RNS Number:3104S
John David Group (The) PLC
15 April 2008
15 April 2008
THE JOHN DAVID GROUP PLC
PRELIMINARY RESULTS
FOR THE 53 WEEKS ENDED 02 FEBRUARY 2008
The John David Group Plc (the "Group"), the leading retailer of sport and
athletic inspired fashion apparel and footwear, today announces its Preliminary
Results for the 53 weeks ended 02 February 2008.
2008 2007
�000 �000 % Change
Revenue 592,240 530,581 +12%
======== ========
Gross profit % 49.2% 47.5%
======== ========
Operating profit (before net financing costs,
exceptional 44,019 27,301 +61%
items and share of results of joint venture) ======== ========
Profit before tax and exceptional items 43,407 25,066 +73%
Exceptional items (8,404) (7,799)
-------- --------
Profit before tax 35,003 17,267 +103%
======== ========
Basic earnings per ordinary share 48.79p 21.52p +127%
Adjusted basic earnings per ordinary share (see 57.05p 36.41p +57%
note 3)
Total dividend payable per ordinary share 8.50p 7.20p +18%
Net cash at end of period (1) 11,752 10,932
(1) Net cash consists of cash and cash equivalents together with interest
bearing loans and borrowings, loan notes and finance lease and hire purchase
contracts.
Highlights
* Total revenue increased by 11.6% in the year and by 11.1% on a like
for like basis (Sports Fascias 11.3%; Fashion Fascias (excluding Bank) 7.6%).
* Gross margin improved from 47.5% to 49.2%.
* Group profit before tax and exceptional items up 73% to �43.4 million
(2007: �25.1 million).
* Profit before tax up 103% to �35.0m (2007: �17.3m).
* Positive net cash position maintained at �11.7 million (2007: �10.9 million)
after acquisitions, investments and associated asset purchases in the
year totalling �31.3m and net capital expenditure of �21.0 million (2007:
�5.2 million).
* Exceptional items of �8.4m from the continuing store portfolio
rationalisation.
* Final dividend payable increased by 25% to 6.0p (2007: 4.8p) bringing the
total dividends payable for the year up to 8.5p (2007: 7.2p), an increase of
18%.
Peter Cowgill, Executive Chairman, said:
"This has been a further period of very substantial progress for the Group with
excellent organic sales growth and margin enhancement. Group profit before tax
has increased by over 100% in the year (and by 73% pre-exceptionals) through
strong buying, merchandising and own brand performance.
"The Group's recent strong performance with regards to like for like sales and
gross margins means that further improvement in these areas is becoming more
challenging. Furthermore, despite recent and current performance, the current
economic climate and outlook dictates a note of prudence. The Board is therefore
cautious about the extent of future growth in earnings."
Enquiries:
The John David Group Plc Tel: 0870 873 0333
Peter Cowgill, Executive Chairman
Barry Bown, Chief Executive
Brian Small, Finance Director
Hogarth Partnership Limited Tel: 020 7357 9477
Andrew Jaques
Barnaby Fry
Sarah Richardson
EXECUTIVE CHAIRMAN'S STATEMENT
INTRODUCTION
The 53 weeks ended 02 February 2008 have been a further period of very
substantial progress for the Group with excellent organic sales growth and
margin enhancement. We have improved our profit before tax and exceptional items
by 73% in the year to �43.4 million (2007: �25.1 million). This follows on from
a 51% increase last year.
Group profit before tax has increased by 103% in the year to �35.0 million
(2007: �17.3 million) and Group profit after tax has increased by 127% to �23.6
million (2007: �10.4 million).
Group operating profit (before exceptional items) for the year was up 61% to
�44.0 million (2007: �27.3 million) and comprises a Sports Fascias profit of
�45.6 million (2007: �29.7 million) and a Fashion Fascias loss of �1.6 million
(2007: loss of �2.4 million).
ACQUISITIONS
On 07 December 2007 the Group significantly increased the Fashion Fascias store
base with the addition of 49 Bank Fashion stores through the acquisition of Bank
Stores Holdings Limited ("Bank") for a total cash cost (including fees and
repayment of debt) of �18.6 million. Bank made a positive contribution to the
operating profit of the Fashion Fascias in the second half of the year of
�434,000, helped by Christmas trading.
The Group also made two smaller strategic stake acquisitions in other businesses
in the second half. 49% of Focus Brands Limited, a designing, licensing, and
sourcing wholesaler, was acquired at a cost of �3.0 million (including fees and
loans of �2.5 million made to the business) on 03 December 2007. This deal was
part of a package in which the Sergio Tacchini sub-licensed UK brand rights were
also acquired directly by JD as well as a freehold property in St Albans which
continues to be occupied by Focus at an arm's length rent. The results of Focus
for the short post-acquisition period are presented as 'Share of results of
joint venture'.
Additionally, on 07 November 2007, 51% of Topgrade Sportswear Limited was
acquired for a consideration of �1.2 million (including fees). We took the
decision to acquire this wholesaler of end-of-line stock because of its buying
strength and trading knowledge, which were considered a foundation for further
business development. The results of this business had no material impact on the
Group results for the 53 weeks ended 02 February 2008.
SPORTS FASCIAS
The Sports Fascias' turnover increased by 10.5% during the period to �544.4
million (2007: �492.8 million) with like for like sales for the year up 11.3%.
Gross margin rose to 49.9% (2007: 47.6%) as a result of continuing growth in own
brand sales.
The performance of our principal Sports Fascias, JD and Size, has been very
strong during the last year as a result of the current management team's
consistent strategy over the last four years of eliminating underperforming
stores, improving gross margins and reducing terminal stocks. The performance of
the buying, merchandising and own brand departments has been excellent.
In addition, the Group has conducted an ambitious programme of store development
with 13 new store openings and 28 store refurbishments. This programme will
continue through most of 2008 and represents the most substantial refurbishment
programme the Group has ever undertaken. These store refurbishments often result
in full store closures for a number of weeks but we expect this to be justified
by the subsequent performance. We have also made our most significant investment
to date in merchandising systems and training during the year.
FASHION FASCIAS
The Fashion Fascias now have two separately managed young branded fashion
businesses trading as Scotts and Bank.
The Scotts Fascia rationalisation has continued throughout the past year with
underperforming stores continuing to be eliminated and the remaining ATH- and AV
stores being converted to the Scotts Fascia. There is now only one ATH- store
remaining in the 38 store portfolio. The Open Fascia no longer trades following
the disposal of Glasgow Open in September 2007.
In spite of a positive like for like sales performance in Scotts of 7.6% for the
year, turnover for this business declined to �34.5 million (2007: �37.7 million)
as a result of the store disposal programme. Six underperforming stores were
closed in the year. Losses were borne in most of these stores before they were
disposed of, meaning that the results suffered from the early year losses, and
did not benefit from the normal anticipated Christmas trading period profit in
the year. Gross margin declined to 44.0% (2007: 46.3%), principally as a result
of a clearance of stock following both the closure of Glasgow Open and a
substantial change in the management team mid year. Like for like sales and
margin performance have been encouraging so far this year.
Last year we noted that the young branded fashion sector remained competitive
and that we believed the Fashion Fascias would only deliver profit to the Group
when its major property issues were resolved. The disposals within Scotts this
year represent significant steps towards this goal. We are now very focussed on
improving the buying and merchandising decisions to deliver results from this
Fascia. The head office of Scotts is being transferred to the Group's offices in
Bury in the next month and we believe that this move will further assist this
objective.
The acquisition of Bank gives the Group the opportunity to develop our presence
in the young aspirational fashion sector and consequently provide a platform for
growth through rollout. However, in advance of any rollout, the management team
will need to ensure that the store model and brand offer can produce appropriate
returns from such expansion. We also expect the head office of Bank to move into
the Group's offices in Bury in May 2008.
GROUP PERFORMANCE
Revenue
Total revenue increased by 11.6% in the year to �592.2 million (2007: �530.6
million) as a result of the Group's positive like for like sales performance of
11.1% (excluding the acquired Bank stores), combined with the turnover from the
acquisitions made in the year and a full year effect from the ex Hargreaves
Airport stores.
Gross margin
We are pleased with the progress made in enhancing Group gross margin from 47.5%
to 49.2%. Further progress on gross margin will be much more difficult to
achieve because the scope both for stock management improvement and expansion of
own brand penetration is now much reduced.
Overheads
Selling and distribution overheads (excluding exceptionals), which include all
store costs, have been well contained with an increase of 6% against a sales
increase of 12% but normal administrative overheads have increased to �25.8m
from �17.4m. This latter increase includes provision for �4m of a �5m loyalty
and retention package for the Executive Chairman, designed to ensure that he
stays with the business for at least another two years. �3m of this was paid in
March 2008 and the final two payments of �1m each will be made in March 2009 and
March 2010, 50% of each further payment being dependent on performance. Further
details of this and of LTIP schemes which will incentivise retention and
performance for the wider executive management team will be published in the
Remuneration Report and the Shareholder Circular to be sent to shareholders
shortly. The LTIP schemes will require shareholder approval. The administrative
overheads also include substantial increases in systems consultancy and
merchandising training associated with improvements in merchandise planning and
stock management.
Operating profits and results
Operating profit before net financing costs, exceptional items and share of
results of joint ventures increased by �16.7 million to �44.0 million (2007:
�27.3 million) which represents a 61% increase on last year. Group operating
margin (before net financing costs, exceptional items and share of results of
joint venture) has therefore increased to 7.4% (2007: 5.1%).
Although exceptional items increased slightly to �8.4 million (2007: �7.8
million), Group operating profit after exceptional items but before share of
results of joint ventures and net financing costs rose sharply from �19.5
million to �35.6 million.
The exceptional items comprise:
�m
Lease variation costs 2.9
Impairment of fixed assets in underperforming stores 2.5
Loss on disposal of fixed assets 3.0
--------
Total exceptional charge 8.4
--------
The lease variation costs were incurred in negotiating break options in onerous
leases for stores in Liverpool, Gateshead Metrocentre and Glasgow Open. The
impairment charge is on a further seven Sports stores and seven Fashion stores
which are earmarked for disposal if suitable deals can be negotiated.
Debt reduction and working capital
Net financing costs are down from �2.2 million to �0.5 million as a result of
continuing core debt reduction.
Year end net cash of �11.7 million represented a �0.8m improvement on the
position at January 2007 (�10.9 million). This net cash balance has been
achieved after expenditure on acquisitions, investments and associated asset
purchases in the year totalling �31.3 million and net capital expenditure of
�21.0 million (2007: �5.2 million). Gross capital expenditure was �19.8 million
(2007: �14.1 million) being �18.9 million in the Sports Fascias and �0.9 million
in the Fashion Fascias. The capital expenditure in the year included �7.8
million on new stores and �10.2 million on refurbishments. Investment in the
store portfolio is likely to increase in the current year with three new Sports
Fascias stores already having been opened since the year end.
Excluding the impact from acquisitions, stocks were reduced in the year by a
further �0.9 million. The other major element of our working capital that has
changed significantly has been trade and other payables within current
liabilities which have increased by �21.5 million to �80.4 million. The
acquisitions have contributed �13.4 million of this increase. Suppliers continue
to be paid to agreed terms and settlement discounts are taken.
STORE PORTFOLIO
We have continued working hard to rationalise our store portfolio and it is
pleasing to be reporting further substantial progress this year. We have closed
a further 36 underperforming stores during the period with three further stores
in the Sports Fascias having been closed since the year end. This programme is
now much closer to completion although we continue to find that new developments
render older locations redundant whether or not we take new stores in those
developments.
During the year, store numbers moved as follows:
Sports Fascias
Units '000 sq ft
Start of year 362 1,098
New stores 13 45
Closures (30) (54)
------- ---------
Close of year 345 1,089
------- ---------
Fashion Fascias
Units '000 sq ft
Start of year 44 117
Acquisition Of Bank Fashion 49 106
Closures (6) (32)
------- ---------
Close of year 87 191
------- ---------
DIVIDENDS AND EARNINGS PER ORDINARY SHARE
The Board proposes paying a final dividend of 6.00p (2007: 4.80p) bringing the
total dividend payable for the year to 8.50p (2007: 7.20p) per ordinary share.
The proposed final dividend will be paid on 04 August 2008 to all shareholders
on the register at 09 May 2008. The final dividend has been increased by 25%
with total dividends payable for the year increased by 18%.
The adjusted earnings per ordinary share before exceptional items was 57.05p
(2007: 36.41p).
The basic earnings per ordinary share was 48.79p (2007: 21.52p).
CURRENT TRADING AND OUTLOOK
Given the weather and the timing of Easter, trading since the year end has been
encouraging with like for like sales for the Sports Fascias for the 10 weeks
ended 12 April 2008 up 4.0%. The Fashion Fascias have also had an encouraging
start to the year with like for like sales for the same 10 week period up 4.9%.
The Group like for like sales for this 10 week period are therefore up 4.2%.
In the current year, the Group is operating against exceptionally strong
comparatives. Additionally, the Focus and Topgrade investments are not expected
to produce returns in the next two years, other than of a defensive nature. The
Group's recent strong performance with regards to like for like sales and gross
margins means that further improvement in these areas is becoming more
challenging. Furthermore, despite recent and current performance, the current
economic climate and outlook dictates a note of prudence. The Board is therefore
cautious about the extent of future growth in earnings.
EMPLOYEES
The Group's excellent results would not have been possible without the support
of a dedicated and large workforce for which the Board are very grateful. We are
committed to continue increasing training and other support to enhance both
their career prospects and our own customer service.
Peter Cowgill
Executive Chairman
15 April 2008
CONSOLIDATED INCOME STATEMENT
for the 53 weeks ended 02 February 2008
53 weeks to 52 weeks to
02 February 2008 27 January 2007
Continuing Continuing
Operations Operations
Note �000 �000
REVENUE 592,240 530,581
Cost of sales (300,813) (278,331)
--------------------------------------------------------------------------------
GROSS PROFIT 291,427 252,250
Selling and distribution expenses -
normal (222,720) (209,270)
Selling and distribution expenses -
exceptional (8,404) (3,799)
Administrative expenses - normal (25,774) (17,409)
Administrative expenses - exceptional - (4,000)
Other operating income 1,086 1,730
--------------------------------------------------------------------------------
OPERATING PROFIT 35,615 19,502
--------------------------------------------------------------------------------
Before exceptional items 44,019 27,301
Exceptional items 2 (8,404) (7,799)
--------------------------------------------------------------------------------
OPERATING PROFIT 35,615 19,502
Share of results of joint venture (145) -
Financial income 297 177
Financial expenses (764) (2,412)
--------------------------------------------------------------------------------
PROFIT BEFORE TAX 35,003 17,267
Income tax expense (11,416) (6,879)
--------------------------------------------------------------------------------
PROFIT FOR THE PERIOD 23,587 10,388
--------------------------------------------------------------------------------
Attributable to equity holders of
the parent 23,549 10,388
Attributable to minority interest 38 -
--------------------------------------------------------------------------------
Basic earnings per ordinary share 3 48.79p 21.52p
--------------------------------------------------------------------------------
Diluted earnings per ordinary share 3 48.79p 21.52p
--------------------------------------------------------------------------------
The Group has no recognised gains or losses other than the results reported
above.
CONSOLIDATED BALANCE SHEET
as at 02 February 2008
As at As at
02 February 2008 27 January 2007
�000 �000
ASSETS
Intangible assets 41,371 20,562
Property, plant and equipment 53,622 41,919
Other receivables 5,025 2,753
Investment property 4,151 -
Equity accounted investment
in joint venture 360 -
--------------------------------------------------------------------------------
TOTAL NON-CURRENT ASSETS 104,529 65,234
--------------------------------------------------------------------------------
Inventories 58,669 51,469
Trade and other receivables 15,899 13,012
Cash and cash equivalents 11,969 11,230
--------------------------------------------------------------------------------
TOTAL CURRENT ASSETS 86,537 75,711
--------------------------------------------------------------------------------
TOTAL ASSETS 191,066 140,945
--------------------------------------------------------------------------------
LIABILITIES
Interest bearing loans and borrowings (134) (106)
Trade and other payables (80,389) (58,849)
Provisions (1,893) (2,130)
Income tax liabilities (9,147) (3,477)
--------------------------------------------------------------------------------
TOTAL CURRENT LIABILITIES (91,563) (64,562)
--------------------------------------------------------------------------------
Interest bearing loans and borrowings (83) (192)
Other payables (11,839) (8,189)
Provisions (4,726) (4,829)
Deferred tax liabilities (46) (1,571)
--------------------------------------------------------------------------------
TOTAL NON-CURRENT LIABILITIES (16,694) (14,781)
--------------------------------------------------------------------------------
TOTAL LIABILITIES (108,257) (79,343)
--------------------------------------------------------------------------------
TOTAL ASSETS LESS TOTAL LIABILITIES 82,809 61,602
--------------------------------------------------------------------------------
CAPITAL AND RESERVES
Issued ordinary share capital 2,413 2,413
Share premium 10,823 10,823
Retained earnings 69,573 48,366
--------------------------------------------------------------------------------
TOTAL EQUITY 82,809 61,602
--------------------------------------------------------------------------------
ATTRIBUTABLE TO EQUITY HOLDERS OF THE PARENT 81,627 61,602
ATTRIBUTABLE TO MINORITY INTEREST 1,182 -
RECONCILIATION OF MOVEMENT IN CAPITAL AND RESERVES
as at 02 February 2008
Issued
Ordinary
Share Share Retained Minority Total
Capital Premium Earnings Interest Equity
�000 �000 �000 �000 �000
Balance at 28 January 2006 2,413 10,823 41,357 - 54,593
Total recognised
income and expense - - 10,388 - 10,388
Dividends - - (3,379) - (3,379)
--------------------------------------------------------------------------------
Balance at 27 January 2007 2,413 10,823 48,366 - 61,602
Minority interest on
acquisition - - - 1,144 1,144
Total recognised
income and expense - - 23,549 38 23,587
Dividends - - (3,524) - (3,524)
--------------------------------------------------------------------------------
Balance at 02 February 2008 2,413 10,823 68,391 1,182 82,809
--------------------------------------------------------------------------------
CONSOLIDATED STATEMENT OF CASH FLOWS
for the 53 weeks ended 02 February 2008
53 weeks to 52 weeks to
02 February 2008 27 January 2007
�000 �000
CASH FLOWS FROM OPERATING ACTIVITIES
Profit for the period 23,587 10,388
Share of results of joint venture 145 -
Income tax expense 11,416 6,879
Financial expenses 764 2,412
Financial income (297) (177)
Depreciation and amortisation of non-current assets 12,421 11,888
Impairment of non-current assets 2,535 5,482
Loss / (profit) on disposal of non-current assets 3,015 (1,491)
Decrease in inventories 2,955 5,299
Decrease / (increase) in trade and other receivables 1,396 (475)
Increase in trade and other payables and provisions 6,877 1,488
Interest paid (764) (2,412)
Income taxes paid (7,619) (1,712)
-----------------------------------------------------------------------------------------
NET CASH FROM OPERATING ACTIVITIES 56,431 37,569
-----------------------------------------------------------------------------------------
CASH FLOWS FROM INVESTING ACTIVITIES
Interest received 297 177
Proceeds from sale of non-current assets 1,257 11,099
Disposal costs of non-current assets (2,432) (2,188)
Acquisition of intangible assets (4,279) -
Acquisition of property, plant and equipment (19,407) (13,665)
Acquisition of investment property (4,160) -
Acquisition of non-current other receivables (389) (434)
Cash consideration of acquisitions net of cash acquired (1,135) (5,000)
Investment in joint venture (505) -
Amounts loaned to joint venture (2,479) -
-----------------------------------------------------------------------------------------
NET CASH USED IN INVESTING ACTIVITIES (33,232) (10,011)
-----------------------------------------------------------------------------------------
CASH FLOWS FROM FINANCING ACTIVITIES
Repayment of interest bearing loans and borrowings (18,917) (22,000)
Payment of finance lease and hire purchase contracts (19) (285)
Dividends paid (3,524) (3,379)
-----------------------------------------------------------------------------------------
NET CASH USED IN FINANCING ACTIVITIES (22,460) (25,664)
-----------------------------------------------------------------------------------------
NET INCREASE IN CASH AND CASH EQUIVALENTS 739 1,894
-----------------------------------------------------------------------------------------
CASH AND CASH EQUIVALENTS AT THE BEGINNING OF THE PERIOD 11,230 9,336
-----------------------------------------------------------------------------------------
CASH AND CASH EQUIVALENTS AT THE END OF THE PERIOD 11,969 11,230
-----------------------------------------------------------------------------------------
ANALYSIS OF NET CASH
as at 02 February 2008
At 27 On At 02
January Acquisition February
2007 Of Subsidiary Cashflow 2008
�000 �000 �000 �000
Cash at bank and in hand 11,230 189 550 11,969
--------------------------------------------------------------------------------
Cash and cash equivalents 11,230 189 550 11,969
Interest bearing loans
and borrowings
Current - (18,796) 18,796 -
Loan notes (287) - 121 (166)
Finance lease and hire
purchase contracts (11) (59) 19 (51)
--------------------------------------------------------------------------------
10,932 (18,666) 19,486 11,752
--------------------------------------------------------------------------------
1. SEGMENTAL ANALYSIS
The Group manages its business activities through two Divisions - Sport and
Fashion. Revenue and costs for the 53 weeks ended 02 February 2008 are readily
identifiable for each segment.
The Divisional results for the 53 weeks to 02 February 2008 are as follows:
INCOME STATEMENT Sport Fashion Total
�000 �000 �000
Revenue 544,372 47,868 592,240
--------------------------------------------------------------------------------------
Operating profit/(loss) before financing
and exceptional items 45,615 (1,596) 44,019
Exceptional items (8,574) 170 (8,404)
--------------------------------------------------------------------------------------
Operating profit / (loss) 37,041 (1,426) 35,615
Share of results of joint venture (145)
Financial income 297
Financial expenses (764)
--------------------------------------------------------------------------------------
Profit before tax 35,003
Income tax expense (11,416)
--------------------------------------------------------------------------------------
Profit for the period 23,587
--------------------------------------------------------------------------------------
The Board consider that share of results of joint venture and net funding costs are
cross-divisional in nature and cannot be allocated between the Divisions in a
meaningful way.
BALANCE SHEET Sport Fashion Unallocated Total
�000 �000 �000 �000
Total assets 127,546 47,260 16,260 191,066
--------------------------------------------------------------------------------------
Total liabilities (80,450) (18,614) (9,193) (108,257)
--------------------------------------------------------------------------------------
Unallocated assets and liabilities relate to items which are cross-divisional including
interest in joint venture, tax, elements of goodwill and bank debt.
OTHER SEGMENT INFORMATION Sport Fashion Total
�000 �000 �000
Capital expenditure:
Property, plant and equipment 18,491 916 19,407
Investment property 4,160 - 4,160
Non-current other receivables 373 16 389
Goodwill on acquisition - 11,109 11,109
Other intangible assets 4,279 5,481 9,760
--------------------------------------------------------------------------------------
Depreciation, amortisation and impairments:
Depreciation and amortisation of
non-current assets 10,918 1,503 12,421
Impairment of non-current assets 1,500 1,035 2,535
--------------------------------------------------------------------------------------
The comparative Divisional results for the 52 weeks to 27 January 2007 are as
follows:
INCOME STATEMENT Sport Fashion Total
�000 �000 �000
Revenue 492,833 37,748 530,581
--------------------------------------------------------------------------------------
Operating profit/(loss) before financing
and exceptional items 29,658 (2,357) 27,301
Exceptional items (4,786) (3,013) (7,799)
--------------------------------------------------------------------------------------
Operating profit / (loss) 24,872 (5,370) 19,502
Financial income 177
Financial expenses (2,412)
--------------------------------------------------------------------------------------
Profit before tax 17,267
Income tax expense (6,879)
--------------------------------------------------------------------------------------
Profit for the period 10,388
--------------------------------------------------------------------------------------
The Board consider that net funding costs are cross-divisional in nature and cannot
be allocated between the Divisions in a meaningful way.
BALANCE SHEET Sport Fashion Unallocated Total
�000 �000 �000 �000
Total assets 110,792 14,253 15,900 140,945
--------------------------------------------------------------------------------------
Total liabilities (54,650) (19,645) (5,048) (79,343)
--------------------------------------------------------------------------------------
Unallocated assets and liabilities relate to items which are cross-divisional
including tax, goodwill and bank debt.
OTHER SEGMENT INFORMATION Sport Fashion Total
�000 �000 �000
Capital expenditure:
Property, plant and equipment 11,045 2,620 13,665
Non-current other receivables 339 95 434
Goodwill on acquisition 4,045 - 4,045
--------------------------------------------------------------------------------------
Depreciation, amortisation and impairments:
Depreciation and amortisation of
non-current assets 10,625 1,263 11,888
Impairment of non-current assets 2,840 2,642 5,482
--------------------------------------------------------------------------------------
The financial operation and assets of the Group are principally located in the
United Kingdom. Accordingly, no geographical analysis is presented.
2. EXCEPTIONAL ITEMS
53 weeks to 52 weeks to
02 February 27 January
2008 2007
�000 �000
Loss / (profit) on disposal of
non-current assets 3,015 (1,491)
Provision for rentals on onerous property
leases - 1,558
Impairment of property, plant and equipment 2,535 1,482
Lease variation costs 2,854 2,250
--------------------------------------------------------------------------------
Selling and distribution expenses -
exceptional 8,404 3,799
--------------------------------------------------------------------------------
Impairment of intangible assets - 4,000
--------------------------------------------------------------------------------
Administrative expenses - exceptional - 4,000
--------------------------------------------------------------------------------
8,404 7,799
--------------------------------------------------------------------------------
3. EARNINGS PER ORDINARY SHARE
Basic and diluted earnings per ordinary share
The calculation of basic and diluted earnings per ordinary share at 02 February
2008 is based on the profit attributable to ordinary shareholders of �23,549,000
(2007: �10,388,000) and a weighted average number of ordinary shares outstanding
during the 53 weeks ended 02 February 2008 of 48,263,434 (2007: 48,263,434),
calculated as follows:
53 weeks to 52 weeks to
02 February 27 January
2008 2007
Issued ordinary shares at
beginning and end of period 48,263,434 48,263,434
--------------------------------------------------------------------------------
Weighted average number of
ordinary shares during the period 48,263,434 48,263,434
--------------------------------------------------------------------------------
Adjusted basic and diluted earnings per ordinary share
Adjusted basic and diluted earnings per ordinary share have been based on the
profit attributable to ordinary shareholders for each financial period but
excluding the post tax effect of certain exceptional items. The Directors
consider that this gives a more meaningful measure of the underlying performance
of the Group.
Note 53 weeks to 52 weeks to
02 February 27 January
2008 2007
�000 �000
Profit attributable to ordinary
shareholders 23,549 10,388
Exceptional items excluding (loss) /
profit on disposal of non-current assets 2 5,389 9,290
Tax relating to exceptional items (1,405) (2,107)
--------------------------------------------------------------------------------
Profit attributable to ordinary
shareholders excluding exceptional items 27,533 17,571
--------------------------------------------------------------------------------
Adjusted basic earnings per ordinary share 57.05p 36.41p
--------------------------------------------------------------------------------
Adjusted diluted earnings per ordinary share 57.05p 36.41p
--------------------------------------------------------------------------------
4. ACCOUNTS
These figures are abridged versions of the Group's full accounts for the 53
weeks ended 02 February 2008 and do not constitute the Group's statutory
accounts within the meaning of Section 240 of the Companies Act 1985. The
Group's auditor has audited the statutory accounts of the Group and has issued
an unqualified audit opinion thereon within the meaning of Section 235 of the
Companies Act 1985 and have not made any statement under Section 237(2) or (3)
of the Companies Act 1985 for the 53 weeks ended 02 February 2008.
The comparative figures for the 52 weeks ended 27 January 2007 do not constitute
the Group's consolidated financial statements for that financial period. Those
accounts have been reported on by the Group's auditors and delivered to the
Registrar of Companies. The report of the auditor was unqualified and did not
contain statements under Section 237(2) or (3) of the Companies Act 1985. These
accounts were delivered to the Registrar of Companies following the Annual
General Meeting.
Copies of full accounts will be sent to shareholders in due course. Additional
copies will be available from The John David Group Plc, Hollinsbrook Way,
Pilsworth, Bury, Lancashire, BL9 8RR or online at www.thejohndavidgroup.com.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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