TIDM45GD
RNS Number : 9278Y
Lewis(John) PLC
09 March 2017
John Lewis plc announces the unaudited results for 52 weeks
ended 28 January 2017 for
John Lewis Partnership plc
John Lewis Partnership plc is the ultimate holding company of
John Lewis plc
[This does not constitute a preliminary announcement]
Thursday 9 March 2017
Financial Summary
Waitrose John Lewis Partnership
GBPm YoY GBPm YoY GBPm YoY
change change change
-------- -------- -------- -------- --------- --------
Gross sales(1) 6,633.2 2.7% 4,741.0 4.0% 11,374.2 3.2%
LFL sales(2) (0.2)% 2.7%
Revenue 6,245.5 2.6% 3,780.7 3.2% 10,026.2 2.8%
Operating profit
before PB(3)
and exceptional
items(4) 253.5 9.0% 243.2 (2.8)% 478.2 18.9%
Operating profit
before PB(4) 206.2 (11.3)% 231.4 (7.5)% 685.4 29.0%
Profit before
PB, tax and exceptional
items(4) 370.4 21.2%
Profit before
PB and tax(4) 577.6 32.8%
Profit before
tax(4) 488.2 65.4%
Net debt 250.6 32.7%
--------------------------- -------- -------- -------- -------- --------- --------
Sir Charlie Mayfield, Chairman of John Lewis Partnership,
commented:
"Waitrose and John Lewis have achieved growth in sales and
market share, and our profits before exceptionals are up 21.2%. A
large part of this profit increase was due to lower pension
accounting charges. After excluding these and our long leave
accounting charges, our profits before exceptionals increased by
1.9% in spite of trading pressures and investment in pay.
There are also a number of exceptional items in our results this
year, which reflect the steps we are taking to adapt the
Partnership for the future. After including these exceptional
items, the operating profit in both Waitrose and John Lewis was
below last year.
In January, we said Partnership Bonus was likely to be
significantly lower this year. The Board has awarded a Bonus of 6%,
which is equivalent to more than 3 weeks' pay. Bonus is lower
because the Board has decided to retain more of our annual profits
in order to strengthen our balance sheet. This allows us to
maintain our level of investment in the face of what we expect to
be an increasingly uncertain market this year, while absorbing the
costs associated with adapting the Partnership for the future.
We have also continued to put more money into pay. During the
year, the average pay rates for our non-management Partners rose
5.0%.
This reflects our determination to create better jobs for better
performing Partners on better pay, which is one of three elements
to our strategy. As a part of that we are changing the nature and
shape of roles within the Partnership and we have made a number of
announcements to that effect this year. We will also be
accelerating investment in innovation for customers across Waitrose
and John Lewis. For example, from May we will begin rolling out
technology to ensure Partners have access to more information at
their fingertips to enhance service delivery and, in Waitrose, 2017
will see a significant investment in existing shops."
(1.) Gross sales includes sale or return sales and VAT
(2) Waitrose like-for-like sales excludes petrol
(3) Partnership Bonus
(4) Includes property profits of GBP0.8m in Waitrose and GBP1.7m
in John Lewis (2015/16: GBP1.5m in John Lewis)
Key points
-- Gross sales up 3.2% with increased market shares(5) for both
brands and rising customer numbers
-- Profit before Partnership Bonus, tax and exceptional items up 21.2% to GBP370.4m
-- Exceptional income of GBP207.2m mainly includes GBP270.0m
income for a reduction in pension liabilities, offset by a GBP42.9m
charge for write down of property and other assets, and related
costs, and GBP20.7m charge for restructuring and redundancy costs
(2015/16: income of GBP129.3m following the sale of the Clearings
building). See page 4 for further details
-- Stronger balance sheet, with net debt 32.7% (GBP121.9m) lower
than January 2016 at GBP250.6m
-- Accounting pension deficit expected to be approximately
GBP1bn at January 2017, higher than the GBP940m deficit at January
2016. However, we have made good progress and our actuarial pension
deficit at 31 March 2016 was nearly half the deficit at the 31
March 2013 valuation
-- Pension accounting charges decreased by GBP64.7m, mainly due
to the impact in the year of changes to our pension scheme agreed
in 2015, and lower accounting charges as a result of an improvement
in the real discount rate used to determine the cost at the
beginning of the year compared to the beginning of the previous
year
-- Partnership Bonus of GBP89.4m; 6% of salary (equivalent to
more than 3 weeks' pay for Partners with us for the whole year)
(5) Kantar 12 week Grocery data for Waitrose / BRC for John
Lewis
Chairman's strategic update
We announced in January that we are accelerating our strategy
which focuses on three key themes:
The first is strengthening the appeal of our two well-loved
brands. This is our lead objective and is the basis for an
increasing focus on innovation. In the year this has primarily
focused on developing our product proposition while continuing to
improve convenience and service delivery. The launch of the
Waitrose 1 premium range, and our own-brand luxury womenswear
label, modern rarity, and own-brand contemporary furniture
collection, Design Project, in John Lewis were the main stand outs
of this part of our strategy. Waitrose 1 achieved a sales uplift of
17.5%, whilst modern rarity and Design Project contributed to the
strong sales uplifts in Womenswear and Furniture.
We will also make material improvements to the offer and
experience in existing shops. This programme will see us investing
in the majority of our Waitrose shops over the next three years,
including the extension of successful food service propositions
trialled during the year and the addition of a fresh Sushi offer in
36 shops. In John Lewis we are accelerating steps to equip Partners
with better technology. After a successful trial in Cambridge, we
will roll out iPhones to Partners, putting more information at
their fingertips to enhance service delivery, starting with 20 of
our largest shops in May.
Secondly, we are committed to creating better jobs, for better
performing Partners, on better pay. Our approach to better jobs is
developing in line with our customer strategy. We want to ensure
Partners' pay remains well above the National Living Wage on
average, and in this year's pay review, rates increased by 5.0% on
average for our non-management Partners, driven by our performance
related pay policy. As a result, additional annualised pay costs
for our non-management Partners were GBP36m greater, whereas had we
simply complied with the National Living Wage, costs would have
been only GBP3m higher than the previous year. In addition, on
average, these Partners will see an increase in their combined pay
and Partnership Bonus from the previous year. The average hourly
rate of pay for our non-management Partners is GBP8.67, and this
will rise further following the April 2017 pay review.
In the year ahead, we will move towards making apprenticeships
the cornerstone of progression and development across the
Partnership. We will launch new apprenticeships in 2017 and 2018,
ranging from hospitality to retail management. Apprenticeship
numbers will rise from 80 apprentices today to approximately 500
during 2018, with the aim of increasing to thousands per year by
2020.
The third area of focus is to strengthen our financial position,
both to increase the resilience of our balance sheet to market
shocks and to build our financial firepower to invest in new growth
in the future. We have made good progress in the year by continuing
to generate strong cash flows and by reducing capital expenditure
on new shops. These have contributed to our planned reduction in
net debt, which has improved by nearly 33% since last year.
We also made additional one-off and deficit reduction
contributions to our pension scheme in 2016/17 of GBP125m, and over
the last 10 years these have totalled nearly GBP1billion. As a
result of our contributions, good investment returns on the
scheme's assets and the changes to the annual inflation rate
assumed for pension accrued prior to 1997, we announced in January
2017 that the deficit on our defined benefit pension scheme, as
measured in the latest triennial actuarial valuation to 31 March
2016, had nearly halved to GBP479m since 31 March 2013.
In the year ahead, we will press ahead with the consolidation of
our support functions that we announced internally in October. We
are also seeking significant cost reductions across our procurement
spend - especially in contract labour and consultancy support.
Towards the end of 2016 we began limited trials of robotic process
automation and expect to see these develop into a significant
productivity initiative during 2017.
Outlook 2017/18
For the first five weeks of the year, Partnership gross sales
are up 0.5% on last year. Waitrose gross sales are up 0.4% (down
1.4% like-for-like, excluding petrol) and John Lewis gross sales
are up 0.5% (down 1.4% like-for-like).
In the year ahead, trading pressures will continue as a result
of the wider changes taking place in retail. The two major
influences are pricing, where the rate of change in selling prices
is likely to be significantly slower than the rate of change in
input costs as a result of weakness in the Sterling exchange rate,
and the continued shift from shops to online. These factors are
significant for the outlook where we expect both inflationary cost
pressures and competition to intensify in the market as a
whole.
In addition, we expect our short-term profits to be impacted by
significant one-off costs of change as we accelerate aspects of our
strategy to ensure the Partnership's success. However, we start
from a position of strength and our plans will navigate the
Partnership through the uncertainty in the year ahead.
Financial Results
In 2016/17 the Partnership delivered sales growth with both
Waitrose and John Lewis increasing their market shares and customer
numbers. Partnership gross sales were GBP11.37bn, an increase of
GBP355.4m, or 3.2%, on last year. Revenue was GBP10.03bn, up by
GBP277.4m or 2.8%.
Partnership operating profit before Partnership Bonus was
GBP685.4m, up GBP154.0m or 29.0% on last year. This includes
exceptional income of GBP207.2m, as explained in the table below
(2015/16: exceptional income of GBP129.3m). Partnership operating
profit before Partnership Bonus and exceptional items, was
GBP478.2m, up GBP76.1m or 18.9% on last year.
Exceptional items 2016/17 2015/16
GBPm GBPm
Reduction in pension obligation 270.0 -
(a)
Strategic review (b) (42.9) -
Restructuring and redundancy (20.7) -
(c)
Profit on sale of Clearings
building (d) 0.8 129.3
207.2 129.3
-------- --------
a) Income of GBP270.0m for the reduction in the pension
obligation following the announcement that the annual discretionary
increase for pension in retirement built up before 6 April 1997
will be expected to increase in line with CPI inflation (up to a
maximum of 2.5%), instead of RPI inflation (up to a maximum of
5%).
b) Charge of GBP42.9m in Waitrose for the write down of property
and other assets that are no longer intended to be developed or are
now being exited, and related costs, following a strategic review.
In 2015/16, such costs did not meet the criteria of an exceptional
item(6) .
c) Charge of GBP20.7m for restructuring and redundancy costs,
principally in relation to distribution, contact centre and head
office operations (Waitrose GBP4.4m, John Lewis GBP11.8m and
Partnership Services and Group GBP4.5m). In 2015/16, such costs did
not meet the criteria of an exceptional item.
d) Income of GBP0.8m on finalisation of the Clearings sale which
was previously recorded as exceptional.
Profit before Partnership Bonus and tax was GBP577.6m, up
GBP142.8m or 32.8% on last year. Excluding exceptional items, it
was GBP370.4m, up by GBP64.9m or 21.2%.
(6) Exceptional items are those which are both material and
non-recurring.
Waitrose
Gross sales were up 2.7% to GBP6.63bn and we grew market share
and customer numbers. Although like-for-like sales decreased by
0.2%, these improved in the second half of the year.
Operating profit before exceptional items was up 9.0% to
GBP253.5m, as a result of effective management of costs and
improved productivity in branches, supply chain and head offices.
In our core supermarkets, items sold per worked hour improved by
2.4%, and in our distribution centres, cases picked per hour
improved by 2.4%. Exceptional items were a charge of GBP47.3m, and
after including these, operating profit was down 11.3% to
GBP206.2m.
As set out in our half year results, we are shifting our
strategic focus towards investment in our existing shops, with
fewer new shops. This investment will cover the majority of our
branches over the next three years. This regeneration programme
underlines our commitment to high quality and service. It will be
shaped by our successful experience in bakery grazing, other food
service concepts and the outcome of the current trials in our shops
at Barbican and Twyford.
We continue to develop our food service business. We have 121
cafes, 85 bakery grazing areas, 9 juice bars and 7 wine bars in our
branches. Sushi Daily counters, which are operated under licence,
have been rolled out to 24 branches, offering further variety and
excitement in our shops. Convenient options also performed strongly
with Food to Go sales seeing a 7.3% uplift.
We opened five core supermarkets and five convenience shops in
the year, and we closed two convenience shops. In addition, in
February 2017 we announced the proposed closure of four core
supermarkets and two convenience shops. In 2017/18 we plan to open
two core supermarkets and five convenience shops - the first of
which, Faringdon (Oxfordshire) opened in February.
High quality and provenance are at the heart of our brand.
Waitrose 1, our premium range with 766 best-in-class products,
launched in May and is proving to be extremely popular, with a
sales uplift of products in this range of 17.5%. Top selling
products within the range include Scottish Salmon Fillets, sour
dough bread and Croissants made with Charente Butter.
To drive productivity and build on our excellence in customer
service we have been successfully piloting our Working Flexibly
model in a number of branches. This is about fewer but better
trained, multi-skilled Partners doing the right task in the right
way at the right time, supported by managers with broader
accountability across the whole branch. Encouraged by the results,
we plan to roll this model out to all our core supermarkets by the
end of July.
We continue to seek new growth opportunities. Our export sales
grew by 14.9% with a new partnership with British Corner Shop - an
online retailer for people in more than 100 countries - and a new
export deal with the Alibaba Group, which allows us to sell
products in China for the first time.
John Lewis
Against a backdrop of a changing and competitive retail
landscape, John Lewis has continued to outperform the market. Gross
sales were up 4.0% to GBP4.74bn, with strong like-for-like sales
growth of 2.7%.
Operating profit before exceptional items was slightly down at
GBP243.2m, 2.8% lower than last year. We have invested in our
supply chain to ensure we were able to support a large, faster and
more convenient multi-channel business and this showed in the
second half of the year, as the investments made enabled a
strengthening performance with operating profit before exceptional
items up 3.8%. Exceptional items were a charge of GBP11.8m, and
after including these, the full year operating profit was down 7.5%
to GBP231.4m.
During the year we continued to focus on the customer, building
a business which allows customers to combine convenient online
shopping with visiting shops which provide inspiration and
experiences. Our customer numbers increased by 2.7% this year to
12.1million.
All three product areas saw gross sales growth. In our product
offer, we have invested in our in-house design capability to grow
our own-brand fashion and home credentials, and combined this with
exclusive branded ranges.
-- EHT sales were up 6.8%. We opened Smart Home areas in three shops, leading to a 16.7% increase for Audio
and Smart Home. New products such as the Dyson Supersonic hairdryer and an exclusive high street launch of
the Oculus Rift helped to drive sales.
-- Fashion sales were up 3.8%. Our first own-brand luxury label, modern rarity, boosted our own-brand womenswear (up
6.8%), and we were the first high street retailer to stock online brands Hush and Finery. A GBP9m investment in
our beauty halls helped Beauty sales increase by 6.7%.
-- Home sales were up 3.0%. The launch of our own-brand Design Project range further established our credentials
as a destination for quality and beautifully designed products and will support our ambition to reach GBP1bn
own-brand sales. We also launched exclusive collaborations with external brands including Loaf and Leon.
We integrated our online platforms so that our mobile, desktop
and app can seamlessly offer the same shopping experience whichever
platform our customers use. Total online sales were up 16.2%. We
opened two new shops in Chelmsford and Leeds - our most
experiential shop to date and our second &Beauty spa - and
later this year we will open a shop in Oxford. Sales in our shops
were down 1.0%.
We completed our investment in two new distribution centres at
Magna Park in Milton Keynes, allowing us to combine fashion and
non-fashion deliveries to deepen efficiencies and deliver orders to
our customers in fewer parcels. We also invested in a dedicated
content hub in West London, where our Partners deliver creative
content and photography.
Internationally, we expanded our physical and online
international footprint by opening ten shops-in-shops in Australia,
Malaysia, Ireland, and Holland, and extended our online
international delivery locations from 32 to 39 countries. At the
end of this month we will open our largest shop-in-shop to date in
Dubai.
We rebranded our financial services business under a new John
Lewis Finance umbrella, and relaunched Partnership Card to offer
contactless payments.
Partnership Services and Group
Partnership Services and Group includes the operating costs for
our Group offices and shared services, the costs for
pan-Partnership initiatives and transformation programmes, and
certain pension operating costs. Partnership Services and Group net
operating costs (before exceptional items) increased by GBP5.1m or
13.5%, principally reflecting additional costs supporting
initiatives to either drive sales growth through new business
opportunities or to reduce costs through increased productivity.
However, overall costs (before exceptional items) decreased by
GBP62.2m to GBP18.5m, largely due to the decrease in pension
operating costs.
Going forwards, Partnership Services will not operate as a
standalone division. The Finance, IT and Personnel shared service
operations have become part of the end-to-end responsibility of the
respective pan-Partnership function which will provide a platform
for improved service delivery and lower costs in the future.
Investment in the future
Capital investment in 2016/17 was GBP419.3m, a decrease of
GBP74.5m (15.1%) on the previous year. Investment in Waitrose was
GBP161.5m, down GBP63.0m (28.1%) on the previous year, and in John
Lewis investment was GBP230.7m, up GBP3.0m (1.3%).
We have continued to focus our investment in IT and
distribution, which now represents 62% of our total capital
investment, up from 50% last year. In addition, as set out in our
half year results, we have decided to prioritise future investment
in Waitrose in our existing shops ahead of new space.
Pensions
The pension operating cost (before exceptional items) was
GBP187.9m, a decrease of GBP57.4m or 23.4% on the prior year costs,
reflecting the impact of our move to a hybrid pension scheme
combining defined benefit and defined contribution pensions from
April 2016, as well as an increase in the real discount rate used
to determine the cost to 0.70% at the beginning of the year from
0.35% at the beginning of the previous year. Pension finance costs
were GBP29.6m, a decrease of GBP7.3m or 19.8% on the prior year,
reflecting a reduction due to a lower accounting pension deficit at
the beginning of the year than at the beginning of the previous
year. As a result, total pension costs (before exceptional items)
were GBP217.5m, a decrease of GBP64.7m or 22.9% on the prior
year.
In January 2017 we announced that the annual discretionary
increase for pension in retirement built up before 6 April 1997
will be expected to increase in line with CPI inflation (up to a
maximum of 2.5%), instead of RPI inflation (up to a maximum of 5%).
This has resulted in a reduction in pensions obligations of
GBP270.0m and this change is classified as exceptional income.
In January 2017 we also concluded the triennial actuarial
valuation of our defined benefit pension scheme as at 31 March 2016
with a deficit of GBP479m. This was significantly lower than the
deficit of GBP840m at the previous valuation in March 2013. We have
agreed the ongoing contribution rate for the defined benefit
pension of 10.4% of members' gross taxable pay, down from 16.4%,
and put in place a plan to eliminate the deficit over a 10 year
period. This includes cash contributions of GBP303m, of which
GBP208m has been paid to date and the remainder is due to be paid
over the 9 years to 31 March 2026. The balance of the deficit is
expected to be met by investment returns on the scheme's
assets.
The total accounting pension deficit at 28 January 2017 is
expected to be approximately GBP1bn, which is higher than the
GBP940m deficit at 30 January 2016. Pension fund assets have
increased to more than GBP5bn. However, despite the reduction in
pension obligations following the change to annual discretionary
pension increases, the accounting valuation of pension fund
liabilities has increased to more than GBP6bn, mainly reflecting a
decrease in the real discount rate used to value the liabilities to
-0.50% at January 2017 compared to 0.70% at January 2016, due to
historically low bond yields. This decrease in the real discount
rate will be the main factor for driving an increase in our pension
operating costs for the next financial year, the year ending 27
January 2018, which we expect to be approximately GBP30m
higher.
Financing
At 28 January 2017, net debt was GBP250.6m, a decrease of
GBP121.9m (32.7%) in the year, reflecting our focus on cash
generation and the reduction in capital investment. During the year
we repaid our GBP58m Retail Bond issued in 2011 and we cancelled
and repaid expensive preference stock, all through our cash
reserves. We have refinanced our main committed credit facility,
increasing it from GBP325m to GBP450m, and extending the maturity
to November 2021, whilst lowering the 'cost per GBP' of the
facility.
Net finance costs on borrowings and investments decreased by
GBP3.1m (5.1%) to GBP58.2m, mainly reflecting reduced finance costs
following the repayment of the Partnership Bond in April 2016.
After including the financing elements of pensions and long service
leave and non-cash fair value adjustments, net finance costs
increased by GBP11.2m (11.6%) to GBP107.8m, impacted by higher long
leave financing costs arising from volatility in market driven
assumptions.
Sustainability
Issues of environmental and social sustainability are becoming
ever more important to our long term success. As such, our strategy
continues to be underpinned by the values that our founder
expressed through the Constitution - in particular our
responsibilities not only towards our Partners and customers, but
also the communities in which we operate, our suppliers and the
environment. This year we have put significant effort behind
tracing key raw materials back to source, reducing our operational
environmental footprint and continuing to support Partners'
contribution to the communities in which we operate. Further
details on our strategy and performance can be found on
www.johnlewispartnership.co.uk/csr.html.
Enquiries
For further information please contact:
Citigate Dewe Rogerson
Simon Rigby / Jos Bieneman 020 7638 9571
John Lewis Partnership
Simon Fowler, Director of Communications 07710 398460
Katie Robson, Group Senior External Communications Manager 07764
675608
John Lewis
Peter Cross, Director, Communications 07764 697674
Gillian Taylor, Head of External Communications 07919 057931
Waitrose
Christine Watts, Communications Director 07764 676414
Graeme Buck, Head of Communications 07703 379561
Debt investors
Alan Drew, Head of Treasury & Corporate Finance 07525
582955
Lynn Lochhead, Assistant Group Treasurer 07834 770684
Notes to editors
The John Lewis Partnership - The John Lewis Partnership operates
48 John Lewis shops across the UK, johnlewis.com, 352 Waitrose
shops, waitrose.com and business to business contracts in the UK
and abroad. The business has annual gross sales of over GBP11bn. It
is the UK's largest example of an employee-owned business where all
86,700 staff are Partners in the business.
Waitrose - winner of the Best Supermarket(1) and Best Food
Retailer(2) awards - currently has 352 shops in England, Scotland,
Wales and the Channel Islands, including 63 convenience branches,
and another 27 shops at Welcome Break locations. It combines the
convenience of a supermarket with the expertise and service of a
specialist shop - dedicated to offering quality food that has been
responsibly sourced, combined with high standards of customer
service. Waitrose also exports its products to 58 countries
worldwide and has eight shops which operate under licence in the
Middle East. Waitrose's omnichannel business includes the online
grocery service, Waitrose.com, as well as specialist online shops
including waitrosecellar.com for wine.
(1) Which? Customer Survey
(2) Verdict Customer Satisfaction Awards
John Lewis - John Lewis operates 48 John Lewis shops across the
UK (34 department stores, 12 John Lewis at home and shops at St
Pancras International and Heathrow Terminal 2) as well as
johnlewis.com. John Lewis, 'Best In-Store Experience 2016', 'Best
Clothing Retailer 2016', 'Best Electricals Retailer 2016', 'Best
Furniture Retailer 2016' and 'Best Homewares Retailer 2016' and
'Best Click & Collect Retailer 2016'(3), typically stocks more
than 350,000 separate lines in its department stores across
fashion, home and technology. Johnlewis.com stocks over 280,000
products, and is consistently ranked one of the top online shopping
destinations in the UK. John Lewis Insurance offers a range of
comprehensive insurance products - home, car, wedding and event,
travel and pet insurance and life cover - delivering the values of
expertise, trust and customer service expected from the John Lewis
brand.
(3) Verdict Consumer Satisfaction Awards 2016
You can follow John Lewis on the following social media
channels:
www.johnlewis.com/twitter
www.johnlewis.com/facebook
www.johnlewis.com/youtube
John Lewis Partnership plc
UNAUDITED RESULTS FOR THE 52 WEEKS ENDED 28 JANUARY
2017
2016/17 2015/16 Change
GBPm GBPm %
GROSS SALES (including
VAT)
Waitrose 6,633.2 6,461.4 2.7
John Lewis 4,741.0 4,557.4 4.0
Gross sales 11,374.2 11,018.8 3.2
--------------------------------- ------------ ----------- -------
REVENUE
Waitrose 6,245.5 6,086.0 2.6
John Lewis 3,780.7 3,662.8 3.2
Revenue 10,026.2 9,748.8 2.8
------------------------------------ ------------ ----------- -------
OPERATING PROFIT (before
PB and exceptional items)
Waitrose 253.5 232.6 9.0
John Lewis 243.2 250.2 (2.8)
------------------------------------ ------------ ----------- -------
496.7 482.8 2.9
Partnership Services
and Group (18.5) (80.7) 77.1
Operating profit before PB
and exceptional items 478.2 402.1 18.9
Exceptional items 207.2 129.3 60.2
--------------------------------- ------------ ----------- -------
Operating profit before PB 685.4 531.4 29.0
Net finance costs (107.8) (96.6) (11.6)
--------------------------------- ------------ ----------- -------
Profit before PB and tax 577.6 434.8 32.8
Partnership Bonus (89.4) (145.0) 38.3
--------------------------------- ------------ -------
Profit before tax 488.2 289.8 65.4
--------------------------------- ------------ ----------- -------
Profit before PB, tax and
exceptional items 370.4 305.5 21.2
--------------------------------- ------------ ----------- -------
Notes
1. This statement does not constitute a preliminary
announcement. These results are subject to audit.
The Annual Report & Accounts for 2016/17 will be published
in April 2017.
This information is provided by RNS
The company news service from the London Stock Exchange
END
FR JPMLTMBMMBLR
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