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Date: Wednesday 19 Jun 2013

Multinational electrical retailer Darty Group recorded a pre-tax loss during its full financial year as it booked exceptional costs of 115.3m euros following the closure of Darty Spain.

The group posted a pre-tax loss of €72.5m in the 12 months ended April 30th 2013 compared to a profit of €38.6m a year earlier. Group revenue fell to €3.8bn during the period compared to €3.8bn the year before. Revenue was down 2.5% in constant currency and 1.1% on a like-for-like (LFL) basis.

Darty revealed adjusted earnings per share of 2.5 cents versus 10.0 cents a year earlier.

Chief Executive Régis Schultz said: "We have taken action to eliminate the losses in our non-core businesses with the disposal of Darty Italy and the managed closure of Darty Spain. Our position is strengthening in France, Belgium and the Netherlands with market share gains and we are on track with our plans to drive greater efficiency at reduced cost across the group."

"We continue to plan prudently in what remain challenging market conditions. Nevertheless we are confident that our new management team will deliver an improvement in earnings over the medium term.

The board is recommending a final dividend of 2.625 cents per share, up from 1.25 cents the year before, bringing the total dividend for the year to 3.5 cents per share, unchanged from 2012.

Looking ahead the group added: "The year ahead will be challenging and we anticipate that market conditions and product mix will continue to put pressure on margins."

"We aim to mitigate this through our cost saving programmes which, given the implementation timeframe, we expect to be more weighted to the second half."



Waterfront regeneration and destination specialist, Sutton Harbour Holdings, posted an annual loss as revenues fell in the face of difficult trading conditions.

The company reported a loss before tax of £3.67m for the year ended March 31st, compared to last year’s profit before tax of £0.655m.

Revenues declined to £7.0m from £9.9m as the group’s tenants were hit by the economic downturn which led to delays in gaining new lettings and rental properties.

“Equally, opportunities for profitable development are limited; however, our prime sites mean we are well placed to benefit from any up-turn,” Sutton said in a statement. “Against this background, the marina and fishing activities have proved resilient.”

Net assets at the end of the period amounted to £36.6m, down from £41.5m in 2012.

Net bank debt stood at £17.4m, up from last year’s £15.8m.

Gross profit fell to £2.720m from £3.969m, before accounting for impairments and administration costs.

Sutton has advised against a final dividend on the year's results.

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