Financial Express (Holdings) Limited (“we”, “our”, “us” and derivatives) are committed to protecting and respecting your privacy. This Privacy Policy, together with our Terms of Use, sets out the basis on which any personal data that we collect from you, or that you provide to us, will be processed by us relating to your use of any of the below websites (“sites”).

  • FEAnalytics.com
  • FEInvest.net
  • FETransmission.com
  • Investegate.co.uk
  • Trustnet.hk
  • Trustnetoffshore.com
  • Trustnetmiddleeast.com

For the purposes of the Data Protection Act 1998, the data controller is Trustnet Limited of 2nd Floor, Golden House, 30 Great Pulteney Street, London, W1F 9NN. Our nominated representative for the purpose of this Act is Kirsty Witter.

WHAT INFORMATION DO WE COLLECT ABOUT YOU?

We collect information about you when you register with us or use any of our websites / services. Part of the registration process may include entering personal details & details of your investments.

We may collect information about your computer, including where available your operating system, browser version, domain name and IP address and details of the website that you came from, in order to improve this site.

You confirm that all information you supply is accurate.

COOKIES

In order to provide personalised services to and analyse site traffic, we may use a cookie file which is stored on your browser or the hard drive of your computer. Some of the cookies we use are essential for the sites to operate and may be used to deliver you different content, depending on the type of investor you are.

You can block cookies by activating the setting on your browser which allows you to refuse the setting of all or some cookies. However, if you use your browser settings to block all cookies (including essential cookies) you may not be able to access all or part of our sites. Unless you have adjusted your browser setting so that it will refuse cookies, our system will issue cookies as soon as you visit our sites.

HOW WE USE INFORMATION

We store and use information you provide as follows:

  • to present content effectively;
  • to provide you with information, products or services that you request from us or which may interest you, tailored to your specific interests, where you have consented to be contacted for such purposes;
  • to carry out our obligations arising from any contracts between you and us;
  • to enable you to participate in interactive features of our service, when you choose to do so;
  • to notify you about changes to our service;
  • to improve our content by tracking group information that describes the habits, usage, patterns and demographics of our customers.

We may also send you emails to provide information and keep you up to date with developments on our sites. It is our policy to have instructions on how to unsubscribe so that you will not receive any future e-mails. You can change your e-mail address at any time.

In order to provide support on the usage of our tools, our support team need access to all information provided in relation to the tool.

We will not disclose your name, email address or postal address or any data that could identify you to any third party without first receiving your permission.

However, you agree that we may disclose to any regulatory authority to which we are subject and to any investment exchange on which we may deal or to its related clearing house (or to investigators, inspectors or agents appointed by them), or to any person empowered to require such information by or under any legal enactment, any information they may request or require relating to you, or if relevant, any of your clients.

You agree that we may pass on information obtained under Money Laundering legislation as we consider necessary to comply with reporting requirements under such legislation.

ACCESS TO YOUR INFORMATION AND CORRECTION

We want to ensure that the personal information we hold about you is accurate and up to date. You may ask us to correct or remove information that is inaccurate.

You have the right under data protection legislation to access information held about you. If you wish to receive a copy of any personal information we hold, please write to us at 3rd Floor, Hollywood House, Church Street East, Woking, GU21 6HJ. Any access request may be subject to a fee of £10 to meet our costs in providing you with details of the information we hold about you.

WHERE WE STORE YOUR PERSONAL DATA

The data that we collect from you may be transferred to, and stored at, a destination outside the European Economic Area (“EEA”). It may be processed by staff operating outside the EEA who work for us or for one of our suppliers. Such staff may be engaged in, amongst other things, the provision of support services. By submitting your personal data, you agree to this transfer, storing and processing. We will take all steps reasonably necessary, including the use of encryption, to ensure that your data is treated securely and in accordance with this privacy policy.

Unfortunately, the transmission of information via the internet is not completely secure. Although we will do our best to protect your personal data, we cannot guarantee the security of your data transmitted to our sites; any transmission is at your own risk. You will not hold us responsible for any breach of security unless we have been negligent or in wilful default.

CHANGES TO OUR PRIVACY POLICY

Any changes we make to our privacy policy in the future will be posted on this page and, where appropriate, notified to you by e-mail.

OTHER WEBSITES

Our sites contain links to other websites. If you follow a link to any of these websites, please note that these websites have their own privacy policies and that we do not accept any responsibility or liability for these policies. Please check these policies before you submit any personal data to these websites.

CONTACT

If you want more information or have any questions or comments relating to our privacy policy please email publishing@financialexpress.net in the first instance.

 Information  X 
Enter a valid email address

John David Group (JD.)

  Print      Mail a friend

Wednesday 05 October, 2005

John David Group

Interim Results

John David Group (The) PLC
05 October 2005


5 October 2005

                            THE JOHN DAVID GROUP PLC

                                INTERIM RESULTS

                    FOR THE TWENTY SIX WEEKS TO 30 JULY 2005


The John David Group Plc (the 'Company' or the 'Group'), a leading specialist
retailer of fashionable branded and own brand sports and leisure wear, today
announces its interim results for the twenty six weeks ended 30 July 2005.

   • Turnover was slightly down at £209.6 million (2004: £212.1 million)
     after a 2.5% fall in average retail square footage.

   • Group like for like sales declined 0.6%.

   • Gross margin improved to 46.6% (2004: 46.0%).

   • Group operating profit (before exceptionals and net financing costs)
     increased to £2.8 million (2004: £1.8 million).

   • Net exceptional costs of £3.7 million incurred (2004: £5.9 million),
     primarily relating to onerous lease costs and store impairment provisions.

   • Operating loss before financing costs and tax was reduced to £0.9
     million (2004: £4.1 million).

   • Interim dividend of 2.30p per ordinary share (2004: 2.20p).

   • Inventories reduced by £16.6 million, demonstrating continued success in
     eliminating out of season lines.

   • Net debt reduced by £22.1 million, lowering gearing from 93% to 46%.

Peter Cowgill, Executive Chairman, said:

'Our results for the twenty six weeks ended 30 July 2005, reported here for the
first time in accordance with International Financial Reporting Standards, show
further progress being made in our first half trading performance as well as in
our programmes to rationalise the store portfolio and reduce debt. However, the
current trading environment is tough and conditions have worsened since our AGM
trading statement in July. It is therefore important that we experience better
trading going forward and particularly over the crucial Christmas period. We are
continuing to cut costs and drive sales wherever possible without moving away
from our basic proposition as the market's leading retailer of style driven
branded sportswear.

'The future success of the Group is still critically dependent on the Sports
Fascias and we have laid the foundations for a significant improvement in future
operating margins with the rationalisation of the store portfolio and the
elimination of substantial quantities of out of season stock.'

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
Edward Westropp

Introduction

Our results for the twenty six weeks ended 30 July 2005, reported here for the
first time in accordance with International Financial Reporting Standards
('IFRS'), show further progress being made in our first half trading performance
as well as in our programmes to rationalise the store portfolio and reduce debt.
However, the current trading environment is tough and conditions have worsened
since our AGM trading statement in July. It is therefore important that we
experience better trading going forward and particularly over the crucial
Christmas period. We are continuing to cut costs and drive sales wherever
possible without moving away from our basic proposition as the market's leading
retailer of style driven branded sportswear.

IFRS

The results presented in this announcement have been prepared under IFRS for the
first time. Prior period figures have been restated in accordance with an
announcement being released simultaneously today.

Group Results

Operating profit before exceptional items and net financing costs was £2.8
million (2004: £1.8 million) and after financing was £1.1 million (2004: loss of
£0.3 million).

Like for like sales declined 0.6% (Sport Fascias -0.2%; Fashion Fascias -5.3%)
for the twenty six weeks ended 30 July 2005 and average retail square footage
fell by 2.5% against the comparable period.

Total sales for the twenty six weeks ended 30 July 2005 were £209.6 million
compared with £212.1 million for the six months ended 31 July 2004, a fall of
1.2%.

Gross margin has improved in both Fascias and was 46.6% overall (2004: 46.0%).
This is a creditable performance as we have continued to make considerable
efforts to cleanse inventories.

Net exceptional costs of £3.7 million (2004: £5.9 million) were incurred in the
period, comprising store impairment provisions of £1.1 million (2004: £3.0
million), and onerous lease provisions and store disposal costs of £2.6 million
(2004: £2.2 million). The 2004 exceptional costs also included a further £0.7
million, principally for staff termination costs. This year's onerous lease
charge relates to stores previously assigned to failed retailers for which rent
responsibility has returned to JD under privity of contract following the demise
of those retail chains.

After charging exceptional costs, the operating loss before financing and tax
was reduced to £0.9 million (2004: £4.1 million). Net financing costs were also
reduced to £1.7 million (2004: £2.1 million) reflecting both a reduction in
average debt and in bank margin.

Loss before tax was reduced to £2.6 million and after tax to £1.6 million (2004:
£6.2 million and £3.5 million respectively).

The basic and diluted earnings per ordinary share were minus 3.29p (2004: minus
7.47p). The adjusted basic earnings per ordinary share were 2.49p (2004: minus
0.04p).

Balance Sheet and Financial Resources

Total expenditure on property, plant and equipment during the period was £3.3
million (2004: £3.2 million).

Inventories were reduced by £16.6 million from its level a year previously to
£55.5 million, and were only £1.6 million higher than the £53.9 million at 31
January 2005, demonstrating continued success in eliminating out of season
lines.

Net debt was reduced by £22.1 million from £45.4 million at 31 July 2004 to
£23.3 million bringing gearing down in the same period from 93% to 46%.

Store Portfolio and Property

The store portfolio changed as follows in the twenty six weeks reported on:


Sports:                               Store nos.         Sq Ft '000s

At start of year                         299               1,042
New stores                                 1                   6
Store closures                            (9)                (19)
Transfers/ stores within stores            4                  10

Total                                    295               1,039

Fashion:                              Store nos.         Sq Ft '000s

At start of year                          53                 164
New stores                                 0                   0
Store closures                            (4)                 (9)
Transfers/ stores within stores           (1)                 (7)

Total                                     48                 148

Group:                                Store nos.         Sq Ft '000s

At start of year                         352               1,206
New stores                                 1                   6
Store closures                           (13)                (28)
Transfers/ stores within stores            3                   3

Total                                    343               1,187


The only new store opened in the period was Maidstone in July. A further store
was opened in Norwich in September. Both are JD Sports stores.

Maximising performance from our current property portfolio including elimination
of underperforming stores remains a priority. Thirteen stores were closed in the
period and a further four have been closed since 30 July 2005.

Current Trading and Outlook

Trading in both the Sports and Fashion Fascias has been disappointing in most
recent weeks. Even with our differentiated and significantly exclusive product
offer, increasing competition and overcapacity in sportswear retail channels has
meant that we have not been immune to the current downturn in consumer spending
and footfall. We referred to the impact of the London bombings on Central London
trade in our AGM statement in July and that impact was exacerbated by the
subsequent further attempted bombings on the day of that announcement. London
trade has seen significant double digit declines year on year since that time.
The negative impacts on trade in August and the first three weeks of September
also included some late deliveries on key lines and a delay in momentum building
on the sale of Autumn ranges against last year. Like for like sales for the nine
week period from 31 July to 1 October have been -7.6% (Sports -6.8%; Fashion
-17.3%). The Group like for like sales performance for the thirty five weeks to
1 October is -2.5% (Sports -2.0%; Fashion -8.2%).

On the positive side, we are heartened that last week was a significantly better
week being positive in both Sports and Fashion Fascias for the first time since
May. It is important that we now experience a sustained period of better trading
going forward and particularly over the crucial Christmas period.

The Fashion business still represents less than 10% of sales and is now managed
autonomously with separate systems from a head office in Congleton and a
warehouse in Middlewich. The reorganisation was satisfactorily completed in June
though initially the amalgamation of two stock files both physically and in
system terms left us significantly short of stock in July and August. A new look
Scotts store was opened in Hull (in an old AV store) in September and this store
has traded well. Further conversions are already underway in Bradford and
Bluewater, and brand support is still increasing. Gross margin and operating
costs performance are satisfactory but ultimately increases in sales per square
foot are required to drive the business forward.

The future success of the Group is still critically dependent on the Sports
Fascias. We have laid the foundations for a significant improvement in future
operating margins with the rationalisation of the store portfolio and the
elimination of substantial quantities of out of season stock lines. What we now
need is a return in consumer confidence and footfall. Above average inflationary
cost pressure makes earnings growth difficult without like for like sales
growth. We continue to look at all overhead savings opportunities but we are
also looking more at new merchandising, customer service and footfall conversion
tracking initiatives to ensure we capitalise on our differentiated style led
fashion product offer. We are also continuing to pursue opportunities to
increase returns from our larger space stores.

Dividend

The Board has considered both the improved first half trading performance and
current trading conditions and has decided to propose an increased interim
dividend of 2.30p per ordinary share (2004: 2.20p). It is intended that all
shareholders will be offered a scrip dividend alternative to this dividend in a
separate circular to shareholders. The dividend will be paid on 13 January 2006
to shareholders on the register as at close of business on 9 December 2005.



Peter Cowgill
Executive Chairman
5 October 2005

CONSOLIDATED INCOME STATEMENT
For the 26 weeks ended 30 July 2005

                                  Unaudited       Unaudited       Unaudited
                             26 weeks ended  6 months ended  52 weeks ended
                                    30 July         31 July      29 January
                                       2005            2004            2005
                             Note      £000            £000            £000

REVENUE                             209,608         212,079         471,656
Cost of sales                      (111,935)       (114,530)       (256,504)
                                    _______         _______         _______
GROSS PROFIT                         97,673          97,549         215,152
                              
Net operating expenses              (98,608)       (101,652)       (207,393)
                                    _______         _______         _______
OPERATING (LOSS)/PROFIT                (935)         (4,103)          7,759
BEFORE FINANCING

Before exceptional items              2,799           1,853          17,098

Exceptional items               2    (3,734)         (5,956)         (9,339)

OPERATING (LOSS) / PROFIT              (935)         (4,103)          7,759
BEFORE FINANCING
                                    _______         _______         _______
Financial income                        156             170             304
Financial expenses                   (1,814)         (2,285)         (4,461)
                                    _______         _______         _______
(LOSS)/PROFIT BEFORE TAX             (2,593)         (6,218)          3,602

Income tax credit/(expense)     3     1,037           2,727          (1,341)
                                    _______         _______         _______
(LOSS)/PROFIT FOR THE                (1,556)         (3,491)          2,261
PERIOD
                                    _______         _______         _______

Earnings per ordinary share:

- Basic                         4     (3.29p)         (7.47p)          4.81p
- Diluted                       4     (3.29p)         (7.47p)          4.81p




GROUP STATEMENT OF RECOGNISED INCOME AND EXPENSE
For the 26 weeks ended 30 July 2005

The Group has no recognised gains or losses during the current or previous
period other than the results reported above.




CONSOLIDATED BALANCE SHEET
As at 30 July 2005

                                            Unaudited   Unaudited   Unaudited
                                                As at       As at       As at
                                              30 July     31 July  29 January
                                                 2005        2004        2005
                                      Note       £000        £000        £000

ASSETS
Intangible assets                              19,732      14,976      19,130
Property, plant and equipment                  50,170      58,438      54,074
Other receivables                               2,545       3,231       2,715
                                              _______     _______     _______
TOTAL NON-CURRENT ASSETS                       72,447      76,645      75,919
                                              _______     _______     _______

Inventories                                    55,499      72,113      53,857
Income tax receivable                           3,207       3,561           -
Trade and other receivables                    11,010      10,623      11,707
Cash and cash equivalents                       8,355      24,583       6,531
                                              _______     _______     _______
TOTAL CURRENT ASSETS                           78,071     110,880      72,095
                                              _______     _______     _______
TOTAL ASSETS                                  150,518     187,525     148,014
                                              _______     _______     _______
LIABILITIES
Bank overdraft                                   (939)          -      (1,800)
Interest-bearing loans and                    (10,000)     (8,000)     (9,000)
borrowings
Trade and other payables                      (51,804)    (54,657)    (44,041)
Provisions                                     (1,504)       (845)       (674)
Income tax liabilities                              -           -      (1,417)
                                              _______     _______     _______
TOTAL CURRENT LIABILITIES                     (64,247)    (63,502)    (56,932)
                                              _______     _______     _______
Interest-bearing loans and                    (20,000)    (62,000)    (25,500)
borrowings
Other payables                                (10,369)    (11,196)    (10,852)
Provisions                                     (2,434)       (167)       (940)
Deferred tax liabilities                       (2,335)     (1,929)       (190)
                                              _______     _______     _______
TOTAL NON-CURRENT LIABILITIES                 (35,138)    (75,292)    (37,482)
                                              _______     _______     _______
TOTAL LIABILITIES                             (99,385)   (138,794)    (94,414)
                                              _______     _______     _______
TOTAL ASSETS LESS TOTAL LIABILITIES            51,133      48,731      53,600
                                              _______     _______     _______
EQUITY
Issued ordinary share capital             5     2,400       2,338       2,364
Share premium                             5    10,173       8,917       9,042
Retained earnings                         5    38,560      37,476      42,194
                                              _______     _______     _______
TOTAL EQUITY ATTRIBUTABLE TO EQUITY            51,133      48,731      53,600
SHAREHOLDERS
                                              _______     _______     _______



CONSOLIDATED STATEMENT OF CASH FLOWS
For the 26 weeks ended 30 July 2005

                                       Unaudited     Unaudited     Unaudited
                                        26 weeks      6 months      52 weeks
                                           ended         ended         ended
                                         30 July       31 July    29 January
                                            2005          2004          2005
                                  Note      £000          £000          £000

CASH FLOWS FROM OPERATING
ACTIVITIES
(Loss)/profit for the period              (1,556)       (3,491)        2,261
Income tax (credit)/expense               (1,037)       (2,727)        1,341
Financial expenses                         1,814         2,285         4,461
Financial income                            (156)         (170)         (304)
Depreciation                               4,817         5,183        11,111
(Profit) / loss on disposal of               (84)        1,239           616
property, plant and equipment
Impairment of property, plant and          1,097         2,976         6,701
equipment
(Increase)/decrease in                    (1,642)       (6,386)       14,674
inventories
Decrease in trade and other                  697         2,878         2,360
receivables
Increase/(decrease) in trade,              7,953         7,645        (6,002)
other payables and provisions
Interest paid                             (1,814)       (2,285)       (4,461)
Income tax (paid)/received                (1,441)        1,074           244
                                         _______       _______       _______
NET CASH FROM OPERATING                    8,648         8,221        33,002
ACTIVITIES
                                         _______       _______       _______
CASH FLOWS FROM INVESTING
ACTIVITIES
Interest received                            156           170           304
Proceeds from sale of property,              774           493         2,910
plant and equipment
Acquisition of property, plant            (3,327)       (3,235)       (8,056)
and equipment
Cash consideration on acquisition              -             -        (4,183)
of subsidiary
Net overdrawn balances acquired                -             -          (420)
on acquisition of subsidiary
                                         _______       _______       _______
NET CASH USED IN INVESTING                (2,397)       (2,572)       (9,445)
ACTIVITIES
                                         _______       _______       _______
CASH FLOWS FROM FINANCING
ACTIVITIES
Proceeds from issue of ordinary            1,167             -           146
share capital
(Repayment)/drawdown of                   (4,500)       14,000       (21,500)
borrowings
Payment of finance lease                    (233)            -          (170)
liabilities
Dividends paid                                 -             -        (1,816)
                                         _______       _______       _______
NET CASH (USED)/RECEIVED FROM             (3,566)       14,000       (23,340)
FINANCING ACTIVITIES
                                         _______       _______       _______

NET INCREASE IN CASH AND CASH        7     2,685        19,649           217
EQUIVALENTS




1.   BASIS OF PREPARATION

European Union ('EU') law (IAS Regulation EC 1606/2002) requires that the next
annual consolidated financial statements of The John David Group Plc ('The
Group'), those covering the 52 weeks ending 28 January 2006, are prepared in
accordance with International Financial Reporting Standards ('IFRS') adopted for
use in the E.U..

The Group has adopted IFRS with effect from 30 January 2005. The transition date
is 1 February 2004, being the start date of the earliest period for which full
comparative information in the 2006 Annual Report and Accounts will be
presented.

This interim financial information has been prepared on the basis of the
recognition and measurement requirements of IFRS in issue that either are
endorsed by the EU and effective (or available for early adoption) at 28 January
2006 or are expected to be endorsed and effective (or available for early
adoption) at 28 January 2006, the Group's first annual reporting date at which
it is required to use endorsed IFRS. Based on these endorsed IFRS, the directors
have made assumptions about the accounting policies expected to be applied when
the first annual IFRS financial statements are prepared for the 52 weeks ending
28 January 2006.

Furthermore, the adopted IFRS that will be effective (or available for early
adoption) in the annual financial statements for the 52 weeks ending 28 January
2006 are still subject to change and to additional interpretations and therefore
cannot be determined with certainty. Accordingly, the accounting policies for
that annual period will be determined finally only when the annual financial
statements are prepared for the 52 weeks ending 28 January 2006.

The comparative figures for the 52 weeks ended 29 January 2005 do not constitute
the Group's statutory accounts for that financial period. Those accounts, which
were prepared under UK GAAP, 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.

The interim financial information for the 26 weeks ended 30 July 2005 and 6
months ended 31 July 2004 has not been audited. In relation to the financial
statements for the 52 weeks ended 29 January 2005, this has been extracted from
a restatement of the financial information taken from the Group's statutory
accounts for that financial year.

The interim financial reports are not prepared in accordance with the EU
endorsed standard IAS34 'Interim Financial Reporting' as permitted by the
Listing Rules.

The financial statements are presented in pounds sterling, rounded to the
nearest thousand.

The preparation of financial statements in conformity with IFRS requires
management to make judgements, estimates and assumptions that affect the
application of policies and reported amount of assets and liabilities, income
and expenses. The estimates and associated assumptions are based on historical
experience and various other factors that are believed to be reasonable under
the circumstances, the results of which form the basis of making the judgements
about carrying values of assets and liabilities that are not readily apparent
from other sources. Actual results may differ from those estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis.
Revisions to accounting estimates are recognised in the period in which the
estimate is revised if the revision only affects that period, or in the period
of the revision and future periods if the revision affects both current and
future periods.

This is the Group's first consolidated interim financial report prepared in
accordance with IFRS. A detailed review of the changes in the accounting
policies and reconciliations of the financial statements from UK GAAP to IFRS at
key dates has today been provided to the London Stock Exchange.

The accounting policies set out in the IFRS transition statement have been
applied consistently to all periods presented in these consolidated financial
statements and in preparing an opening IFRS balance sheet at 1 February 2004 for
the purposes of the transition to IFRS.

The accounting policies have been applied consistently by all Group entities.

2.   EXCEPTIONAL ITEMS

                                   Unaudited      Unaudited      Unaudited
                              26 weeks ended 6 months ended 52 weeks ended
                                     30 July        31 July     29 January
                                        2005           2004           2005
                                        £000           £000           £000

(Profit)/loss on disposal of             (84)         1,239            616
property, plant and equipment
Provision for rentals on onerous       2,721          1,012          1,286
property leases
Impairment of property, plant and      1,097          2,976          6,701
equipment on loss making stores
Redundancy costs                           -            440            440
Bank reorganisation costs                  -            289            296
                                     _______        _______        _______
TOTAL EXCEPTIONAL ITEMS                3,734          5,956          9,339
                                     _______        _______        _______

3.   INCOME TAX (CREDIT)/EXPENSE

                                   Unaudited      Unaudited      Unaudited
                              26 weeks ended 6 months ended 52 weeks ended
                                     30 July        31 July     29 January
                                        2005           2004           2005
                                        £000           £000           £000

CURRENT TAX (CREDIT) / EXPENSE
UK corporation tax                    (1,033)        (3,073)         3,440
Adjustment relating to prior               -              -           (755)
periods
                                     _______        _______        _______
                                      (1,033)        (3,073)         2,685
DEFERRED TAX (CREDIT) / EXPENSE
Deferred tax                              (4)           346         (1,344)
                                     _______        _______        _______
TOTAL INCOME TAX (CREDIT) / EXPENSE   (1,037)        (2,727)         1,341
IN INCOME STATEMENT
                                     _______        _______        _______


4.   EARNINGS PER ORDINARY SHARE

The calculation of basic earnings per ordinary share at 30 July 2005 is based on
the loss attributable to ordinary shareholders of £1,556,000 (2004: £3,491,000)
and a weighted average number of ordinary shares outstanding during the 26 weeks
ended 30 July 2005 of 47,308,292 (2004: 46,748,607).

The calculation of diluted earnings per ordinary share at 30 July 2005 is based
on the loss attributable to ordinary shareholders of £1,556,000 (2004:
£3,491,000) and a weighted average number of ordinary shares outstanding during
the 26 weeks ended 30 July 2005 of 47,314,071 (2004: 46,751,332).

ADJUSTED BASIC EARNINGS PER ORDINARY SHARE

Adjusted basic earnings per ordinary share has been based on the (loss)/profit
attributable to ordinary shareholders for each financial period but excluding
the post tax effect of exceptional items since the directors consider that this
gives a more meaningful measure of the underlying performance of the Group.

                                   Unaudited      Unaudited      Unaudited
                              26 weeks ended 6 months ended 52 weeks ended
                                     30 July        31 July     29 January
                                        2005           2004           2005
                                        £000           £000           £000

(Loss)/profit attributable to         (1,556)        (3,491)         2,261
ordinary
shareholders
- Exceptional items excluding          3,818          4,717          8,723
(profit)/loss on disposal of
property, plant and equipment
- Tax relating to exceptional         (1,083)        (1,245)        (2,235)
items
                                     _______        _______        _______
Profit/(loss) attributable to          1,179            (19)         8,749
ordinary
shareholders excluding exceptional
items
                                     _______        _______        _______
Adjusted basic earnings per ordinary    2.49p         (0.04p)        18.62p
share
                                     _______        _______        _______

5.   EQUITY

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

Unaudited                             Attributable to equity shareholders

                                 Issued        Share     Retained        Total
                               ordinary      premium     earnings
                                  share
                                capital
                                   £000         £000         £000         £000

At 29 January 2005                2,364        9,042       42,194       53,600

Ordinary shares issued in the        36        1,131            -        1,167
period
Loss for the period                   -            -       (1,556)      (1,556)
Equity dividend                       -            -       (2,078)      (2,078)
                                _______      _______      _______      _______
At 30 July 2005                   2,400       10,173       38,560       51,133
                                _______      _______      _______      _______

The ordinary shares issued in the period relate to the exercise of options
granted under the executive share option schemes.

These options were exercised following the acquisition of a controlling interest
in the Group by Manchester Square Enterprises Limited, a wholly owned subsidiary
of Pentland Group Plc. Option holders have until 30 November 2005 to exercise
any remaining options.

Unaudited                             Attributable to equity shareholders

                                 Issued        Share     Retained        Total
                               ordinary      premium     earnings
                                  share
                                capital
                                   £000         £000         £000         £000

At 31 January 2004                2,338        8,917       41,749       53,004

Ordinary shares issued in the         -            -            -            -
period
Loss for the period                   -            -       (3,491)      (3,491)
Equity dividend                       -            -         (782)        (782)
                                _______      _______      _______      _______
At 31 July 2004                   2,338        8,917       37,476       48,731
                                _______      _______      _______      _______


6.   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      Unaudited
                              26 weeks ended 6 months ended 52 weeks ended
                                     30 July        31 July     29 January
                                        2005           2004           2005
                                        £000           £000           £000

2.30p per ordinary share
(31 July 2004: 2.20p, 29 January       1,104          1,063          2,056
2005: 4.40p)


7.   ANALYSIS OF NET DEBT

Unaudited
                      At 29 January    Cash flow      Other    At 30 July
                               2005                                  2005
                               £000         £000       £000          £000

Cash and cash equivalents     6,531        1,824          -         8,355
Bank overdraft               (1,800)         861          -          (939)
                            _______      _______    _______       _______
                              4,731        2,685          -         7,416

Interest bearing loans and
borrowings
  - Current                  (9,000)       5,000     (6,000)      (10,000)
  - Non current             (25,500)        (500)     6,000       (20,000)
Loan notes                     (287)           -          -          (287)
Finance leases                 (711)         233          -          (478)
                            _______      _______    _______       _______
NET DEBT                    (30,767)       7,418          -       (23,349)
                            _______      _______    _______       _______


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.



                      This information is provided by RNS
            The company news service from the London Stock Exchange