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26-Jan-17 Half Year results $2.16 Million profit - up 67.2% on prior year

31-Jan-17 Share price $0.75

2-Jun-17 Smiths City to distribute $5.7m of capital (11 cents per share) - Smiths City still expects to pay a final dividend as it has in previous years

21-Jun-17 Smiths City Transformation Underpins Earnings Increase

19-Jul-17 Annual Report to year ended 30 April $2.0 Million profit - up 53.8% on prior year. NTA 97 cents. Total Yearly Dividend 3.5 cents per share.

25-Oct-17 Smiths City Group today announces it has deferred its planned $5.7 million distribution of capital following a continuation of tough trading conditions.

7-Dec-17 Smiths City launching in Auckland with two new stores

21-Dec-17 Half Year results - Net profit before tax ‘break even’ Board declares fully-imputed interim dividend of 1.0 cents per share. NTA 94.96 cents.

16-Jan-18 Smiths City today announces it has put in place a share buyback facility as part of its ongoing commitment to ensure shareholders benefit from the group’s underlying performance improvements. The new facility gives Smiths City the option to buy back up to 5% of its shares over the coming 12 months. Smiths City is in a strong financial position.

28-Mar-18 Smiths City names Alastair Kerr as Chair

17-Apr-18 Trading losses for the year are expected to range between $1.25 million and $1.75 million compared to a trading profit of $2.0 million last year.

11-May-18 Smiths City now accepts the Employment Court’s Decision that the meetings constituted work as defined by the Minimum Wage Act and that this resulted in some employees being paid below the statutory minimum.

29-Jun-18 Financial Results for year to 30 April 2018 - Net loss before tax of $9.9 million - down from a net profit of $2.0 million in the prior year. No dividend. NTA 80 cents.

24-Jul-18 Smiths City to align pay rates with the living wage.

5-Sep-18 AGM - But the company has been thwarted in its ambitions by underinvestment. Most notably, it has underinvested in systems and in the store network.

20-Dec-18 Half year results Net profit before tax rises to $0.6 million from break-even in the same period last year. Significant investment in the store network and group information systems still required.

1-Jul-19 Financial Results For The Year To 30 April 2019 Smiths City result improves as transformation continues. Net losses before tax narrow to $1.9 million from a net loss of $9.9 million in the prior year. No dividend. NTA 77 cents.

5-Sep-19 AGM - We remain well funded. Smiths City’s regeneration has over the last two years been about dealing with a legacy of under investment. We need to improve and invest in systems that give us better visibility on inventories. Smiths City’s transformation continues with the rationalisation of the store footprint and investments in store formats and systems

13-Dec-19 Half Year results - Net losses before tax of $3.8 million. No dividend. NTA 67 cents. We have completely reset the management of our stores and we are now starting to see improvements in like-for-like store growth, online and commercial sales and margins. While there is still much work to do, we are now in a better position than we have been for some time.

18-Mar-20 Smiths City trading update – Covid-19. At this time, we anticipate our net loss in our financial result for the year to 30 April 2020 will be greater than the $1.9 million net loss recorded in the prior financial year. However, we cannot at this time quantify the extent of this anticipated loss given the current uncertainties and just over six weeks of trading remaining in our financial year. Smiths City has been focused on transforming its business over the past two years. This work had been progressing well. But given these new uncertainties, management will be revisiting our transformation plan and looking for additional gains and further efficiencies.

30-Mar-20 Following discussions last Friday, Smiths City’s bank ASB has agreed to delay by four weeks, the repayment of $1.5 million of the company’s $65 million Senior Secured Facility due for payment on Tuesday 31 March 2020. While Smiths City believes it has enough capital to cover its debts as they fall due, the company recognises the current capital structure is not sustainable given the outlook and the company must secure more funding. Smiths City is working with PWC to develop a strategy for addressing its capital structure. Chief Executive Roy Campbell said: “The Covid-19 pandemic has caused an unforeseen and unprecedented shock to the business and – like many other businesses – is posing immense challenges. “ASB’s extension of the facility demonstrated its willingness to support Smiths City through this extraordinary period and give Smiths City the space to engage in discussions with potential investors.

6-May-20 Smiths City online has continued to trade, and while we are pleased with the support we have received through the lockdown, this has obviously not been enough to make up the shortfall in sales from the closed stores. Moreover, once we open our doors - potentially as soon as we move to Alert Level 2 - we anticipate facing subdued trading conditions. Smiths City is continuing discussions with potential strategic investors, as foreshadowed by its announcement to the NZX on 30 March 2020. The company continues to retain the support of its bank ASB to see these discussions through to conclusion. From the analysis the company has undertaken, a restructuring is clearly necessary in order to secure investment and have a sustainable, post-pandemic retail business. The Board has therefore proactively commenced this restructuring process as its investor discussions continue. Smith City Chair Alastair Kerr said while it was likely that the restructure will result in the closure of some stores and job losses, the final outcome is dependent on how the consultation and negotiation process unfolds.
Interesting....................................