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Mothercare PLC (MTC.L)

MTC.L on London Stock Exchange

20.45GBp
16 Jul 2019
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Latest Key Developments (Source: Significant Developments)

Mothercare Flags Going Concern Doubts Under Reasonable Worse Case Scenario
Friday, 24 May 2019 

May 24 (Reuters) - Mothercare Plc ::FY PRETAX LOSS 66.6 MILLION STG VERSUS 94 MILLION STG LOSS YEAR AGO.2019 TOTAL GROUP PERFORMANCE IS IN LINE WITH PREVIOUS GUIDANCE .COMPLETED UK STORE CLOSURE PROGRAMME, FOLLOWING CVA PROCESS, AHEAD OF SCHEDULE.UK ESTATE NOW COMPRISES 79 STORES, DOWN FROM 134 IN PRIOR YEAR, REPRESENTING A REDUCTION IN SPACE OF 30%.DELIVERED ANNUALISED COST SAVINGS GREATER THAN TARGETED £19 MILLION.FY ADJUSTED LOSS INCLUDING DISCONTINUED OPERATIONS BEFORE TAXATION AND FOREIGN CURRENCY REVALUATIONS OF 11.6 MILLION STG(2018: 2.3 MILLION PROFIT STG).FY STATUTORY LOSS BEFORE TAX OF 87.3 MILLION STG (2018: 72.8 MILLION LOSS STG).FY UK LIKE-FOR-LIKE SALES DECLINE OF 8.9% VERSUS PRIOR YEAR.FIRST HALF SAW REDUCED CONSUMER CONFIDENCE IN BRAND FOLLOWING GROUP'S REFINANCING, TOGETHER WITH WIDER MARKET UNCERTAINTY.NET DEBT WAS 6.9 MILLION STG AT 30 MARCH 2019.FY INTERNATIONAL RETAIL SALES DOWN 0.3% IN CONSTANT CURRENCY; DOWN 3.9% IN ACTUAL CURRENCY.ANTICIPATE FURTHER COST SAVINGS DURING CURRENT YEAR.FOLLOWING COMPLETION OF TRANSFORMATION PLAN, EXPECT TOTAL PLC BOARD COST TO HALVE NEXT YEAR.CONTINUE TO FACE NUMEROUS CHALLENGES WITH HEADWINDS WITHIN UK RETAIL SECTOR SHOWING NO SIGN OF ABATING."BELIEVE THAT WE NOW HAVE A PLC BOARD WHICH IS APPROPRIATE FOR A COMPANY OF OUR SIZE AND NATURE".HEADWINDS WITHIN UK RETAIL SECTOR LEAVES NO ROOM FOR COMPLACENCY.IN EARLY PART OF FINANCIAL YEAR CO FACED NUMEROUS SUPPLY SHORTAGES AS CREDIT INSURANCE WAS REMOVED.  Full Article

Mothercare Delays Publication Of FY Results By One Day
Thursday, 23 May 2019 

May 23 (Reuters) - Mothercare PLC ::WILL ANNOUNCE ITS FINANCIAL RESULTS FOR YEAR ENDED 30 MARCH 2019 AT 7.00AM ON FRIDAY 24 MAY 2019.BOARD CONFIRMS THAT IT CONTINUES TO EXPECT TO DELIVER UNDERLYING RESULTS THAT ARE IN LINE WITH MARKET EXPECTATIONS.DUE TO COMPLEXITY OF FY, WHICH INCLUDED £117.5M REFINANCING, ASSOCIATED UK & GROUP RESTRUCTURING, RESCHEDULED FY RESULTS ANNOUNCEMENT.  Full Article

Jupiter Asset Management Ups Mothercare Stake To 11.58 Pct From 6.08 Pct
Tuesday, 31 Jul 2018 

July 31 (Reuters) - Mothercare PLC ::JUPITER ASSET MANAGEMENT LIMITED RAISES STAKE IN MOTHERCARE TO 11.58 PERCENT FROM 6.08 PERCENT - FILING.  Full Article

Mothercare Says ‍Expects FY Adjusted PBT To Be At Lower End Of Guidance Range Of 1-5 Million Pounds​
Friday, 2 Mar 2018 

March 2 (Reuters) - Mothercare Plc ::SHARE PRICE MOVEMENT AND MEDIA SPECULATION.‍NOTES RECENT MOVEMENTS IN ITS SHARE PRICE AND MEDIA SPECULATION AND PROVIDES AN UPDATE​.T‍RADING AND FINANCIAL PERFORMANCE HAS REMAINED BROADLY IN LINE WITH BOARD'S EXPECTATIONS​.‍NOW EXPECT NET DEBT AT YEAR-END TO BE SLIGHTLY BETTER THAN £50 MILLION PREVIOUSLY GUIDED​.‍EXPECTS FY ADJUSTED GROUP PROFIT BEFORE TAX TO BE AT LOWER END OF PREVIOUSLY GUIDED RANGE OF £1-5 MILLION​.WORKING WITH FINANCING PARTNERS WITH RESPECT TO FINANCING NEEDS FOR FY19 AND BEYOND​.‍EXPLORING ADDITIONAL SOURCES OF FINANCING TO SUPPORT AND MAINTAIN MOMENTUM OF TRANSFORMATION PROGRAMME​.‍FORECAST BORROWINGS TO INCREASE TOWARDS LIMIT OF TOTAL COMMITTED AND NON-COMMITTED FACILITIES AT VARIOUS POINTS FROM START OF NEW FINANCIAL YEAR​.CO ‍WILL REQUIRE WAIVERS OF CERTAIN FINANCIAL COVENANTS​.‍BUSINESS IS ALSO CONTINUING WITH ITS PLANNED STRATEGY OF REDUCING UK STORE ESTATE WHILST INCREASING DIGITAL CAPABILITIES​.‍DISCUSSIONS ON WAIVERS OF FINANCIAL COVENANTS AND ADDITIONAL FINANCING ARE ONGOING​.  Full Article

Mothercare Says UK Like-For-Like Sales Fall Of 7.2 Pct
Monday, 8 Jan 2018 

Jan 8 (Reuters) - Mothercare Plc ::‍UK LIKE-FOR-LIKE DECLINE IMPACTED BY LOWER FOOTFALL AND SPEND, BOTH IN STORES AND ONLINE​.‍INTERNATIONAL SALES REMAIN CHALLENGING, STABILIZING TOWARD END OF PERIOD​.‍ONLINE SALES FOR 12 WEEK DECLINE OF 6.9%. ONLINE SALES NOW REPRESENT C42% OF TOTAL UK SALES​.‍OVERALL GROUP PERFORMANCE BELOW EXPECTATIONS​.‍TOTAL UK SALES LOWER THAN LAST YEAR, REFLECTING ONGOING STORE CLOSURE PROGRAMME​.‍UK LIKE-FOR-LIKE SALES DECLINE OF 7.2%​.‍ONLINE SALES DECLINE OF 6.9%. ONLINE SALES NOW REPRESENT C42% OF TOTAL UK SALES​.‍INTERNATIONAL RETAIL SALES WERE DOWN 3.0% IN CONSTANT CURRENCY AND DOWN 6.8% IN ACTUAL CURRENCY​."‍WE ARE NOT ANTICIPATING ANY IMPROVEMENT IN SHORT-TERM MARKET CONDITIONS FOR UK"​.‍WE EXPECT NET DEBT AT YEAR-END OF APPROXIMATELY £(50)M, AND AT THIS LEVEL WE HAVE SUFFICIENT LIQUIDITY AND COVENANT HEADROOM WITHIN OUR EXISTING FACILITIES​.‍ADJUSTED GROUP PROFIT FOR YEAR IS LIKELY TO BE IN RANGE OF £1-5M​.  Full Article

Mothercare reports first half loss, says UK transformation progressing ​
Thursday, 23 Nov 2017 

Nov 23 (Reuters) - Mothercare Plc :H1 sales fell 1.4 percent to 627.9 million stg.Group adjusted loss before tax £(0.7)m (H1 FY16/17: £5.9m profit).Statutory Group loss before tax of £(16.8)m (H1 FY16/17 £(0.8)m net).‍UK like-for-like sales +2.5% with online sales +5.3% and margins up 34bps​.‍On track with our transformation plans for our business​.‍International performance remains challenging, primarily driven by key Middle East market​.  Full Article

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Mothercare hopeful for future after completing store closures

Embattled UK retailer Mothercare Plc slashed its outstanding net debt to just under 7 million pounds last year as it completed a programme of store closures that its leadership hopes will put the company on a more solid financial footing.