REG - Close Bros Grp PLC - Half-year Report <Origin Href="QuoteRef">CBRO.L</Origin> - Part 2
14/03/2017 07:06
- Part 2: For the preceding part double click ID:nRSN3300Za
Disclosure Guidance and Transparency
Rules of the United Kingdom's Financial Conduct Authority.
As disclosed in note 1, the annual financial statements of the Group are prepared in accordance with IFRSs as adopted by
the European Union. The condensed set of financial statements included in this half yearly financial report has been
prepared in accordance with International Accounting Standard 34, "Interim Financial Reporting," as adopted by the European
Union.
Our responsibility
Our responsibility is to express to the Company a conclusion on the condensed set of financial statements in the half
yearly 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 United Kingdom. A review of interim financial information consists of making inquiries, 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 yearly financial report for the six months ended 31 January 2017 is not prepared, in all material
respects, in accordance with International Accounting Standard 34 as adopted by the European Union and the Disclosure
Guidance and Transparency Rules of the United Kingdom's Financial Conduct Authority.
Deloitte LLP
Chartered Accountants and Statutory Auditor
London, United Kingdom
14 March 2017
Consolidated Income Statement
for the six months ended 31 January 2017
Six months ended Year ended
31 January 31 July
2017 2016 2016
Unaudited Unaudited Audited
Note £ million £ million1 £ million
Interest income 289.6 272.1 550.1
Interest expense (62.5) (65.1) (127.5)
Net interest income 227.1 207.0 422.6
Fee and commission income 100.2 92.9 189.2
Fee and commission expense (15.0) (14.7) (28.5)
Gains less losses arising from dealing in securities 48.7 25.6 67.9
Other income 29.2 30.2 55.8
Depreciation of operating lease assets (11.9) (9.4) (19.6)
Non-interest income 151.2 124.6 264.8
Operating income 2 378.3 331.6 687.4
Administrative expenses (226.8) (203.7) (415.9)
Impairment losses on loans and advances 6 (17.3) (16.7) (37.9)
Total operating expenses before amortisation of intangible assets on acquisition (244.1) (220.4) (453.8)
Operating profit before amortisation of intangible assets on acquisition 134.2 111.2 233.6
Amortisation of intangible assets on acquisition (2.8) (2.5) (5.1)
Operating profit before tax 131.4 108.7 228.5
Tax 3 (34.8) (20.1) (42.2)
Profit after tax for the period 96.6 88.6 186.3
Loss attributable to non-controlling interests (0.2) - (0.2)
Profit attributable to shareholders 96.8 88.6 186.5
Basic earnings per share 4 65.1p 59.7p 125.7p
Diluted earnings per share 4 64.9p 58.9p 124.3p
Ordinary dividend per share 5 20.0p 19.0p 57.0p
1 Re-presented - see note 1.
Consolidated Statement of COMPREHENSIVE INCOME
for the six months ended 31 January 2017
Six months ended Year ended
31 January 31 July
2017 2016 2016
Unaudited Unaudited Audited
£ million £ million £ million
Profit after tax for the period 96.6 88.6 186.3
Other comprehensive income/(expense) that may be reclassified to income statement
Currency translation gains 0.2 1.6 3.2
Gains/(losses) on cash flow hedging 3.9 (4.0) (6.1)
(Losses)/gains on financial instruments classified as available for sale:
Sovereign and central bank debt (0.7) - -
Equity shares 0.1 - 0.2
Available for sale investment gains transferred to income statement on disposal - (4.0) (4.2)
Tax relating to items that may be reclassified (0.9) 1.9 0.9
2.6 (4.5) (6.0)
Other comprehensive income/(expense) that will not be reclassified to income statement
Defined benefit pension scheme gains/(losses) 2.8 (1.7) (1.9)
Tax relating to items that will not be reclassified (0.6) 0.3 0.3
2.2 (1.4) (1.6)
Other comprehensive income/(expense) for the period, net of tax 4.8 (5.9) (7.6)
Total comprehensive income for the period 101.4 82.7 178.7
Attributable to
Non-controlling interests (0.2) - (0.2)
Shareholders 101.6 82.7 178.9
101.4 82.7 178.7
Consolidated Balance Sheet
at 31 January 2017
31 January 31 July
2017 2016 2016
Unaudited Unaudited Audited
Note £ million £ million £ million
Assets
Cash and balances at central banks 1,120.8 809.7 847.4
Settlement balances 460.7 332.2 478.1
Loans and advances to banks 103.6 88.3 121.5
Loans and advances to customers 6 6,543.8 5,968.8 6,431.6
Debt securities 7 200.5 213.1 221.3
Equity shares 8 35.6 37.7 28.2
Loans to money brokers against stock advanced 55.4 47.7 52.4
Derivative financial instruments 29.8 30.0 44.7
Intangible assets 161.4 143.7 147.9
Property, plant and equipment 201.0 164.9 185.8
Deferred tax assets 51.5 51.3 55.2
Prepayments, accrued income and other assets 161.3 133.4 134.1
Total assets 9,125.4 8,020.8 8,748.2
Liabilities
Settlement balances and short positions 9 466.3 350.2 475.6
Deposits by banks 10 70.0 48.8 71.1
Deposits by customers 10 4,864.9 4,615.2 4,894.6
Loans and overdrafts from banks 10 418.9 315.9 469.1
Debt securities in issue 10 1,703.1 1,394.3 1,422.8
Loans from money brokers against stock advanced 10.1 10.0 30.0
Derivative financial instruments 17.9 9.6 16.3
Current tax liabilities 25.1 25.1 20.0
Accruals, deferred income and other liabilities 188.7 178.8 205.4
Subordinated loan capital 10 219.4 46.4 46.4
Total liabilities 7,984.4 6,994.3 7,651.3
Equity
Called up share capital 37.7 37.7 37.7
Share premium account 284.0 284.0 284.0
Retained earnings 840.7 728.9 797.5
Other reserves (21.1) (24.1) (22.1)
Total shareholders' equity 1,141.3 1,026.5 1,097.1
Non-controlling interests (0.3) - (0.2)
Total equity 1,141.0 1,026.5 1,096.9
Total liabilities and equity 9,125.4 8,020.8 8,748.2
Consolidated Statement of CHANGES IN EQUITY
for the six months ended 31 January 2017
Other reserves
Called up share capital Share premium account Retained earnings Available for sale movements reserve Share-based payments reserve Exchange movements reserve Cash flow hedging reserve Total attributable to equity holders Non-controlling interests Total equity
£ million £ million £ million £ million £ million £ million £ million £ million £ million £ million
At 1 August 2015 (audited) 37.7 284.0 694.4 3.3 (4.5) (2.8) (2.3) 1,009.8 0.1 1,009.9
Profit/(loss) for the period - - 88.6 - - - - 88.6 - 88.6
Other comprehensive (expense)/income for the period - - (1.4) (3.3) - 1.6 (2.8) (5.9) - (5.9)
Total comprehensive income/(expense) for the period - - 87.2 (3.3) - 1.6 (2.8) 82.7 - 82.7
Exercise of options - - - - - - - - - -
Dividends paid - - (52.3) - - - - (52.3) - (52.3)
Shares purchased - - - - (24.6) - - (24.6) - (24.6)
Shares issued - - - - - - - - - -
Shares released - - - - 10.6 - - 10.6 - 10.6
Other movements - - (1.1) - 0.7 - - (0.4) (0.1) (0.5)
Income tax - - 0.7 - - - - 0.7 - 0.7
At 31 January 2016 (unaudited) 37.7 284.0 728.9 - (17.8) (1.2) (5.1) 1,026.5 - 1,026.5
Profit for the period - - 97.9 - - - - 97.9 (0.2) 97.7
Other comprehensive income/(expense) for the period - - (0.2) - - 0.1 (1.6) (1.7) - (1.7)
Total comprehensive income/(expense) for the period - - 97.7 - - 0.1 (1.6) 96.2 (0.2) 96.0
Exercise of options - - - - - - - - - -
Dividends paid - - (28.0) - - - - (28.0) - (28.0)
Shares purchased - - - - 0.2 - - 0.2 - 0.2
Shares issued - - - - - - - - - -
Shares released - - - - 2.2 - - 2.2 - 2.2
Other movements - - (1.4) - 1.1 - - (0.3) - (0.3)
Income tax - - 0.3 - - - - 0.3 - 0.3
At 31 July 2016 (audited) 37.7 284.0 797.5 - (14.3) (1.1) (6.7) 1,097.1 (0.2) 1,096.9
Profit for the period - - 96.8 - - - - 96.8 (0.2) 96.6
Other comprehensive (expense)/income for the period - - 2.2 (0.4) - 0.2 2.8 4.8 - 4.8
Total comprehensive income/(expense) for the period - - 99.0 (0.4) - 0.2 2.8 101.6 (0.2) 101.4
Exercise of options - - - - - - - - - -
Dividends paid - - (56.0) - - - - (56.0) - (56.0)
Shares purchased - - - - (12.7) - - (12.7) - (12.7)
Shares issued - - - - - - - - - -
Shares released - - - - 13.3 - - 13.3 - 13.3
Other movements - - (0.7) - (2.2) - - (2.9) 0.1 (2.8)
Income tax - - 0.9 - - - - 0.9 - 0.9
At 31 January 2017 (unaudited) 37.7 284.0 840.7 (0.4) (15.9) (0.9) (3.9) 1,141.3 (0.3) 1,141.0
Consolidated Cash Flow Statement
for the six months ended 31 January 2017
Six months ended Year ended
31 January 31 July
2017 2016 2016
Unaudited Unaudited Audited
Note £ million £ million £ million
Net cash inflow/(outflow) from operating activities 14(a) 359.2 (142.3) (18.8)
Net cash (outflow)/inflow from investing activities
Purchase of:
Property, plant and equipment (5.4) (4.6) (13.6)
Intangible assets - software (11.5) (7.4) (21.7)
Subsidiaries and non-controlling interest 14(b) (6.3) - (3.6)
Sale of:
Property, plant and equipment 0.1 0.1 0.1
Equity shares held for investment - 6.1 7.6
Subsidiary 14(c) (0.3) 2.3 2.3
(23.4) (3.5) (28.9)
Net cash inflow/(outflow) before financing activities 335.8 (145.8) (47.7)
Financing activities 14(d)
Purchase of own shares for employee share award schemes (12.7) (24.6) (24.4)
Equity dividends paid (56.0) (52.3) (80.3)
Interest paid on subordinated loan capital and debt financing (8.2) (8.2) (28.0)
Net increase/(decrease) in cash 258.9 (230.9) (180.4)
Cash and cash equivalents at beginning of period 923.3 1,103.7 1,103.7
Cash and cash equivalents at end of period 14(e) 1,182.2 872.8 923.3
THE NOTES
1. Basis of preparation and accounting policies
The half yearly financial information has been prepared in accordance with the Disclosure Guidance and Transparency Rules
of the Financial Conduct Authority and in accordance with the International Financial Reporting Standards ("IFRS") endorsed
by the European Union. These include International Accounting Standard ("IAS") 34, Interim Financial Reporting, which
specifically addresses the contents of condensed half yearly financial statements. The consolidated financial statements
incorporate the individual financial statements of Close Brothers Group plc and the entities it controls, using the
acquisition method of accounting. The accounting policies applied are consistent with those set out on pages 94 to 98 of
the Annual Report 2016.
After making enquiries, the directors have a reasonable expectation that the company and the group as a whole have adequate
resources to continue in operational existence for the foreseeable future, a period of not less than 12 months from the
date of this report. For this reason, they continue to adopt the going concern basis in preparing the condensed
consolidated half yearly financial statements.
The preparation of the half yearly report requires management to make estimates and assumptions that affect the reported
income and expense, assets and liabilities and disclosure of contingencies at the date of the half yearly report. Although
these estimates and assumptions are based on the management's best judgement at that date, actual results may differ from
these estimates. There have been no significant changes in the basis upon which estimates have been determined compared to
that applied at 31 July 2016.
The half yearly report is unaudited and does not constitute statutory accounts within the meaning of Section 434 of the
Companies Act 2006. However, the information has been reviewed by the company's auditor, Deloitte LLP, and their report
appears on page 19.
The financial information for the year ended 31 July 2016 contained within this half yearly report does not constitute
statutory accounts as defined in Section 434 of the Companies Act 2006. A copy of those statutory accounts has been
reported on by Deloitte LLP and delivered to the Registrar of Companies. The report of the auditor on those statutory
accounts was unqualified, did not contain an emphasis of matter paragraph and did not contain a statement under Section
498(2) or (3) of the Companies Act 2006.
As disclosed in the Annual Report 2016, following a review of our financial reporting, we have implemented minor changes to
the calculation of key metrics in the Banking division to better represent the contribution of operating lease assets and
the role of Treasury. This has resulted in depreciation of operating lease assets, previously included in administrative
expenses, to be reported as a cost of sales and included in operating income in the consolidated income statement.
To enable comparisons and in line with the treatment adopted in the consolidated income statement for the period ended 31
January 2017, the comparative information for the period ended 31 January 2016 has also been re-presented. This has
resulted in non-interest income and operating income decreasing by £9.4 million with a corresponding decrease in
administrative expenses and total operating expenses before amortisation of intangible assets on acquisition. There has
been no impact on profit attributable to shareholders or equity.
2. Segmental analysis
The directors manage the group by class of business and we present the segmental analysis on that basis. As announced on
20 February 2017, following the growth of the group and particularly the Banking division in recent years, the group's
activities are now presented in five (2016: three) operating divisions: Commercial Finance, Retail Finance, Property
Finance (previously all Banking), Securities and Asset Management. The day-to-day operations of these businesses remain
unchanged. Prior periods have been re-presented for comparability.
In the segmental reporting information that follows, Group consists of central functions as well as various non-trading
head office companies and consolidation adjustments and is presented in order that the information presented reconciles to
the consolidated income statement. The Group balance sheet primarily includes treasury assets and liabilities comprising
cash and balances at central banks, debt securities, customer deposits and other borrowings.
Divisions continue to charge market prices for the limited services rendered to other parts of the group. Funding charges
between segments take into account commercial demands. More than 90% of the group's activities, revenue and assets are
located in the UK.
Summary Income Statement for the six months ended 31 January 2017
Banking
RetailFinance Commercial Finance Property Finance Securities Asset Management Group Total
£ million £ million £ million £ million £ million £ million £ million
Net interest income/(expense) 98.2 72.2 57.0 (0.5) (0.1) 0.3 227.1
Non-interest income 12.1 33.4 1.1 54.4 50.2 - 151.2
Operating income 110.3 105.6 58.1 53.9 50.1 0.3 378.3
Administrative expenses (52.7) (57.7) (12.9) (38.6) (39.9) (12.1) (213.9)
Depreciation and amortisation (5.8) (3.8) (1.1) (0.9) (1.1) (0.2) (12.9)
Impairment losses on loans and advances (11.9) (7.6) 2.2 - - - (17.3)
Total operating expenses (70.4) (69.1) (11.8) (39.5) (41.0) (12.3) (244.1)
Adjusted operating profit/(loss)1 39.9 36.5 46.3 14.4 9.1 (12.0) 134.2
Amortisation of intangible assets on acquisition - (0.3) - - (2.5) - (2.8)
Operating profit/(loss) before tax 39.9 36.2 46.3 14.4 6.6 (12.0) 131.4
External operating income/(expense) 134.2 130. 7 69.8 53.9 50.3 (60.6) 378.3
Intersegmentoperating income/(expense) (23.9) (25.1) (11.7) - (0.2) 60.9 -
Segment operating income 110.3 105.6 58.1 53.9 50.1 0.3 378.3
1 Adjusted operating profit/(loss) is stated before amortisation of intangible assets on acquisition, profit on disposal
of discontinued
operations and tax.
Balance Sheet Information at 31 January 2017
Banking
Retail Finance Commercial Finance Property Finance Securities Asset Management Group2 Total
£ million £ million £ million £ million £ million £ million £ million
Total assets1 2,570.8 2,643.2 1,504.8 626.7 105.3 1,674.6 9,125.4
Total liabilities - - - 556.8 49.7 7,377.9 7,984.4
1 Total assets for the Banking operating segments comprise the loan book and operating lease assets only.
2 Includes £1,665.5 million assets and £7,485.3 million liabilities attributable to the Banking division primarily
comprising the
treasury balances described in the second paragraph of this note.
Equity is allocated across the Group as set out below with equity managed for the Banking division as a whole rather than
on a segmental basis. Equity for the Banking division is inclusive of the loan book and operating lease assets of £6,718.8
million, as well as assets and liabilities of £1,665.5 million and £7,485.3 million respectively primarily comprising
treasury balances which are included within the Group column above.
Banking total Securities Asset Management Group Total
£ million £ million £ million £ million £ million
Equity 899.0 69.9 55.6 116.5 1,141.0
Summary Income Statement for the six months ended 31 January 20161
Banking
RetailFinance Commercial Finance Property Finance Securities Asset Management Group Total
£ million £ million £ million £ million £ million £ million £ million
Net interest income/(expense) 89.4 67.2 50.4 (0.2) - 0.2 207.0
Non-interest income 11.0 30.0 0.7 35.4 47.0 0.5 124.6
Operating income 100.4 97.2 51.1 35.2 47.0 0.7 331.6
Administrative expenses (47.4) (54.2) (12.2) (27.7) (37.8) (13.1) (192.4)
Depreciation and amortisation (5.9) (3.0) (0.9) (0.7) (0.8) - (11.3)
Impairment losses on loans and advances (8.2) (6.5) (2.0) - - - (16.7)
Total operating expenses (61.5) (63.7) (15.1) (28.4) (38.6) (13.1) (220.4)
Adjusted operating profit/(loss)1 38.9 33.5 36.0 6.8 8.4 (12.4) 111.2
Amortisationofintangible assets on acquisition (0.1) (0.1) - - (2.3) - (2.5)
Operating profit/(loss) before tax 38.8 33.4 36.0 6.8 6.1 (12.4) 108.7
External operating income/(expense) 124.8 122.5 63.5 35.2 47.3 (61.7) 331.6
Intersegmentoperating income/(expense) (24.4) (25.3) (12.4) - (0.3) 62.4 -
Segment operating income 100.4 97.2 51.1 35.2 47.0 0.7 331.6
1 Re-presented - see note 1.
2 Adjusted operating profit/(loss) is stated before amortisation of intangible assets on acquisition, profit on disposal
of discontinued
operations and tax.
Balance Sheet Information at 31 January 2016
Banking
Retail Finance Commercial Finance Property Finance Securities Asset Management Group2 Total
£ million £ million £ million £ million £ million £ million £ million
Total assets1 2,332.3 2,418.3 1,358.2 477.5 105.7 1,328.8 8,020.8
Total liabilities - - - 408.1 53.2 6,533.0 6,994.3
1 Total assets for the Banking operating segments comprise the loan book and operating lease assets only.
2 Includes £1,323.0 million assets and £6,705.2 million liabilities attributable to the Banking division primarily
comprising the treasury
balances described in the second paragraph of this note.
Banking total Securities Asset Management Group Total
£ million £ million £ million £ million £ million
Equity1 726.6 69.4 52.5 178.0 1,026.5
1 Equity for the Banking division is inclusive of the loan book and operating lease assets of £6,108.8 million, as well as
assets and
liabilities of £1,323.0 million and £6,705.2 million respectively primarily comprising treasury balances which are included
within the
Group column.
Summary Income Statement for the year ended 31 July 2016
Banking
RetailFinance Commercial Finance Property Finance Securities Asset Management Group Total
£ million £ million £ million £ million £ million £ million £ million
Net interest income/(expense) 181.1 139.2 101.9 (0.6) 0.4 0.6 422.6
Non-interest income 23.5 63.1 2.4 82.9 91.9 1.0 264.8
Operating income 204.6 202.3 104.3 82.3 92.3 1.6 687.4
Administrative expenses (95.5) (110.3) (23.9) (61.7) (75.9) (24.2) (391.5)
Depreciation and amortisation (12.2) (5.9) (2.5) (1.6) (2.0) (0.2) (24.4)
Impairment losses on loans and advances (17.8) (16.5) (3.6) - - - (37.9)
Total operating expenses (125.5) (132.7) (30.0) (63.3) (77.9) (24.4) (453.8)
Adjusted operating profit/(loss)1 79.1 69.6 74.3 19.0 14.4 (22.8) 233.6
Amortisationofintangible assets on acquisition (0.3) (0.2) - - (4.6) - (5.1)
Operating profit/(loss) before tax 78.8 69.4 74.3 19.0 9.8 (22.8) 228.5
External operating income/(expense) 251.9 272.1 128.3 82.3 92.9 (140.1) 687.4
Intersegmentoperating income/(expense) (47.3) (69.8) (24.0) - (0.6) 141.7 -
Segment operating income 204.6 202.3 104.3 82.3 92.3 1.6 687.4
1 Adjusted operating profit/(loss) is stated before amortisation of intangible assets on acquisition, profit on disposal
of discontinued
operations and tax.
Balance Sheet Information at 31 July 2016
Banking
Retail Finance Commercial Finance Property Finance Securities Asset Management Group2 Total
£ million £ million £ million £ million £ million £ million £ million
Total assets1 2,511.0 2,623.2 1,457.2 647.5 104.8 1,404.5 8,748.2
Total liabilities - - - 577.8 49.1 7,024.4 7,651.3
1 Total assets for the Banking operating segments comprise the loan book and operating lease assets only.
2 Includes £1,400.0 million assets and £7,198.2 million liabilities attributable to the Banking division primarily
comprising the treasury
balances described in the second paragraph of this note.
Banking total Securities Asset Management Group Total
£ million £ million £ million £ million £ million
Equity1 793.2 69.7 55.7 178.3 1,096.9
1 Equity for the Banking division is inclusive of the loan book and operating lease assets of £6,591.4 million, as well as
assets and
liabilities of £1,400.0 million and £7,198.2 million respectively primarily comprising treasury balances which are included
within the
Group column.
3. Taxation
Six months ended31 January Year ended31 July
2017 2016 2016
£ million £ million £ million
Tax charged/(credited) to the income statement
Current tax:
UK corporation tax 32.8 31.6 56.5
Foreign tax 1.2 1.5 2.5
Adjustments in respect of previous periods - (2.1) (1.1)
34.0 31.0 57.9
Deferred tax:
Deferred tax charge/(credit) for the current period 0.7 (13.0) (16.5)
Adjustments in respect of previous periods 0.1 2.1 0.8
34.8 20.1 42.2
Tax on items not (credited)/charged to the income statement
Current tax relating to:
Financial instruments classified as available for sale (0.2) - -
Share-based payments (0.9) (1.9) (2.1)
Deferred tax relating to:
Cash flow hedging 1.1 (1.2) (1.7)
Defined benefit pension scheme 0.6 (0.3) (0.3)
Financial instruments classified as available for sale - (0.7) (0.7)
Share-based payments - 1.2 1.1
Currency translation gains/(losses) - - 1.5
0.6 (2.9) (2.2)
Reconciliation to tax expense
UK corporation tax for the period at 19.7% (2016: 20.0%) on operating profit 25.9 21.7 45.7
Gain on sale of subsidiaries and available for sale investment (0.3) - (0.5)
Effect of different tax rates in other jurisdictions (0.1) (0.3) (0.6)
Disallowable items and other permanent differences 0.6 0.7 1.5
Banking surcharge 7.6 3.4 8.2
Deferred tax impact of (increased)/decreased tax rates 1.1 (5.4) (11.8)
Prior period tax provision - - (0.3)
34.8 20.1 42.2
The effective tax rate for the period is 26.5% (six months ended 31 January 2016: 18.5%; year ended 31 July 2016: 18.5%),
representing the best estimate of the annual effective tax rate expected for the full year.
The standard UK corporation tax rate for the financial year is 19.7% (six months ended 31 January 2016: 20.0%; year ended
31 July 2016: 20.0%). However an additional 8% surcharge applies to banking company profits as defined in legislation.
The effective tax rate is above the UK corporation tax rate primarily due to the surcharge applying to most of the group's
profits, and a write down of deferred tax assets due to a 1% cut in the standard corporation tax rate applying from April
2020 which was passed into law in the period.
4. Earnings per share
The calculation of basic earnings per share is based on the profit attributable to shareholders and the number of basic
weighted average shares. When calculating the diluted earnings per share, the weighted average number of shares in issue
is adjusted for the effects of all dilutive share options and awards.
Six months ended Year ended
31 January 31 July
2017 2016 2016
Earnings per share
Basic 65.1p 59.7p 125.7p
Diluted 64.9p 58.9p 124.3p
Adjusted basic1 66.6p 61.1p 128.4p
Adjusted diluted1 66.4p 60.3p 127.0p
1 Excludes amortisation of intangible assets on acquisition, discontinued operations and their tax effects.
Six months ended Year ended
31 January 31 July
2017 2016 2016
£ million £ million £ million
Profit attributable to shareholders 96.8 88.6 186.5
Adjustment:
Amortisation of intangible assets on acquisition 2.8 2.5 5.1
Tax effect of adjustment (0.6) (0.5) (1.0)
Adjusted profit attributable to shareholders 99.0 90.6 190.6
Six months ended Year ended
31 January 31
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