REG - Dunelm Group plc - Final Results <Origin Href="QuoteRef">DNLM.L</Origin> - Part 2
14/09/2016 07:05
- Part 2: For the preceding part double click ID:nRSN7486Ja
309.2 288.7
4 Employee numbers and costs
The average monthly number of people employed by the Group (including
Directors) was:
2016 2016 2015 2015
52 weeks 52 weeks 53 weeks 53 weeks
Number Full time Number Full time
of heads equivalents of heads equivalents
Selling 8,035 4,757 7,757 4,425
Distribution 439 431 382 377
Administration 494 487 417 410
8,968 5,675 8,556 5,212
The aggregate remuneration of all employees including Directors comprises:
2016 2015
52 weeks 53 weeks
£'m £'m
Wages and salaries including bonuses and termination benefits 120.0 109.5
Social security costs 7.0 6.5
Share-based payment expense 1.4 0.3
Other pension costs 1.5 1.3
129.9 117.6
5 Financial income and expense
2016 2015
52 weeks 53 weeks
£'m £'m
Finance income
Interest on bank deposits 0.1 0.5
Foreign exchange gains (net) 1.1 0.3
1.2 0.8
Finance expenses
Interest on bank borrowings (1.3) (0.6)
Amortisation of issue costs of bank loans (0.3) (0.1)
(1.6) (0.7)
Net finance (expense)/income (0.4) 0.1
6 Taxation
2016 2015
52 weeks 53 weeks
£'m £'m
Current taxation
UK corporation tax charge for the period 26.6 26.3
Adjustments in respect of prior periods (0.2) (0.3)
26.4 26.0
Deferred taxation
Origination of temporary differences - 0.2
Adjustments in respect of prior periods - 0.3
Impact of change in tax rate 0.2 -
0.2 0.5
Total tax expense 26.6 26.5
The tax charge is reconciled with the standard rate of UK corporation tax as
follows:
2016 2015
52 weeks 53 weeks
£'m £'m
Profit before taxation 128.9 122.6
UK corporation tax at standard rate of 20.00% (2015: 20.75%) 25.8 25.4
Factors affecting the charge in the period:
Non-deductible expenses 1.1 1.1
Loss on disposal of non-qualifying assets (0.3) -
Adjustments in respect of prior periods (0.2) -
Effect of change in standard rate of corporation tax 0.2 -
Tax charge 26.6 26.5
The taxation charge for the period as a percentage of profit before tax is
20.6% (2015: 21.6%).
A reduction in the UK corporation tax from 20% to 19% (effective from1 April
2017) was substantively enacted on 26 March 2016, and a further reduction to
18% (effective from 1 April 2020) was substantively enacted on the same day.
Further changes were announced in the Chancellor's budget on 16 March 2016
reducing the UK corporation tax by a further 1% to 17% from 1 April 2020. As
this further change had not been enacted at the balance sheet date the effect
is not included in the financial statements.
7 Dividends and Special Distributions to Shareholders
The dividends set out in the table below relate to the 1p Ordinary Shares.
2016 2015
52 weeks 53 weeks
£'m £'m
Final for the period ended 28 June 2014 - paid 15.0p - 30.4
Interim for the period ended 4 July 2015 - paid 5.5p - 11.1
Final for the period ended 4 July 2015 - paid 16.0p 32.4 -
Interim for the period ended 2 July 2016 - paid 6.0p 12.2 -
Special dividend for the period ended 2 July 2016 - paid 31.5p 63.8 -
108.4 41.5
The Directors are proposing a final dividend of 19.1p per Ordinary Share for
the period ended 2 July 2016 which equates to £38.6m. The dividend will be
paid on 25 November 2016 to shareholders on the register at the close of
business on 4 November 2016.
In the prior year, the Group made a special distribution to shareholders by
way of a B/C share scheme. The amount paid to shareholders on 10 March 2015
was 70p per share, which equated to £141.7m.
8 Earnings per share
Basic earnings per share is calculated by dividing the profit for the period
attributable to equity holders of the company by the weighted average number
of Ordinary Shares in issue during the period excluding ordinary shares
purchased by the company and held as treasury shares.
For diluted earnings per share, the weighted average number of Ordinary Shares
in issue is adjusted to assume conversion of all dilutive potential Ordinary
Shares. These represent share options granted to employees where the exercise
price is less than the average market price of the Company's Ordinary Shares
during the period.
Weighted average numbers of shares:
2016 2015
52 weeks 53 weeks
'000 '000
Weighted average number of shares in issue during the period 202,456 202,217
Impact of share options 795 982
Number of shares for diluted earnings per share 203,251 203,199
2016 2015
52 weeks 53 weeks
£'m £'m
Profit for the period 102.3 96.1
Earnings per Ordinary Share - basic 50.5p 47.5p
Earnings per Ordinary Share - diluted 50.3p 47.3p
9 Intangible Assets
Software Rights to Total
development brands
and licences
£'m £'m £'m
Cost
At 28 June 2014 14.1 5.0 19.1
Additions 5.8 - 5.8
At 4 July 2015 19.9 5.0 24.9
Additions 6.4 4.8 11.2
Disposals (0.1) - (0.1)
At 2 July 2016 26.2 9.8 36.0
Accumulated amortisation
At 28 June 2014 4.8 5.0 9.8
Charge for the financial period 2.0 - 2.0
At 4 July 2015 6.8 5.0 11.8
Charge for the financial period 5.3 0.3 5.6
At 2 July 2016 12.1 5.3 17.4
Net book value
At 28 June 2014 9.3 - 9.3
At 4 July 2015 13.1 - 13.1
At 2 July 2016 14.1 4.5 18.6
All additions were acquired and do not include any internal development
costs.
All amortisation is included within operating costs in the income statement.
During the year, the Group acquired the rights to the Fogarty brand which will
be amortised over a 15 year period.
10 Property, plant and equipment
Land and buildings Leasehold improvements Plant and machinery Fixtures and fittings Total
£'m £'m £'m £'m £'m
Cost
At 28 June 2014 80.0 101.9 3.6 66.2 251.7
Additions 4.3 11.8 0.4 9.2 25.7
Disposals - (0.2) - (0.9) (1.1)
At 4 July 2015 84.3 113.5 4.0 74.5 276.3
Additions - 21.8 0.6 8.9 31.3
Disposals (0.8) (3.6) - (3.0) (7.4)
At 2 July 2016 83.5 131.7 4.6 80.4 300.2
Accumulated depreciation
At 28 June 2014 9.0 40.4 2.2 47.2 98.8
Charge for the financial period 1.3 7.5 0.7 10.0 19.5
Disposals - (0.1) - (0.9) (1.0)
Impairment 0.1 - - - 0.1
At 4 July 2015 10.4 47.8 2.9 56.3 117.4
Charge for the financial period 1.4 8.4 0.5 9.4 19.7
Disposals (0.4) (2.5) - (2.9) (5.8)
At 2 July 2016 11.4 53.7 3.4 62.8 131.3
Net book value
At 28 June 2014 71.0 61.5 1.4 19.0 152.9
At 4 July 2015 73.9 65.7 1.1 18.2 158.9
At 2 July 2016 72.1 78.0 1.2 17.6 168.9
All depreciation expense and impairment charge have been included within
operating costs in the income statement.
11 Basis of preparation
The annual report and financial statements for the period ended 2 July 2016
were approved by the Board of Directors on 14 September 2016 along with this
preliminary announcement, but have not yet been delivered to the Registrar of
Companies.
The financial information contained in this preliminary announcement does not
constitute the Group's statutory accounts within the meaning of Section 434 of
the Companies Act 2006.
The auditor's report on the statutory accounts for the period ended 2 July
2016 was unqualified and did not contain a statement under section 498 of the
Companies Act 2006.
The statutory accounts of Dunelm Group plc for the period ended 4 July 2015
have been delivered to the Registrar of Companies. The auditor's report on the
statutory accounts for the period ended 4 July 2015 was unqualified and did
not contain a statement under section 498 of the Companies Act 2006.
This information is provided by RNS
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