Interim Results - 36 Weeks to 1 January 2000

MFI Furniture Group PLC 20 March 2000 MFI Furniture Group Plc Preliminary Results for the 36 weeks ended 1 January 2000 MFI Furniture Group Plc, the UK's largest manufacturer and retailer of kitchen and bedroom furniture, announces its results for the 36 weeks to 1 January 2000. Financial Highlights * Group sales of continuing products up 3% to £532.2 million * Operating profit up to £10.4 million (1998 : £3.6 million) * Profit before tax and exceptional items to £9.1 million (1998: £(2.9) million) * Improvement in cash position by £122 million as a result of £136 million of property disposals * Group now ungeared * Underlying earnings per ordinary share of 1.31p * Final dividend of 0.7p per share proposed making a final dividend for the 36 week period 1.4p (1998: 0.7p) Operational Highlights * New management structure now firmly in place * Successful launch of MFI's largest ever new range of kitchens backed by promotional campaign produced marked sales improvement * Howden Joinery maintained excellent growth record * In depth work on strategy and branding underway * Experimental high street outlet in Chiswick substantially exceeded sales targets * Website attracted 8000 registered shoppers and growing contribution to sales Commenting on the results John Hancock, Chief Executive said: 'This has been a year of transition and real progress for MFI. 'We have achieved both financial and operational stability, and established what we believe is a solid platform for future development. 'We are encouraged by the success of our new range of kitchens and we aim to go forward into 2000 by growing our UK market share through price leadership and innovation. A great deal of work is still to be done but we are beginning to see results.' Contacts: MFI Furniture Group PLC John Hancock, Chief Executive 020 8913 5319 Michael Williamson, Finance Director 020 8913 5343 Brunswick Group Limited Susan Gilchrist / William Cullum 020 7404 5959 FINANCIAL HIGHLIGHTS 36 weeks to 52 Weeks to 1 Jan 2000 24 April 1999 CONSOLIDATED RESULTS £m £m Turnover 532.3 810.4 Operating profit before exceptional 10.4 26.4 items Operating profit/(loss) after 10.4 (8.4) exceptional items Profit on ordinary activities before 9.1 17.2 taxation and exceptional items Profit on ordinary activities before 9.1 (24.8) taxation DIVIDEND PER SHARE Interim 0.70p 0.70p Final 0.70p - Full year dividend 1.40p 0.70p Dividend cover - pre-exceptional 0.9x 3.0x BASIC EARNINGS PER SHARE Earnings per share 1.31p (4.17)p Earnings per share before 1.31p 2.08p exceptional items BORROWINGS Gearing n/a 37% Net borrowings at period end n/a £113.3m RETAIL TRADING AREA ('000 sq ft at end of period) UK 4,745 4,678 France and Spain 745 712 RETAIL SALES PER SQ FT (£) UK 83.7 119.0 France and Spain 61.4 101.0 NUMBER OF EMPLOYEES (at end of period) UK - Retail 5,430 4,592 - Trade 755 575 France and Spain 674 634 Manufacturing 2,910 2,662 Other operations 57 59 --------- --------- 9,826 8,522 --------- --------- NUMBER OF EMPLOYEES (average) 8,706 9,177 CHAIRMAN'S STATEMENT Current Trading The preliminary results have been presented on a delivered sales basis in line with the policy we adopted in 1998/99. The trading figures below are sales orders over the period from Boxing Day to date. Group sales orders for the period since the start of the sale on Boxing Day have increased by 23%, although it should be noted that the Winter sale was two weeks longer than the same period last year. The sales orders in each of the businesses during the Winter sale period to date increased against last year as follows: Increase on Like for like last year increase on last year MFI (UK Retail) 23% 23% Howden Joinery 46% 20% Hygena Cuisines 5% 3% (Local Currency) ----- ------- GROUP 23% 21% === ==== There has been a strong recovery in our core kitchen market in the UK, with a significant improvement in our higher priced Schreiber kitchens. We continue to see buoyant sales in home office and beds. Howden Joinery sales continue to run ahead of budget with like for like sales running at 20%. The Hygena Cuisines sales have disappointed slightly but the sale was two weeks shorter than last year as a result of French Government legislation. The UK Home Delivery Centres continue to improve service levels and operational effectiveness. Deliveries over the sale period have consistently run at 70,000 deliveries a week representing delivered sales of over £15m each week in the UK. Financial Results Results are for the last 36 weeks of 1999, following the change in the Group's accounting reference date to 31 December. Turnover for the period was £532.3 million, representing a 3% growth on a continuing-product basis. Operating profit was £10.4 million compared with £3.6 million for the comparable period in 1998, and pre tax profit of £9.1 million compares with the previous loss of £2.9 million. Cash generation has been a key focus for management, in order to provide a stable financial platform for the future of the business. Highlights have been the generation of £122 million in cash over the 36-week period including property disposals. Debt of £114 million at the end of April 1999 has been reduced, with an £8 million cash position being achieved by 1 January 2000. The net assets of the Group total £308 million, and this includes an ungeared balance sheet. These results reflect the substantial progress that has been made over the past year in stabilising and restructuring the Group. In view of this strong improvement, the Board is proposing a final dividend of 0.7 pence per share, which increases the total dividend for the 36 week period to 1.4 pence, against the 0.7 pence paid during the previous year. Pro-forma figures for the calendar year 1999 show sales, operating profits, pre tax profits and earnings per share of £796.9 million, £33.2 million, £29.2 million and 3.73 pence per share respectively; and these figures will become the baseline against which future years' financial performance will be measured. Review of Operations Turnover in May-August was subdued but, from August onwards, the launch of MFI's largest-ever new range of kitchens - backed by a highly successful advertising campaign - improved sales markedly. Beds and home-office furniture also performed strongly. Recent years' investment in manufacturing have confirmed MFI as the lowest-cost producer in Europe, and this position gives us a strong competitive advantage in all our markets. Gross margins have improved from 53% to 55%. The new home delivery system continues to improve its customer performance. During the peak season, it was completing over 70,000 deliveries per week. Howden Joinery maintained its outstanding growth record. Sales rose by 56% with like for like sales growth of 25%. Hygena Cuisines in France also recorded a 12% growth in sales in local currency terms. Major Operational Developments The new management structure is now firmly in place, with a management executive committee which represents all major business disciplines tasked with managing the Group as an integrated whole. This is already showing benefits in strategic effectiveness and tactical focus. The Group has commissioned a major research project to assess the value of its MFI, Hygena and Schreiber brands. This is expected to identify a number of opportunities for sales growth via new routes to market. We have opened an experimental high street outlet in Chiswick, which has substantially exceeded its sales targets. Our website has attracted some 8,000 registered shoppers, which is beginning to reflect in additional new sales. A Strengthened Financial Base By the period end, we had completed the sale and partial leaseback of 10 retail sites for a gross consideration of £109.7 million as well as the sale and leaseback of three Home Delivery Centres for £13m. At the time of reporting, we have also disposed of the three remaining Home Delivery Centres for proceeds of another £13 million. On 4 January 2000, we sold the Hygena packaging business for a total of £37 million in cash and assumed debt. These moves have strengthened the Group's financial position materially. CONSOLIDATED PROFIT AND LOSS ACCOUNT 36 Weeks to 1 January 2000 Continuing Discontinued Operations Operations Total Notes £m £m £m Turnover 2 514.3 18.0 532.3 Change in stocks 5.9 - 5.9 Other operating 3 15.4 - 15.4 income --------------------------------------- 535.6 18.0 553.6 --------------------------------------- Raw materials and 239.5 6.2 245.7 consumables Staff costs 4 118.8 3.9 122.7 Depreciation of 23.6 1.3 24.9 tangible fixed assets Other operating 145.4 4.5 149.9 charges --------------------------------------- 527.3 15.9 543.2 --------------------------------------- Operating profit / 2 8.3 2.1 10.4 (loss) Profit / (loss) on 4.7 0.1 4.8 disposal of fixed assets --------------------------------------- Profit / (loss) on 13.0 2.2 15.2 ordinary activities before interest ====================== Interest receivable 1.8 and similar income Interest payable and (7.9) similar charges -------------- Profit / (loss) on 9.1 ordinary activities before taxation Tax 6 (1.3) -------------- Profit / (loss) for 7.8 the financial period Dividends 7 (8.3) -------------- Amount transferred 8 (0.5) (from) / to reserves -------------- Earnings / (loss) per share Earnings / (loss) per 1.31p 10p ordinary share Diluted earnings / 1.31p (loss) per 10p ordinary share 52 Weeks to 24 April 1999 Continu Discont Total Exceptio ing inued nal Operati Operati Operatio items Total ons ons ns Notes Pre- Pre- (Note 5) excepti exceptio onal nal £m £m £m £m £m Turnover 2 784.6 25.8 810.4 - 810.4 Change in stocks (8.3) - (8.3) (4.2) (12.5) Other operating 3 20.5 - 20.5 - 20.5 income ------------------------------------------- 796.8 25.8 822.6 (4.2) 818.4 ------------------------------------------- Raw materials 354.1 9.3 363.4 1.0 364.4 and consumables Staff costs 4 176.4 5.1 181.5 6.7 188.2 Depreciation of 35.9 1.7 37.6 7.2 44.8 tangible fixed assets Other operating 207.3 6.4 213.7 15.7 229.4 charges ------------------------------------------- 773.7 22.5 796.2 30.6 826.8 ------------------------------------------- Operating profit 2 23.1 3.3 26.4 (34.8) (8.4) / (loss) Profit / (loss) (1.3) - (1.3) (6.5) (7.8) on disposal of fixed assets ------------------------------------------- Profit / (loss) 21.8 3.3 25.1 (41.3) (16.2) on ordinary activities before interest ================== Interest 2.2 - 2.2 receivable and similar income Interest payable (10.1) (0.7) (10.8) and similar charges ----------------------- Profit / (loss) 17.2 (42.0) (24.8) on ordinary activities before taxation Tax 6 (4.8) 4.8 - ----------------------- Profit / (loss) 12.4 (37.2) (24.8) for the financial period Dividends 7 (4.2) - (4.2) ----------------------- Amount 8 8.2 (37.2) (29.0) transferred (from) / to reserves ======================= Earnings / (loss) per share Earnings / (loss) per 2.08p (6.25)p (4.17)p 10p ordinary share ----------------------- Diluted earnings / 2.08p (6.25)p (4.17)p (loss) per 10p ordinary share ======================= CONSOLIDATED BALANCE SHEET 1 Jan 2000 24 April 1999 Notes £m £m FIXED ASSETS Tangible assets 315.6 456.2 Investments 9.2 8.0 --------- --------- 324.8 464.2 --------- --------- CURRENT ASSETS Stocks 92.6 85.9 Debtors 71.2 70.1 Investments 0.4 0.6 Cash at bank and in hand 30.2 52.9 --------- --------- 194.4 209.5 CREDITORS Amounts falling due within 9 188.3 333.7 one year --------- --------- Net current assets/ 6.1 (124.2) (liabilities) --------- --------- Total assets less current 330.9 340.0 liabilities CREDITORS Amounts falling due after 9 4.6 12.1 more than one year PROVISIONS FOR LIABILITIES 10 18.1 18.7 AND CHARGES --------- --------- Net assets 308.2 309.2 ========== ========= CAPITAL AND RESERVES Called up share capital 59.5 59.5 Share premium account 8 43.9 43.9 Other reserves 8 17.0 15.3 Revaluation reserve 8 44.3 111.8 Profit and loss account 8 143.5 78.7 --------- --------- Equity shareholders' funds 308.2 309.2 ========= ========= CONSOLIDATED CASHFLOW STATEMENT 36 weeks to 52 weeks to 1 Jan 2000 24 April 1999 Notes £m £m Net cash inflow from 11 11.6 59.3 operating activities Returns on investments and 11 (6.5) (9.0) servicing of finance Taxation (0.3) (17.7) Capital expenditure and 11 117.1 (49.5) financial investment Equity dividends paid - (22.6) ---------- ---------- Cash inflow / (outflow) before 121.9 (39.5) use of liquid resources and financing Management of lquid 0.2 - resources Financing 11 (144.5) 54.7 ---------- ---------- (Decrease) / increase in 11 (22.4) 15.2 cash in the period ========== ========== RECONCILIATION OF NET CASH FLOW TO MOVEMENT IN NET CASH / DEBT 36 weeks to 52 weeks to 1 Jan 2000 24 April 1999 Notes £m £m (Decrease) / increase in 11 (22.4) 15.2 cash in the period Cash movement on : debt and lease financing 11 144.5 (54.7) cash flow from decrease in (0.2) - liquid resources --------- ---------- Change in net debt 121.9 (39.5) resulting from cash flows Effect of foreign exchange (0.3) 0.1 rate changes ---------- ---------- Movement in net debt in the 121.6 (39.4) period Net debt at the beginning 11 (114.0) (74.6) of the period ---------- ---------- Net cash / (debt) at the 11 7.6 (114.0) end of the period ========== ========== NOTES TO THE FINANCIAL STATEMENTS 1. BASIS OF PREPARATION These Statements do not constitute statutory financial statements within the meaning of Section 240 of the Companies Act 1985. They are an abridged statement of the Group's full Financial Statements for the 36 week period ended 1 January 2000 on which the auditors have made an unqualified report and which will be sent to shareholders and filed with the Registrar of Companies on 18 April 2000. 2. SEGMENTAL ANALYSIS 36 weeks to 1 January 52 weeks to 24 April 1999 2000 ----------------------------------- Before Exceptional Exceptional Items items Total £m £m £m £m TURNOVER UK - Retail 396.4 636.1 - Trade 70.3 70.5 France and Spain 45.0 73.2 Other operations 2.6 4.8 ----------- -------- Continuing 514.3 784.6 operations Discontinued 18.0 25.8 operations ----------- -------- 532.3 810.4 ----------- -------- PROFIT/(LOSS) BEFORE TAXATION UK - Retail (0.8) 7.9 (34.8) (26.9) - Trade 6.5 7.7 - 7.7 France and Spain 2.4 6.6 - 6.6 Other operations 0.2 0.9 - 0.9 ------------------------------------------------- Continuing 8.3 23.1 (34.8) (11.7) operations Discontinued 2.1 3.3 - 3.3 operations ------------------------------------------------- 10.4 26.4 (34.8) (8.4) Profit/(loss) on 4.8 (1.3) (6.5) (7.8) disposal of fixed assets Net interest (6.1) (7.9) (0.7) (8.6) payable ------------------------------------------------- Profit/(loss) 9.1 17.2 (42.0) (24.8) before taxation ------------------------------------------------- NET ASSETS /(LIABILITIES) UK - Retail 223.0 347.6 - Trade 43.2 33.0 France and Spain 22.6 25.4 Other operations 10.7 16.5 * ----------- -------- 308.5 422.5 Unallocated net (0.3) (113.3) assets/ (liabilities) ----------- -------- 308.2 309.2 ----------- -------- * includes the net assets / (liabilities) of the discontinued operations Manufacturing operating profit has been apportioned across the separate divisions in proportion to its manufactured sales to those divisions. Unallocated net liabilities comprise balances in respect of dividends and net borrowings. The analysis of turnover by destination is not materially different to the analysis of turnover by origin. 3 OTHER OPERATING INCOME 36 weeks to 52 weeks to 1 Jan 2000 24 April 1999 £m £m Rents receivable 12.4 17.3 Commission income 3.0 3.2 ------- ------- 15.4 20.5 ======= ======= 4. STAFF COSTS The aggregate payroll costs of employees, including directors, were: 36 weeks to 52 weeks to 1 Jan 2000 24 April 1999 £m £m Wages and salaries 106.3 159.7 Social security costs 10.4 15.2 Other pension costs 6.0 6.6 Redundancy costs - 6.7 ------- ------- 122.7 188.2 ======= ======= 5. EXCEPTIONAL ITEMS The exceptional items charged in the consolidated profit and loss account for the 52 weeks to 24 April 1999 arose principally from the restructuring of the UK retail business. They are analysed as follows: £m Loss on discontinued stock sold below cost price 5.2 Redundancy payments 6.7 Fixtures and equipment write offs 6.5 Showroom refit 2.8 Others 1.3 -------- 22.5 Provision for onerous lease 12.3 -------- 34.8 Deficits on property revaluation 7.2 -------- 42.0 ======== The property revaluation deficits arise from valuations of the Group's UK freehold and long leasehold properties where valuations were less than the carrying values of certain assets. 6. TAX 52 weeks to 24 April 1999 36 weeks to Pre - Exceptional 1 Jan 2000 Exceptional items Total £m £m £m £m Taxation on profit / (loss) for the period comprises: UK corporation tax 2.6 4.8 (4.8) - at 30.0% (1999 - 30.9%) Adjustments (1.3) (0.3) - (0.3) relating to prior periods Deferred taxation - 0.3 - 0.3 -------- -------- -------- ----- 1.3 4.8 (4.8) - ======== ======== ======== ===== The taxation charge is calculated at 14.2% on profits before exceptional items (1999 : 27.9%). The effective rate of tax on continuing ordinary activities is 28.0%. 7. EQUITY DIVIDENDS 36 weeks to 52 weeks to 1 Jan 2000 24 April 1999 £m £m Interim paid - 0.7 pence per 4.2 4.2 share (1999 - 0.7 pence per share) Final proposed - 0.7 pence per 4.1 - share (1999 - nil pence per share) ------- ------- Total dividend - 1.4 pence per 8.3 4.2 share (1999 - 0.7 pence per share) ======= ======= 8. RESERVES Share Profit and premium Other Revaluation loss account reserves reserve account £m £m £m £m At 24 April 1999 43.9 15.3 111.8 78.7 Retained profit for - - - (0.5) the period Realised revaluation - - (67.5) 67.5 of properties Amortisation of - 1.7 - (1.7) goodwill Currency translation - - - (0.5) adjustments ------- ------- ------- ------- At 1 January 2000 43.9 17.0 44.3 143.5 ======= ======= ======= ======= 9. CREDITORS AMOUNTS FALLING DUE WITHIN ONE YEAR Group 1 Jan 2000 24 April 1999 £m £m Borrowings 18.8 155.5 Trade creditors 80.4 101.1 Corporation tax 1.8 0.8 Other taxes and social security 15.7 17.2 Obligations under finance leases 0.1 0.2 Proposed dividends 8.3 - Other creditors 10.0 13.6 Accruals and deferred income 53.2 45.3 ------- ------- 188.3 333.7 ======= ======= AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR Group 1 Jan 2000 24 April 1999 £m £m Borrowings 3.8 11.3 Obligations under finance leases 0.3 0.5 - within five years Other creditors 0.5 0.3 ------- ------- 4.6 12.1 ======= ======= 10. PROVISIONS FOR LIABILITIES AND CHARGES Pen Deferred Onerous Restruc Total sio taxation leases turing n provisi pro on vis ion £m £m £m £m £m At 24 April 1999 4.2 - 12.3 2.2 18.7 Created in the 1.5 - 0.7 - 2.2 period Utilised in the (0.4) - (0.7) (1.7) (2.8) period ------------------------------------------ At 1 January 2000 5.3 - 12.3 0.5 18.1 ========================================== 11. CONSOLIDATED CASH FLOW STATEMENT Reconciliation of profit/(loss) on ordinary activities before interest to operating cash flows 36 weeks to 52 weeks to 1 Jan 2000 24 April 1999 £m £m Profit / (loss) on ordinary 15.2 (16.2) activities before interest Depreciation of tangible fixed 24.9 44.8 assets Amortisation of fixed asset 0.4 - investments (Profit) / loss on sale of (4.8) 7.8 tangible fixed assets (Increase) / decrease in stocks (7.2) 15.4 (Increase) in debtors (1.4) (30.0) (Decrease) / increase in creditors (15.5) 37.5 and provisions --------- --------- Net cash inflow from operating 11.6 59.3 activities ========= ========= b) Analysis of cash flows for headings netted in the cash flow statement 36 weeks to 52 weeks to 1 Jan 2000 24 April 1999 £m £m Returns on investments and servicing of finance Interest received 1.8 2.2 Interest paid (8.3) (11.2) --------- --------- Outflow on investments and (6.5) (9.0) servicing of finance ===== ===== Capital expenditure and financial investment Payments to acquire tangible fixed (16.9) (48.4) assets Receipts from sales of tangible 135.6 6.1 fixed assets Payment to acquire fixed asset (1.6) (7.2) investments --------- --------- Outflow for capital expenditure 117.1 (49.5) and financial investment ===== ===== Financing (Decrease) / increase in bank (144.2) 54.8 finance Capital element of finance lease (0.3) (0.1) rental payments --------- --------- (Outflow) / inflow from financing (144.5) 54.7 ===== ===== c) Analysis of net debt Current Revolving Cash at asset credit bank investments facility £m £m £m As at 25 April 1998 37.6 0.6 (90.0) Cash flow 15.2 - (60.0) Exchange movement 0.1 - - -------- -------- ---------- As at 24 April 1999 52.9 0.6 (150.0) Cash flow (22.4) (0.2) 135.0 Exchange movement (0.3) - - -------- -------- -------- As at 1 January 2000 30.2 0.4 (15.0) ==== ==== ==== Net Total net Term borrow- Finance debt loans ings leases £m £m £m £m As at 25 April 1998 (22.0) (73.8) (0.8) (74.6) Cash flow 5.2 (39.6) 0.1 (39.5) Exchange movement - 0.1 - 0.1 --------- --------- -------- --------- As at 24 April 1999 (16.8) (113.3) (0.7) (114.0) Cash flow 9.2 121.6 0.3 121.9 Exchange movement - (0.3) - (0.3) -------- -------- -------- -------- As at 1 January 2000 (7.6) 8.0 (0.4) 7.6 ==== ==== ==== ==== CONSOLIDATED PRO FORMA PROFIT AND LOSS ACCOUNT 36 Weeks to 1 January 36 weeks to 2 January 2000 1999 Con- Discont Con- Dis- tinuing inued tinuing continued Opera- Operati Total Opera- Opera- Total tions ons tions tions Audited Audited Audite Unaudited Unaudited Unaudi d ted £m £m £m £m £m £m Turnover * 514.3 18.0 532.3 528.0 17.9 545.9 Change in 5.9 - 5.9 (16.1) - (16.1) stocks Other 15.4 - 15.4 13.1 - 13.1 operating income -------------------------------------------------------- 535.6 18.0 553.6 525.0 17.9 542.9 -------------------------------------------------------- Raw (239.5) (6.2) (245.7) (234.5) (6.9) (241.4) materials and consumables Staff (118.8) (3.9) (122.7) (122.3) (3.5) (125.8) costs Depreciati (23.6) (1.3) (24.9) (26.0) (1.1) (27.1) on of tangible fixed assets Other (145.4) (4.5) (149.9) (140.5) (4.5) (145.0) operating charges ------------------------------------------------------ (527.3) (15.9) (543.2) (523.3) (16.0) (539.3) ------------------------------------------------------ Operating 8.3 2.1 10.4 1.7 1.9 3.6 profit / (loss) Profit / 4.7 0.1 4.8 (0.7) - (0.7) (loss) on disposal of fixed assets ------------------------------------------------------ Profit / 13.0 2.2 15.2 1.0 1.9 2.9 (loss) on ordinary activities before interest =============== ========= Net (6.1) (5.8) interest payable ------- ------ Profit 9.1 (2.9) before taxation ====== ======= Earnings / 1.31 p (0.38) p (loss) per 10p ordinary share ====== ======= 52 Weeks to 1 January 2000 Continuing Discontinued Operations Operations Total Unaudited Unaudited Unaudited £m £m £m Turnover * 770.9 26.0 796.9 Change in stocks 7.8 - 7.8 Other operating income 22.8 - 22.8 -------------------------------------- 801.5 26.0 827.5 -------------------------------------- Raw materials and (355.4) (8.5) (363.9) consumables Staff costs (173.0) (5.5) (178.5) Depreciation of tangible (33.5) (1.9) (35.4) fixed assets Other operating charges (209.9) (6.6) (216.5) -------------------------------------- (771.8) (22.5) (794.3) -------------------------------------- Operating profit / (loss) 29.7 3.5 33.2 Profit / (loss) on 4.1 0.1 4.2 disposal of fixed assets -------------------------------------- Profit / (loss) on 33.8 3.6 37.4 ordinary activities before interest ----------- Net interest payable (8.2) ----------- Profit before taxation 29.2 ----------- Earnings / (loss) per 10p 3.73 p ordinary share ------------ * The turnover for the 36 weeks ended 2 January 1999 of continuing operations includes £29.0m of discontinued product NOTES TO THE PRO FORMA STATEMENT BASIS OF PREPARATION Following the change in the financial year end, pro forma consolidated profit and loss accounts and segmental information have been provided for the 36 week comparative period ended 2 January 1999 and the 52 weeks ended 1 January 2000 in order to provide a better understanding of the Group's performance. The information, which is unaudited, has been derived from previously published results and internal management accounts with adjustments being made for the adoption of FRS 12 and the change in sales accounting policy. Exceptional items have been excluded from the analysis. Hygena Packaging has been separated as a discontinued activity as its sale was completed prior to the approval of the financial statements. The Group's interest charge has not been restated to show the effect of Hygena Packaging being sold at the beginning of the period. As a result the pro forma profit and loss account for continuing and discontinued activities is not disclosed beyond profit on ordinary activities before interest and tax. Proforma earnings per share have been determined using a 28% effective rate of tax. SEGMENTAL ANALYSIS 36 weeks to 36 weeks to 52 weeks to 1 January 2000 2 January 1 January 1999 2000 £m £m £m TURNOVER UK - Retail 396.4 434.7 597.8 - Trade 70.3 45.0 95.9 France and Spain 45.0 44.7 73.5 Other operations 2.6 3.6 3.7 ----------------------------------------- Continuing operations 514.3 528.0 770.9 Discontinued 18.0 17.9 26.0 operations ----------------------------------------- 532.3 545.9 796.9 ----------------------------------------- PROFIT/(LOSS) BEFORE TAXATION UK - Retail (0.8) (1.6) 8.2 - Trade 6.5 2.9 11.9 France and Spain 2.4 - 9.0 Other operations 0.2 0.4 0.6 ----------------------------------------- Continuing operations 8.3 1.7 29.7 Discontinued 2.1 1.9 3.5 operations ----------------------------------------- 10.4 3.6 33.2 Profit/(loss) on 4.8 (0.7) 4.2 disposal of fixed assets Net interest payable (6.1) (5.8) (8.2) ----------------------------------------- Profit/(loss) before 9.1 (2.9) 29.2 taxation -----------------------------------------

Companies

Howden Joinery Group (HWDN)
UK 100
FTSE quotes by TradingView

Latest directors dealings

All directors dealings today