment in the UK and strong growth in International. We
expect this pattern to continue into 2010/11 and we are planning cautiously. However, overall we are well placed going
forward," said, Ben Gordon, chief executive.
The directors recommended a final dividend of 11.3 pence, up 14.1% from last year, which increases the total dividend for the year by 15.9% to 16.8 pence, payable on August 6, 2010 to shareholders on register on June 4, 2010.
MTC.L shares are currently trading at 528.00 pence, down 19.00 pence or 3.47% on a volume of 1.13 million shares on the London Stock Exchange.
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