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John David Group (JD.)

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Tuesday 15 April, 2008

John David Group

Final Results

John David Group (The) PLC
15 April 2008

                                      


15 April 2008



                            THE JOHN DAVID GROUP PLC
                              PRELIMINARY RESULTS
                    FOR THE 53 WEEKS ENDED 02 FEBRUARY 2008


The John David Group Plc (the 'Group'), the leading retailer of sport and
athletic inspired fashion apparel and footwear, today announces its Preliminary
Results for the 53 weeks ended 02 February 2008.




                                                      2008      2007    
                                                      £000      £000    % Change
Revenue                                            592,240   530,581       +12%
                                                    ========  ========
Gross profit %                                        49.2%     47.5%
                                                    ========  ========
Operating profit (before net financing costs,
exceptional                                         44,019    27,301       +61%
items and share of results of joint venture)        ========  ========
Profit before tax and exceptional items             43,407    25,066       +73%
Exceptional items                                   (8,404)   (7,799)
                                                    --------  --------
Profit before tax                                   35,003    17,267      +103%
                                                    ========  ========
Basic earnings per ordinary share                    48.79p    21.52p     +127%
Adjusted basic earnings per ordinary share (see      57.05p    36.41p      +57%
note 3)
Total dividend payable per ordinary share             8.50p     7.20p      +18%
Net cash at end of period (1)                       11,752    10,932

(1) Net cash 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 11.6% in the year and by 11.1% on a like
   for like basis (Sports Fascias 11.3%; Fashion Fascias (excluding Bank) 7.6%).

•  Gross margin improved from 47.5% to 49.2%.

•  Group profit before tax and exceptional items up 73% to £43.4 million
   (2007: £25.1 million).

•  Profit before tax up 103% to £35.0m (2007: £17.3m).

•  Positive net cash position maintained at £11.7 million (2007: £10.9 million) 
   after acquisitions, investments and associated asset purchases in the
   year totalling £31.3m and net capital expenditure of £21.0 million (2007: 
   £5.2 million).

•  Exceptional items of £8.4m from the continuing store portfolio 
   rationalisation.

•  Final dividend payable increased by 25% to 6.0p (2007: 4.8p) bringing the 
   total dividends payable for the year up to 8.5p (2007: 7.2p), an increase of
   18%.



Peter Cowgill, Executive Chairman, said:


'This has been a further period of very substantial progress for the Group with
excellent organic sales growth and margin enhancement. Group profit before tax
has increased by over 100% in the year (and by 73% pre-exceptionals) through
strong buying, merchandising and own brand performance.


'The Group's recent strong performance with regards to like for like sales and
gross margins means that further improvement in these areas is becoming more
challenging. Furthermore, despite recent and current performance, the current
economic climate and outlook dictates a note of prudence. The Board is therefore
cautious about the extent of future growth in earnings.'



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 53 weeks ended 02 February 2008 have been a further period of very
substantial progress for the Group with excellent organic sales growth and
margin enhancement. We have improved our profit before tax and exceptional items
by 73% in the year to £43.4 million (2007: £25.1 million). This follows on from
a 51% increase last year.


Group profit before tax has increased by 103% in the year to £35.0 million
(2007: £17.3 million) and Group profit after tax has increased by 127% to £23.6
million (2007: £10.4 million).


Group operating profit (before exceptional items) for the year was up 61% to
£44.0 million (2007: £27.3 million) and comprises a Sports Fascias profit of
£45.6 million (2007: £29.7 million) and a Fashion Fascias loss of £1.6 million
(2007: loss of £2.4 million).



ACQUISITIONS


On 07 December 2007 the Group significantly increased the Fashion Fascias store
base with the addition of 49 Bank Fashion stores through the acquisition of Bank
Stores Holdings Limited ('Bank') for a total cash cost (including fees and
repayment of debt) of £18.6 million. Bank made a positive contribution to the
operating profit of the Fashion Fascias in the second half of the year of
£434,000, helped by Christmas trading.


The Group also made two smaller strategic stake acquisitions in other businesses
in the second half. 49% of Focus Brands Limited, a designing, licensing, and
sourcing wholesaler, was acquired at a cost of £3.0 million (including fees and
loans of £2.5 million made to the business) on 03 December 2007. This deal was
part of a package in which the Sergio Tacchini sub-licensed UK brand rights were
also acquired directly by JD as well as a freehold property in St Albans which
continues to be occupied by Focus at an arm's length rent. The results of Focus
for the short post-acquisition period are presented as 'Share of results of
joint venture'.


Additionally, on 07 November 2007, 51% of Topgrade Sportswear Limited was
acquired for a consideration of £1.2 million (including fees). We took the
decision to acquire this wholesaler of end-of-line stock because of its buying
strength and trading knowledge, which were considered a foundation for further
business development. The results of this business had no material impact on the
Group results for the 53 weeks ended 02 February 2008.



SPORTS FASCIAS


The Sports Fascias' turnover increased by 10.5% during the period to £544.4
million (2007: £492.8 million) with like for like sales for the year up 11.3%.
Gross margin rose to 49.9% (2007: 47.6%) as a result of continuing growth in own
brand sales.


The performance of our principal Sports Fascias, JD and Size, has been very
strong during the last year as a result of the current management team's
consistent strategy over the last four years of eliminating underperforming
stores, improving gross margins and reducing terminal stocks. The performance of
the buying, merchandising and own brand departments has been excellent.


In addition, the Group has conducted an ambitious programme of store development
with 13 new store openings and 28 store refurbishments. This programme will
continue through most of 2008 and represents the most substantial refurbishment
programme the Group has ever undertaken. These store refurbishments often result
in full store closures for a number of weeks but we expect this to be justified
by the subsequent performance. We have also made our most significant investment
to date in merchandising systems and training during the year.



FASHION FASCIAS


The Fashion Fascias now have two separately managed young branded fashion
businesses trading as Scotts and Bank.


The Scotts Fascia rationalisation has continued throughout the past year with
underperforming stores continuing to be eliminated and the remaining ATH- and AV
stores being converted to the Scotts Fascia. There is now only one ATH- store
remaining in the 38 store portfolio. The Open Fascia no longer trades following
the disposal of Glasgow Open in September 2007.


In spite of a positive like for like sales performance in Scotts of 7.6% for the
year, turnover for this business declined to £34.5 million (2007: £37.7 million)
as a result of the store disposal programme. Six underperforming stores were
closed in the year. Losses were borne in most 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 declined to 44.0% (2007: 46.3%), principally as a result
of a clearance of stock following both the closure of Glasgow Open and a
substantial change in the management team mid year. Like for like sales and
margin performance have been encouraging so far this year.


Last year we noted that the young branded fashion sector remained competitive
and that we believed the Fashion Fascias would only deliver profit to the Group
when its major property issues were resolved. The disposals within Scotts this
year represent significant steps towards this goal. We are now very focussed on
improving the buying and merchandising decisions to deliver results from this
Fascia. The head office of Scotts is being transferred to the Group's offices in
Bury in the next month and we believe that this move will further assist this
objective.


The acquisition of Bank gives the Group the opportunity to develop our presence
in the young aspirational fashion sector and consequently provide a platform for
growth through rollout. However, in advance of any rollout, the management team
will need to ensure that the store model and brand offer can produce appropriate
returns from such expansion. We also expect the head office of Bank to move into
the Group's offices in Bury in May 2008.



GROUP PERFORMANCE


Revenue


Total revenue increased by 11.6% in the year to £592.2 million (2007: £530.6
million) as a result of the Group's positive like for like sales performance of
11.1% (excluding the acquired Bank stores), combined with the turnover from the
acquisitions made in the year and a full year effect from the ex Hargreaves
Airport stores.


Gross margin


We are pleased with the progress made in enhancing Group gross margin from 47.5%
to 49.2%. Further progress on gross margin will be much more difficult to
achieve because the scope both for stock management improvement and expansion of
own brand penetration is now much reduced.


Overheads


Selling and distribution overheads (excluding exceptionals), which include all
store costs, have been well contained with an increase of 6% against a sales
increase of 12% but normal administrative overheads have increased to £25.8m
from £17.4m. This latter increase includes provision for £4m of a £5m loyalty
and retention package for the Executive Chairman, designed to ensure that he
stays with the business for at least another two years. £3m of this was paid in
March 2008 and the final two payments of £1m each will be made in March 2009 and
March 2010, 50% of each further payment being dependent on performance. Further
details of this and of LTIP schemes which will incentivise retention and
performance for the wider executive management team will be published in the
Remuneration Report and the Shareholder Circular to be sent to shareholders
shortly. The LTIP schemes will require shareholder approval. The administrative
overheads also include substantial increases in systems consultancy and
merchandising training associated with improvements in merchandise planning and
stock management.


Operating profits and results


Operating profit before net financing costs, exceptional items and share of
results of joint ventures increased by £16.7 million to £44.0 million (2007:
£27.3 million) which represents a 61% increase on last year. Group operating
margin (before net financing costs, exceptional items and share of results of
joint venture) has therefore increased to 7.4% (2007: 5.1%).


Although exceptional items increased slightly to £8.4 million (2007: £7.8
million), Group operating profit after exceptional items but before share of
results of joint ventures and net financing costs rose sharply from £19.5
million to £35.6 million.


The exceptional items comprise:

                                                                            £m

Lease variation costs                                                      2.9
Impairment of fixed assets in underperforming stores                       2.5
Loss on disposal of fixed assets                                           3.0
                                                                        --------

Total exceptional charge                                                   8.4
                                                                        --------



The lease variation costs were incurred in negotiating break options in onerous
leases for stores in Liverpool, Gateshead Metrocentre and Glasgow Open. The
impairment charge is on a further seven Sports stores and seven Fashion stores
which are earmarked for disposal if suitable deals can be negotiated.


Debt reduction and working capital


Net financing costs are down from £2.2 million to £0.5 million as a result of
continuing core debt reduction.


Year end net cash of £11.7 million represented a £0.8m improvement on the
position at January 2007 (£10.9 million). This net cash balance has been
achieved after expenditure on acquisitions, investments and associated asset
purchases in the year totalling £31.3 million and net capital expenditure of
£21.0 million (2007: £5.2 million). Gross capital expenditure was £19.8 million
(2007: £14.1 million) being £18.9 million in the Sports Fascias and £0.9 million
in the Fashion Fascias. The capital expenditure in the year included £7.8
million on new stores and £10.2 million on refurbishments. Investment in the
store portfolio is likely to increase in the current year with three new Sports
Fascias stores already having been opened since the year end.


Excluding the impact from acquisitions, stocks were reduced in the year by a
further £0.9 million. The other major element of our working capital that has
changed significantly has been trade and other payables within current
liabilities which have increased by £21.5 million to £80.4 million. The
acquisitions have contributed £13.4 million of this increase. Suppliers continue
to be paid to agreed terms and settlement discounts are taken.



STORE PORTFOLIO


We have continued working hard to rationalise our store portfolio and it is
pleasing to be reporting further substantial progress this year. We have closed
a further 36 underperforming stores during the period with three further stores
in the Sports Fascias having been closed since the year end. This programme is
now much closer to completion although we continue to find that new developments
render older locations redundant whether or not we take new stores in those
developments.



During the year, store numbers moved as follows:


Sports Fascias
                                              Units                 '000 sq ft

Start of year                                  362                       1,098
New stores                                      13                          45
Closures                                       (30)                        (54)
                                             -------                   ---------
Close of year                                  345                       1,089
                                             -------                   ---------


Fashion Fascias
                                              Units                 '000 sq ft

Start of year                                   44                         117
Acquisition Of Bank Fashion                     49                         106
Closures                                        (6)                        (32)
                                             -------                   ---------
Close of year                                   87                         191
                                             -------                   ---------



DIVIDENDS AND EARNINGS PER ORDINARY SHARE


The Board proposes paying a final dividend of 6.00p (2007: 4.80p) bringing the
total dividend payable for the year to 8.50p (2007: 7.20p) per ordinary share.
The proposed final dividend will be paid on 04 August 2008 to all shareholders
on the register at 09 May 2008. The final dividend has been increased by 25%
with total dividends payable for the year increased by 18%.


The adjusted earnings per ordinary share before exceptional items was 57.05p
(2007: 36.41p).


The basic earnings per ordinary share was 48.79p (2007: 21.52p).



CURRENT TRADING AND OUTLOOK


Given the weather and the timing of Easter, trading since the year end has been
encouraging with like for like sales for the Sports Fascias for the 10 weeks
ended 12 April 2008 up 4.0%. The Fashion Fascias have also had an encouraging
start to the year with like for like sales for the same 10 week period up 4.9%.
The Group like for like sales for this 10 week period are therefore up 4.2%.


In the current year, the Group is operating against exceptionally strong
comparatives. Additionally, the Focus and Topgrade investments are not expected
to produce returns in the next two years, other than of a defensive nature. The
Group's recent strong performance with regards to like for like sales and gross
margins means that further improvement in these areas is becoming more
challenging. Furthermore, despite recent and current performance, the current
economic climate and outlook dictates a note of prudence. The Board is therefore
cautious about the extent of future growth in earnings.



EMPLOYEES


The Group's excellent results would not have been possible without the support
of a dedicated and large workforce for which the Board are very grateful. We are
committed to continue increasing training and other support to enhance both
their career prospects and our own customer service.



Peter Cowgill
Executive Chairman
15 April 2008





CONSOLIDATED INCOME STATEMENT
for the 53 weeks ended 02 February 2008


                                                  53 weeks to        52 weeks to
                                             02 February 2008    27 January 2007
                                                   Continuing         Continuing
                                                   Operations         Operations
                                       Note              £000               £000

REVENUE                                               592,240            530,581
Cost of sales                                        (300,813)          (278,331)
--------------------------------------------------------------------------------

GROSS PROFIT                                          291,427            252,250
Selling and distribution expenses -
normal                                               (222,720)          (209,270)
Selling and distribution expenses -
exceptional                                            (8,404)            (3,799)
Administrative expenses - normal                      (25,774)           (17,409)
Administrative expenses - exceptional                       -             (4,000)
Other operating income                                  1,086              1,730
--------------------------------------------------------------------------------

OPERATING PROFIT                                       35,615             19,502
--------------------------------------------------------------------------------
Before exceptional items                               44,019             27,301
Exceptional items                         2            (8,404)            (7,799)
--------------------------------------------------------------------------------

OPERATING PROFIT                                       35,615             19,502
Share of results of joint venture                        (145)                 -
Financial income                                          297                177
Financial expenses                                       (764)            (2,412)
--------------------------------------------------------------------------------

PROFIT BEFORE TAX                                      35,003             17,267
Income tax expense                                    (11,416)            (6,879)
--------------------------------------------------------------------------------

PROFIT FOR THE PERIOD                                  23,587             10,388
--------------------------------------------------------------------------------

Attributable to equity holders of 
the parent                                             23,549             10,388
Attributable to minority interest                          38                  -
--------------------------------------------------------------------------------
Basic earnings per ordinary share         3             48.79p             21.52p
--------------------------------------------------------------------------------
Diluted earnings per ordinary share       3             48.79p             21.52p
--------------------------------------------------------------------------------



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



CONSOLIDATED BALANCE SHEET
as at 02 February 2008
                                                   As at                 As at
                                        02 February 2008       27 January 2007
                                                    £000                  £000
ASSETS
Intangible assets                                 41,371                20,562
Property, plant and equipment                     53,622                41,919
Other receivables                                  5,025                 2,753
Investment property                                4,151                     -
Equity accounted investment                          
in joint venture                                     360                     -
--------------------------------------------------------------------------------
TOTAL NON-CURRENT ASSETS                         104,529                65,234
--------------------------------------------------------------------------------

Inventories                                       58,669                51,469
Trade and other receivables                       15,899                13,012
Cash and cash equivalents                         11,969                11,230
--------------------------------------------------------------------------------
TOTAL CURRENT ASSETS                              86,537                75,711
--------------------------------------------------------------------------------

TOTAL ASSETS                                     191,066               140,945
--------------------------------------------------------------------------------

LIABILITIES
Interest bearing loans and borrowings               (134)                 (106)
Trade and other payables                         (80,389)              (58,849)
Provisions                                        (1,893)               (2,130)
Income tax liabilities                            (9,147)               (3,477)
--------------------------------------------------------------------------------
TOTAL CURRENT LIABILITIES                        (91,563)              (64,562)
--------------------------------------------------------------------------------

Interest bearing loans and borrowings                (83)                 (192)
Other payables                                   (11,839)               (8,189)
Provisions                                        (4,726)               (4,829)
Deferred tax liabilities                             (46)               (1,571)
--------------------------------------------------------------------------------
TOTAL NON-CURRENT LIABILITIES                    (16,694)              (14,781)
--------------------------------------------------------------------------------

TOTAL LIABILITIES                               (108,257)              (79,343)
--------------------------------------------------------------------------------

TOTAL ASSETS LESS TOTAL LIABILITIES               82,809                61,602
--------------------------------------------------------------------------------

CAPITAL AND RESERVES
Issued ordinary share capital                      2,413                 2,413
Share premium                                     10,823                10,823
Retained earnings                                 69,573                48,366
--------------------------------------------------------------------------------

TOTAL EQUITY                                      82,809                61,602
--------------------------------------------------------------------------------

ATTRIBUTABLE TO EQUITY HOLDERS OF THE PARENT      81,627                61,602
ATTRIBUTABLE TO MINORITY INTEREST                  1,182                     -






RECONCILIATION OF MOVEMENT IN CAPITAL AND RESERVES
as at 02 February 2008

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

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
Minority interest on
acquisition                        -          -          -     1,144     1,144
Total recognised
income and expense                 -          -     23,549        38    23,587
Dividends                          -          -     (3,524)        -    (3,524)
--------------------------------------------------------------------------------

Balance at 02 February 2008    2,413     10,823     68,391     1,182    82,809
--------------------------------------------------------------------------------



CONSOLIDATED STATEMENT OF CASH FLOWS
for the 53 weeks ended 02 February 2008

                                                      53 weeks to           52 weeks to
                                                 02 February 2008       27 January 2007
                                                             £000                  £000
CASH FLOWS FROM OPERATING ACTIVITIES
Profit for the period                                      23,587                10,388
Share of results of joint venture                             145                     -
Income tax expense                                         11,416                 6,879
Financial expenses                                            764                 2,412
Financial income                                             (297)                 (177)
Depreciation and amortisation of non-current assets        12,421                11,888
Impairment of non-current assets                            2,535                 5,482
Loss / (profit) on disposal of non-current assets           3,015                (1,491)
Decrease in inventories                                     2,955                 5,299
Decrease / (increase) in trade and other receivables        1,396                  (475)
Increase in trade and other payables and provisions         6,877                 1,488
Interest paid                                                (764)               (2,412)
Income taxes paid                                          (7,619)               (1,712)
-----------------------------------------------------------------------------------------    
NET CASH FROM OPERATING ACTIVITIES                         56,431                37,569
-----------------------------------------------------------------------------------------   

CASH FLOWS FROM INVESTING ACTIVITIES
Interest received                                             297                   177
Proceeds from sale of non-current assets                    1,257                11,099
Disposal costs of non-current assets                       (2,432)               (2,188)
Acquisition of intangible assets                           (4,279)                    -
Acquisition of property, plant and equipment              (19,407)              (13,665)
Acquisition of investment property                         (4,160)                    -
Acquisition of non-current other receivables                 (389)                 (434)
Cash consideration of acquisitions net of cash acquired    (1,135)               (5,000)
Investment in joint venture                                  (505)                    -
Amounts loaned to joint venture                            (2,479)                    -
-----------------------------------------------------------------------------------------   
NET CASH USED IN INVESTING ACTIVITIES                     (33,232)              (10,011)
-----------------------------------------------------------------------------------------   

CASH FLOWS FROM FINANCING ACTIVITIES
Repayment of interest bearing loans and borrowings        (18,917)              (22,000)
Payment of finance lease and hire purchase contracts          (19)                 (285)
Dividends paid                                             (3,524)               (3,379)
-----------------------------------------------------------------------------------------   
NET CASH USED IN FINANCING ACTIVITIES                     (22,460)              (25,664)
-----------------------------------------------------------------------------------------   
NET INCREASE IN CASH AND CASH EQUIVALENTS                     739                 1,894
-----------------------------------------------------------------------------------------   

CASH AND CASH EQUIVALENTS AT THE BEGINNING OF THE PERIOD   11,230                 9,336
-----------------------------------------------------------------------------------------   
CASH AND CASH EQUIVALENTS AT THE END OF THE PERIOD         11,969                11,230
-----------------------------------------------------------------------------------------   





ANALYSIS OF NET CASH
as at 02 February 2008

                                At 27             On                     At 02
                              January    Acquisition                  February
                                 2007  Of Subsidiary   Cashflow           2008
                                 £000           £000       £000           £000

Cash at bank and in hand       11,230            189        550         11,969
--------------------------------------------------------------------------------

Cash and cash equivalents      11,230            189        550         11,969

Interest bearing loans
and borrowings
Current                             -        (18,796)    18,796              -
Loan notes                       (287)             -        121           (166)
Finance lease and hire
purchase contracts                (11)           (59)        19            (51)
--------------------------------------------------------------------------------

                               10,932        (18,666)    19,486         11,752
--------------------------------------------------------------------------------



1.   SEGMENTAL ANALYSIS


The Group manages its business activities through two Divisions - Sport and
Fashion. Revenue and costs for the 53 weeks ended 02 February 2008 are readily
identifiable for each segment.


The Divisional results for the 53 weeks to 02 February 2008 are as follows:

INCOME STATEMENT                                   Sport           Fashion      Total
                                                    £000              £000       £000

Revenue                                          544,372            47,868    592,240
--------------------------------------------------------------------------------------
Operating profit/(loss) before financing 
and exceptional items                             45,615            (1,596)    44,019
Exceptional items                                 (8,574)              170     (8,404)
--------------------------------------------------------------------------------------
Operating profit / (loss)                         37,041            (1,426)    35,615
Share of results of joint venture                                                (145)
Financial income                                                                  297
Financial expenses                                                               (764)
--------------------------------------------------------------------------------------
Profit before tax                                                              35,003
Income tax expense                                                            (11,416)
--------------------------------------------------------------------------------------
Profit for the period                                                          23,587
--------------------------------------------------------------------------------------

The Board consider that share of results of joint venture and 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                    127,546           47,260            16,260    191,066
--------------------------------------------------------------------------------------
Total liabilities               (80,450)         (18,614)           (9,193)  (108,257)
--------------------------------------------------------------------------------------

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

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

Capital expenditure:
Property, plant and equipment                     18,491               916     19,407
Investment property                                4,160                 -      4,160
Non-current other receivables                        373                16        389
Goodwill on acquisition                                -            11,109     11,109
Other intangible assets                            4,279             5,481      9,760
--------------------------------------------------------------------------------------

Depreciation, amortisation and impairments:
Depreciation and amortisation of 
non-current assets                                10,918             1,503     12,421
Impairment of non-current assets                   1,500             1,035      2,535
--------------------------------------------------------------------------------------



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

INCOME STATEMENT                                   Sport           Fashion     Total
                                                    £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)
--------------------------------------------------------------------------------------
Operating profit / (loss)                         24,872            (5,370)   19,502
Financial income                                                                 177
Financial expenses                                                            (2,412)
--------------------------------------------------------------------------------------
Profit before tax                                                             17,267
Income tax expense                                                            (6,879)
--------------------------------------------------------------------------------------
Profit for the period                                                         10,388
--------------------------------------------------------------------------------------

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, goodwill and bank debt.

OTHER SEGMENT INFORMATION                         Sport           Fashion     Total
                                                   £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 and amortisation of
non-current assets                               10,625             1,263    11,888
Impairment of non-current assets                  2,840             2,642     5,482
--------------------------------------------------------------------------------------


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





2.   EXCEPTIONAL ITEMS

                                            53 weeks to              52 weeks to
                                            02 February               27 January 
                                                   2008                     2007
                                                   £000                     £000

Loss / (profit) on disposal of
non-current assets                                3,015                   (1,491)
Provision for rentals on onerous property
leases                                                -                    1,558
Impairment of property, plant and equipment       2,535                    1,482
Lease variation costs                             2,854                    2,250
--------------------------------------------------------------------------------
Selling and distribution expenses -
exceptional                                       8,404                    3,799
--------------------------------------------------------------------------------

Impairment of intangible assets                       -                    4,000
--------------------------------------------------------------------------------
Administrative expenses - exceptional                 -                    4,000
--------------------------------------------------------------------------------

                                                  8,404                    7,799
--------------------------------------------------------------------------------



3.   EARNINGS PER ORDINARY SHARE


Basic and diluted earnings per ordinary share


The calculation of basic and diluted earnings per ordinary share at 02 February
2008 is based on the profit attributable to ordinary shareholders of £23,549,000
(2007: £10,388,000) and a weighted average number of ordinary shares outstanding
during the 53 weeks ended 02 February 2008 of 48,263,434 (2007: 48,263,434),
calculated as follows:

                                       53 weeks to                 52 weeks to
                                       02 February                  27 January 
                                              2008                        2007

Issued ordinary shares at
beginning and end of period             48,263,434                  48,263,434
--------------------------------------------------------------------------------
Weighted average number of
ordinary shares during the period       48,263,434                  48,263,434
--------------------------------------------------------------------------------



Adjusted basic and diluted earnings per ordinary share


Adjusted basic and diluted earnings per ordinary share have 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.

                                         Note    53 weeks to       52 weeks to
                                                 02 February        27 January 
                                                        2008              2007
                                                        £000              £000

Profit attributable to ordinary
shareholders                                          23,549            10,388
Exceptional items excluding (loss) /
profit on disposal of non-current assets    2          5,389             9,290
Tax relating to exceptional items                     (1,405)           (2,107)
--------------------------------------------------------------------------------
Profit attributable to ordinary
shareholders excluding exceptional items              27,533            17,571
--------------------------------------------------------------------------------

Adjusted basic earnings per ordinary share             57.05p            36.41p
--------------------------------------------------------------------------------

Adjusted diluted earnings per ordinary share           57.05p            36.41p 
--------------------------------------------------------------------------------



4.   ACCOUNTS


These figures are abridged versions of the Group's full accounts for the 53
weeks ended 02 February 2008 and do not constitute the Group's statutory
accounts within the meaning of Section 240 of the Companies Act 1985. The
Group's auditor has audited the statutory accounts of the Group and has 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 53 weeks ended 02 February 2008.


The comparative figures for the 52 weeks ended 27 January 2007 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 auditor 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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