Interim Results
John David Group (The) PLC
28 September 2006
28 September 2006
THE JOHN DAVID GROUP PLC
INTERIM RESULTS
FOR THE TWENTY SIX WEEKS TO 29 JULY 2006
The John David Group Plc (the 'Group'), the specialist retailer of sports and
fashion footwear and apparel, today announces its Interim Results for the 26
weeks ended 29 July 2006:
HIGHLIGHTS
2006 2005 % Change
£000 £000
Revenue 235,932 209,608 +12.6%
Gross profit % 47.4% 46.6% +0.8%
Operating profit (before net financing costs 4,378 2,799 +56.4%
and exceptional items)
Operating profit after net financing costs 3,130 1,141 +174.3%
(before exceptional items)
Exceptional items 99 (3,734)
Operating profit/(loss) 4,477 (935)
Profit/(loss) before tax 3,229 (2,593)
Basic earnings per ordinary share 4.45p (3.29p)
Adjusted basic earnings per ordinary share 6.21p 2.49p +149.4%
(see note 3)
Total dividend per ordinary share 2.40p 2.30p +4.3%
Net debt at end of period (see note 7) 24,866 23,349 +6.5%
• Total Group revenue increased by 12.6% in the period and by 3.1% on a
like for like basis (excluding Allsports and the newly acquired airport
stores).
• Gross margin improved from 46.6% to 47.4% reflecting the benefits of
better stock management and efforts to improve bought in margin, largely in
the Sports Fascias.
• Group operating profit after net financing costs (before exceptional
items) increased to £3.1 million (2005: £1.1 million).
• Like for like sales cumulatively to 23 September 2006 up 4.0% in Sports
Fascias and 5.7% in Fashion Fascias.
Peter Cowgill, Executive Chairman, said:
'Trading since the period end has been satisfactory with year to date like for
like sales to 23 September 2006 in the JD Sports Fascias now up by 4.0%
(excluding Allsports and the newly acquired airport stores). The Fashion Fascias
like for like sales for the same period are now up by 5.7% against weak
comparatives. Overall the Board expects results to continue to improve with
trading to date currently running marginally ahead of market expectations. Our
final result remains heavily dependent upon sales performance during the key
Christmas trading period.'
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 26 week period to 29 July 2006 was another period of encouraging progress
for our core Sports Fascias. In the period we have successfully completed the
conversion of all the Allsports stores we intend to retain and they will
contribute to group profitability in the second half. We have also acquired 14
airport stores from Hargreaves (Sports) Limited. We believe airports provide an
excellent opportunity for us to trade successfully and to broaden our offer and
appeal.
The Fashion Fascias are in a year of transition with continuing conversions of
the legacy fascias (ATH-, AV) to the Scotts Fascia and ongoing disposals of
underperforming stores. The recent like for like trading of the Fashion Fascias
has been encouraging.
The result of this further progress is an improved operating profit after net
financing charges (before exceptional items) of £3.1 million (2005: £1.1
million).
Profit before tax in the period was £3.2 million (2005: loss before tax £2.6
million) helped by a net exceptional credit of £0.1 million (2005: exceptional
charge £3.7 million). Property rationalisation remains a major priority for the
balance of this year and further disposals will result in an exceptional charge
in the second half of the current year.
Profit for the period after taxation was £2.1 million (2005: loss £1.6 million).
SPORTS FASCIAS
The Sports Fascias have continued to trade positively and we believe they
benefit from a differentiated sports fashion led product positioning and a well
designed own brand and licensed brand proposition. This proposition has been
enhanced recently by the launches of Rivington and Brookhaven. The results of
the Sports Fascias are encouraging, and these Fascias account for all the growth
in first half revenues. Looking to the future, sustainable performance depends
on the continuing ability and desire of our branded supplier partners to
differentiate their product offer in different distribution channels.
Like for like sales figures for the ex Allsports store portfolio will not really
become meaningful until after the anniversary of all conversions having been
completed. The merchandising and buying issues surrounding changing the offer to
a JD offer in the converted stores has provided an enormously useful insight
into variations in demand patterns in smaller towns with different demographic
and footfall characteristics. We believe the lessons learned will eventually
enhance the performance of the overall Sports Fascias store portfolio.
Following the acquisition of 14 airport stores from Hargreaves, we now have 15
stores in airport locations, one of which is an ex Allsports store at Manchester
airport on the landside. The airport stores which were acquired are at Heathrow,
Gatwick and Stansted, in both landside and airside locations. They currently
trade under the Hargreaves, Nike, Quiksilver and Beach Party fascia names. The
Hargreaves stores now have a JD offer and we intend to refascia them as JD
stores as soon as is practicable. Although the security alerts of August have
dented recent trade in these stores we believe that airport retailing remains an
important opportunity for the Group.
FASHION FASCIAS
When we reported on last year's final results we said that the Fashion Fascias
would only provide profit to the business if some of the larger rented and over
rented ex JD Fashion Fascia stores could be disposed of. Useful progress has
been made in the necessary store portfolio rationalisation with the disposal of
three underperforming stores.
Stocks and overheads have been well controlled and margins have been maintained.
Whilst considerable progress has been made in the Fashion Fascias, which
represented only 7% of turnover in the first half, they will still be a
substantial loss maker in the current year because of property issues.
Nevertheless, the outlook for these Fascias is getting brighter and the current
like for like sales performance supports this view.
GROUP PERFORMANCE
Revenue, gross margin and overheads
Total Group revenue increased by 12.6% in the period to £235.9 million (2005:
£209.6 million) and by 3.1 % on a like for like basis (excluding Allsports and
the newly acquired airport stores).
Revenue increased by 3.2% on a like for like basis in the Sports Fascias
(excluding Allsports and the newly acquired airport stores). The Fashion Fascias
like for like sales performance was up 2.0% cumulatively in the half year
period.
Group gross margin increased in the period from 46.6% to 47.4% reflecting the
benefits of better stock management and efforts to improve bought in margin in
the Sports Fascias.
Overheads (excluding exceptional items) net of other operating income, which
include some Allsports integration costs, increased to 45.5% of sales (2005:
45.3%), partly as a result of increased transport and utility costs. Other cost
ratios have been well controlled, aided by the store rationalisation programme.
Operating profits and results
Operating profit (before net financing costs and exceptional items) increased by
£1.6 million from £2.8 million to £4.4 million. The Group operating profit
margin (before net financing costs and exceptional items) for the first half of
the year has therefore increased from 1.3% to 1.9%.
As a result of an exceptional credit of £0.1 million (2005: charge of £3.7
million), operating profit after exceptional items but before net financing
costs was £4.5 million (2005: loss of £0.9 million). The exceptional items
comprise:
£m
Onerous lease costs 1.2
Profit on disposal of non-current assets (1.3)
---------
Total (0.1)
---------
The onerous lease costs relate to vacant stores including failed ex First Sport
store assignments.
Profit before tax in the period was £3.2 million (2005: loss before tax £2.6
million) helped by the year on year movement in the net exceptional items.
Debt reduction and working capital
Net debt has increased from £23.3 million to £24.9 million in the twelve months
to 29 July 2006 but given the purchase of the 14 airport stores for £5.0 million
in the current period and Allsports for £15.0 million in October 2005, this
reflects a material underlying debt reduction. Gearing has decreased from 46% at
30 July 2005 to 45% at 29 July 2006.
Net debt has increased from £13.2 million to £24.9 million in the six months to
29 July 2006 but this reflects the normal trading and working capital cycles for
the first half year plus the purchase of the 14 airport stores for £5.0m.
Inventories have increased from £55.5 million at both 30 July 2005 and 28
January 2006 to £62.2 million as a result of the acquisitions of Allsports and
the 14 airport stores. Trade creditors continue to be paid to terms to maximise
settlement discounts.
STORE PORTFOLIO
Group store numbers increased in the period from 416 to 419 although the
disposal of some larger space stores meant that the total retail square footage
decreased from 1,277,000 sq ft to 1,256,000 sq ft. The split between the Sport
and Fashion Fascias is as follows:
Sport
No. of stores Retail ('000 sq ft)
At 28 January 2006 370 1,133
New stores 3 3
Allsports assignment post year end 1 5
Airport stores acquired 14 15
Disposals (12) (20)
Allsports stores transferred to Fashion (3) (3)
------------- ---------------
At 29 July 2006 373 1,133
------------- ---------------
Fashion
No. of stores Retail ('000 sq ft)
At 28 January 2006 46 144
Transferred from Sport 3 3
Disposals (3) (24)
------------- ---------------
At 29 July 2006 46 123
------------- ---------------
DIVIDENDS AND EARNINGS PER ORDINARY SHARE
The Board has considered the improved first half trading performance, current
trading conditions and the ongoing store rationalisation and has decided to
propose an increased interim dividend of 2.40p per ordinary share (2005: 2.30p).
The dividend will be paid on 12 January 2007 to shareholders on the register as
at close of business on 8 December 2006.
The adjusted basic earnings per ordinary share before exceptional items are
6.21p (2005: 2.49p).
The basic earnings per ordinary share are 4.45p (2005: loss of 3.29p).
CURRENT TRADING AND OUTLOOK
Trading since the period end has been satisfactory with year to date like for
like sales to 23 September 2006 in the JD Sports Fascias (excluding Allsports
and the newly acquired airport stores) now up by 4.0%. The Fashion Fascias like
for like sales for the same period are now up by 5.7% against weak comparatives.
Overall the Board expects results to continue to improve with trading to date
currently running marginally ahead of market expectations. The final result
remains heavily dependent upon sales performance during the key Christmas
trading period.
EMPLOYEES
We have achieved a lot across the Group since the last year end and this would
not have happened without the commitment of all our staff and management. The
Board extends its thanks to all involved who have contributed to our continuing
success.
Peter Cowgill
Executive Chairman
28 September 2006
CONSOLIDATED INCOME STATEMENT
for the 26 weeks ended 29 July 2006
Note Unaudited 26 Unaudited 26 52 weeks to
weeks to 29 weeks to 30 28 January
July 2006 July 2005 2006
£000 £000 £000
REVENUE 235,932 209,608 490,288
Cost of sales (124,057) (111,935) (263,608)
------------------------ ----- ------------ ---------- ---------
GROSS PROFIT 111,875 97,673 226,680
Selling and distribution
expenses - normal (101,035) (88,988) (192,730)
Selling and distribution
expenses - exceptional 2 99 (3,734) (11,206)
------------------------ ----- ------------ ---------- ---------
Selling and distribution
expenses (100,936) (92,722) (203,936)
------------------------ ----- ------------ ---------- ---------
Administrative expenses -
normal (7,362) (6,558) (15,438)
Administrative expenses -
exceptional 2 - - (1,777)
------------------------ ----- ------------ ---------- ---------
Administrative expenses (7,362) (6,558) (17,215)
------------------------ ----- ------------ ---------- ---------
Other operating income 900 672 1,609
------------------------ ----- ------------ ---------- ---------
OPERATING PROFIT/(LOSS) 4,477 (935) 7,138
------------------------ ----- ------------ ---------- ---------
Before exceptional items 4,378 2,799 20,121
Exceptional items 2 99 (3,734) (12,983)
------------------------ ----- ------------ ---------- ---------
OPERATING PROFIT/(LOSS) 4,477 (935) 7,138
Financial income 70 156 230
Financial expenses (1,318) (1,814) (3,718)
------------------------ ----- ------------ ---------- ---------
PROFIT/(LOSS) BEFORE TAX 3,229 (2,593) 3,650
Income tax (expense)/credit (1,083) 1,037 (1,302)
------------------------ ----- ------------ ---------- ---------
PROFIT/(LOSS) FOR THE PERIOD 6 2,146 (1,556) 2,348
------------------------ ----- ------------ ---------- ---------
Basic earnings per ordinary share 3 4.45p (3.29p) 4.92p
------------------------ ----- ------------ ---------- ---------
Diluted earnings per ordinary share 3 4.45p (3.29p) 4.92p
------------------------ ----- ------------ ---------- ---------
GROUP STATEMENT OF RECOGNISED INCOME AND EXPENSE
For the 26 weeks to 29 July 2006
The Group has no material recognised gains or losses during the current or
previous period other than the results reported above.
CONSOLIDATED BALANCE SHEET
as at 29 July 2006
Unaudited Unaudited
Note As at As at As at
29 July 30 July 28 January
2006 2005 2006
£000 £000 £000
ASSETS
Intangible assets 25,316 19,732 21,767
Property, plant and equipment 47,548 50,170 49,200
Other receivables 2,747 2,545 2,515
------------------------ ----- ---------- --------- ---------
TOTAL NON-CURRENT ASSETS 75,611 72,447 73,482
------------------------ ----- ---------- --------- ---------
Inventories 62,180 55,499 55,450
Income tax receivable 899 3,207 1,736
Trade and other receivables 12,672 11,010 12,039
Cash and cash equivalents 7 4,450 8,355 9,336
------------------------ ----- ---------- --------- ---------
TOTAL CURRENT ASSETS 80,201 78,071 78,561
------------------------ ----- ---------- --------- ---------
TOTAL ASSETS 155,812 150,518 152,043
------------------------ ----- ---------- --------- ---------
LIABILITIES
Interest-bearing loans and borrowings (29,029) (11,230) (12,178)
Trade and other payables (54,254) (51,513) (56,346)
Provisions (2,439) (1,504) (2,569)
------------------------ ----- ---------- --------- ---------
TOTAL CURRENT LIABILITIES (85,722) (64,247) (71,093)
------------------------ ----- ---------- --------- ---------
Interest-bearing loans and borrowings (287) (20,474) (10,405)
Other payables (8,207) (9,895) (9,299)
Provisions (5,427) (2,434) (4,988)
Deferred tax liabilities (1,651) (2,335) (1,665)
------------------------ ----- ---------- --------- ---------
TOTAL NON-CURRENT LIABILITIES (15,572) (35,138) (26,357)
------------------------ ----- ---------- --------- ---------
TOTAL LIABILITIES (101,294) (99,385) (97,450)
------------------------ ----- ---------- --------- ---------
TOTAL ASSETS LESS TOTAL LIABILITIES 54,518 51,133 54,593
------------------------ ----- ---------- --------- ---------
CAPITAL AND RESERVES
Issued ordinary share capital 6 2,413 2,400 2,413
Share premium 6 10,823 10,173 10,823
Retained earnings 6 41,282 38,560 41,357
------------------------ ----- ---------- --------- ---------
TOTAL EQUITY ATTRIBUTABLE TO
EQUITY SHAREHOLDERS 6 54,518 51,133 54,593
------------------------ ----- ---------- --------- ---------
CONSOLIDATED CASH FLOW STATEMENT
for the 26 weeks ended 29 July 2006
Unaudited Unaudited
26 weeks to 26 weeks to 52 weeks to
29 July 30 July 28 January
Note 2006 2005 2006
£000 £000 £000
CASH FLOWS FROM OPERATING ACTIVITIES
Profit/(loss) for the period 2,146 (1,556) 2,348
Income tax expense/(credit) 1,083 (1,037) 1,302
Financial expenses 1,318 1,814 3,718
Financial income (70) (156) (230)
Depreciation and amortisation of
non-current
assets 5,395 4,817 10,632
Impairment of non-current assets - 1,097 3,206
Profit on disposal of non-current (1,315) (84) (676)
assets
(Increase)/decrease in inventories (5,412) (1,642) 10,585
(Increase)/decrease in trade and other
receivables (633) 697 1,169
(Decrease)/increase in trade and other
payables and provisions (4,363) 7,953 13,895
Interest paid (1,318) (1,814) (3,718)
Income taxes paid (258) (1,441) (2,841)
------------------------ ----- ---------- ---------- ---------
NET CASH (USED IN)/FROM OPERATING
ACTIVITIES (3,427) 8,648 39,390
------------------------ ----- ---------- ---------- ---------
CASH FLOWS FROM INVESTING ACTIVITIES
Interest received 70 156 230
Proceeds from sale of non-current 3,972 774 1,782
assets
Disposal costs of non-current assets (340) - (683)
Acquisition of non-current assets (6,896) (3,327) (6,827)
Cash consideration of acquisitions (4,998) - (15,017)
------------------------ ----- ---------- ---------- ---------
NET CASH USED IN INVESTING ACTIVITIES (8,192) (2,397) (20,515)
------------------------ ----- ---------- ---------- ---------
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from issue of ordinary share - 1,167 1,197
capital
Drawdown/(repayment) of
interest-bearing
loans and borrowings 7,000 (4,500) (12,500)
Payment of finance lease and hire
purchase
contracts (267) (233) (415)
Dividends paid - - (2,552)
------------------------ ----- ---------- ---------- ---------
NET CASH FROM/(USED IN) FINANCING 6,733 (3,566) (14,270)
ACTIVITIES
------------------------ ----- ---------- ---------- ---------
NET (DECREASE)/INCREASE IN CASH AND
CASH EQUIVALENTS 7 (4,886) 2,685 4,605
------------------------ ----- ---------- ---------- ---------
1. BASIS OF PREPARATION
The interim financial report has been prepared in accordance with accounting
policies set out in the Group's audited financial statements for the 52 weeks
ended 28 January 2006. The interim financial report does not include all of the
information required for full annual financial statements.
The interim financial report has been prepared on the basis of the recognition
and measurement requirements of EU-IFRS applied in the financial statements at
28 January 2006 and those standards that have been endorsed by the EU and will
be effective at 27 January 2007.
The information in the interim financial report for the period ended 29 July
2006 is unaudited.
The comparative figures for the 52 weeks ended 28 January 2006 are not the
Company's Statutory Accounts for that financial year. Those accounts have been
reported on by the Company's auditor and delivered to the Registrar of
Companies. The report of the Auditor was unqualified, did not include a
reference to any matters to which the Auditor drew attention by way of emphasis
without qualifying their report and did not contain a statement under section
237 (2) or (3) of the Companies Act 1985.
2. EXCEPTIONAL ITEMS
Unaudited Unaudited
26 weeks to 26 weeks to 52 weeks to
29 July 30 July 28 January
2006 2005 2006
£000 £000 £000
Profit on disposal of non-current assets (1,315) (84) (676)
Provision for rentals on onerous property 1,216 2,721 6,954
leases
Impairment of property, plant and equipment - 1,097 3,172
Impairment of non-current other receivables - - 34
Lease variation costs - - 1,722
-------------------------- ---------- --------- ---------
Selling and distribution expenses - (99) 3,734 11,206
exceptional ---------- --------- ---------
--------------------------
Allsports restructuring costs - - 1,777
-------------------------- ---------- --------- ---------
Administrative expenses - exceptional - - 1,777
-------------------------- ---------- --------- ---------
Exceptional (credit) / expense (99) 3,734 12,983
-------------------------- ---------- --------- ---------
3. EARNINGS PER ORDINARY SHARE
Basic earnings per ordinary share
The calculation of basic earnings per ordinary share at 29 July 2006 is based on
the profit / (loss) for the period attributable to equity holders of the parent
of £2,146,000 (30 July 2005: loss of £1,556,000, 28 January 2006: profit of
£2,348,000) and a weighted average number of ordinary shares outstanding during
the 26 weeks ended 29 July 2006 of 48,263,434 (30 July 2005: 47,308,292, 28
January 2006: 47,721,276), calculated as follows:
Unaudited Unaudited
26 weeks to 26 weeks to 52 weeks to
29 July 30 July 28 January
2006 2005 2006
£000 £000 £000
Issued ordinary shares at beginning of
period 48,263,434 46,978,013 47,276,628
Effect of shares issued during the
period - 330,279 444,648
-------------------------- ---------- --------- ---------
Weighted average number of ordinary
shares
during the period 48,263,434 47,308,292 47,721,276
-------------------------- ---------- --------- ---------
Diluted earnings per ordinary share
The calculation of diluted earnings per ordinary share at 29 July 2006 is based
on the profit / (loss) for the period attributable to equity holders of the
parent of £2,146,000 (30 July 2005: loss of £1,556,000, 28 January 2006: profit
of £2,348,000) and a weighted average number of diluted ordinary shares
outstanding during the 26 weeks ended 29 July 2006 of 48,263,434 (30 July 2005:
47,314,071 and 28 January 2006: 47,721,276), calculated as follows:
Unaudited Unaudited
26 weeks to 26 weeks to 52 weeks to
29 July 30 July 28 January
2006 2005 2006
£000 £000 £000
Weighted average number of ordinary
shares
during the period 48,263,434 46,981,420 47,721,276
Dilutive effect of outstanding share
options - 332,651 -
-------------------------- ---------- --------- ---------
Weighted average number of diluted
ordinary
shares during the period 48,263,434 47,314,071 47,721,276
-------------------------- ---------- --------- ---------
Adjusted basic earnings per ordinary share
Adjusted basic earnings per ordinary share has been based on the profit / (loss)
for the period attributable to equity holders of the parent 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.
Unaudited Unaudited
26 weeks to 26 weeks to 52 weeks to
29 July 30 July 28 January
2006 2005 2006
£000 £000 £000
Profit/(loss) for the period attributable to
equity holders of the parent 2,146 (1,556) 2,348
Exceptional items excluding profit on disposal
of non-current assets 1,216 3,818 13,659
Tax relating to relevant exceptional items (365) (1,083) (3,925)
-------------------------- ---------- --------- ---------
Profit for the period attributable to equity
holders of the parent excluding exceptional
items 2,997 1,179 12,082
-------------------------- ---------- --------- ---------
Adjusted basic earnings per ordinary share 6.21p 2.49p 25.32p
-------------------------- ---------- --------- ---------
4. DIVIDENDS
After the balance sheet date the following dividends were proposed by the
Directors. The dividends were not provided for at the balance sheet date.
Unaudited Unaudited 52 weeks to
26 weeks to 26 weeks to 28 January 2006
29 July 30 July
2006 2005
£000 £000 £000
-------------------------- ---------- --------- ---------
2.40p per ordinary share (30 July
2005: 2.30p,
28 January 2006: 4.60p) 1,158 1,104 2,221
-------------------------- ---------- --------- ---------
5. ACQUISITIONS
On 28 October 2005 the Group acquired the trade and certain assets of Allsports
Retail Limited (in administration) for a cash consideration of £14,153,000
together with associated fees of £867,000.
The fair values are summarised below:
Book and
fair value at Book and fair
28 January Fair value value at 29
2006 adjustment July 2006
Unaudited £000 £000 £000
Acquiree's net assets at the acquisition date:
Property, plant and equipment 3,290 - 3,290
Inventories 12,178 718 12,896
Cash and cash equivalents 3 - 3
Trade and other payables (2,625) (222) (2,847)
-------------------------- ---------- --------- ---------
Net identifiable assets 12,846 496 13,342
-------------------------- ---------- --------- ---------
Goodwill 2,174 (496) 1,678
-------------------------- ---------- --------- ---------
Consideration paid - satisfied by cash 15,020 15,020
-------------------------- ---------- --------- ---------
On 23 June 2006 the Group acquired the trade and assets of 14 stores in airport
locations from Hargreaves (Sports) Limited for a cash consideration of
£5,000,000. The fair values are summarised below:
Unaudited Book value at Book and fair
23 June Fair value value at 29
2006 adjustment July 2006
£000 £000 £000
Acquiree's net assets at the acquisition date:
Property, plant and equipment 520 (147) 373
Inventories 600 - 600
Cash and cash equivalents 2 - 2
Trade and other payables - (20) (20)
-------------------------- ---------- --------- ---------
Net identifiable assets 1,122 (167) 955
-------------------------- ---------- --------- ---------
Goodwill 3,878 167 4,045
-------------------------- ---------- --------- ---------
Consideration paid - satisfied by cash 5,000 5,000
-------------------------- ---------- --------- ---------
6. RECONCILIATION OF MOVEMENT IN CAPITAL AND RESERVES
Unaudited Ordinary Share Retained Total
Share Capital Premium Earnings Equity
£000 £000 £000 £000
Balance at 28 January 2006 2,413 10,823 41,357 54,593
Total recognised income and expense - - 2,146 2,146
Dividends to shareholders - - (2,221) (2,221)
-------------------- -------- --------- --------- ---------
Balance at 29 July 2006 2,413 10,823 41,282 54,518
-------------------- -------- --------- --------- ---------
7. ANALYSIS OF NET DEBT
Unaudited At Cashflow Other At 29 July
28 January 2006 non cash 2006
changes
£000 £000 £000 £000
------------------- --------- --------- --------- ---------
Bank balances and cash floats 9,336 (4,886) - 4,450
------------------- --------- --------- --------- ---------
Cash and cash equivalents 9,336 (4,886) - 4,450
Interest-bearing loans and
borrowings
Current (12,000) (7,000) (10,000) (29,000)
Non-current (10,000) - 10,000 -
Loan notes (287) - - (287)
Finance leases and similar hire
purchase contracts (296) 267 - (29)
------------------- --------- --------- --------- ---------
(13,247) (11,619) - (24,866)
------------------- --------- --------- --------- ---------
8. INTERIM REPORT
The interim report will be posted to all shareholders in due course. Additional
copies are available on application to the Company Secretary, The John David
Group Plc, Hollinsbrook Way, Pilsworth, Bury, Lancashire, BL9 8RR, or can be
downloaded from our website: www.thejohndavidgroup.com.
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