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Jenners,Princes St (32HE)

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Wednesday 12 May, 2004

Jenners,Princes St

Final Results

Jenners,Princes Street,Edinburgh Ld
12 May 2004


                           PRELIMINARY GROUP RESULTS
                        FOR THE YEAR TO 1 FEBRUARY 2004

Group profit and loss account
for the year to 1 February 2004
                                            Year to            Year to
                                    1 February 2004    2 February 2003
                                               £000               £000
                                                              Restated
Turnover (excluding VAT) (note 2)            39,357             39,160
                                        ===========        ===========
Operating Profit                              2,441              2,597
Interest (net)                                  312                360
                                        -----------        -----------
Profit before Taxation                        2,753              2,957
Taxation (note 3)                               834                845
                                        -----------        -----------
Profit after Taxation attributed to members   1,919              2,112
                                        -----------        -----------
Dividends:     
Paid - Preference Shares                        142                142
Paid - Ordinary Shares Interim                  546     (65p)      689     (82p)
Proposed - Ordinary Shares Final                672     (80p)      622     (74p)
                                        -----------        -----------
                                              1,360              1,453
                                        ===========        ===========
Earnings per Ordinary Share (note 4)          211.5p             234.5p
                                        ===========        ===========

Notes
-----
        1.  The information disclosed above does not constitute statutory
            accounts.

        2.  Turnover has been restated to comply with a change in accounting
            standards (FRS 5) by excluding the non-commission element of
            concession sales. This does not have an effect on reported profit.

        3.  Corporation tax is based on the profit for the year to 1 February
            2004 at 30 per cent (2003 - 30 per cent).

        4.  Earnings per Ordinary Share is based on profit after preference
            dividend and on 840,000 Ordinary Shares in issue.

        5.  This information will be sent to shareholders and will be available
            to members of the public at the Company's registered office, 48
            Princes Street, Edinburgh, EH2 2YJ.

12 May 2004


Report of the Directors
Review of the business

World events at the beginning of 2003 created a degree of uncertainty in the
market place which made our trading performance in the first half more volatile
than predicted across all branches. Visitor numbers from the USA and the Far
East were particularly badly affected and any recovery remains unclear.

Trade in the second half of the year was satisfactory at Edinburgh and Glasgow
Airports. Loch Lomond Shores continued to develop its seasonal ranges of
merchandise and expand its market locally. Princes Street was marginally below
our expectations.

We achieved group turnover of £39.4m (2003: £39.2m) on the newly required
restated basis to comply with a change in accounting standards. The gross profit
was particularly affected by aggressive discounting by most high street
retailers pre Christmas. This is a trend that is likely to continue for the
foreseeable future.


Tight control of expenses ensured that we came well within our planned
expenditure and below the previous year.

So far 2004/05 trade has been in line with expectation and we continue to invest
in our stock management systems and to improve the merchandise offer to our
customers. We are however concerned about the negative impact of the continued
development of out of town shopping centres and Edinburgh Council's current
plans to introduce congestion charging to the city centre from 2006.

As stated in the Interim Report we have rebalanced the ratio between the interim
and final dividend to reflect the importance of trade in the second half of the
year. The final dividend has increased to 80p (2003: 74p) and the total dividend
is 145p (2003: 156p).

Since the year end Kenneth Grant, our Buying and Marketing Director, has
resigned. The Directors would like to record their appreciation and thanks to
him for the valuable contribution that he has made in his 20 year career in
Jenners.

The Directors would again like to record their thanks to all the management and
staff who have worked with skill and dedication over the past year.

Group balance sheet
at 1 February 2004

                                                1 February          2 February
                                                      2004                2003
Fixed assets                                            £                   £
Tangible fixed assets                           14,907,367          15,448,231
Investments                                         45,000              45,000
                                             -------------       ------------- 
                                                14,952,367          15,493,231
Current assets
Stocks                                           6,055,990           6,277,130
Debtors                                          3,389,605           3,065,095
Cash at bank and in hand                        11,024,035          10,104,656
                                             -------------       ------------- 

                                                20,469,630          19,446,881
Creditors: amounts falling due within one
year                                             5,723,626           5,650,673
                                             -------------       ------------- 

Net current assets                              14,746,004          13,796,208

Creditors: amounts falling due after more
than one year                                            -             150,000
                                             -------------       ------------- 

Total assets less current liabilities           29,698,371          29,139,439
                                             -------------       ------------- 
Capital and reserves
Called up share capital                          2,262,400           2,262,400
Capital redemption reserve                          21,578              21,578
Revenue reserves                                27,414,393          26,855,461
                                             -------------       ------------- 
                                                29,698,371          29,139,439
                                             -------------       ------------- 
                                                           
Shareholders' funds:
Equity                                          28,275,971          27,717,039
Non-equity                                       1,422,400           1,422,400
                                             -------------       ------------- 
Total                                           29,698,371          29,139,439
                                             -------------       ------------- 

Group statement of cash flows
for the year ended 1 February 2004
                                                    1 February      2 February
                                                          2004            2003
                                                             £               £

Net cash inflow from operating activities            3,705,929       3,622,485
Returns on investment and servicing of finance
Interest paid                                          (10,919)        (55,632)
Interest received                                      283,086         444,525
Preference dividend paid                              (142,240)       (142,240)
                                                  -------------   ------------- 

Net cash inflow from returns on investments
and servicing of finance                               129,927         246,653
                                                  -------------   ------------- 

Taxation
UK Corporation tax paid                               (710,019)     (1,246,027)
                                                  -------------   ------------- 

Capital expenditure and financial investment
Payments to acquire tangible fixed assets           (1,046,858)     (6,433,516)
Receipts from sales of tangible fixed
assets                                                   8,000           3,834
                                                  -------------   ------------- 

                                                    (1,038,858)     (6,429,682)
                                                  -------------   ------------- 

Equity dividends paid                               (1,167,600)     (1,327,200)

Management of liquid resources                       1,000,000      (6,100,000)
                                                  -------------   ------------- 

Increase in cash                                     1,919,379         966,229
                                                  -------------   ------------- 


Contact:
VIVIEN CRUMMEY 0131 260 2241



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