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John David Group (JD.)

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Thursday 28 September, 2006

John David Group

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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