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John David Group (JD.)

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Thursday 26 April, 2007

John David Group

Final Results

John David Group (The) PLC
26 April 2007


26 April 2007


                            THE JOHN DAVID GROUP PLC
                              PRELIMINARY RESULTS
                     FOR THE 52 WEEKS ENDED 27 JANUARY 2007

The John David Group Plc (the 'Group'), the specialist retailer of sports and
fashion footwear and apparel, today announces its Preliminary Results for the 52
weeks ended 27 January 2007.

                                                        2007      2006  % Change
                                                        £000      £000

Revenue                                              530,581   490,288       +8%

Gross profit %                                         47.5%     46.2%

Operating profit (before net financing costs and
exceptional items)                                    27,301    20,121      +36%

Profit before tax and exceptional items               25,066    16,633      +51%

Exceptional items                                    (7,799)  (12,983)

Profit before tax                                     17,267     3,650     +373%

Basic earnings per ordinary share                     21.52p     4.92p     +337%

Adjusted basic earnings per ordinary share (see       36.41p    25.32p      +44%
note 3)

Total dividend payable per ordinary share              7.20p     6.90p       +4%

Net cash / (debt) at end of period (1)                10,932  (13,247)

(1)    Net cash / (debt) consists of cash and cash equivalents together with
interest bearing loans and borrowings, loan notes and finance lease and hire
purchase contracts.


Highlights

 • Total revenue increased by 8.2% in the year and by 4.7% on a like for
   like basis.

 • Gross margin improved from 46.2% to 47.5%.

 • Group profit before tax and exceptional items up 51% to £25.1 million
   (2006: £16.6 million).

 • Group has now eliminated its year end net debt and has year end net cash
   balances of £10.9 million - a three year improvement of £61.9 million after
   acquisitions at a cost of £24.1 million in the same three year period.

 • Exceptional items of £7.8m mainly as a result of impairment of goodwill
   (£4.0 million) and continuing store portfolio rationalisation.


Peter Cowgill, Executive Chairman, said:

'I am pleased with the progress of the Group during the year and, specifically,
the improvement in profit before tax and exceptional items from £16.6 million to
£25.1 million accompanied by the continuing level of cash generation.

'Trading since the year end has been encouraging with like for like sales for
the Group for the 12 weeks ended 21 April 2007 being up 7.5%. Overall the Board
expects a further improvement in the Group's results for the first half of the
current year but remains aware of the more challenging environment which is
likely to prevail in the balance of the year.'



Enquiries:


The John David Group Plc                          Tel: 0870 873 0333
Peter Cowgill, Executive Chairman
Barry Bown, Chief Executive
Brian Small, Finance Director

Hogarth Partnership Limited                       Tel: 020 7357 9477
Andrew Jaques
Barnaby Fry
Charlie Field



EXECUTIVE CHAIRMAN'S STATEMENT

INTRODUCTION

The 52 weeks ended 27 January 2007 represented another year of delivery of our
plan to enhance operating margins and eliminate underperforming stores. We have
improved our profit before tax and exceptional items by 51% in the year to £25.1
million (2006: £16.6 million).

Group profit before tax was £17.3 million (2006: £3.6 million) and Group profit
after tax was £10.4 million (2006: £2.3 million).

Group operating profit before exceptional items and net financing costs for the
year of £27.3 million (2006: £20.1 million) comprises a Sports Fascias profit of
£29.7 million (2006: £22.6 million) and a Fashion Fascias loss of £2.4 million
(2006: loss of £2.5 million).

SPORTS FASCIAS

The Sports Fascias' turnover increased to £492.8 million (2006: £448.9 million).
Like for like sales for the year in the Sports Fascias excluding the Allsports
and Hargreaves Airport stores portfolios were up 4.8%. Gross margin rose to
47.6% (2006: 46.3%).

The 73 ex-Allsports stores retained in the Sports Fascias as JD branches were
fully integrated relatively early in the year and are performing satisfactorily.
The 14 Hargreaves Airport stores, acquired from Hargreaves (Sports) Limited on
23 June 2006, were not great contributors to profit during the year and were
adversely affected by new security measures operational at all airports since
last August. We still believe that once these stores have been refurbished and
refascia'd as necessary, with the right product offer and brand support, they
will trade successfully and help us broaden our offer and appeal.

FASHION FASCIAS

The Fashion Fascias have been engaged in a further year of transition with
underperforming stores gradually being eliminated and the remaining ATH- and AV
stores being converted to the Scotts Fascia. Currently, there are only 6 ATH-
and AV stores remaining.

In spite of a positive like for like sales performance of 3.7% for the year,
turnover declined to £37.7 million (2006: £41.4 million) as a result of the
store disposal programme. Eight underperforming stores were closed in the year
and a further two have already been closed since the year end. Substantial
losses were borne on some of these stores before they were disposed of, meaning
that the results suffered from the early year losses, and did not benefit from
the normal anticipated Christmas trading period profit in the year. Gross margin
improved to 46.3% (2006: 45.5%).

The young branded fashion sector remains competitive and we continue to believe
the Fashion Fascias will only deliver profit to the Group when its major
property issues are resolved. The disposals of Liverpool Open in July 2006 and
Bluewater Scotts in January 2007 have both been significant steps towards this
goal. We are increasingly focussed on making the right property and buying and
merchandising decisions to deliver shareholder value from these Fascias.

GROUP PERFORMANCE

Revenue

Total revenue increased by 8.2% in the year (2007: £530.6 million; 2006: £490.3
million) as a result of the Group's positive like for like sales performance of
4.7% (excluding ex Allsports and ex Hargreaves Airport stores), combined with
increased turnover from the ex Allsports stores in their first full year (not
all of which have been retained) and from the ex Hargreaves Airport stores.
Turnover growth continues to be held back in both sets of Fascias by the store
rationalisation programme but enhancement of profitability will continue to be
our fundamental goal rather than absolute turnover growth. Like for like sales
growth is, however, essential to the achievement of our long term goals.

Gross margin

We are pleased with the progress made in enhancing Group gross margin from 46.2%
to 47.5% which we had expected to take two years to achieve. However, there
remains downward pressure on selling prices and we expect economic conditions to
be less favourable in the second half as recent and anticipated interest rate
increases take effect. The best prospects for margin growth come from own and
licensed brands if we can continue to increase their share of sales in the
Sports Fascias.

Overheads

Overheads generally remain tightly controlled wherever possible though rents,
rates and minimum wage rates are outside our control and represent a significant
part of our cost base. We have substantially increased our marketing spend to
continue developing the profile of JD and its brand offer, including support for
own brands such as Carbrini and Brookhaven. We have also begun to invest more
heavily in other support functions such as IT, merchandising and own brand
design.

Operating profits and results

Operating profit before net financing costs and exceptional items increased by
£7.2 million to £27.3 million (2006: £20.1 million) which represents a 36%
increase on last year. Our Group operating margin (before net financing costs
and exceptional items) has therefore increased to 5.1% (2006: 4.1%).

As a result of reduced exceptional items of £7.8 million (2006: £13.0 million),
operating profit after exceptional items but before net financing costs rose
sharply from £7.1 million to £19.5 million.

The exceptional items comprise:

                                                                      £m

Impairment of RD Scott goodwill                                      2.0
Impairment of ex Hargreaves Airport stores goodwill                  2.0
Lease variation costs                                                2.3
Onerous lease costs                                                  1.5
Impairment of fixed assets in underperforming stores                 1.5
Profit on disposal of fixed assets                                  (1.5)
                                                                 --------
Total Exceptional Charge                                             7.8
                                                                 --------

RD Scott Limited was acquired through a share purchase in December 2004. Whilst
this acquisition has assisted us by providing increased focus on the separate
operations of our two sets of Fascias, the results of the acquired Scotts stores
and of the Fashion Fascias have been disappointing since the acquisition.
Although progress is being made, it has been necessary to impair the goodwill
carried forward from this acquisition by £2.0 million, reducing it from £4.6
million to £2.6 million.

The ex Hargreaves Airports stores were acquired in the current year and the £4.0
million initial goodwill arising from this trade and asset purchase has been
impaired by £2.0 million to £2.0 million reflecting disappointing trading since
acquisition. For the purposes of assessing goodwill fair values, current
expectations are that concession agreements will not be extended. This
assumption has been made based on the experience at Stansted Airport where BAA
would not renew the concession agreement on the landside store as the space was
required for additional security measures.

The lease variation costs are incurred in negotiating break options in onerous
leases for stores in Oxford Street and Bluewater. The onerous lease costs
provision net charge of £1.5 million comprises a charge of £1.8 million on four
overrented trading stores and a credit of £0.3 million on vacant stores. The
impairment charge is on a further four Sports stores and two Fashion stores
which are earmarked for disposal if suitable deals can be negotiated.

Net financing costs

Net financing costs are down from £3.5 million to £2.3 million as a result of
continuing debt reduction.

Debt reduction and working capital

Year end net debt of £13.2 million in the previous year was eliminated and
replaced by net cash balances of £10.9 million, an improvement of £24.1 million
after acquisitions and dividends. Free cash flow generated in the last three
years has been in excess of £92 million.

Stocks were reduced in the year by a further £4.7 million and the other net
working capital movements were small. Suppliers continue to be paid to agreed
terms and settlement discounts are taken.

STORE PORTFOLIO

Since March 2004, we have been working hard to rationalise our store portfolio
and it is pleasing to be reporting further substantial progress this year and at
a net cost below our expectations. We have closed a further 34 underperforming
stores during the period and a further nine stores have already been closed
since the year end. At this time last year, we indicated that this process would
take at least a further year and it has not been made any easier by the number
of retailers who are either ceasing trading or having to rationalise their
portfolios nor by the number of new retail developments opening or in the
pipeline. Therefore, we believe that it will take another year to see us through
the major rationalisation programme though a fast moving environment, higher
interest rates and the danger of assignments failing means that this continues
to be a challenge and one for which the cost is difficult to estimate.

During the year store numbers moved as follows:

Sports Fascias

                                                             Units    '000 sq ft

Start of year                                                  370         1,133
New stores                                                       7            14
Additional Allsports assignment                                  1             5
Hargreaves Airport stores                                       14            15
Conversions to Fashion (incl. three ex Allsports)              (4)           (5)
Closures                                                      (26)          (64)
                                                          --------     ---------
Close of year                                                  362         1,098
                                                          --------     ---------

Fashion Fascias

                                                             Units    '000 sq ft

Start of year                                                   46           144
New stores                                                       2             7
Conversions to Fashion (incl. three ex Allsports)                4             5
Closures                                                       (8)          (39)
                                                           -------     ---------
Close of year                                                   44           117
                                                           -------     ---------



DIVIDENDS AND EARNINGS PER ORDINARY SHARE

The Board proposes paying a final dividend of 4.80p (2006: 4.60p) bringing the
total dividend payable for the year to 7.20p (2006: 6.90p) per ordinary share.
The proposed final dividend will be paid on 30 July 2007 to all shareholders on
the register at 11 May 2007.

The adjusted earnings per ordinary share before exceptional items is 36.41p
(2006: 25.32p).

The basic earnings per ordinary share was 21.52p (2006: 4.92p).

CURRENT TRADING AND OUTLOOK


Trading since the year end has been encouraging with like for like sales for the
Sports Fascias excluding the ex Hargreaves Airport stores for the 12 weeks ended
21 April 2007 being up 8.1%. The Fashion Fascias had a particularly difficult
period in February 2007 and its like for like sales for the same 12 week period
were down 2.1%. The Group like for like sales for this 12 week period are
therefore up 7.5%.

It is the Board's view that the recent good weather and the store
rationalisation programme have considerably enhanced these figures and that
these benefits are unlikely to continue to the same degree in the remainder of
the year. In addition, we will shortly be coming up against World Cup
comparatives and interest rate increases are expected to have more impact later
in the year.

Overall, the Board expects a further improvement in the Group's results for the
first half of the current year but remains aware of the more challenging
environment which is likely to prevail in the balance of the year.

EMPLOYEES

The Group continues to enjoy the support of a dedicated and large workforce
without whom our continued improvement in performance could not be delivered.
The retail environment is a tough one to work in and the Board appreciates the
hard work and commitment which has led to these results in all our shops,
offices and warehouses. Thank you to everybody concerned.

Peter Cowgill
Executive Chairman
26 April 2007



CONSOLIDATED INCOME STATEMENT
for the 52 weeks ended 27 January 2007


                                          Note      52 weeks to          52 weeks to
                                                27 January 2007      28 January 2006
                                                     Continuing           Continuing
                                                     Operations           Operations
                                                           £000                 £000
                                                                                
REVENUE                                                 530,581              490,288
Cost of sales                                         (278,331)            (263,608)
-------------------------------------   ------     ------------          -----------

GROSS PROFIT                                            252,250              226,680
Selling and distribution expenses -
normal                                                (209,270)            (192,730)
Selling and distribution expenses -
exceptional                                             (3,799)             (11,206)
Administrative expenses - normal                       (17,409)             (15,438)
Administrative expenses - exceptional                   (4,000)              (1,777)
Other operating income                                    1,730                1,609
-------------------------------------   ------     ------------          -----------

OPERATING PROFIT BEFORE FINANCING                        19,502                7,138

-------------------------------------   ------     ------------          -----------
Before exceptional items                                 27,301               20,121
Exceptional items                            2          (7,799)             (12,983)
-------------------------------------   ------     ------------          -----------

OPERATING PROFIT BEFORE FINANCING                        19,502                7,138
Financial income                                            177                  230
Financial expenses                                      (2,412)              (3,718)
-------------------------------------   ------     ------------          -----------

PROFIT BEFORE TAX                                        17,267                3,650
Income tax expense                                      (6,879)              (1,302)
-------------------------------------   ------     ------------          -----------

PROFIT FOR THE PERIOD                                    10,388                2,348
-------------------------------------   ------     ------------          -----------

Basic earnings per ordinary share            3           21.52p                4.92p
-------------------------------------   ------     ------------          -----------
Diluted earnings per ordinary share          3           21.52p                4.92p
-------------------------------------   ------     ------------          -----------

The Group has no recognised gains or losses other than the results reported
above.



CONSOLIDATED BALANCE SHEET
as at 27 January 2007
                                                         As at                 As at
                                               27 January 2007       28 January 2006
                                                          £000                  £000
                                                                        Restated (1)
ASSETS
Intangible assets                                       20,562                20,517
Property, plant and equipment                           41,919                49,040
Other receivables                                        2,753                 2,515
--------------------------------------------      ------------           -----------
TOTAL NON-CURRENT ASSETS                                65,234                72,072
--------------------------------------------      ------------           -----------

Inventories                                             51,469                56,168
Income tax receivable                                        -                 1,736
Trade and other receivables                             13,012                12,539
Cash and cash equivalents                               11,230                 9,336
--------------------------------------------      ------------           -----------
TOTAL CURRENT ASSETS                                    75,711                79,779
--------------------------------------------      ------------           -----------
TOTAL ASSETS                                           140,945               151,851
--------------------------------------------      ------------           -----------

LIABILITIES
Interest bearing loans and borrowings                    (106)              (12,178)
Trade and other payables                              (58,849)              (56,202)
Provisions                                             (2,130)               (2,569)
Income tax liabilities                                 (3,477)                     -
--------------------------------------------      ------------           -----------
TOTAL CURRENT LIABILITIES                             (64,562)              (70,949)
--------------------------------------------      ------------           -----------

Interest bearing loans and borrowings                    (192)              (10,405)
Other payables                                         (8,189)               (9,299)
Provisions                                             (4,829)               (4,988)
Deferred tax liabilities                               (1,571)               (1,617)
--------------------------------------------      ------------           -----------
TOTAL NON-CURRENT LIABILITIES                         (14,781)              (26,309)
--------------------------------------------      ------------           -----------

TOTAL LIABILITIES                                     (79,343)              (97,258)
--------------------------------------------      ------------           -----------

TOTAL ASSETS LESS TOTAL LIABILITIES                     61,602                54,593
--------------------------------------------      ------------           -----------

CAPITAL AND RESERVES
Issued ordinary share capital                            2,413                 2,413
Share premium                                           10,823                10,823
Retained earnings                                       48,366                41,357
--------------------------------------------      ------------           -----------

TOTAL EQUITY ATTRIBUTABLE TO EQUITY HOLDERS 
OF THE PARENT                                           61,602                54,593
--------------------------------------------      ------------           -----------

(1) The Consolidated Balance Sheet at 28 January 2006 has been restated in
accordance with IFRS3 'Business Combinations' to reflect fair value adjustments
made on the acquisition of Allsports during the hindsight period.


RECONCILIATION OF MOVEMENT IN CAPITAL AND RESERVES
as at 27 January 2007

                                Issued Ordinary      Share   Retained      Total
                                  Share Capital    Premium   Earnings     Equity
                                           £000       £000       £000       £000

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

Issue of ordinary share capital              37      1,160          -      1,197

Total recognised income and expense           -          -      2,348      2,348

Dividends                                     -          -    (3,185)    (3,185)

Irrevocable dividend waiver                  12        621          -        633
-------------------------------------  --------  ---------  ---------  ---------
Balance at 28 January 2006                2,413     10,823     41,357     54,593

Total recognised income and expense           -          -     10,388     10,388

Dividends                                     -          -    (3,379)    (3,379)
-------------------------------------  --------  ---------  ---------  ---------
Balance at 27 January 2007                2,413     10,823     48,366     61,602
-------------------------------------  --------  ---------  ---------  ---------



CONSOLIDATED STATEMENT OF CASH FLOWS
for the 52 weeks ended 27 January 2007
                                                         52 weeks to           52 weeks to
                                                     27 January 2007       28 January 2006
                                                                £000                  £000
                                                                              Restated (1)

CASH FLOWS FROM OPERATING ACTIVITIES
Profit for the period                                         10,388                 2,348
Income tax expense                                             6,879                 1,302
Financial expenses                                             2,412                 3,718
Financial income                                               (177)                 (230)
Depreciation of property, plant and equipment                 11,451                10,236
Impairment of property, plant and equipment                    1,482                 3,172
Amortisation of non-current other receivables                    437                   396
Impairment of non-current other receivables                        -                    34
Impairment of intangible assets                                4,000                     -
Profit on disposal of non-current assets                     (1,491)                 (676)
Decrease in inventories                                        5,299                10,585
(Increase) / Decrease in trade and other 
receivables                                                    (475)                   669
Increase in trade and other payables and provisions            1,488                13,895
Interest paid                                                (2,412)               (3,718)
Income taxes paid                                            (1,712)               (2,841)
---------------------------------------------------     ------------           -----------
NET CASH FROM OPERATING ACTIVITIES                            37,569                38,890
---------------------------------------------------     ------------           -----------

CASH FLOWS FROM INVESTING ACTIVITIES
Interest received                                                177                   230
Proceeds from sale of non-current assets                      11,099                 1,782
Disposal costs of non-current assets                         (2,188)                 (683)
Acquisition of property, plant and equipment                (13,665)               (6,566)
Acquisition of non-current other receivables                   (434)                 (261)
Cash consideration of acquisitions                           (5,000)              (14,520)
Net cash balances acquired on acquisitions                         -                     3
---------------------------------------------------     ------------           -----------
NET CASH USED IN INVESTING ACTIVITIES                       (10,011)              (20,015)
---------------------------------------------------     ------------           -----------

CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from issue of ordinary share capital                      -                 1,197
Repayment of interest bearing loans and borrowings          (22,000)              (12,500)
Payment of finance lease and hire purchase 
contracts                                                      (285)                 (415)
Dividends paid                                               (3,379)               (2,552)
---------------------------------------------------     ------------           -----------
NET CASH USED IN FINANCING ACTIVITIES                       (25,664)              (14,270)
---------------------------------------------------     ------------           -----------
NET INCREASE IN CASH AND CASH EQUIVALENTS                      1,894                 4,605
---------------------------------------------------     ------------           -----------

(1) The Consolidated Statement of Cashflows for the 52 weeks to 28 January 2006
has been restated in accordance with IFRS3 'Business Combinations' to reflect
fair value adjustments made on the acquisition of Allsports during the hindsight
period.


ANALYSIS OF NET DEBT
for the 52 weeks ended 27 January 2007

                                          At 28             Other non      At 27
                                        January                  cash    January
                                           2006   Cashflow    changes       2007
                                           £000       £000       £000       £000

Cash at bank and in hand                  9,336      2,098          -     11,434
Overdraft                                     -      (204)          -      (204)
------------------------------        ---------  ---------  ---------  ---------
Cash and cash equivalents                 9,336      1,894          -     11,230

Interest bearing loans and
borrowings
Current                                (12,000)     12,000          -          -
Non-current                            (10,000)     10,000          -          -

Loan notes                                (287)          -          -      (287)

Finance lease and hire purchase           
contracts                                 (296)        285          -       (11)
------------------------------        ---------  ---------  ---------  ---------
                                       (13,247)     24,179          -     10,932
------------------------------        ---------  ---------  ---------  ---------


1.      SEGMENTAL ANALYSIS

The Group manages its business activities through two Divisions - Sport and
Fashion. Each Division has its own executive board responsible for managing day
to day operations through its trading outlets. Revenue and costs are readily
identifiable for each segment, for the 52 weeks ended 27 January 2007.

The Divisional results for the 52 weeks to 27 January 2007 are as follows:

INCOME STATEMENT                       Sport        Fashion      Unallocated       Total
                                        £000           £000             £000        £000

Revenue                              492,833         37,748                -     530,581
---------------------------------- ---------     ----------      -----------    --------
Operating profit/(loss) before
financing and exceptional items       29,658        (2,357)                -      27,301

Exceptional items                    (4,786)        (3,013)                -     (7,799)
Financial income                           -              -              177         177
Financial expenses                         -              -          (2,412)     (2,412)
---------------------------------- ---------     ----------      -----------    --------
Profit/(loss) before tax              24,872        (5,370)          (2,235)      17,267
---------------------------------- ---------     ----------      -----------    --------

The Board consider that net funding costs are cross-divisional in nature and
cannot be allocated between the Divisions in a meaningful way.


BALANCE SHEET                          Sport        Fashion      Unallocated       Total
                                        £000           £000             £000        £000

Total assets                         110,792         14,253           15,900     140,945
---------------------------------- ---------     ----------      -----------    --------
Total liabilities                   (54,650)       (19,645)          (5,048)    (79,343)
---------------------------------- ---------     ----------      -----------    --------

Unallocated assets and liabilities relate to items which are cross-divisional
including tax, elements of goodwill and bank debt.


OTHER SEGMENT                          Sport        Fashion      Unallocated       Total
INFORMATION                             £000           £000             £000        £000

Capital expenditure:
Property, plant and equipment         11,045          2,620                -      13,665
Non-current other receivables            339             95                -         434
Goodwill on acquisition                4,045              -                -       4,045

Depreciation, amortisation and
impairments:
Depreciation                          10,211          1,238                -      11,449
Amortisation of non-current other
receivables                              412             25                -         437
Impairments of intangible assets       2,000          2,000                -       4,000
Impairments of property, plant
and equipment                            840            642                -       1,482


The restated comparative Divisional results for the 52 weeks to 28 January 2006
are as follows:

INCOME STATEMENT                       Sport        Fashion      Unallocated       Total
                                        £000           £000             £000        £000
                                                                               
Revenue                              448,884         41,404                -     490,288
---------------------------------- ---------     ----------      -----------    --------
Operating profit/(loss) before 
financing and exceptional items       22,659        (2,538)                -      20,121
Exceptional items                    (8,716)        (4,267)                -    (12,983)
Financial income                           -              -              230         230
Financial expenses                         -              -          (3,718)      (3,718)
---------------------------------- ---------     ----------      -----------    --------
Profit/(loss) before tax              13,943        (6,805)          (3,488)       3,650
---------------------------------- ---------     ----------      -----------    --------

The Board consider that net funding costs are cross-divisional in nature and
cannot be allocated between the Divisions in a meaningful way.


BALANCE SHEET (Restated)               Sport        Fashion      Unallocated       Total
                                        £000           £000             £000        £000

Total assets                         114,262         15,336           22,253     151,851
---------------------------------- ---------     ----------      -----------    --------
Total liabilities                   (54,103)       (19,490)         (23,665)    (97,258)
---------------------------------- ---------     ----------      -----------    --------

Unallocated assets and liabilities relate to items which are cross-divisional
including tax, goodwill and net debt.


OTHER SEGMENT                          Sport        Fashion      Unallocated       Total
INFORMATION                             £000           £000             £000        £000

Capital expenditure:
Property, plant and equipment          4,786          1,780                -       6,566
Non-current other receivables            192             69                -         261
Goodwill on acquisition (Restated)         -              -              924         924

Depreciation, amortisation and
impairments:
Depreciation                           9,121          1,115                -      10,236
Amortisation of non-current
other receivables                        363             33                -         396
Impairments of property,
plant and equipment                    1,605          1,567                -       3,172
Impairments of non-current
other receivables                         23             11                -          34

The Segmental Analysis for the 52 weeks to 28 January 2006 has been restated in
accordance with IFRS3 'Business Combinations' to reflect fair value adjustments
made on the acquisition of Allsports during the hindsight period.

The financial operation and assets of the Group are principally located in the
United Kingdom. Accordingly, no geographical analysis is presented.

2.      EXCEPTIONAL ITEMS
                                             52 weeks to             52 weeks to
                                         27 January 2007         28 January 2006
                                                    £000                    £000

Profit on disposal of non-current assets         (1,491)                   (676)
Provision for rentals on onerous property
leases                                             1,558                   6,954
Impairment of intangible assets                    4,000                       -
Impairment of property, plant and
equipment                                          1,482                   3,172
Impairment of non-current other receivables            -                      34
Lease variation costs                              2,250                   1,722
Allsports restructuring costs                          -                   1,777
-------------------------------------------  -----------            ------------
                                                   7,799                  12,983
-------------------------------------------  -----------            ------------

Non-current other receivables comprises legal fees and other costs associated
with the acquisition of leasehold interests.

3.      EARNINGS PER ORDINARY SHARE

Basic earnings per ordinary share

The calculation of basic earnings per ordinary share at 27 January 2007 is based
on the profit attributable to ordinary shareholders of £10,388,000 (2006:
£2,348,000) and a weighted average number of ordinary shares outstanding during
the 52 weeks ended 27 January 2007 of 48,263,434 (2006: 47,721,276), calculated
as follows:

                                             52 weeks to             52 weeks to
                                         27 January 2007         28 January 2006

Issued ordinary shares at
beginning of period                           48,263,434              47,276,628
Effect of shares issued during the 
period                                                 -                 444,648
-------------------------------------------  -----------            ------------
Weighted average number of ordinary shares 
during the period                             48,263,434              47,721,276
-------------------------------------------  -----------            ------------

Diluted earnings per ordinary share

The calculation of diluted earnings per ordinary share at 27 January 2007 is
based on the profit attributable to ordinary shareholders of £10,388,000 (2006:
£2,348,000) and a weighted average number of ordinary shares outstanding during
the 52 weeks ended 27 January 2007 of 48,263,434 (2006: 47,721,276), calculated
as follows:

                                             52 weeks to             52 weeks to
                                         27 January 2007         28 January 2006

Weighted average number of ordinary 
shares during the period                      48,263,434              47,721,276
Dilutive effect of outstanding share                   
options                                                -                       -
-------------------------------------------  -----------            ------------
Weighted average number of ordinary shares 
(diluted) during the period                   48,263,434              47,721,276
-------------------------------------------  -----------            ------------

Adjusted basic earnings per ordinary share

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

                                                    52 weeks to      52 weeks to
                                                27 January 2007  28 January 2006
                                          Note             £000             £000

Profit attributable to ordinary
shareholders                                             10,388            2,348
Exceptional items excluding profit on
disposal of non-current assets               2            9,290           13,659
Tax relating to exceptional items                       (2,107)          (3,925)
-------------------------------------   ------     ------------      -----------
Profit attributable to ordinary
shareholders excluding exceptional
items                                                    17,571           12,082
-------------------------------------   ------     ------------      -----------
Adjusted basic earnings per ordinary
share                                                    36.41p           25.32p
-------------------------------------   ------     ------------      -----------

4.      ACCOUNTS

These figures are abridged versions of the Group's full accounts for the 52
weeks ended 27 January 2007 and do not constitute the Group's statutory accounts
within the meaning of Section 240 of the Companies Act 1985. The Group's
auditors have audited the statutory accounts for the Group and have issued an
unqualified audit opinion thereon within the meaning of Section 235 of the
Companies Act 1985 and have not made any statement under Section 237(2) or (3)
of the Companies Act 1985 for the 52 weeks ended 27 January 2007.

The comparative figures for the 52 weeks ended 28 January 2006 do not constitute
the Group's consolidated financial statements for that financial period. Those
accounts have been reported on by the Group's auditors and delivered to the
Registrar of Companies. The report of the auditors was unqualified and did not
contain statements under Section 237(2) or (3) of the Companies Act 1985. These
accounts were delivered to the Registrar of Companies following the Annual
General Meeting.

Copies of full accounts will be sent to shareholders in due course. Additional
copies will be available from The John David Group Plc, Hollinsbrook Way,
Pilsworth, Bury, Lancashire, BL9 8RR or online at www.thejohndavidgroup.com.


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