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 Â£000 Â£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 â€¢ Total revenue increased by 8.2% in the year and by 4.7% on a like for like basis. â€¢ Gross margin improved from 46.2% to 47.5%. â€¢ Group profit before tax and exceptional items up 51% to Â£25.1 million (2006: Â£16.6 million). â€¢ Group has now eliminated its year end net debt and has year end net cash balances of Â£10.9 million - a three year improvement of Â£61.9 million after acquisitions at a cost of Â£24.1 million in the same three year period. â€¢ Exceptional items of Â£7.8m mainly as a result of impairment of goodwill (Â£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 Â£16.6 million to Â£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 Â£25.1 million (2006: Â£16.6 million). Group profit before tax was Â£17.3 million (2006: Â£3.6 million) and Group profit after tax was Â£10.4 million (2006: Â£2.3 million). Group operating profit before exceptional items and net financing costs for the year of Â£27.3 million (2006: Â£20.1 million) comprises a Sports Fascias profit of Â£29.7 million (2006: Â£22.6 million) and a Fashion Fascias loss of Â£2.4 million (2006: loss of Â£2.5 million). SPORTS FASCIAS The Sports Fascias' turnover increased to Â£492.8 million (2006: Â£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 Â£37.7 million (2006: Â£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: Â£530.6 million; 2006: Â£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 Â£7.2 million to Â£27.3 million (2006: Â£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 Â£7.8 million (2006: Â£13.0 million), operating profit after exceptional items but before net financing costs rose sharply from Â£7.1 million to Â£19.5 million. The exceptional items comprise: Â£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 Â£2.0 million, reducing it from Â£4.6 million to Â£2.6 million. The ex Hargreaves Airports stores were acquired in the current year and the Â£4.0 million initial goodwill arising from this trade and asset purchase has been impaired by Â£2.0 million to Â£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 Â£1.5 million comprises a charge of Â£1.8 million on four overrented trading stores and a credit of Â£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 Â£3.5 million to Â£2.3 million as a result of continuing debt reduction. Debt reduction and working capital Year end net debt of Â£13.2 million in the previous year was eliminated and replaced by net cash balances of Â£10.9 million, an improvement of Â£24.1 million after acquisitions and dividends. Free cash flow generated in the last three years has been in excess of Â£92 million. Stocks were reduced in the year by a further Â£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 Â£000 Â£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 Â£000 Â£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 Â£000 Â£000 Â£000 Â£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 Â£000 Â£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 Â£000 Â£000 Â£000 Â£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 Â£000 Â£000 Â£000 Â£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 Â£000 Â£000 Â£000 Â£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 Â£000 Â£000 Â£000 Â£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 Â£000 Â£000 Â£000 Â£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 Â£000 Â£000 Â£000 Â£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 Â£000 Â£000 Â£000 Â£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 Â£000 Â£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 Â£10,388,000 (2006: Â£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 Â£10,388,000 (2006: Â£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 Â£000 Â£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. This information is provided by RNS The company news service from the London Stock Exchange

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