Thursday, October 6, 2011

LONDON Results Round-up

Date: Thursday 06 Oct 2011
London based clothing company Ted Baker said half year pre-tax profit rose 12.7% as it remains cautiously optimistic for the remainder of the year.

Pre-tax profit climbed to £8.5m for the 28 weeks ended 13 August 2011 from £7.5m before. Revenue for the period increased 16.6% to £102.8m.

The strong performance seen in the first half of 2011 has continued into the second half of the year, although the last few weeks have been affected by unseasonably warm weather, the group said.

Ray Kelvin, founder and chief executive of Ted Baker said, "Results for the full year will be dependent on trading in the important second half and, at this stage, we remain understandably cautious given the uncertain economic environment, although believe that we are well placed to deal with the challenges ahead."

Retail sales were up 13.0% on a 6.7% increase in average retail square footage. UK and European retail sales up 7.8% to £69.2m while US retail sales rose 74% to $16.7m.

In Asia, it plans to open a store in Tokyo towards the end of this financial year, as well as store in Beijing at the start of the next financial year.

Wholesale sales rose 32.8% to £21.6m while licence income climbed 5.5% to £3.1m.

Kelvin added, "Our Autumn/Winter collections have been positively received and we look forward to opening our first stores in Tokyo and in Beijing early next year."

Edenville Energy has announced encouraging results from its resource at the Rukwa Coalfield project in Tanzania, causing shares to surge higher on Thursday.

The company drilled 19 holes which show evidence of thickening to the north of the basin, with the 19th hole showing "coal-rich horizons".

Ten out of the eleven assayed holes returned coal results varying from 20.24 to 26.40 mega joules per kg.

The company said its strategy is to rapidly establish a defined joint ore reserves committee resource at the primary Rukwa areas, stating that current indications are that the coal, with appropriate processing, is suitable for use for power generation.

The predicted demand for electricity in the southern African region, particularly Tanzania, bodes well for the development of the project, the firm said.

Chairman Simon Rollason added: "These latest results are very encouraging and significantly the drilling has shown that the coal measures increases in thickness as we head northwards away from the previously known coal outcrops at Mkomolo.

"The coal measures in this newly discovered extension remain open-ended to the north and will be investigated further once the current drilling is completed."

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