TIDMBAG
RNS Number : 8687Z
Barr(A.G.) PLC
29 September 2009
?
The following replaces the 'Interim Results' announcement released today at
07:00 under RNS No 7884Z.
The announcement has now been amended to include the dividend statement under
the heading 'Post Balance Sheet Event'
For immediate release
29 September 2009
A.G.BARR p.l.c.
INTERIM RESULTS
A.G.BARR p.l.c. the soft drinks group announces its interim results today for
the six months ended 1 August 2009.
Key Points
* Total turnover versus the comparable period up 27.1% at GBP104.7m (2008 -
GBP82.4m).
* Like for like turnover stripping out the acquisition of Rubicon increased by
11.5%.
* Profit on ordinary activities before tax increased by 19.5% to GBP13.50m (2008 -
GBP11.26m).
* Strong free cash flow in the period of GBP11.0m.
* Net debt of GBP25.5m significantly better than forecast.
* The IRN-BRU brand grew revenue by 6.5%, with particularly strong market share
gains in England and Wales.
* Rubicon has grown sales on a like for like basis by 22% - contributing GBP12.8m
sales revenue in the period.
* Rubicon integration delivered earlier than planned with little disruption and
minimal cost.
* Interim dividend of 6.25p per share, a like for like increase of 7.8% post share
split.
Commenting on the results Chief Executive, Roger White, said:
"We are pleased to report a strong financial performance in a period of
continued economic uncertainty. We have benefited from some better year on year
weather, although not the previously forecast "barbecue summer". In the period,
sales momentum across our portfolio has continued to gain pace. Strong
performances from all our core carbonates brands and some real momentum behind
the Rubicon brand have delivered excellent revenue growth.
The early integration of the Rubicon business has gone to plan and is now
beginning to deliver further opportunities to grow the brand across a wider
front. The acquisition has, to date, been financially enhancing to our business
and is also improving our overall business balance across product sectors and
geographically.
As a consequence of our increased focus on cash across the business we have
delivered strong free cash flow and improvements in our net debt position ahead
of expectations.
Comparative sales growth in the second half of the year is more challenging than
that of the first half, however we believe we are well positioned to meet our
expectations for the full year."
For more information, please contact:
A.G.BarrTel: 01236 852400Buchanan Communications Tel: 020 7466 5000
Roger White, Chief Executive Tim Thompson / Nicola Cronk
Alex Short, Finance Director
Interim Statement
We are pleased to report strong sales and profit growth in the six months to
1 August 2009.
Trading
Total turnover increased by 27.1% to GBP104.7m delivered by both strong organic
growth in our core business and from Rubicon which was acquired in August 2008.
Rubicon contributed GBP12.8m of turnover. Eliminating the effect of Rubicon,
like for like sales increased by 11.5%.
Profit before tax increased by 19.5% to GBP13.5m. Basic earnings per share were
51.3 pence (2008: 44.2 pence), an increase of 16.2%.
The trading environment during the period remained challenging. Against the
backdrop of difficult general economic conditions, the soft drinks market
declined by 1% in both volume and value (source Nielsen). The carbonates
segment performed better with 3% volume growth and 1% growth in value with
consumers appearing to favour high-quality established brands.
It was widely reported that better than average weather was forecast for the
U.K. this summer however the impact of weather was less marked than anticipated,
with favourable comparisons in late June and early July but a less favourable
comparison in May.
Operating margins held up despite continued pressure on input costs. Recent
increases in oil and plastic pricing would suggest that cost volatility is
likely to be an ongoing feature of our operating environment.
The integration benefits from the Rubicon acquisition are being achieved ahead
of schedule, with minimal cost and as forecast the acquisition is earnings
enhancing. The combination of the positive integration performance and strong
sales growth in the period has meant that overall Rubicon has delivered ahead of
our expectations. This is testament to the cooperation between the teams across
the business.
Our core business remains the main driver of our performance.Our growth in the
carbonates sector substantially outperformed the market. IRN-BRU grew revenue
by 6.5% in the period with growth being particularly strong in England and
Wales reflecting further increases in brand distribution.
Overall our regional portfolio continued to show strong growth in both
carbonates and stills. The water market however remains competitive and
Strathmore sales were down 5.9% reflecting the decline in the out of home
channel.
Despite the difficult economic climate we have continued to invest in our
business and brands - increasing spend on marketing activity across our core
brands and investing in increased instore execution and sales resources.
Operationally our performance has continued to improve reflecting the
significant investments in prior years.
Balance Sheet
During the period the business has increased its focus on cash management and
has generated a free cash flow of GBP11m and increased EBITDA by 29.8% to
GBP18.2m.
The Group net debt position as at 1 August 2009 of GBP25.5m was substantially
better than previously forecast. However this position is flattered to an extent
by payables which fell due in early August.
As previously announced, the 2 for 1 share split, which is aimed at improving
liquidity and marketability of the company's shares became effective on 21
September.
The only note of substance to the strong Statement of Financial Position
(formerly the Balance Sheet) is the change in the net pension deficit which has
increased to GBP8.9m reflecting the increase in pension liabilities driven by
lower gilt yields but partially offset by improved asset values in the period.
A formal actuarial valuation was carried out as at April 2008 and concluded that
the pension deficit recovery plan was performing as expected. The pension
trustees and the company have agreed that no change to the deficit recovery plan
is required at this time.
Dividend
Given the increase in profits and the continued satisfactory financial position
of the company the board has declared an interim dividend of 6.25 pence per
share, payable on 23 October 2009. This is an increase of 7.8% on a like for
like basis on the interim dividend paid last year.
Current Trading and Outlook
Despite mixed weather in August and September in contrast to the forecast
"barbecue summer" total turnover has continued to run ahead of last year. In
contrast the overall soft drinks market has performed less well in August and
overall competition in the sector is forecast to remain fierce.
In the first half we moved decisively to integrate the Rubicon business ahead of
plan to help offset cost pressures due to weak sterling and the business has
responded extremely well with strong sales momentum.
We anticipate continued volatility in our material costs and expect strong
competition in our market place. Given our platform for sustainable, profitable
growth and our investment in the development of the business, we are confident
that we will meet our expectations for the full year.
R G Hanna R A White
CHAIRMAN CHIEF EXECUTIVE
29 September 2009
+---------------------------------+--+------------+---+------------+---+------------+---+
| Consolidated Condensed Income statement | | | | | |
+-------------------------------------------------+---+------------+---+------------+---+
| | | 6 months | | 6 months | | Year ended | |
| | | ended | | ended | | | |
| | | 1 August | | 26 July | | 31 January | |
| | | 2009 | | 2008 | | 2009 | |
+---------------------------------+--+------------+---+------------+---+------------+---+
| | | GBP000 | | GBP000 | | GBP000 | |
+---------------------------------+--+------------+---+------------+---+------------+---+
| Revenue | | 104,658 | | 82,373 | | 169,698 | |
+---------------------------------+--+------------+---+------------+---+------------+---+
| Cost of sales | | 50,390 | | 41,807 | | 84,962 | |
+---------------------------------+--+------------+---+------------+---+------------+---+
| | | | | | | | |
+---------------------------------+--+------------+---+------------+---+------------+---+
| Gross profit | | 54,268 | | 40,566 | | 84,736 | |
+---------------------------------+--+------------+---+------------+---+------------+---+
| | | | | | | | |
+---------------------------------+--+------------+---+------------+---+------------+---+
| Net operating expenses | | 40,048 | | 29,920 | | 61,552 | |
+---------------------------------+--+------------+---+------------+---+------------+---+
| | | | | | | | |
+---------------------------------+--+------------+---+------------+---+------------+---+
| Operating profit | | 14,220 | | 10,646 | | 23,184 | |
+---------------------------------+--+------------+---+------------+---+------------+---+
| | | | | | | | |
+---------------------------------+--+------------+---+------------+---+------------+---+
| Operating profit before | | 14,220 | | 10,516 | | 23,054 | |
| exceptional items | | | | | | | |
+---------------------------------+--+------------+---+------------+---+------------+---+
| Exceptional credit | | - | | (130) | | (130) | |
+---------------------------------+--+------------+---+------------+---+------------+---+
| Operating profit | | 14,220 | | 10,646 | | 23,184 | |
+---------------------------------+--+------------+---+------------+---+------------+---+
| | | | | | | | |
+---------------------------------+--+------------+---+------------+---+------------+---+
| Finance income | | 46 | | 689 | | 1,062 | |
+---------------------------------+--+------------+---+------------+---+------------+---+
| Finance costs | | (804) | | (74) | | (1,037) | |
+---------------------------------+--+------------+---+------------+---+------------+---+
| Profit before tax | | 13,462 | | 11,261 | | 23,209 | |
+---------------------------------+--+------------+---+------------+---+------------+---+
| | | | | | | | |
+---------------------------------+--+------------+---+------------+---+------------+---+
| Tax on profit | | 3,589 | | 2,775 | | 6,134 | |
+---------------------------------+--+------------+---+------------+---+------------+---+
| | | | | | | | |
+---------------------------------+--+------------+---+------------+---+------------+---+
| Profit attributable to equity | | 9,873 | | 8,486 | | 17,075 | |
| holders | | | | | | | |
+---------------------------------+--+------------+---+------------+---+------------+---+
| | | | | | | | |
+---------------------------------+--+------------+---+------------+---+------------+---+
| Earnings per share | | | | | | | |
+---------------------------------+--+------------+---+------------+---+------------+---+
| Basic earnings per share | | 51.31 | p | 44.16 |p | 89.12 | p |
+---------------------------------+--+------------+---+------------+---+------------+---+
| Diluted earnings per share | | 51.02 | p | 43.52 |p | 88.16 | p |
+---------------------------------+--+------------+---+------------+---+------------+---+
| | | | | | | | |
+---------------------------------+--+------------+---+------------+---+------------+---+
| Dividends | | | | | | | |
+---------------------------------+--+------------+---+------------+---+------------+---+
| Dividend per share paid | | 30.40 | p | 28.00 | p | 39.60 | p |
+---------------------------------+--+------------+---+------------+---+------------+---+
| Dividend paid (GBP000) | | 5,837 | | 5,373 | | 7,604 | |
+---------------------------------+--+------------+---+------------+---+------------+---+
| Dividend per share proposed | | 6.25 | p | 11.60 | p | 30.40 | p |
+---------------------------------+--+------------+---+------------+---+------------+---+
| Dividend proposed (GBP000) | | 2,433 | | 2,258 | | 5,916 | |
+---------------------------------+--+------------+---+------------+---+------------+---+
+------------------------------------+--+-------------+--+------------+--+------------+
| Consolidated Condensed Statement of Comprehensive Income | | |
+---------------------------------------------------------------------+--+------------+
| | | 6 months | | 6 months | | Year ended |
| | | ended | | ended | | 31 January |
| | | 1 August | | 26 July | | 2009 |
| | | 2009 | | 2008 | | |
+------------------------------------+--+-------------+--+------------+--+------------+
| | | | | | | |
+------------------------------------+--+-------------+--+------------+--+------------+
| Profit after tax for the period | | 9,873 | | 8,486 | | 17,075 |
+------------------------------------+--+-------------+--+------------+--+------------+
| | | | | | | |
+------------------------------------+--+-------------+--+------------+--+------------+
| Other comprehensive income | | | | | | |
+------------------------------------+--+-------------+--+------------+--+------------+
| Actuarial loss recognised on | | (5,009) | | - | | (62) |
| defined benefit pension plans | | | | | | |
+------------------------------------+--+-------------+--+------------+--+------------+
| Fair value gains on cash flow | | - | | - | | 102 |
| hedges | | | | | | |
+------------------------------------+--+-------------+--+------------+--+------------+
| Effective portion of changes in | | 280 | | - | | (1,476) |
| fair value of cash flow hedges | | | | | | |
+------------------------------------+--+-------------+--+------------+--+------------+
| Deferred tax movements on items | | 1,493 | | (87) | | (63) |
| taken directly to equity | | | | | | |
+------------------------------------+--+-------------+--+------------+--+------------+
| Current tax movements on items | | - | | - | | 193 |
| taken directly to equity | | | | | | |
+------------------------------------+--+-------------+--+------------+--+------------+
| Other comprehensive income for the | | (3,236) | | (87) | | (1,306) |
| period, net of tax | | | | | | |
+------------------------------------+--+-------------+--+------------+--+------------+
| Total comprehensive income | | 6,637 | | 8,399 | | 15,769 |
| attributable to equity holders of | | | | | | |
| the parent | | | | | | |
+------------------------------------+--+-------------+--+------------+--+------------+
+---------------------------------------+--+------------+--+------------+--+------------+
| Consolidated Condensed Statement of Financial | | | | |
| Position | | | | |
+-------------------------------------------------------+--+------------+--+------------+
| | | As at 1 | | Restated | | Restated |
| | | August | | As at 26 | | As at 31 |
| | | 2009 | | July 2008 | | January |
| | | | | | | 2009 |
+---------------------------------------+--+------------+--+------------+--+------------+
| | | GBP000 | | GBP000 | | GBP000 |
+---------------------------------------+--+------------+--+------------+--+------------+
| | | | | | | |
+---------------------------------------+--+------------+--+------------+--+------------+
| Non-current assets | | | | | | |
+---------------------------------------+--+------------+--+------------+--+------------+
| Intangible assets | | 76,612 | | 10,687 | | 76,807 |
+---------------------------------------+--+------------+--+------------+--+------------+
| Property, plant and equipment | | 56,265 | | 53,869 | | 58,861 |
+---------------------------------------+--+------------+--+------------+--+------------+
| Financial instruments | | 98 | | - | | 33 |
+---------------------------------------+--+------------+--+------------+--+------------+
| | | 132,975 | | 64,556 | | 135,701 |
+---------------------------------------+--+------------+--+------------+--+------------+
| | | | | | | |
+---------------------------------------+--+------------+--+------------+--+------------+
| Current assets | | | | | | |
+---------------------------------------+--+------------+--+------------+--+------------+
| Inventories | | 15,178 | | 11,687 | | 14,528 |
+---------------------------------------+--+------------+--+------------+--+------------+
| Trade and other receivables | | 39,505 | | 35,093 | | 27,139 |
+---------------------------------------+--+------------+--+------------+--+------------+
| Cash and cash equivalents | | 10,469 | | 21,290 | | 6,680 |
+---------------------------------------+--+------------+--+------------+--+------------+
| Assets classified as held for sale | | 2,864 | | 2,864 | | 2,864 |
+---------------------------------------+--+------------+--+------------+--+------------+
| | | 68,016 | | 70,934 | | 51,211 |
+---------------------------------------+--+------------+--+------------+--+------------+
| | | | | | | |
+---------------------------------------+--+------------+--+------------+--+------------+
| Total assets | | 200,991 | | 135,490 | | 186,912 |
+---------------------------------------+--+------------+--+------------+--+------------+
| | | | | | | |
+---------------------------------------+--+------------+--+------------+--+------------+
| Current liabilities | | | | | | |
+---------------------------------------+--+------------+--+------------+--+------------+
| Borrowings | | 10,000 | | - | | 5,000 |
+---------------------------------------+--+------------+--+------------+--+------------+
| Trade and other payables | | 41,895 | | 35,344 | | 30,978 |
+---------------------------------------+--+------------+--+------------+--+------------+
| Provisions | | 75 | | 80 | | 80 |
+---------------------------------------+--+------------+--+------------+--+------------+
| Current tax | | 4,098 | | 2,734 | | 2,857 |
+---------------------------------------+--+------------+--+------------+--+------------+
| | | 56,068 | | 38,158 | | 38,915 |
+---------------------------------------+--+------------+--+------------+--+------------+
| | | | | | | |
+---------------------------------------+--+------------+--+------------+--+------------+
| Non-current liabilities | | | | | | |
+---------------------------------------+--+------------+--+------------+--+------------+
| Borrowings | | 25,702 | | - | | 32,665 |
+---------------------------------------+--+------------+--+------------+--+------------+
| Deferred income | | 110 | | 72 | | 144 |
+---------------------------------------+--+------------+--+------------+--+------------+
| Financial instruments | | 1,197 | | - | | 1,477 |
+---------------------------------------+--+------------+--+------------+--+------------+
| Retirement benefit obligations | | 8,900 | | 6,595 | | 4,989 |
+---------------------------------------+--+------------+--+------------+--+------------+
| Deferred tax liabilities | | 14,808 | | 2,634 | | 16,057 |
+---------------------------------------+--+------------+--+------------+--+------------+
| | | 50,717 | | 9,301 | | 55,332 |
+---------------------------------------+--+------------+--+------------+--+------------+
| | | | | | | |
+---------------------------------------+--+------------+--+------------+--+------------+
| Capital and reserves attributable to | | | | | | |
| equity holders | | | | | | |
+---------------------------------------+--+------------+--+------------+--+------------+
| Called up share capital | | 4,865 | | 4,865 | | 4,865 |
+---------------------------------------+--+------------+--+------------+--+------------+
| Share premium account | | 905 | | 905 | | 905 |
+---------------------------------------+--+------------+--+------------+--+------------+
| Share options reserve | | 838 | | 582 | | 716 |
+---------------------------------------+--+------------+--+------------+--+------------+
| Cash flow hedge reserve | | (1,094) | | - | | (1,374) |
+---------------------------------------+--+------------+--+------------+--+------------+
| Retained earnings | | 88,692 | | 81,679 | | 87,553 |
+---------------------------------------+--+------------+--+------------+--+------------+
| | | 94,206 | | 88,031 | | 92,665 |
+---------------------------------------+--+------------+--+------------+--+------------+
| | | | | | | |
+---------------------------------------+--+------------+--+------------+--+------------+
| Total equity and liabilities | | 200,991 | | 135,490 | | 186,912 |
+---------------------------------------+--+------------+--+------------+--+------------+
+--------------------------------------------+----+----+--+----+--+----+--+----+--+-----+----+
| Consolidated Condensed Cash Flow Statement | | | | |
+------------------------------------------------------+--+------------+--+-------------+
| | | 6 months | | 6 months | | Year |
| | | ended | | ended | | ended |
| | | 1 August | | 26 July | | 31 |
| | | 2009 | | 2008 | | January |
| | | | | | | 2009 |
+--------------------------------------------+----+------------+--+------------+--+----------+
| | | GBP000 | | GBP000 | | GBP000 |
+--------------------------------------------+----+------------+--+------------+--+----------+
| Operating activities | | | | | | |
+--------------------------------------------+----+------------+--+------------+--+----------+
| Profit before tax | | 13,462 | | 11,261 | | 23,209 |
+--------------------------------------------+----+------------+--+------------+--+----------+
| Adjustments for: | | | | | | |
+--------------------------------------------+----+------------+--+------------+--+----------+
| Interest receivable | | (46) | | (689) | | (1,062) |
+--------------------------------------------+----+------------+--+------------+--+----------+
| Interest payable | | 804 | | 74 | | 1,037 |
+--------------------------------------------+----+------------+--+------------+--+----------+
| Depreciation of property, plant and | | 3,781 | | 3,387 | | 7,018 |
| equipment | | | | | | |
+--------------------------------------------+----+------------+--+------------+--+----------+
| Fair value adjustment to financial | | (65) | | - | | 82 |
| instruments | | | | | | |
+--------------------------------------------+----+------------+--+------------+--+----------+
| Amortisation of intangible assets | | 195 | | 114 | | 340 |
+--------------------------------------------+----+------------+--+------------+--+----------+
| Impairment of intangible assets | | - | | - | | 284 |
+--------------------------------------------+----+------------+--+------------+--+----------+
| Share-based payment costs | | 243 | | 175 | | 341 |
+--------------------------------------------+----+------------+--+------------+--+----------+
| Loss / (Gain) on sale of property, plant | | 3 | | (15) | | (13) |
| and equipment | | | | | | |
+--------------------------------------------+----+------------+--+------------+--+----------+
| Government grants written back | | (34) | | - | | (28) |
+--------------------------------------------+----+------------+--+------------+--+----------+
| Operating cash flows before movements in | 18,343 | | 14,307 | | 31,208 |
| working capital | | | | | |
+-------------------------------------------------+------------+--+------------+--+----------+
| (Increase) / decrease in inventories | | (815) | | 721 | | 1,038 |
+--------------------------------------------+----+------------+--+------------+--+----------+
| (Increase) / decrease in receivables | | (12,582) | | (9,044) | | 1,976 |
+--------------------------------------------+----+------------+--+------------+--+----------+
| Increase / (decrease) in payables | | 11,146 | | 7,406 | | (468) |
+--------------------------------------------+----+------------+--+------------+--+----------+
| Net (decrease) in retirement benefit | | (1,098) | | (1,920) | | (2,996) |
| obligation | | | | | | |
+--------------------------------------------+----+------------+--+------------+--+----------+
| Cash generated by operations | | 14,994 | | 11,470 | | 30,758 |
+--------------------------------------------+----+------------+--+------------+--+----------+
| Tax on profit paid | | (2,104) | | 669 | | (2,142) |
+--------------------------------------------+----+------------+--+------------+--+----------+
| Net cash from operating activities | | 12,890 | | 12,139 | | 28,616 |
+--------------------------------------------+----+------------+--+------------+--+----------+
| | | | | | | |
+--------------------------------------------+----+------------+--+------------+--+----------+
| Investing activities | | | | | | |
+--------------------------------------------+----+------------+--+------------+--+----------+
| Refund of payment for / (acquisition) of | | 216 | | (20) | | (58,694) |
| subsidiary | | | | | | |
+--------------------------------------------+----+------------+--+------------+--+----------+
| Acquisition of intangible assets | | - | | (140) | | (140) |
+--------------------------------------------+----+------------+--+------------+--+----------+
| Purchase of property, plant and equipment | | (1,381) | | (3,995) | | (10,639) |
+--------------------------------------------+----+------------+--+------------+--+----------+
| Proceeds on sale of property, plant and | | 94 | | 113 | | 161 |
| equipment | | | | | | |
+--------------------------------------------+----+------------+--+------------+--+----------+
| Interest received | | 43 | | 689 | | 1,041 |
+--------------------------------------------+----+------------+--+------------+--+----------+
| Net cash used in investing activities | | (1,028) | | (3,353) | | (68,271) |
+--------------------------------------------+----+------------+--+------------+--+----------+
| | | | | | | |
+--------------------------------------------+----+------------+--+------------+--+----------+
| Financing activities | | | | | | |
+--------------------------------------------+----+------------+--+------------+--+----------+
| New loans received | | 5,000 | | - | | 54,500 |
+--------------------------------------------+----+------------+--+------------+--+----------+
| Loans repaid | | (7,000) | | - | | (16,500) |
+--------------------------------------------+----+------------+--+------------+--+----------+
| Bank arrangement fees paid | | - | | - | | (366) |
+--------------------------------------------+----+------------+--+------------+--+----------+
| Purchase of financial instrument | | - | | - | | (114) |
+--------------------------------------------+----+------------+--+------------+--+----------+
| Purchase of company shares by employee | | (228) | | (767) | | (1,482) |
| benefit trusts | | | | | | |
+--------------------------------------------+----+------------+--+------------+--+----------+
| Proceeds from disposal of company shares by | 726 | | 819 | | 862 |
| employee benefit trusts | | | | | |
+-------------------------------------------------+------------+--+------------+--+----------+
| Dividends paid | | (5,837) | | (5,373) | | (7,604) |
+--------------------------------------------+----+------------+--+------------+--+----------+
| Interest paid | | (734) | | (74) | | (860) |
+--------------------------------------------+----+------------+--+------------+--+----------+
| Net cash (used in) / generated by | | (8,073) | | (5,395) | | 28,436 |
| financing activities | | | | | | |
+--------------------------------------------+----+------------+--+------------+--+----------+
| | | | | | | |
+--------------------------------------------+----+------------+--+------------+--+----------+
| Net increase/(decrease) in cash and cash | | 3,789 | | 3,391 | | (11,219) |
| equivalents | | | | | | |
+--------------------------------------------+----+------------+--+------------+--+----------+
| | | | | | | |
+--------------------------------------------+----+------------+--+------------+--+----------+
| Cash and cash equivalents at beginning of | | 6,680 | | 17,899 | | 17,899 |
| period | | | | | | |
+--------------------------------------------+----+------------+--+------------+--+----------+
| Cash and cash equivalents at end of period | | 10,469 | | 21,290 | | 6,680 |
+--------------------------------------------+----+----+--+----+--+----+--+----+--+-----+----+
+---------------------------------+--+---------+---------+---------+---------+----------+---------+
| Consolidated Condensed Statement of | | | | | |
| Changes in Equity | | | | | |
+----------------------------------------------+---------+---------+---------+----------+---------+
| | | Share | Share | Share | Cash | Retained | Total |
| | | capital | premium | options | flow | earnings | |
| | | | account | reserve | hedge | | |
| | | | | | reserve | | |
+---------------------------------+--+---------+---------+---------+---------+----------+---------+
| | | GBP000 | GBP000 | GBP000 | GBP000 | GBP000 | GBP000 |
+---------------------------------+--+---------+---------+---------+---------+----------+---------+
| | | | | | | | |
+---------------------------------+--+---------+---------+---------+---------+----------+---------+
| At 31 January 2009 | | 4,865 | 905 | 716 | (1,374) | 87,553 | 92,665 |
+---------------------------------+--+---------+---------+---------+---------+----------+---------+
| Cash flow hedge - recognition | | - | - | - | 280 | - | 280 |
| of fair value | | | | | | | |
+---------------------------------+--+---------+---------+---------+---------+----------+---------+
| Actuarial loss on defined | | - | - | - | - | (5,009) | (5,009) |
| benefit pension plans | | | | | | | |
+---------------------------------+--+---------+---------+---------+---------+----------+---------+
| Deferred tax on items taken | | - | - | 90 | - | 1,403 | 1,493 |
| directly to equity | | | | | | | |
+---------------------------------+--+---------+---------+---------+---------+----------+---------+
| Profit for the period | | - | - | - | - | 9,873 | 9,873 |
+---------------------------------+--+---------+---------+---------+---------+----------+---------+
| Total comprehensive income for | | - | - | 90 | 280 | 6,267 | 6,637 |
| the period | | | | | | | |
+---------------------------------+--+---------+---------+---------+---------+----------+---------+
| | | | | | | | |
+---------------------------------+--+---------+---------+---------+---------+----------+---------+
| Purchase of company shares by | | - | - | - | - | (228) | (228) |
| employee benefit trusts | | | | | | | |
+---------------------------------+--+---------+---------+---------+---------+----------+---------+
| Proceeds from disposal of | | - | - | - | - | 726 | 726 |
| company shares by employee | | | | | | | |
| benefit trusts | | | | | | | |
+---------------------------------+--+---------+---------+---------+---------+----------+---------+
| Recognition of share-based | | - | - | 243 | - | - | 243 |
| payment costs | | | | | | | |
+---------------------------------+--+---------+---------+---------+---------+----------+---------+
| Transfer of reserve on share | | - | - | (211) | - | 211 | - |
| award | | | | | | | |
+---------------------------------+--+---------+---------+---------+---------+----------+---------+
| Dividends paid | | - | - | - | - | (5,837) | (5,837) |
+---------------------------------+--+---------+---------+---------+---------+----------+---------+
| At 1 August 2009 | | 4,865 | 905 | 838 | (1,094) | 88,692 | 94,206 |
+---------------------------------+--+---------+---------+---------+---------+----------+---------+
| | | | | | | | |
+---------------------------------+--+---------+---------+---------+---------+----------+---------+
| At 26 January 2008 | | 4,865 | 905 | 964 | - | 78,044 | 84,778 |
+---------------------------------+--+---------+---------+---------+---------+----------+---------+
| Deferred tax on items taken | | - | - | (87) | - | - | (87) |
| directly to equity | | | | | | | |
+---------------------------------+--+---------+---------+---------+---------+----------+---------+
| Profit for the period | | - | - | - | - | 8,486 | 8,486 |
+---------------------------------+--+---------+---------+---------+---------+----------+---------+
| Total comprehensive income for | | - | - | (87) | - | 8,486 | 8,399 |
| the period | | | | | | | |
+---------------------------------+--+---------+---------+---------+---------+----------+---------+
| | | | | | | | |
+---------------------------------+--+---------+---------+---------+---------+----------+---------+
| Purchase of company shares by | | - | - | - | - | (767) | (767) |
| employee benefit trusts | | | | | | | |
+---------------------------------+--+---------+---------+---------+---------+----------+---------+
| Proceeds from disposal of | | - | - | - | - | 819 | 819 |
| company shares by employee | | | | | | | |
| benefit trusts | | | | | | | |
+---------------------------------+--+---------+---------+---------+---------+----------+---------+
| Recognition of share-based | | - | - | 175 | - | - | 175 |
| payment costs | | | | | | | |
+---------------------------------+--+---------+---------+---------+---------+----------+---------+
| Transfer of reserve on share | | - | - | (470) | - | 470 | - |
| award | | | | | | | |
+---------------------------------+--+---------+---------+---------+---------+----------+---------+
| Dividends paid | | - | - | - | - | (5,373) | (5,373) |
+---------------------------------+--+---------+---------+---------+---------+----------+---------+
| At 26 July 2008 | | 4,865 | 905 | 582 | - | 81,679 | 88,031 |
+---------------------------------+--+---------+---------+---------+---------+----------+---------+
| | | | | | | | |
+---------------------------------+--+---------+---------+---------+---------+----------+---------+
| At 26 January 2008 | | 4,865 | 905 | 964 | - | 78,044 | 84,778 |
+---------------------------------+--+---------+---------+---------+---------+----------+---------+
| Cash flow hedge - recognition | | - | - | - | (1,476) | - | (1,476) |
| of fair value | | | | | | | |
+---------------------------------+--+---------+---------+---------+---------+----------+---------+
| Movement in cash flow hedge | | - | - | - | 102 | - | 102 |
+---------------------------------+--+---------+---------+---------+---------+----------+---------+
| Actuarial loss on defined | | - | - | - | - | (62) | (62) |
| benefit pension plans | | | | | | | |
+---------------------------------+--+---------+---------+---------+---------+----------+---------+
| Current tax on items taken | | - | - | - | - | 193 | 193 |
| directly to equity | | | | | | | |
+---------------------------------+--+---------+---------+---------+---------+----------+---------+
| Deferred tax on items taken | | - | - | (80) | - | 17 | (63) |
| directly to equity | | | | | | | |
+---------------------------------+--+---------+---------+---------+---------+----------+---------+
| Profit for the period | | - | - | - | - | 17,075 | 17,075 |
+---------------------------------+--+---------+---------+---------+---------+----------+---------+
| Total comprehensive income for | | - | - | (80) | (1,374) | 17,223 | 15,769 |
| the period | | | | | | | |
+---------------------------------+--+---------+---------+---------+---------+----------+---------+
| | | | | | | | |
+---------------------------------+--+---------+---------+---------+---------+----------+---------+
| Purchase of company shares by | | - | - | - | - | (1,481) | (1,481) |
| employee benefit trusts | | | | | | | |
+---------------------------------+--+---------+---------+---------+---------+----------+---------+
| Proceeds from disposal of | | - | - | - | - | 862 | 862 |
| company shares by employee | | | | | | | |
| benefit trusts | | | | | | | |
+---------------------------------+--+---------+---------+---------+---------+----------+---------+
| Recognition of share-based | | - | - | 341 | - | - | 341 |
| payment costs | | | | | | | |
+---------------------------------+--+---------+---------+---------+---------+----------+---------+
| Transfer of reserve on share | | - | - | (509) | - | 509 | - |
| award | | | | | | | |
+---------------------------------+--+---------+---------+---------+---------+----------+---------+
| Dividends paid | | - | - | - | - | (7,604) | (7,604) |
+---------------------------------+--+---------+---------+---------+---------+----------+---------+
| At 31 January 2009 | | 4,865 | 905 | 716 | (1,374) | 87,553 | 92,665 |
+---------------------------------+--+---------+---------+---------+---------+----------+---------+
Restatement
Consistent with the presentation in the financial statements for the year ended
31 January 2009, the deferred tax assets and liabilities as disclosed in the 26
July 2008 comparatives have both been reduced by GBP3.3m as they related to the
same items of property that had historically been eligible for Industrial
Buildings Allowance relief. Whilst the adjustment has no effect on the profit
for the year or net assets, non-current assets and liabilities have reduced from
GBP67.9m and GBP12.6m to GBP64.6m and GBP9.3m respectively.
The retained earnings figure as at 26 July 2008 has been restated to include the
value of the own shares held for use by employee benefit trusts. Previously the
purchased value of the shares held by the employee benefit trusts was disclosed
as a separate line on the balance sheet. The inclusion of the balance with
retained earnings is to bring the reporting in to line with common practice. The
restatement has reduced the retained earnings figures and previously presented
own shares held figure as follows:
+----------------------------+--+----------+---+-----------+---+--------------+
| Earnings per share | | | | As at 26 | | As at31 |
| | | | | July 2008 | | January 2009 |
| | | | | GBP000 | | GBP000 |
+----------------------------+--+----------+---+-----------+---+--------------+
| Reduction in own shares | | | | 2,629 | | 3,258 |
| held | | | | | | |
+----------------------------+--+----------+---+-----------+---+--------------+
| Reduction in retained | | | | 2,629 | | 3,258 |
| earnings | | | | | | |
+----------------------------+--+----------+---+-----------+---+--------------+
Post Balance Sheet Event
The interim dividend of 6.25p per share was approved by the board on 29
September 2009 and will be paid on 23 October 2009 to shareholders on record as
at 9 October 2009.
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR SEUFDUSUSESU
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