REG - Fuller,Smith &Turner - Half Year Results <Origin Href="QuoteRef">FSTA.L</Origin> - Part 2
20/11/2015 07:01
- Part 2: For the preceding part double click ID:nRST3722Ga
exceptional items 3 (0.5) (1.9) (1.7)
Cash generated from operations 37.4 33.0 60.0
Tax paid (4.0) (3.8) (8.3)
Cash generated from operating activities 33.4 29.2 51.7
Cash flow from investing activities
Business combinations (6.2) (20.6) (25.2)
Purchase of property, plant and equipment (46.7) (13.8) (31.1)
Overdraft acquired on acquisition - (0.1) (0.1)
Sale of property, plant and equipment 3.0 2.4 3.3
Net cash outflow from investing activities (49.9) (32.1) (53.1)
Cash flow from financing activities
Purchase of own shares (4.3) (5.1) (7.1)
Receipts on release of own shares to option schemes 0.6 0.7 1.0
Interest paid (2.6) (2.7) (5.2)
Preference dividends paid 7 (0.1) (0.1) (0.1)
Equity dividends paid 7 (5.6) (5.2) (8.7)
Drawdown of bank loans 30.5 19.0 24.5
Repayment of other loans - (0.5) (0.5)
Cost of refinancing - (1.1) (1.1)
Cost of new derivative instruments - - (0.4)
Net cash inflow from financing activities 18.5 5.0 2.4
Net movement in cash and cash equivalents 9 2.0 2.1 1.0
Cash and cash equivalents at the start of the period 5.1 4.1 4.1
Cash and cash equivalents at the end of the period 9 7.1 6.2 5.1
FULLER, SMITH & TURNER P.L.C.
NOTES TO THE CONDENSED FINANCIAL STATEMENTS
1. HALF YEAR REPORT
Basis of preparation
These half year financial statements for the 26 weeks ended 26 September 2015,
which are abridged and unaudited, have been reviewed by the auditor and
prepared in accordance with the Disclosure and Transparency Rules (DTRs) of
the Financial Conduct Authority and International Accounting Standard (IAS)
34, Interim Financial Reporting, as adopted by the European Union.
The half year financial statements were approved by the Directors on 19
November 2015.
This half year statement does not constitute full accounts as defined by
Section 434 of the Companies Act 2006. The figures for the 52 weeks ended 28
March 2015 are derived from the published statutory accounts. Full accounts
for the 52 weeks ended 28 March 2015, including an unqualified auditor's
report which did not make any statement under Section 498 of the Companies Act
2006, have been delivered to the Registrar of Companies.
On the basis of the strong cash flows generated by the business and the
significant headroom available on the bank facilities the Directors are
confident that the Group has adequate resources to continue in operational
existence for the foreseeable future and, accordingly, consider that it is
appropriate to continue to adopt the going concern basis of accounting in
preparing the financial statements.
Adoption of New Standards and Interpretations
The accounting policies adopted are consistent with those applied in the 52
weeks ended 28 March 2015, which were published as part of the accounts for
that year and which are available from the Group's website,
www.fullers.co.uk.
IAS 19 (November 2013) Defined Benefit Plans: Employee Contributions was
issued in the period but will not have a significant impact on the accounting
policies, financial position or performance of the Group.
Revision to transfer prices and central cost allocation
The Group's policy is to set transfer prices between segments at an arm's
length basis, similar to transactions with third parties. In line with best
practice, the transfer price is regularly reviewed and revised as required.
The latest revision to the transfer price was applied at the beginning of this
year. In addition, the allocation basis of costs related to shared services
was revised. To aid comparability with the current results, we have included
additional disclosures to present the comparative segmental information based
on the revised basis. This revised information is included in Note 2 to these
statements.
2. SEGMENTAL ANALYSIS
Unaudited - 26 weeks Managed Pubs and Hotels Tenanted The Fuller's Unallocated1 Total
ended 26 September 2015 Inns Beer Company
£m £m £m £m £m
Revenue:
Segment revenue 121.9 16.1 63.0 - 201.0
Inter-segment sales - - (23.3) - (23.3)
Revenue from third parties 121.9 16.1 39.7 - 177.7
Segment result 17.0 6.7 3.6 (2.8) 24.5
Operating exceptional items (1.6)
Operating profit 22.9
Profit on disposal of properties 1.6
Net finance costs (3.3)
Profit before tax 21.2
Revision to transfer prices and central cost allocation
As set out in Note 1, the Group changed the transfer price and shared cost
allocations applied between the segments. To aid comparability to the current
period, the table below sets out the revised segmental information for the 52
weeks ended 27 September 2014 based on the new transfer price.
Unaudited - 26 weeksended 27 September 2014 (revised) Managed Pubs and Hotels Tenanted The Fuller's Beer Company Unallocated1 Total
Inns
£m £m £m £m £m
Revenue:
Segment revenue 106.4 16 61.3 - 183.7
Inter-segment sales - - (22.1) - (22.1)
Revenue from third parties 106.4 16 39.2 - 161.6
Segment result 14.9 6.7 3.6 (2.5) 22.7
Operating exceptional items (1.7)
Operating profit 21
Profit on disposal of properties 0.8
Net finance costs (3.5)
Profit before tax 18.3
Unaudited - 26 weeks Managed Pubs and Hotels Tenanted The Fuller's Unallocated1 Total
ended 27 September 2014 Inns Beer Company
£m £m £m £m £m
Revenue:
Segment revenue 106.4 16.0 62.4 - 184.8
Inter-segment sales - - (23.2) - (23.2)
Revenue from third parties 106.4 16.0 39.2 - 161.6
Segment result 14.3 6.3 4.1 (2.0) 22.7
Operating exceptional items (1.7)
Operating profit 21.0
Profit on disposal of properties 0.8
Net finance costs (3.5)
Profit before tax 18.3
Audited - 52 weeks ended Managed Pubs and Hotels Tenanted The Fuller's Unallocated1 Total
28 March 2015 Inns Beer Company
£m £m £m £m £m
Revenue:
Segment revenue 213.8 31.4 122.9 - 368.1
Inter-segment sales - - (46.6) - (46.6)
Revenue from third parties 213.8 31.4 76.3 - 321.5
Segment result 25.0 12.6 8.7 (4.0) 42.3
Operating exceptional items (1.5)
Operating profit 40.8
Profit on disposal of properties 0.8
Pension fund curtailment gain 1.2
Net finance costs (6.7)
Profit before tax 36.1
1 Unallocated expenses represent primarily the salary and costs of central
management.
3. EXCEPTIONAL ITEMS
Unaudited Unaudited Audited
26 weeks ended 26 weeks ended 52 weeks ended
26 September 27 September 28 March
2015 2014 2015
£m £m £m
Amounts included in operating profit:
Acquisition costs (0.5) (1.0) (1.2)
Impairment of properties - (0.5) (0.7)
Reversal of impairment on property - - 0.7
Onerous lease provision release/(charge) 0.2 (0.2) (0.3)
Deemed remuneration on future purchase of shares in The Stable (1.3) - -
Total exceptional items included in (1.6) (1.7) (1.5)
operating profit
Profit on disposal of properties 1.6 0.8 0.8
Pension fund curtailment gain - - 1.2
Exceptional finance costs:
Finance charge on net pension liabilities (note 10) (0.4) (0.4) (0.8)
Total exceptional finance costs (0.4) (0.4) (0.8)
Total exceptional items before tax (0.4) (1.3) (0.3)
Exceptional tax:
Profit on disposal of properties (0.3) 0.1 (0.2)
Pension fund curtailment gain - - (0.2)
Other items 0.2 (0.1) 0.5
Total exceptional tax (0.1) - 0.1
Total exceptional items (0.5) (1.3) (0.2)
(0.5)
(1.3)
(0.2)
Acquisition costs of £0.5 million during the 26 weeks ended 26 September 2015
(27 September 2014: £1.0 million, 28 March 2015: £1.2 million) relate to
transaction costs on pub and business acquisitions.
Deemed remuneration on the future purchase of shares in The Stable relates to
the increase in estimated value of minority share of The Stable group of
companies. The current estimate of the amount payable in respect of the
remaining 49% of shares is £6.3 million (2014: £3.0m) of which £4.3m (27
September 2014: £3.0 million) is accrued at the balance sheet date, with the
balance to be accrued over the remaining period to 28 March 2018.
There was no property impairment charge during the period (27 September 2014:
£0.5 million, 28 March 2015: £0.7 million). In previous periods, this has
represented a write down of licensed properties to their recoverable value.
The reversal of impairment credit of £0.7 million during the 52 weeks ended 28
March 2015 relates to the write back of previously impaired licensed
properties to their recoverable value.
The onerous lease provision release of £0.2 million during the 26 weeks ended
26 September 2015 (26 weeks ended 27 September 2014: charge of £0.2 million,
28 March 2015: charge of £0.3 million) relates to the reversal of provisions
made in respect of leasehold properties which are trading at a loss and which
the Directors do not expect to become profitable in the future.
The cash impact of operating exceptional items before tax for the 26 weeks
ended 26 September 2015 was £0.5 million cash outflow (27 September 2014: £1.9
million cash outflow, 28 March 2015: £1.7 million cash outflow).
4. FINANCE COSTS
Unaudited Unaudited Audited
26 weeks ended 26 weeks ended 52 weeks ended
26 September 27 September 28 March
2015 2014 2015
£m £m £m
Interest expense arising on:
Financial liabilities at amortised cost - loans and debentures 2.7 2.9 5.6
Financial liabilities at amortised cost - preference shares 0.1 0.1 0.1
Total interest expense for financial liabilities 2.8 3.0 5.7
Unwinding of discounts on provisions 0.1 0.1 0.2
Finance costs before exceptional items 2.9 3.1 5.9
Finance charge on net pension liabilities (note 3) 0.4 0.4 0.8
3.3 3.5 6.7
5. TAXATION
Unaudited Unaudited Audited
26 weeks ended 26 weeks ended 52 weeks ended
26 September 27 September 28 March
2015 2014 2015
£m £m £m
Tax on profit on ordinary activities
Current income tax:
Corporation tax 5.1 4.6 8.6
Amounts overprovided in previous years - - -
Total current income tax 5.1 4.6 8.6
Deferred tax:
Origination and reversal of temporary differences (0.6) (0.4) (0.8)
Total deferred tax (0.6) (0.4) (0.8)
Total tax charged in the Income Statement 4.5 4.2 7.8
Tax relating to items charged/credited to Statement of Comprehensive Income
Deferred tax:
Net (losses)/gains on valuation of financial assets and liabilities (0.1) (0.1) 0.6
Net actuarial (losses)/gains on pension scheme - (0.6) 1.7
Tax (credit)/charge included in the Statement of Comprehensive Income (0.1) (0.7) 2.3
Tax relating to items charged/credited directly to equity
Deferred tax:
Reduction in deferred tax liability due to indexation (0.2) (0.2) (0.3)
Share-based payments - - 0.1
Current tax:
Share-based payments (0.1) (0.1) (0.2)
Tax credit included in the Statement of Changes in Equity (0.3) (0.3) (0.4)
The taxation charge is calculated by applying the Directors' best estimate of
the annual effective tax rate to the profit for the period.
The Finance Act 2013 was enacted during the 52 weeks to 29 March 2014 and
reduced the rate of UK corporation tax from 23% to 21% on 1 April 2014 and
from 21% to 20% on 1 April 2015.
6. EARNINGS PER SHARE
Unaudited Unaudited Audited
26 weeks ended 26 weeks ended 52 weeks ended
26 September 27 September 28 March
2015 2014 2015
£m £m £m
Profit attributable to equity shareholders 16.5 14.1 28.4
Exceptional items net of tax 0.5 1.3 0.2
Adjusted earnings attributable to equity shareholders 17.0 15.4 28.6
Number Number Number
Weighted average share capital 55,296,000 55,664,000 55,521,000
Dilutive outstanding options and share awards 722,000 771,000 804,000
Diluted weighted average share capital 56,018,000 56,435,000 56,325,000
40p 'A' and 'C' ordinary share Pence Pence Pence
Basic earnings per share 29.84 25.33 51.15
Diluted earnings per share 29.45 24.98 50.42
Adjusted earnings per share 30.74 27.67 51.51
Diluted adjusted earnings per share 30.35 27.29 50.78
4p 'B' ordinary share
Basic earnings per share 2.98 2.53 5.12
Diluted earnings per share 2.95 2.50 5.04
Adjusted earnings per share 3.07 2.77 5.15
Diluted adjusted earnings per share 3.03 2.73 5.08
For the purposes of calculating the number of shares to be used above, 'B'
shares have been treated as one tenth of an 'A' or 'C' share. The earnings
per share calculation is based on earnings from continuing operations and on
the weighted average ordinary share capital which excludes shares held by
trusts relating to employee share options and shares held in treasury of
1,687,868 (27 September 2014: 1,320,409 and 28 March 2015: 1,463,761).
Diluted earnings per share are calculated using the same earnings figure as
for basic earnings per share, divided by the weighted average number of
ordinary shares outstanding during the period plus the weighted average number
of ordinary shares that would be issued on the conversion of all the dilutive
potential ordinary shares into ordinary shares.
Adjusted earnings per share are calculated on profit before tax excluding
exceptional items and on the same weighted average ordinary share capital as
for the basic and diluted earnings per share. An adjusted earnings per share
measure has been included as the Directors consider that this measure better
reflects the underlying earnings of the Group.
7. DIVIDENDS
Unaudited Unaudited Audited
26 weeks ended 26 weeks ended 52 weeks ended
26 September 27 September 28 March
2015 2014 2015
£m £m £m
Declared and paid during the period
Final dividend paid in the period 5.6 5.2 5.2
Interim dividend paid in the period - - 3.5
Equity dividends paid 5.6 5.2 8.7
Dividends on cumulative preference 0.1 0.1 0.1
shares (note 4)
Dividends per 40p 'A' and 'C' ordinary share declared in respect of the period Pence Pence Pence
Interim 6.90 6.40 6.40
Final - - 10.20
6.90 6.40 16.60
The pence figures are for the 40p 'A' and 'C' ordinary shares. The 4p 'B'
ordinary shares carry dividend rights of one tenth of those applicable to the
40p 'A' ordinary shares. Own shares held in the employee share trusts do not
qualify for dividends as the trustees have waived their rights. Dividends are
also not paid on own shares held as treasury shares.
The directors have declared an interim dividend of 6.9p (2014: 6.40p) for the
40p 'A' and 'C' ordinary shares, and 0.690p (2014: 0.640p) for the 4p 'B'
ordinary shares, with a total estimated cost to the Company of £3.8 million
(2014: £3.5 million).
8. PROPERTY, PLANT AND EQUIPMENT
Unaudited Unaudited Audited
26 weeks 26 weeks 52 weeks
ended ended ended
26 September 27 September 28 March
2015 2014 2015
£m £m £m
Net book value at start of period 471.9 434.8 434.8
Additions 47.2 16.3 32.5
Business combinations 6.2 18.7 21.5
Disposals (1.3) (1.0) (1.4)
Impairment loss net of reversals - (0.5) -
Depreciation provided during the period (8.8) (7.6) (15.5)
Net book value at end of period 515.2 460.7 471.9
During the 26 weeks ended 26 September 2015, the Group recognised a charge of
£nil (27 September 2014: £0.5 million, 28 March 2015: £0.7 million) in respect
of the write down of licenced properties purchased in recent years where their
asset values exceeded either fair value less costs to sell or their value in
use.
9. ANALYSIS OF NET DEBT
Unaudited - 26 weeks At At
28 March 26 September
ended 26 September 2015 2015 Cash flows Non cash1 2015
£m £m £m £m
Cash and cash equivalents:
Cash and short term deposits 5.1 2.0 - 7.1
5.1 2.0 - 7.1
Debt:
Bank loans (140.0) (30.5) (0.1) (170.6)
Other loans (0.2) - - (0.2)
Debenture stock (25.9) - - (25.9)
Preference shares (1.6) - - (1.6)
(167.7) (30.5) (0.1) (198.3)
Net debt (162.6) (28.5) (0.1) (191.2)
1 Non-cash movements relate to the amortisation of arrangement fees,
arrangement fees accrued and corporate acquisitions.
Unaudited - 26 weeks At At
29 March 27 September
ended 27 September 2014 2014 Cash flows Non cash1 2014
£m £m £m £m
Cash and cash equivalents:
Cash and short term deposits 4.1 2.1 - 6.2
4.1 2.1 - 6.2
Debt:
Bank loans (116.2) (17.9) (0.3) (134.4)
Other loans (0.2) 0.5 (0.5) (0.2)
Debenture stock (25.9) - - (25.9)
Preference shares (1.6) - - (1.6)
(143.9) (17.4) (0.8) (162.1)
Net debt (139.8) (15.3) (0.8) (155.9)
Audited - 52 weeks At At
29 March 28 March
ended 28 March 2015 2014 Cash flows Non cash1 2015
£m £m £m £m
Cash and cash equivalents:
Cash and short term deposits 4.1 1.0 - 5.1
4.1 1.0 - 5.1
Debt:
Bank loans (116.2) (23.4) (0.4) (140.0)
Other loans (0.2) 0.5 (0.5) (0.2)
Debenture stock (25.9) - - (25.9)
Preference shares (1.6) - - (1.6)
(143.9) (22.9) (0.9) (167.7)
Net debt (139.8) (21.9) (0.9) (162.6)
1 Non-cash movements relate to the amortisation of arrangement fees,
arrangement fees accrued and corporate acquisitions.
10. RETIREMENT BENEFIT OBLIGATIONS
Unaudited Unaudited Audited
At At At
26 September 27 September 28 March
2015 2014 2015
The amount included in the Balance Sheet £m £m £m
arising from the Group's obligations in
respect of its defined benefit retirement plan
Fair value of scheme assets 94.5 96.1 103.5
Present value of scheme liabilities (118.7) (116.3) (127.9)
Deficit in the scheme (24.2) (20.2) (24.4)
Key financial assumptions used in the valuation
of the scheme
Rate of increase in salaries n/a 2.65% n/a
Rate of increase in pensions in payment 3.15% 3.15% 3.00%
Discount rate 3.75% 4.00% 3.25%
Inflation assumption - RPI 3.15% 3.15% 3.00%
Inflation assumption - CPI 2.15% 2.15% 2.00%
2.15%
2.00%
Mortality assumptions
The mortality assumptions used in the valuation of the Plan as at 26 September
2015 are as set out in the financial statements for the 52 weeks ended 28
March 2015.
Unaudited Unaudited Audited
At 26 September At 27 September At 28 March
2015 2014 2015
£m £m £m
Assets in the scheme
Corporate bonds 19.1 18.8 20.7
Equities 45.5 46.2 50.2
Property 0.9 0.8 0.9
Absolute return fund 26.9 28.4 29.5
Cash 0.9 0.7 0.9
Annuities 1.2 1.2 1.3
Total market value of assets 94.5 96.1 103.5
Unaudited Unaudited Audited
26 weeks ended 26 weeks ended 52 weeks ended
26 September 27 September 28 March
2015 2014 2015
£m £m £m
Movement in deficit during period
Deficit in scheme at beginning of the period (24.4) (17.2) (17.2)
Movement in period:
Current service cost - (0.7) (1.1)
Curtailment gain - - 1.2
Net interest cost (0.4) (0.4) (0.8)
Net actuarial losses (0.1) (2.9) (8.3)
Contributions 0.7 1.0 1.8
Deficit in scheme at end of the period (24.2) (20.2) (24.4)
On 1 January 2015 the scheme was closed to future accruals, resulting in a
curtailment gain of £1.2million in the 52 weeks to 28 March 2015.
11. PRINCIPAL RISKS AND UNCERTAINTIES
There has been no change since 28 March 2015 to the risks and uncertainties
which may affect the Company's performance in the next six months, details of
which are set out in the financial statements for the 52 weeks ended 28 March
2015, and are available on the Fuller's website, www.fullers.co.uk. The Group
continually assesses its risks and the Directors have identified those that
could significantly impact the Group's objectives.
Health, safety and well-being of employees and customers remains top of the
Group's strategic priorities. Managing a large portfolio of houses and sites
increases the complexities of ensuring the highest health and safety standards
are adhered to. The Group's headquarters and sole brewing facility are located
at the Griffin Brewery, therefore safety at this site is key. Any disaster at
would seriously disrupt profitability.
Fuller's has a wide portfolio of brands and has established a reputation for
offering premium products. There is a risk that contamination of our products
at source or outlet could damage reputation of the brand and impact customers'
perceptions of Fuller's as a premium position company. This positioning is key
to the success of the business and any change to this would significantly
impact the Group's performance.
The success and future of the Group is determined by its key management and
staff who adhere to a strong set of values. Should key management leave the
Group, or employees fail to uphold Fuller's key principles, this could
jeopardise delivery of the Group's strategy.
Fuller's operates in a highly regulated sector and changes in government
policy could result in a decline in trade, the main areas of consideration
being legislation surrounding the sale of alcohol and the Beer Tie.
The Group is increasingly reliant on its information systems. Any prolonged
failure of these would result in disruption to operations. Data protection is
also vital, as any loss of data could result in reputational damage to the
Group.
12. SHAREHOLDERS' INFORMATION
Shareholders holding 40p 'C' ordinary shares are reminded that they have 30
days from 20 November 2015 should they wish to convert those 'C' shares to 'A'
shares. The next available opportunity after that will be June 2016. For
further details please contact the Company's registrars, Computershare on 0870
899 4096.
13. HALF YEAR REPORT
Copies of the half year report are being sent to shareholders and will be
available from the Company's registered office: Griffin Brewery, Chiswick,
London, W4 2QB and the Company's website www.fullers.co.uk.
14. STATEMENT OF DIRECTORS' RESPONSIBILITIES
The Directors confirm, to the best of their knowledge, that this condensed set
of financial statements gives a true and fair view of the assets, liabilities,
financial position and profit or loss of the issuer on the undertakings
included in the consolidation as a whole and has been prepared in accordance
with IAS 34, Interim Financial Reporting, as adopted by the European Union,
and that the interim management report herein includes a fair review of the
information required by DTR 4.2.7 and DTR 4.2.8, namely:
- an indication of important events that have occurred during the first
six months and their impact on the financial statements and a description of
the principal risks and uncertainties for the remaining six months of the
financial year; and
- disclosure of material related party transactions in the first six
months and any material changes to related party transactions.
By order of the Board
Michael Turner James Douglas
Chairman Finance Director
19 November 2015
Independent review report to the members of Fuller, Smith & Turner P.L.C.
Introduction
We have reviewed the condensed set of financial statements in the half yearly
financial report of Fuller, Smith & Turner P.L.C. for the twenty six weeks
ended 26 September 2015 which comprises the Condensed Group Income Statement,
Condensed Group Statement of Comprehensive Income, Condensed Group Balance
Sheet, Condensed Group Statement of Changes in Equity, Condensed Group Cash
Flow Statement and the related explanatory notes. We have read the other
information contained in the half yearly financial report which comprises the
Chairman's Statement and Chief Executive's Review, and considered whether it
contains any apparent misstatements or material inconsistencies with the
information in the condensed set of financial statements.
This report is made solely to the Company's members, as a body, 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'. Our review work has been undertaken so that we might state to
the Company's members those matters we are required to state to them in an
independent review report and for no other purpose. To the fullest extent
permitted by law, we do not accept or assume responsibility to anyone other
than the Company and the Company's members as a body, for our review work, for
this report, or for the conclusion we have formed.
Directors' responsibilities
The half yearly financial report is the responsibility of, and has been
approved by, the Directors. The Directors are responsible for preparing the
half yearly financial report in accordance with the Disclosure 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 International Financial Reporting Standards 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 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'. A review of interim
financial information consists of making enquiries, primarily of persons
responsible for financial and accounting matters, and applying analytical and
other review procedures. A review is substantially less in scope than an audit
conducted in accordance with International Standards on Auditing (UK and
Ireland) and consequently does not enable us to obtain assurance that we would
become aware of all significant matters that might be identified in an audit.
Accordingly, we do not express an audit opinion.
Conclusion
Based on our review, nothing has come to our attention that causes us to
believe that the condensed set of financial statements in the half yearly
financial report for the twenty six weeks ended 26 September 2015 is not
prepared, in all material respects, in accordance with International
Accounting Standard 34, 'Interim Financial Reporting', as adopted by the
European Union and the Disclosure and Transparency Rules of the United
Kingdom's Financial Conduct Authority.
GRANT THORNTON UK LLP
AUDITOR
London
19 November 2015
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