Final Results
John David Group (The) PLC
26 April 2007
26 April 2007
THE JOHN DAVID GROUP PLC
PRELIMINARY RESULTS
FOR THE 52 WEEKS ENDED 27 JANUARY 2007
The John David Group Plc (the 'Group'), the specialist retailer of sports and
fashion footwear and apparel, today announces its Preliminary Results for the 52
weeks ended 27 January 2007.
2007 2006 % Change
£000 £000
Revenue 530,581 490,288 +8%
Gross profit % 47.5% 46.2%
Operating profit (before net financing costs and
exceptional items) 27,301 20,121 +36%
Profit before tax and exceptional items 25,066 16,633 +51%
Exceptional items (7,799) (12,983)
Profit before tax 17,267 3,650 +373%
Basic earnings per ordinary share 21.52p 4.92p +337%
Adjusted basic earnings per ordinary share (see 36.41p 25.32p +44%
note 3)
Total dividend payable per ordinary share 7.20p 6.90p +4%
Net cash / (debt) at end of period (1) 10,932 (13,247)
(1) Net cash / (debt) 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 8.2% in the year and by 4.7% on a like for
like basis.
• Gross margin improved from 46.2% to 47.5%.
• Group profit before tax and exceptional items up 51% to £25.1 million
(2006: £16.6 million).
• Group has now eliminated its year end net debt and has year end net cash
balances of £10.9 million - a three year improvement of £61.9 million after
acquisitions at a cost of £24.1 million in the same three year period.
• Exceptional items of £7.8m mainly as a result of impairment of goodwill
(£4.0 million) and continuing store portfolio rationalisation.
Peter Cowgill, Executive Chairman, said:
'I am pleased with the progress of the Group during the year and, specifically,
the improvement in profit before tax and exceptional items from £16.6 million to
£25.1 million accompanied by the continuing level of cash generation.
'Trading since the year end has been encouraging with like for like sales for
the Group for the 12 weeks ended 21 April 2007 being up 7.5%. Overall the Board
expects a further improvement in the Group's results for the first half of the
current year but remains aware of the more challenging environment which is
likely to prevail in the balance of the year.'
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
Charlie Field
EXECUTIVE CHAIRMAN'S STATEMENT
INTRODUCTION
The 52 weeks ended 27 January 2007 represented another year of delivery of our
plan to enhance operating margins and eliminate underperforming stores. We have
improved our profit before tax and exceptional items by 51% in the year to £25.1
million (2006: £16.6 million).
Group profit before tax was £17.3 million (2006: £3.6 million) and Group profit
after tax was £10.4 million (2006: £2.3 million).
Group operating profit before exceptional items and net financing costs for the
year of £27.3 million (2006: £20.1 million) comprises a Sports Fascias profit of
£29.7 million (2006: £22.6 million) and a Fashion Fascias loss of £2.4 million
(2006: loss of £2.5 million).
SPORTS FASCIAS
The Sports Fascias' turnover increased to £492.8 million (2006: £448.9 million).
Like for like sales for the year in the Sports Fascias excluding the Allsports
and Hargreaves Airport stores portfolios were up 4.8%. Gross margin rose to
47.6% (2006: 46.3%).
The 73 ex-Allsports stores retained in the Sports Fascias as JD branches were
fully integrated relatively early in the year and are performing satisfactorily.
The 14 Hargreaves Airport stores, acquired from Hargreaves (Sports) Limited on
23 June 2006, were not great contributors to profit during the year and were
adversely affected by new security measures operational at all airports since
last August. We still believe that once these stores have been refurbished and
refascia'd as necessary, with the right product offer and brand support, they
will trade successfully and help us broaden our offer and appeal.
FASHION FASCIAS
The Fashion Fascias have been engaged in a further year of transition with
underperforming stores gradually being eliminated and the remaining ATH- and AV
stores being converted to the Scotts Fascia. Currently, there are only 6 ATH-
and AV stores remaining.
In spite of a positive like for like sales performance of 3.7% for the year,
turnover declined to £37.7 million (2006: £41.4 million) as a result of the
store disposal programme. Eight underperforming stores were closed in the year
and a further two have already been closed since the year end. Substantial
losses were borne on some 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
improved to 46.3% (2006: 45.5%).
The young branded fashion sector remains competitive and we continue to believe
the Fashion Fascias will only deliver profit to the Group when its major
property issues are resolved. The disposals of Liverpool Open in July 2006 and
Bluewater Scotts in January 2007 have both been significant steps towards this
goal. We are increasingly focussed on making the right property and buying and
merchandising decisions to deliver shareholder value from these Fascias.
GROUP PERFORMANCE
Revenue
Total revenue increased by 8.2% in the year (2007: £530.6 million; 2006: £490.3
million) as a result of the Group's positive like for like sales performance of
4.7% (excluding ex Allsports and ex Hargreaves Airport stores), combined with
increased turnover from the ex Allsports stores in their first full year (not
all of which have been retained) and from the ex Hargreaves Airport stores.
Turnover growth continues to be held back in both sets of Fascias by the store
rationalisation programme but enhancement of profitability will continue to be
our fundamental goal rather than absolute turnover growth. Like for like sales
growth is, however, essential to the achievement of our long term goals.
Gross margin
We are pleased with the progress made in enhancing Group gross margin from 46.2%
to 47.5% which we had expected to take two years to achieve. However, there
remains downward pressure on selling prices and we expect economic conditions to
be less favourable in the second half as recent and anticipated interest rate
increases take effect. The best prospects for margin growth come from own and
licensed brands if we can continue to increase their share of sales in the
Sports Fascias.
Overheads
Overheads generally remain tightly controlled wherever possible though rents,
rates and minimum wage rates are outside our control and represent a significant
part of our cost base. We have substantially increased our marketing spend to
continue developing the profile of JD and its brand offer, including support for
own brands such as Carbrini and Brookhaven. We have also begun to invest more
heavily in other support functions such as IT, merchandising and own brand
design.
Operating profits and results
Operating profit before net financing costs and exceptional items increased by
£7.2 million to £27.3 million (2006: £20.1 million) which represents a 36%
increase on last year. Our Group operating margin (before net financing costs
and exceptional items) has therefore increased to 5.1% (2006: 4.1%).
As a result of reduced exceptional items of £7.8 million (2006: £13.0 million),
operating profit after exceptional items but before net financing costs rose
sharply from £7.1 million to £19.5 million.
The exceptional items comprise:
£m
Impairment of RD Scott goodwill 2.0
Impairment of ex Hargreaves Airport stores goodwill 2.0
Lease variation costs 2.3
Onerous lease costs 1.5
Impairment of fixed assets in underperforming stores 1.5
Profit on disposal of fixed assets (1.5)
--------
Total Exceptional Charge 7.8
--------
RD Scott Limited was acquired through a share purchase in December 2004. Whilst
this acquisition has assisted us by providing increased focus on the separate
operations of our two sets of Fascias, the results of the acquired Scotts stores
and of the Fashion Fascias have been disappointing since the acquisition.
Although progress is being made, it has been necessary to impair the goodwill
carried forward from this acquisition by £2.0 million, reducing it from £4.6
million to £2.6 million.
The ex Hargreaves Airports stores were acquired in the current year and the £4.0
million initial goodwill arising from this trade and asset purchase has been
impaired by £2.0 million to £2.0 million reflecting disappointing trading since
acquisition. For the purposes of assessing goodwill fair values, current
expectations are that concession agreements will not be extended. This
assumption has been made based on the experience at Stansted Airport where BAA
would not renew the concession agreement on the landside store as the space was
required for additional security measures.
The lease variation costs are incurred in negotiating break options in onerous
leases for stores in Oxford Street and Bluewater. The onerous lease costs
provision net charge of £1.5 million comprises a charge of £1.8 million on four
overrented trading stores and a credit of £0.3 million on vacant stores. The
impairment charge is on a further four Sports stores and two Fashion stores
which are earmarked for disposal if suitable deals can be negotiated.
Net financing costs
Net financing costs are down from £3.5 million to £2.3 million as a result of
continuing debt reduction.
Debt reduction and working capital
Year end net debt of £13.2 million in the previous year was eliminated and
replaced by net cash balances of £10.9 million, an improvement of £24.1 million
after acquisitions and dividends. Free cash flow generated in the last three
years has been in excess of £92 million.
Stocks were reduced in the year by a further £4.7 million and the other net
working capital movements were small. Suppliers continue to be paid to agreed
terms and settlement discounts are taken.
STORE PORTFOLIO
Since March 2004, we have been working hard to rationalise our store portfolio
and it is pleasing to be reporting further substantial progress this year and at
a net cost below our expectations. We have closed a further 34 underperforming
stores during the period and a further nine stores have already been closed
since the year end. At this time last year, we indicated that this process would
take at least a further year and it has not been made any easier by the number
of retailers who are either ceasing trading or having to rationalise their
portfolios nor by the number of new retail developments opening or in the
pipeline. Therefore, we believe that it will take another year to see us through
the major rationalisation programme though a fast moving environment, higher
interest rates and the danger of assignments failing means that this continues
to be a challenge and one for which the cost is difficult to estimate.
During the year store numbers moved as follows:
Sports Fascias
Units '000 sq ft
Start of year 370 1,133
New stores 7 14
Additional Allsports assignment 1 5
Hargreaves Airport stores 14 15
Conversions to Fashion (incl. three ex Allsports) (4) (5)
Closures (26) (64)
-------- ---------
Close of year 362 1,098
-------- ---------
Fashion Fascias
Units '000 sq ft
Start of year 46 144
New stores 2 7
Conversions to Fashion (incl. three ex Allsports) 4 5
Closures (8) (39)
------- ---------
Close of year 44 117
------- ---------
DIVIDENDS AND EARNINGS PER ORDINARY SHARE
The Board proposes paying a final dividend of 4.80p (2006: 4.60p) bringing the
total dividend payable for the year to 7.20p (2006: 6.90p) per ordinary share.
The proposed final dividend will be paid on 30 July 2007 to all shareholders on
the register at 11 May 2007.
The adjusted earnings per ordinary share before exceptional items is 36.41p
(2006: 25.32p).
The basic earnings per ordinary share was 21.52p (2006: 4.92p).
CURRENT TRADING AND OUTLOOK
Trading since the year end has been encouraging with like for like sales for the
Sports Fascias excluding the ex Hargreaves Airport stores for the 12 weeks ended
21 April 2007 being up 8.1%. The Fashion Fascias had a particularly difficult
period in February 2007 and its like for like sales for the same 12 week period
were down 2.1%. The Group like for like sales for this 12 week period are
therefore up 7.5%.
It is the Board's view that the recent good weather and the store
rationalisation programme have considerably enhanced these figures and that
these benefits are unlikely to continue to the same degree in the remainder of
the year. In addition, we will shortly be coming up against World Cup
comparatives and interest rate increases are expected to have more impact later
in the year.
Overall, the Board expects a further improvement in the Group's results for the
first half of the current year but remains aware of the more challenging
environment which is likely to prevail in the balance of the year.
EMPLOYEES
The Group continues to enjoy the support of a dedicated and large workforce
without whom our continued improvement in performance could not be delivered.
The retail environment is a tough one to work in and the Board appreciates the
hard work and commitment which has led to these results in all our shops,
offices and warehouses. Thank you to everybody concerned.
Peter Cowgill
Executive Chairman
26 April 2007
CONSOLIDATED INCOME STATEMENT
for the 52 weeks ended 27 January 2007
Note 52 weeks to 52 weeks to
27 January 2007 28 January 2006
Continuing Continuing
Operations Operations
£000 £000
REVENUE 530,581 490,288
Cost of sales (278,331) (263,608)
------------------------------------- ------ ------------ -----------
GROSS PROFIT 252,250 226,680
Selling and distribution expenses -
normal (209,270) (192,730)
Selling and distribution expenses -
exceptional (3,799) (11,206)
Administrative expenses - normal (17,409) (15,438)
Administrative expenses - exceptional (4,000) (1,777)
Other operating income 1,730 1,609
------------------------------------- ------ ------------ -----------
OPERATING PROFIT BEFORE FINANCING 19,502 7,138
------------------------------------- ------ ------------ -----------
Before exceptional items 27,301 20,121
Exceptional items 2 (7,799) (12,983)
------------------------------------- ------ ------------ -----------
OPERATING PROFIT BEFORE FINANCING 19,502 7,138
Financial income 177 230
Financial expenses (2,412) (3,718)
------------------------------------- ------ ------------ -----------
PROFIT BEFORE TAX 17,267 3,650
Income tax expense (6,879) (1,302)
------------------------------------- ------ ------------ -----------
PROFIT FOR THE PERIOD 10,388 2,348
------------------------------------- ------ ------------ -----------
Basic earnings per ordinary share 3 21.52p 4.92p
------------------------------------- ------ ------------ -----------
Diluted earnings per ordinary share 3 21.52p 4.92p
------------------------------------- ------ ------------ -----------
The Group has no recognised gains or losses other than the results reported
above.
CONSOLIDATED BALANCE SHEET
as at 27 January 2007
As at As at
27 January 2007 28 January 2006
£000 £000
Restated (1)
ASSETS
Intangible assets 20,562 20,517
Property, plant and equipment 41,919 49,040
Other receivables 2,753 2,515
-------------------------------------------- ------------ -----------
TOTAL NON-CURRENT ASSETS 65,234 72,072
-------------------------------------------- ------------ -----------
Inventories 51,469 56,168
Income tax receivable - 1,736
Trade and other receivables 13,012 12,539
Cash and cash equivalents 11,230 9,336
-------------------------------------------- ------------ -----------
TOTAL CURRENT ASSETS 75,711 79,779
-------------------------------------------- ------------ -----------
TOTAL ASSETS 140,945 151,851
-------------------------------------------- ------------ -----------
LIABILITIES
Interest bearing loans and borrowings (106) (12,178)
Trade and other payables (58,849) (56,202)
Provisions (2,130) (2,569)
Income tax liabilities (3,477) -
-------------------------------------------- ------------ -----------
TOTAL CURRENT LIABILITIES (64,562) (70,949)
-------------------------------------------- ------------ -----------
Interest bearing loans and borrowings (192) (10,405)
Other payables (8,189) (9,299)
Provisions (4,829) (4,988)
Deferred tax liabilities (1,571) (1,617)
-------------------------------------------- ------------ -----------
TOTAL NON-CURRENT LIABILITIES (14,781) (26,309)
-------------------------------------------- ------------ -----------
TOTAL LIABILITIES (79,343) (97,258)
-------------------------------------------- ------------ -----------
TOTAL ASSETS LESS TOTAL LIABILITIES 61,602 54,593
-------------------------------------------- ------------ -----------
CAPITAL AND RESERVES
Issued ordinary share capital 2,413 2,413
Share premium 10,823 10,823
Retained earnings 48,366 41,357
-------------------------------------------- ------------ -----------
TOTAL EQUITY ATTRIBUTABLE TO EQUITY HOLDERS
OF THE PARENT 61,602 54,593
-------------------------------------------- ------------ -----------
(1) The Consolidated Balance Sheet at 28 January 2006 has been restated in
accordance with IFRS3 'Business Combinations' to reflect fair value adjustments
made on the acquisition of Allsports during the hindsight period.
RECONCILIATION OF MOVEMENT IN CAPITAL AND RESERVES
as at 27 January 2007
Issued Ordinary Share Retained Total
Share Capital Premium Earnings Equity
£000 £000 £000 £000
Balance at 29 January 2005 2,364 9,042 42,194 53,600
Issue of ordinary share capital 37 1,160 - 1,197
Total recognised income and expense - - 2,348 2,348
Dividends - - (3,185) (3,185)
Irrevocable dividend waiver 12 621 - 633
------------------------------------- -------- --------- --------- ---------
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
------------------------------------- -------- --------- --------- ---------
CONSOLIDATED STATEMENT OF CASH FLOWS
for the 52 weeks ended 27 January 2007
52 weeks to 52 weeks to
27 January 2007 28 January 2006
£000 £000
Restated (1)
CASH FLOWS FROM OPERATING ACTIVITIES
Profit for the period 10,388 2,348
Income tax expense 6,879 1,302
Financial expenses 2,412 3,718
Financial income (177) (230)
Depreciation of property, plant and equipment 11,451 10,236
Impairment of property, plant and equipment 1,482 3,172
Amortisation of non-current other receivables 437 396
Impairment of non-current other receivables - 34
Impairment of intangible assets 4,000 -
Profit on disposal of non-current assets (1,491) (676)
Decrease in inventories 5,299 10,585
(Increase) / Decrease in trade and other
receivables (475) 669
Increase in trade and other payables and provisions 1,488 13,895
Interest paid (2,412) (3,718)
Income taxes paid (1,712) (2,841)
--------------------------------------------------- ------------ -----------
NET CASH FROM OPERATING ACTIVITIES 37,569 38,890
--------------------------------------------------- ------------ -----------
CASH FLOWS FROM INVESTING ACTIVITIES
Interest received 177 230
Proceeds from sale of non-current assets 11,099 1,782
Disposal costs of non-current assets (2,188) (683)
Acquisition of property, plant and equipment (13,665) (6,566)
Acquisition of non-current other receivables (434) (261)
Cash consideration of acquisitions (5,000) (14,520)
Net cash balances acquired on acquisitions - 3
--------------------------------------------------- ------------ -----------
NET CASH USED IN INVESTING ACTIVITIES (10,011) (20,015)
--------------------------------------------------- ------------ -----------
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from issue of ordinary share capital - 1,197
Repayment of interest bearing loans and borrowings (22,000) (12,500)
Payment of finance lease and hire purchase
contracts (285) (415)
Dividends paid (3,379) (2,552)
--------------------------------------------------- ------------ -----------
NET CASH USED IN FINANCING ACTIVITIES (25,664) (14,270)
--------------------------------------------------- ------------ -----------
NET INCREASE IN CASH AND CASH EQUIVALENTS 1,894 4,605
--------------------------------------------------- ------------ -----------
(1) The Consolidated Statement of Cashflows for the 52 weeks to 28 January 2006
has been restated in accordance with IFRS3 'Business Combinations' to reflect
fair value adjustments made on the acquisition of Allsports during the hindsight
period.
ANALYSIS OF NET DEBT
for the 52 weeks ended 27 January 2007
At 28 Other non At 27
January cash January
2006 Cashflow changes 2007
£000 £000 £000 £000
Cash at bank and in hand 9,336 2,098 - 11,434
Overdraft - (204) - (204)
------------------------------ --------- --------- --------- ---------
Cash and cash equivalents 9,336 1,894 - 11,230
Interest bearing loans and
borrowings
Current (12,000) 12,000 - -
Non-current (10,000) 10,000 - -
Loan notes (287) - - (287)
Finance lease and hire purchase
contracts (296) 285 - (11)
------------------------------ --------- --------- --------- ---------
(13,247) 24,179 - 10,932
------------------------------ --------- --------- --------- ---------
1. SEGMENTAL ANALYSIS
The Group manages its business activities through two Divisions - Sport and
Fashion. Each Division has its own executive board responsible for managing day
to day operations through its trading outlets. Revenue and costs are readily
identifiable for each segment, for the 52 weeks ended 27 January 2007.
The Divisional results for the 52 weeks to 27 January 2007 are as follows:
INCOME STATEMENT Sport Fashion Unallocated Total
£000 £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)
Financial income - - 177 177
Financial expenses - - (2,412) (2,412)
---------------------------------- --------- ---------- ----------- --------
Profit/(loss) before tax 24,872 (5,370) (2,235) 17,267
---------------------------------- --------- ---------- ----------- --------
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, elements of goodwill and bank debt.
OTHER SEGMENT Sport Fashion Unallocated Total
INFORMATION £000 £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 10,211 1,238 - 11,449
Amortisation of non-current other
receivables 412 25 - 437
Impairments of intangible assets 2,000 2,000 - 4,000
Impairments of property, plant
and equipment 840 642 - 1,482
The restated comparative Divisional results for the 52 weeks to 28 January 2006
are as follows:
INCOME STATEMENT Sport Fashion Unallocated Total
£000 £000 £000 £000
Revenue 448,884 41,404 - 490,288
---------------------------------- --------- ---------- ----------- --------
Operating profit/(loss) before
financing and exceptional items 22,659 (2,538) - 20,121
Exceptional items (8,716) (4,267) - (12,983)
Financial income - - 230 230
Financial expenses - - (3,718) (3,718)
---------------------------------- --------- ---------- ----------- --------
Profit/(loss) before tax 13,943 (6,805) (3,488) 3,650
---------------------------------- --------- ---------- ----------- --------
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 (Restated) Sport Fashion Unallocated Total
£000 £000 £000 £000
Total assets 114,262 15,336 22,253 151,851
---------------------------------- --------- ---------- ----------- --------
Total liabilities (54,103) (19,490) (23,665) (97,258)
---------------------------------- --------- ---------- ----------- --------
Unallocated assets and liabilities relate to items which are cross-divisional
including tax, goodwill and net debt.
OTHER SEGMENT Sport Fashion Unallocated Total
INFORMATION £000 £000 £000 £000
Capital expenditure:
Property, plant and equipment 4,786 1,780 - 6,566
Non-current other receivables 192 69 - 261
Goodwill on acquisition (Restated) - - 924 924
Depreciation, amortisation and
impairments:
Depreciation 9,121 1,115 - 10,236
Amortisation of non-current
other receivables 363 33 - 396
Impairments of property,
plant and equipment 1,605 1,567 - 3,172
Impairments of non-current
other receivables 23 11 - 34
The Segmental Analysis for the 52 weeks to 28 January 2006 has been restated in
accordance with IFRS3 'Business Combinations' to reflect fair value adjustments
made on the acquisition of Allsports during the hindsight period.
The financial operation and assets of the Group are principally located in the
United Kingdom. Accordingly, no geographical analysis is presented.
2. EXCEPTIONAL ITEMS
52 weeks to 52 weeks to
27 January 2007 28 January 2006
£000 £000
Profit on disposal of non-current assets (1,491) (676)
Provision for rentals on onerous property
leases 1,558 6,954
Impairment of intangible assets 4,000 -
Impairment of property, plant and
equipment 1,482 3,172
Impairment of non-current other receivables - 34
Lease variation costs 2,250 1,722
Allsports restructuring costs - 1,777
------------------------------------------- ----------- ------------
7,799 12,983
------------------------------------------- ----------- ------------
Non-current other receivables comprises legal fees and other costs associated
with the acquisition of leasehold interests.
3. EARNINGS PER ORDINARY SHARE
Basic earnings per ordinary share
The calculation of basic earnings per ordinary share at 27 January 2007 is based
on the profit attributable to ordinary shareholders of £10,388,000 (2006:
£2,348,000) and a weighted average number of ordinary shares outstanding during
the 52 weeks ended 27 January 2007 of 48,263,434 (2006: 47,721,276), calculated
as follows:
52 weeks to 52 weeks to
27 January 2007 28 January 2006
Issued ordinary shares at
beginning of period 48,263,434 47,276,628
Effect of shares issued during the
period - 444,648
------------------------------------------- ----------- ------------
Weighted average number of ordinary shares
during the period 48,263,434 47,721,276
------------------------------------------- ----------- ------------
Diluted earnings per ordinary share
The calculation of diluted earnings per ordinary share at 27 January 2007 is
based on the profit attributable to ordinary shareholders of £10,388,000 (2006:
£2,348,000) and a weighted average number of ordinary shares outstanding during
the 52 weeks ended 27 January 2007 of 48,263,434 (2006: 47,721,276), calculated
as follows:
52 weeks to 52 weeks to
27 January 2007 28 January 2006
Weighted average number of ordinary
shares during the period 48,263,434 47,721,276
Dilutive effect of outstanding share
options - -
------------------------------------------- ----------- ------------
Weighted average number of ordinary shares
(diluted) during the period 48,263,434 47,721,276
------------------------------------------- ----------- ------------
Adjusted basic earnings per ordinary share
Adjusted basic earnings per ordinary share has 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.
52 weeks to 52 weeks to
27 January 2007 28 January 2006
Note £000 £000
Profit attributable to ordinary
shareholders 10,388 2,348
Exceptional items excluding profit on
disposal of non-current assets 2 9,290 13,659
Tax relating to exceptional items (2,107) (3,925)
------------------------------------- ------ ------------ -----------
Profit attributable to ordinary
shareholders excluding exceptional
items 17,571 12,082
------------------------------------- ------ ------------ -----------
Adjusted basic earnings per ordinary
share 36.41p 25.32p
------------------------------------- ------ ------------ -----------
4. ACCOUNTS
These figures are abridged versions of the Group's full accounts for the 52
weeks ended 27 January 2007 and do not constitute the Group's statutory accounts
within the meaning of Section 240 of the Companies Act 1985. The Group's
auditors have audited the statutory accounts for the Group and have 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 52 weeks ended 27 January 2007.
The comparative figures for the 52 weeks ended 28 January 2006 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 auditors 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.
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