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 26 September, 2007

John David Group

Interim Results

John David Group (The) PLC
26 September 2007


26 September 2007


                           THE JOHN DAVID GROUP PLC
                                INTERIM RESULTS
                    FOR THE TWENTY SIX WEEKS TO 28 JULY 2007


The John David Group Plc (the 'Group'), the leading retailer of sport and
athletic inspired fashion apparel and footwear, today announces its Interim
Results for the 26 weeks ended 28 July 2007 (comparative figures are shown for
the 26 week period ended 29 July 2006):


HIGHLIGHTS

                                                  H1 2007   H1 2006     % Change
                                                     £000      £000

Revenue                                           250,495   235,932        +6.2%

Gross profit %                                      48.0%     47.4%        +0.6%

Operating profit (before net financing costs
and exceptional items)                              8,459     4,378       +93.2%

Profit before tax and exceptional items             8,074     3,130      +158.0%

Exceptional items                                 (2,746)        99

Operating profit                                    5,713     4,477       +27.6%

Profit before tax                                   5,328     3,229       +65.0%

Basic earnings per ordinary share                   7.29p     4.45p       +63.8%

Adjusted basic earnings per ordinary share
(see note 6)                                        8.63p     6.21p       +39.0%

Interim dividend payable per ordinary share         2.50p     2.40p        +4.2%

Net cash/(debt) at end of period (see note 7)       7,122  (24,866)



  • Total Group revenue increased by 6.2% in the period and by 9.4% on a
    like for like basis.

  • Gross margin improved from 47.4% to 48.0%, reflecting the continuing
    benefits of better stock management and efforts to improve bought in margin
    as well as increasing own brand share.

  • Group profit before tax and exceptional items increased to £8.1 million
    (2006: £3.1 million).

  • Total Group like for like sales cumulatively to 22 September 2007 now up
    11.8% (12.3% Sports Fascias; 3.3% Fashion Fascias).


Peter Cowgill, Executive Chairman, said:

'Trading since the period end has been highly satisfactory with year to date
like for like sales to 22 September 2007 in the Sports Fascias now up by 12.3%
cumulatively. The Fashion Fascias like for like sales for the same period are
now up by 3.3%. Overall the Board expects the results to continue to be
satisfactory with trading for the year to date running moderately ahead of
current market expectations. As always, the 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
Sarah Richardson


EXECUTIVE CHAIRMAN'S STATEMENT


INTRODUCTION

The 26 week period to 28 July 2007 has been one of sustained like for like sales
improvement in our core Sports Fascias which has continued in the ensuing period
to date in spite of our expectation of tightening in the economy. This has
driven a substantial enhancement in Group performance and continued very
positive cashflow trends. This has enabled us to embark on an accelerated store
refurbishment programme as well as continuing to tackle the disposal of the
remaining underperforming stores. The results of the Fashion Fascias are
stronger, aided by improvements in the store portfolio, although it may take
until 2009 for profitability to be achieved.

Our continued progress has resulted in an improved profit before tax and
exceptional items of £8.1 million (2006: £3.1 million).

Profit before tax in the period was £5.3 million (2006: £3.2 million) after a
net exceptional charge of £2.8 million (2006: exceptional credit £0.1 million).
The charge relates to property portfolio rationalisation costs, which remains a
major priority for the balance of this year. Further such action will result in
an exceptional charge in the second half of the current year. However, the
programme is now nearing completion.

Profit for the period after taxation was £3.5 million (2006: £2.1 million).


SPORTS FASCIAS

The Sports Fascias have continued to trade very positively. This performance is
the result of continuous fine tuning of our major brand and own brand product
offer to maintain levels of exclusivity and fashionability combined with our
strategy of improving our store portfolio. We are now seeing the benefits of
rationalising the acquired store portfolios and have also embarked on an
accelerated programme of store refurbishments after trialling a number of new
storefit types. Last year most store refurbishment activity was concentrated on
the Allsports stores, which we acquired in October 2005, although this year we
anticipate refurbishing 28 stores from the rest of the portfolio. This programme
will continue next year. We also expect to open at least 10 new stores in the
current year. Consequently, gross capital investment will exceed the
depreciation charge in the current year.

Another major initiative during the current year is the development of a more
sophisticated approach to merchandising involving new systems, the first part of
which will go live in the second half of this year. This has necessitated a
considerable investment in people and training. It is expected that this will
allow us to sustain the improvement in the freshness of retail stock achieved in
the recent past and to ensure that localised stock service is much enhanced,
therefore also reducing the need for very high levels of internal stock
movements.


FASHION FASCIAS

We have consistently stated that the Fashion Fascias would only provide profit
to the business if some of the larger rented and over rented stores could be
disposed. Good progress has been made in this portfolio rationalisation with the
disposal of five further underperforming stores including Glasgow Open in
September. Nevertheless it could still take until 2009 to completely eliminate
underperforming stores and losses in these Fascias. Of the original JD Fashion
stores, only two have not now been converted to Scotts.

Stocks and overheads have been well controlled and operating margins have been
improved, principally as a result of the continuing move to a more efficiently
structured property portfolio.

Whilst progress has been made in the Fashion Fascias, which represented less
than 6% of turnover in the first half, these stores will still make a
substantial though reduced loss in the current year. Nevertheless, the outlook
for these Fascias is improving slowly.


GROUP PERFORMANCE

Revenue, gross margin and overheads

Total Group revenue increased by 6.2% in the period to £250.5 million (2006:
£235.9 million) and by 9.4% on a like for like basis.

Revenue increased by 9.9% on a like for like basis in the Sports Fascias. The
Fashion Fascias like for like sales performance was up 2.1% cumulatively in the
half year period.

Group gross margin increased in the period from 47.4% to 48.0% reflecting the
benefits of better stock management, continuing efforts to improve bought in
margin and increased own brand sales in the Sports Fascias.

Overheads (excluding exceptional items) net of other operating income, which
include some Allsports integration costs, improved to 44.7% of sales (2006:
45.5%), as a result of increased turnover and improving property cost ratios.
There have been planned increases in marketing and merchandising overheads in
excess of sales growth to achieve the improvement in results.


Operating profits and results

Group operating profit (before net financing costs and exceptional items)
increased to £8.5 million (2006: £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 1.9% to 3.4%.

As a result of an exceptional charge of £2.8 million (2006: credit of £0.1
million), operating profit after exceptional items but before net financing
costs was £5.7 million (2006: £4.5 million). The exceptional items comprise:


                                                                              £m

Impairment of store fixed assets                                             0.9
Lease variation costs                                                        1.0
Net release of onerous lease provisions                                    (1.0)
Loss on disposal of non-current assets                                       1.9
                                                                        --------

Total                                                                        2.8
                                                                        --------


The net release of onerous lease costs comprises a £2.7 million release related
almost entirely to one trading store after a lease variation gave us the option
to dispose of it, offset by a net charge to the provision for vacant stores.
This charge is principally as a result of the relocation of three stores in
Middlesborough, Wigan and Warrington and a failed ex First Sport store
assignment in Maidstone.


Profit before tax in the period was £5.3 million (2006: £3.2 million).


Debt reduction and working capital


Net debt was eliminated at 28 July 2007 and replaced by net cash of £7.1 million
(2006: net debt £24.9 million). The Group continues to draw on its working
capital facilities at the seasonal peaks for its working capital requirements.

Inventories have reduced to £56.2 million at 28 July 2007 from £62.2 million at
29 July 2006. Trade creditors continue to be paid to terms to maximise
settlement discounts.


STORE PORTFOLIO

Group store numbers reduced in the period from 406 to 392 and the total retail
square footage decreased from 1,215,000 sq ft to 1,199,000 sq ft. The split
between the Sport and Fashion Fascias is as follows:


Sport
                                               No. of                    Retail
                                               stores               ('000 sq ft)

At 28 January 2007                                362                     1,098
New stores                                          4                        16
Disposals                                         (14)                      (26)
                                            ---------                 ---------

At 28 July 2007                                   352                     1,088
                                            ---------                 ---------



Fashion
                                            No. of                       Retail 
                                            stores                  ('000 sq ft)

At 28 January 2007                              44                          117
Disposals                                       (4)                          (6)
                                         ---------                    ---------

At 28 July 2007                                 40                          111
                                         ---------                    ---------



DIVIDENDS AND EARNINGS PER ORDINARY SHARE

The Board has, in the light of the improved first half trading performance,
decided to propose an increased interim dividend of 2.50p per ordinary share
(2006: 2.40p). The dividend will be paid on 11 January 2008 to shareholders on
the register as at close of business on 7 December 2007. The Board wishes to
retain funding flexibility in the business to allow it to make strategic
acquisitions if such opportunities arise and to continue the store investment
programme.

The adjusted basic earnings per ordinary share before exceptional items are
8.63p (2006: 6.21p).

The basic earnings per ordinary share are 7.29p (2006: 4.45p).



CURRENT TRADING AND OUTLOOK

Trading since the period end has been highly satisfactory with year to date like
for like sales to 22 September 2007 in the Sports Fascias now up by 12.3%
cumulatively. The Fashion Fascias like for like sales for the same period are
now up by 3.3%. Overall the Board expects the results to continue to be
satisfactory with trading for the year to date running moderately ahead of
current market expectations. As always, the final result remains heavily
dependent upon sales performance during the key Christmas trading period.


EMPLOYEES

This year has so far seen considerable progress in performance again and we
believe that this is down to the contribution of all our employees, assisted by
increasing investment in training and communications. Nevertheless, this
progress would not have happened without the considerable commitment of all our
staff and management. The Board extends its thanks to all involved.



Peter Cowgill
Executive Chairman
26 September 2007




CONSOLIDATED INCOME STATEMENT
FOR THE 26 WEEKS ENDED 28 JULY 2007

                                        Unaudited     Unaudited   
                                      26 weeks to   26 weeks to  52 weeks to   
                                          28 July       29 July   27 January
                                             2007          2006         2007
                                    Note     £000          £000         £000

REVENUE                                2  250,495       235,932      530,581
Cost of sales                            (130,179)     (124,057)    (278,331)
------------------------           ----- ---------    ----------   ----------

GROSS PROFIT                              120,316       111,875      252,250
Selling and distribution expenses        (103,551)     (101,035)    (209,270)
- normal
Selling and distribution expenses      3   (2,746)           99       (3,799)
- exceptional                            ---------    ----------   ----------
Selling and distribution expenses        (106,297)     (100,936)    (213,069)
                                         ---------    ----------   ----------
Administrative expenses - normal           (8,784)       (7,362)     (17,409)
Administrative expenses -              3        -             -       (4,000)
exceptional                              ---------    ----------   ----------
Administrative expenses                    (8,784)       (7,362)     (21,409)
                                         ---------    ----------   ----------
Other operating income                        478           900        1,730
------------------------           ----- ---------    ----------   ----------

OPERATING PROFIT                            5,713         4,477       19,502
------------------------           ----- ---------    ----------   ----------
Before exceptional items                    8,459         4,378       27,301
Exceptional items                      3   (2,746)           99       (7,799)
------------------------           ----- ---------    ----------   ----------

OPERATING PROFIT                            5,713         4,477       19,502
Financial income                              118            70          177
Financial expenses                           (503)       (1,318)      (2,412)
------------------------           ----- ---------    ----------   ----------

PROFIT BEFORE TAX                           5,328         3,229       17,267
Income tax expense                     4   (1,812)       (1,083)      (6,879)
------------------------           ----- ---------    ----------   ----------

PROFIT FOR THE PERIOD                       3,516         2,146       10,388
ATTRIBUTABLE TO EQUITY HOLDERS OF  
THE PARENT
------------------------           ----- ---------    ----------   ----------

Basic and diluted earnings per         6     7.29p         4.45p       21.52p
ordinary share                     
------------------------           ----- ---------    ----------   ----------



GROUP STATEMENT OF RECOGNISED INCOME AND EXPENSE
FOR THE 26 WEEKS ENDED 28 JULY 2007

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 28 JULY 2007

                                   Note    Unaudited  Unaudited      
                                               As at      As at   As at 27     
                                             28 July    29 July    January
                                                2007       2006       2007
                                                £000       £000       £000
                                                      
ASSETS
Intangible assets                             20,562     25,316     20,562
Property, plant and equipment                 43,294     47,548     41,919
Other receivables                              2,710      2,747      2,753
---------------------            ------    ---------  ---------  ---------
TOTAL NON-CURRENT ASSETS                      66,566     75,611     65,234
---------------------            ------    ---------  ---------  ---------

Inventories                                   56,169     62,180     51,469
Income tax receivable                              -        899          -
Trade and other receivables                   13,986     12,672     13,012
Cash and cash equivalents             7        7,374      4,450     11,230
---------------------            ------    ---------  ---------  ---------
TOTAL CURRENT ASSETS                          77,529     80,201     75,711
---------------------            ------    ---------  ---------  ---------

TOTAL ASSETS                                 144,095    155,812    140,945
---------------------            ------    ---------  ---------  ---------

LIABILITIES
Interest-bearing loans and borrowings            (85)   (29,029)      (106)
Trade and other payables                     (63,871)   (54,254)   (58,849)
Provisions                                    (1,590)    (2,439)    (2,130)
Income tax liabilities                        (1,884)         -     (3,477)
---------------------            ------    ---------  ---------  ---------
TOTAL CURRENT LIABILITIES                    (67,430)   (85,722)   (64,562)
---------------------            ------    ---------  ---------  ---------

Interest-bearing loans and borrowings           (167)      (287)      (192)
Other payables                                (8,454)    (8,207)    (8,189)
Provisions                                    (3,487)    (5,427)    (4,829)
Deferred tax liabilities                      (1,756)    (1,651)    (1,571)
---------------------            ------    ---------  ---------  ---------
TOTAL NON-CURRENT LIABILITIES                (13,864)   (15,572)   (14,781)
---------------------            ------    ---------  ---------  ---------

TOTAL LIABILITIES                            (81,294)  (101,294)   (79,343)
---------------------            ------    ---------  ---------  ---------
TOTAL ASSETS LESS TOTAL                       62,801     54,518     61,602
LIABILITIES           
---------------------            ------    ---------  ---------  ---------

CAPITAL AND RESERVES
Issued ordinary share capital         8        2,413      2,413      2,413
Share premium                         8       10,823     10,823     10,823
Retained earnings                     8       49,565     41,282     48,366
---------------------            ------    ---------  ---------  ---------
TOTAL EQUITY ATTRIBUTABLE TO                  
EQUITY HOLDERS OF THE PARENT                  62,801     54,518     61,602
---------------------            ------    ---------  ---------  ---------





CONSOLIDATED CASH FLOW STATEMENT
FOR THE 26 WEEKS ENDED 28 JULY 2007


                              Note    Unaudited       Unaudited      
                                    26 weeks to     26 weeks to     52 weeks to   
                                        28 July         29 July      27 January       
                                           2007            2006            2007
                                           £000            £000            £000
CASH FLOWS FROM OPERATING 
ACTIVITIES
Profit for the period                     3,516           2,146          10,388
Income tax expense               4        1,812           1,083           6,879
Financial expenses                          503           1,318           2,412
Financial income                           (118)            (70)           (177)
Depreciation and                          5,348           5,395          11,888
amortisation of
non-current assets
Impairment of non-current                   908               -           5,482
assets
Loss/(profit) on disposal        3        1,892          (1,315)         (1,491)
of non-current assets
(Increase)/decrease in                   (4,700)         (5,412)          5,299
inventories
Increase in trade and                      (974)           (633)           (475)
other receivables
Increase/(decrease) in                    1,141          (4,363)          1,488
trade and other
payables and provisions
Interest paid                              (503)         (1,318)         (2,412)
Income taxes paid                        (3,220)           (258)         (1,712)
------------------------   ---  ---- ----------  --- ----------  ---  ---------
NET CASH FROM/(USED IN)                   5,605          (3,427)         37,569
OPERATING ACTIVITIES
------------------------   ---  ---- ----------  --- ----------  ---  ---------

CASH FLOWS FROM INVESTING
ACTIVITIES
Interest received                           118              70             177
Proceeds from sale of                     1,231           3,972          11,099
non-current assets
Disposal costs of                        (1,695)           (340)         (2,188)
non-current assets
Acquisition of                           (9,069)         (6,896)        (14,099)
non-current assets
Cash consideration of                         -          (4,998)         (5,000)
acquisitions               
------------------------   ---  ---- ----------  --- ----------  ---  ---------
NET CASH USED IN                         (9,415)         (8,192)        (10,011)
INVESTING ACTIVITIES       
------------------------   ---  ---- ----------  --- ----------  ---  ---------

CASH FLOWS FROM FINANCING
ACTIVITIES
(Repayment)/drawdown of                     (37)           7,000        (22,000)
interest-bearing loans
and borrowings
Payment of finance lease                     (9)           (267)           (285)
and similar hire
purchase contracts
Dividends paid                                -               -          (3,379)
------------------------   ---  ---- ----------  --- ----------  ---  ---------

NET CASH (USED IN)/FROM                     (46)          6,733         (25,664)
FINANCING ACTIVITIE       
------------------------   ---  ---- ----------  --- ----------  ---  ---------

NET (DECREASE)/INCREASE          7       (3,856)         (4,886)          1,894
IN CASH AND CASH            
EQUIVALENTS
------------------------   ---  ---- ----------  --- ----------  ---  ---------



1.      BASIS OF PREPARATION

The John David Group plc (the 'Company') is a company incorporated and domiciled
in the United Kingdom. The  consolidated half-year financial report for the
period ended 28 July 2007 represents that of the Company and its  subsidiaries
(together referred to as the 'Group').

The half-year financial report was authorised for issue by the Board of
Directors on 26 September 2007.

As required by the Disclosure and Transparency Rules of the UK's Financial
Services Authority, the half-year financial  report has been prepared by
applying the accounting policies and presentation that were applied in the
preparation of  the Company's published consolidated financial statements for
the financial year ended 27 January 2007, which were  prepared in accordance
with International Financial Reporting Standards as adopted by the EU.

In the current financial year, the Group will adopt IFRS 7 'Financial
Instruments: Disclosures'. As this is a  disclosure standard, there is no impact
on the half-year financial report.

The half-year financial report is prepared in accordance with the EU endorsed
standard IAS 34 'Interim Financial  Reporting'. The comparative figures for the
financial year ended 27 January 2007 are not the Group's statutory accounts  for
that financial year. Those accounts have been reported on by the Group's Auditor
and delivered to the Registrar of  Companies. The Report of the Auditor was (i)
unqualified, (ii) did not include a reference to any matters to which the 
Auditor drew attention by way of emphasis without qualifying their report, and
(iii) did not contain a statement under  section 237(2) or (3) of the Companies
Act 1985.

The information contained in the half-year financial report for the 26-week
period ended 28 July 2007 and 29 July 2006  is unaudited.



2.      SEGMENTAL ANALYSIS

The Group manages its business activities through two divisions - Sport and
Fashion. Revenue and costs are readily identifiable for each segment.


The divisional results for the 26 weeks to 28 July 2007 are as follows:

                                             Unaudited   Unaudited    Unaudited
                                                 Sport     Fashion        Total
                                                  £000        £000         £000

Revenue                                        236,172      14,323      250,495
--------------------------                  ----------  ----------    ---------
Operating profit/(loss) before financing        10,638      (2,179)       8,459
and exceptional items
Exceptional items                               (3,512)        766       (2,746)
--------------------------                  ----------  ----------    ---------
Operating profit/(loss)                          7,126      (1,413)       5,713
Financial income                                                            118
Financial expenses                                                         (503)
--------------------------                  ----------  ----------    ---------
Profit before tax                                                         5,328
Income tax expense                                                       (1,812)
--------------------------                  ----------  ----------    ---------
Profit for the period                                                     3,516
--------------------------                  ----------  ----------    ---------


The Board consider that net funding costs and income tax are cross divisional in
nature and cannot be allocated between the divisions on a meaningful basis.

The comparative divisional results for the 26 weeks to 29 July 2006 are as follows:

                                             Unaudited   Unaudited   Unaudited
                                                 Sport     Fashion       Total
                                                  £000        £000        £000

Revenue                                        219,556      16,376     235,932
--------------------------                  ----------  ----------   ---------
Operating profit/(loss) before financing         7,390      (3,012)      4,378
and exceptional items
Exceptional items                               (1,728)      1,827          99
--------------------------                  ----------  ----------   ---------
Operating profit/(loss)                          5,662      (1,185)      4,477
Financial income                                                            70
Financial expenses                                                      (1,318)
--------------------------                  ----------  ----------   ---------
Profit before tax                                                        3,229
Income tax expense                                                      (1,083)
--------------------------                  ----------  ----------   ---------
Profit for the period                                                    2,146
--------------------------                  ----------  ----------   ---------



The Board consider that net funding costs and income tax are cross divisional in
nature and cannot be allocated between the divisions on a meaningful basis.


3.      EXCEPTIONAL ITEMS

                                           Unaudited    Unaudited 
                                         26 weeks to  26 weeks to  52 weeks to       
                                             28 July      29 July   27 January     
                                                2007         2006         2007   
                                                £000         £000         £000

Loss/(profit) on disposal of non-current       1,892       (1,315)      (1,491)
assets
Provision for rentals on onerous property     (1,092)       1,216        1,558
leases
Impairment of property, plant and equipment      832            -        1,482
Impairment of non-current other receivables       76            -            -
Lease variation costs (i)                      1,038            -        2,250
--------------------------                ----------   ----------    ---------
Selling and distribution expenses -            2,746          (99)       3,799
exceptional                                  
--------------------------                ----------   ----------    ---------

Impairments of intangible assets                   -            -        4,000
--------------------------                ----------   ----------    ---------
Administrative expenses - exceptional              -            -        4,000
--------------------------                ----------   ----------    ---------
Exceptional expense/(credit)                   2,746          (99)       7,799
--------------------------                ----------   ----------    ---------



(i) Lease variation costs represent the cost of varying an onerous lease to
create a break option.




4.      INCOME TAX EXPENSE
                                         Unaudited    Unaudited  
                                       26 weeks to  26 weeks to  52 weeks to 
                                           28 July      29 July   27 January      
                                              2007         2006         2007
                                              £000         £000         £000
Current tax
UK corporation tax at 30% (2006: 30%)        1,627        1,096        6,637
Adjustment relating to prior periods             -            -          288
--------------------------              ----------   ----------    ---------
Total current tax charge                     1,627        1,096        6,925
--------------------------              ----------   ----------    ---------
Deferred tax
Deferred tax (origination and reversal of      185          (13)         641
temporary differences)
Adjustments relating to prior periods            -            -         (687)
--------------------------              ----------   ----------    ---------
Total deferred tax charge/(credit)             185          (13)         (46)
--------------------------              ----------   ----------    ---------
Income tax expense                           1,812        1,083        6,879
--------------------------              ----------   ----------    ---------


5.      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  
                                       26 weeks to   26 weeks to  52 weeks to 
                                           28 July       29 July   27 January      
                                              2007          2006         2007
                                              £000          £000         £000

2.50p per ordinary share (29 July 2006:      1,207         1,158        2,317
2.40p, 27 January 2007: 4.80p)
--------------------------              ----------    ----------    ---------



DIVIDENDS ON ISSUED ORDINARY SHARE CAPITAL

                                         Unaudited     Unaudited  
                                       26 weeks to   26 weeks to  52 weeks to 
                                           28 July       29 July   27 January      
                                              2007          2006         2007
                                              £000          £000         £000

Final dividend of 4.80p (2006: 4.60p) per
qualifying ordinary share approved in 
respect of prior period, but not recognised 
as a liability in that period                2,317         2,221        2,221

Interim dividend of 2.40p per qualifying
ordinary share paid in respect of 52 week 
period ended
27 January 2007                                  -             -        1,158
--------------------------              ----------    ----------    ---------
                                             2,317         2,221        3,379
--------------------------              ----------    ----------    ---------



6.      EARNINGS PER ORDINARY SHARE

BASIC AND DILUTED EARNINGS PER ORDINARY SHARE

The calculation of basic and diluted earnings per ordinary share at 28 July 2007
is based on the profit for the period attributable to equity holders of the
parent of £3,516,000 (29 July 2006: £2,146,000, 27 January 2007: £10,388,000)
and a weighted average number of ordinary shares outstanding during the 26 weeks
ended 28 July 2007 of 48,263,434 (29 July 2006 and 27 January 2007: 48,263,434),
calculated as follows:

                                              Unaudited    Unaudited 
                                            26 weeks to  26 weeks to 52 weeks to 
                                                28 July      29 July  27 January      
                                                   2007         2006        2007
                                                   £000         £000        £000

Issued ordinary shares at beginning of       48,263,434   48,263,434  48,263,434
period
Effect of shares issued during the period             -            -           -
--------------------------                   ----------   ----------   ---------
Weighted average number of ordinary shares
during the period - basic and diluted        48,263,434   48,263,434  48,263,434
--------------------------                   ----------   ----------   ---------



ADJUSTED BASIC EARNINGS PER ORDINARY SHARE

Adjusted basic earnings per ordinary share has been based on the profit 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 
                                              28 July      29 July   27 January      
                                                 2007         2006         2007
                                                 £000         £000         £000

Profit for the period attributable to equity
holders of the parent                           3,516        2,146       10,388
Exceptional items excluding profit on disposal                        
of non-current assets                             854        1,216        9,290
Tax relating to relevant exceptional items       (207)        (365)      (2,107)
--------------------------                 ----------    ---------    ---------
Profit for the period attributable to equity
holders of the parent excluding
exceptional items                               4,163        2,997       17,571
--------------------------                 ----------    ---------    ---------

Adjusted basic earnings per ordinary share      8.63p         6.21p       36.41p
--------------------------                 ----------    ---------    ---------




7.      ANALYSIS OF NET DEBT
                                                                 Unaudited
                                  At 27 January    Unaudited    At 28 July 
                                           2007     Cashflow          2007
                                           £000         £000          £000
                                                                  
Bank balances and cash floats            11,230       (3,856)        7,374
--------------------------           ----------    ---------     ---------
Cash and cash equivalents                11,230       (3,856)        7,374

Interest-bearing loans and borrowings:
Loan notes                                 (287)          37          (250)
Finance leases and similar hire
purchase contracts                          (11)           9            (2)
--------------------------           ----------    ---------     ---------
                                        
                                         10,932       (3,810)        7,122
--------------------------           ----------    ---------     ---------



8.      CAPITAL AND RESERVES

RECONCILIATION OF MOVEMENT IN CAPITAL AND RESERVES


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

Balance at 27 January 2007                2,413     10,823     48,366    61,602
Total recognised income and expense           -          -      3,516     3,516
Dividends to shareholders (see note 5)        -          -     (2,317)   (2,317)
---------------------                  --------  --------- ---------  ---------

Balance at 28 July 2007                   2,413     10,823     49,565    62,801
---------------------                  --------  --------- ---------  ---------

UNAUDITED                              Ordinary      
                                          Share      Share   Retained     Total
                                        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 (see note 5)        -          -     (2,221)   (2,221)
---------------------                  --------  --------- ---------  ---------

Balance at 29 July 2006                   2,413     10,823     41,282    54,518
---------------------                  --------  --------- ---------  ---------




9.      RELATED PARTY TRANSACTIONS AND BALANCES


RELATED PARTY - PENTLAND GROUP PLC

Pentland Group Plc owns 57% of the issued ordinary share capital of The John
David Group Plc.

                                    Unaudited                   Unaudited    
                                     Value of                    Value of    
                                 transactions     Unaudited  transactions      Unaudited
                                  26 weeks to    Payable at   26 weeks to     Payable at
                                 28 July 2007  28 July 2007  29 July 2006   29 July 2006      
                                         £000          £000          £000           £000

Concession fee income                    (147)            -          (271)             -
Purchase of inventory for retail      (13,005)       (2,857)      (13,447)        (3,015)
Other income                               44             -            22              -

Payments (gross including VAT)        (14,400)            -       (14,598)             -
Receipts (gross including VAT)             52             -            26              -
                                                                 


10.  HALF-YEAR REPORT

The half-year report will be posted to all shareholders in mid October.
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.



RESPONSIBILITY STATEMENT

We confirm that to the best of our knowledge:


  • The condensed set of financial statements has been prepared in
    accordance with IAS 34 'Interim Financial Reporting' as adopted by the EU;
  • The interim management report includes a fair review of the information
    required by:
    a)  DTR 4.2.7R of the Disclosure and Transparency Rules, being an
        indication of important events during the first six months of the 
        financial year and their impact on the condensed set of financial 
        statements; and a description of principal risks and uncertainties for 
        the remaining six months of the year; and
    b)  DTR 4.2.8R of the Disclosure and Transparency Rules, being related
        party transactions that have taken place in the first six months of 
        the current financial year and that have materially affected the 
        financial position or performance of the entity during that period; 
        and any changes in the related party transactions described in the 
        last annual report that could do so.


By order of the Board


Brian Small
Secretary



INDEPENDENT REVIEW REPORT TO THE JOHN DAVID GROUP PLC


INTRODUCTION

We have been engaged by the Company to review the condensed set of financial
statements in the half-year financial report for the 26 week period ended 28
July 2007 which comprises the Consolidated Income Statement, Consolidated
Balance Sheet, Consolidated Cash Flow Statement and the related explanatory
notes. We have read the other information contained in the half-year financial
report and considered whether it contains any apparent misstatements or material
inconsistencies with the information in the condensed set of financial
statements.

This report is made solely to the Company in accordance with the terms of our
engagement to assist the Company in meeting the requirements of the Disclosure
and Transparency Rules ('the DTR') of the UK's Financial Services Authority
('the UK FSA'). Our review has been undertaken so that we might state to the
Company those matters we are required to state to it in this report and for no
other purpose. To the fullest extent permitted by law, we do not accept or
assume responsibility to anyone other than the Company for our review work, for
this report, or for the conclusions we have reached.


DIRECTORS' RESPONSIBILITIES

The half-year financial report is the responsibility of, and has been approved
by, the Directors. The Directors are responsible for preparing the half-year
financial report in accordance with the DTR of the UK FSA.

As disclosed in note 1, the annual financial statements of the Group are
prepared in accordance with IFRSs as adopted by the EU. The condensed set of
financial statements included in this half-year financial report has been
prepared in accordance with IAS 34 'Interim Financial Reporting' as adopted by
the EU.


OUR RESPONSIBILITY

Our responsibility is to express to the Company a conclusion on the condensed
set of financial statements in the half-year financial report based on our
review.


SCOPE OF REVIEW

We conducted our review in accordance with International Standard on Review
Engagements (UK and Ireland) 2410 'Review of Interim Financial Information
Performed by the Independent Auditor of the Entity' issued by the Auditing
Practices Board for use in the UK. A review of interim financial information
consists of making enquiries, primarily of persons responsible for financial and
accounting matters, and applying analytical and other review procedures. A
review is substantially less in scope than an audit conducted in accordance with
International Standards on Auditing (UK and Ireland) and consequently does not
enable us to obtain assurance that we would become aware of all significant
matters that might be identified in an audit. Accordingly, we do not express an
audit opinion.


CONCLUSION

Based on our review, nothing has come to our attention that causes us to believe
that the condensed set of financial statements in the half-year financial report
for the 26-week period ended 28 July 2007 is not prepared, in all material
respects, in accordance with IAS 34 as adopted by the EU and the DTR of the UK
FSA.


KPMG Audit Plc
Chartered Accountants
Preston
26 September 2007




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