REG - JD Sports Fashion - Final Results <Origin Href="QuoteRef">JD.L</Origin> - Part 2
11/04/2017 07:07
- Part 2: For the preceding part double click ID:nRSK1267Ca
Cash flows from financing activities
Repayment of interest-bearing loans and borrowings (3,133) (191)
Repayment of finance lease liabilities (148) (30)
Draw down of finance lease liabilities - 75
Repayment of syndicated bank facility - (31,000)
Subsidiary shares repurchased and held as Treasury Shares (14,815) -
Equity dividends paid (14,501) (13,820)
Dividends paid to non-controlling interest in subsidiaries (656) (120)
Net cash used in financing activities (33,253) (45,086)
Net increase in cash and cash equivalents 22,680 98,952
Cash and cash equivalents at the beginning of the period 209,859 115,697
Foreign exchange gains / (losses) on cash and cash equivalents 1,796 (4,790)
Cash and cash equivalents at the end of the period 234,335 209,859
Analysis of Net Cash
As at 28 January 2017
At 30 January2016£000 On acquisition of subsidiaries£000 Cashflow£000 Non-cashmovements£000 At 28 January2017£000
Cash at bank and in hand 215,996 10,669 19,099 1,796 247,560
Overdrafts (6,137) (6,125) (963) - (13,225)
Cash and cash equivalents 209,859 4,544 18,136 1,796 234,335
Interest-bearing loans and borrowings:
Bank loans (54) (21,920) 2,858 - (19,116)
Finance lease liabilities (108) (1,004) 148 - (964)
Other loans (276) (654) 275 - (655)
209,421 (19,034) 21,417 1,796 213,600
1. Segmental analysis
IFRS 8 'Operating Segments' requires the Group's segments to be identified on
the basis of internal reports about components of the Group that are regularly
reviewed by the Chief Operating Decision Maker to allocate resources to the
segments and to assess their performance. The Chief Operating Decision Maker
is considered to be the Executive Chairman of JD Sports Fashion Plc.
Information reported to the Chief Operating Decision Maker is focused on the
nature of the businesses within the Group. The Group's operating and
reportable segments under IFRS 8 are therefore as follows:
· Sports Fashion - includes the results of JD Sports Fashion Plc, John
David Sports Fashion (Ireland) Limited, Spodis SA, Champion Sports Ireland, JD
Sprinter Holdings 2010 SL (including subsidiary companies), JD Sports Fashion
BV, Sports Unlimited Retail BV, JD Sports Fashion Germany GmbH, JD Sports
Fashion SRL, JD Sports Fashion Belgium BVBA, JD Sports Fashion Sweden AB, JD
Sports Fashion Denmark ApS, JD Sports Fashion SDN BHD, JD Sports Fashion
Holdings Aus Pty (including subsidiary companies), Size GmbH, ActivInstinct
Limited, JD Gyms Limited, Duffer of St George Limited, Topgrade Sportswear
Limited, Kooga Rugby Limited, Focus Brands Limited (including subsidiary
companies), Kukri Sports Limited (including global subsidiary companies),
Source Lab Limited, R.D. Scott Limited, Tessuti Group Limited (including
subsidiary companies), Nicholas Deakins Limited, Cloggs Online Limited,
Clothingsites.co.uk Limited, Ark Fashion Limited, 2Squared Agency Limited,
2Squared Retail Limited and Mainline Menswear Limited .
· Outdoor - includes the results of Blacks Outdoor Retail Limited, Tiso
Group Limited (including subsidiary companies) and Go Outdoors Topco Limited
(including subsidiary companies).
The Chief Operating Decision Maker receives and reviews segmental operating
profit. Certain central administrative costs including Group Directors'
salaries are included within the Group's core 'Sports Fashion' result. This is
consistent with the results as reported to the Chief Operating Decision
Maker.
IFRS 8 requires disclosure of information regarding revenue from major
products and customers. The majority of the Group's revenue is derived from
the retail of a wide range of apparel, footwear and accessories to the general
public. As such, the disclosure of revenues from major customers is not
appropriate. Disclosure of revenue from major product groups is not provided
at this time due to the cost involved to develop a reliable product split on a
same category basis across all companies in the Group.
Intersegment transactions are undertaken in the ordinary course of business on
arm's length terms.
The Board consider that certain items are cross divisional in nature and
cannot be allocated between the segments on a meaningful basis. Net funding
costs and taxation are treated as unallocated reflecting the nature of the
Group's syndicated borrowing facilities and its tax group. Drawdowns from the
Group's syndicated borrowing facility of £nil (2016: £nil), a deferred tax
liability of £8,192,000 (2016: asset of £482,000) and an income tax liability
of £33,648,000 (2016: £15,757,000) are included within the unallocated
segment.
Each segment is shown net of intercompany transactions and balances within
that segment. The eliminations remove intercompany transactions and balances
between different segments which primarily relate to the net down of long term
loans and short term working capital funding provided by JD Sports Fashion Plc
(within Sports Fashion) to other companies in the Group, and intercompany
trading between companies in different segments.
Business Segments
Information regarding the Group's reportable operating segments for the 52
weeks to 28 January 2017 is shown below:
Income statement
Sports Fashion£000 Outdoor£000 Total£000
Gross revenue 2,180,553 198,141 2,378,694
Intersegment revenue - - -
Revenue 2,180,553 198,141 2,378,694
Operating profit before exceptional items 245,056 1,156 246,212
Exceptional items (6,419) - (6,419)
Operating profit 238,637 1,156 239,793
Financial income 767
Financial expenses (2,192)
Profit before tax 238,368
Income tax expense (53,788)
Profit for the period 184,580
Total assets and liabilities
Sports Fashion£000 Outdoor£000 Unallocated£000 Eliminations£000 Total£000
Total assets 994,547 255,949 - (71,560) 1,178,936
Total liabilities (463,364) (166,450) (41,840) 71,560 (600,094)
Total segment net assets / (liabilities) 531,183 89,499 (41,840) - 578,842
Other segment information
Sports Fashion£000 Outdoor£000 Total£000
Capital expenditure:
Software development 3,843 - 3,843
Property, plant and equipment 72,741 4,488 77,229
Non-current other assets 6,886 - 6,886
Depreciation, amortisation and impairments:
Depreciation and amortisation of non-current assets 57,353 5,017 62,370
Impairment of intangible assets 6,419 - 6,419
Impairment of non-current assets (698) 705 7
The comparative segmental results for the 52 weeks to 30 January 2016 are as
follows:
Income statement
Sports Fashion£000 Outdoor£000 Total£000
Gross revenue 1,666,477 155,313 1,821,790
Intersegment revenue (138) - (138)
Revenue 1,666,339 155,313 1,821,652
Operating profit / (loss) before exceptional items 162,864 (3,962) 158,902
Exceptional items (21,634) (3,862) (25,496)
Operating profit / (loss) 141,230 (7,824) 133,406
Financial income 388
Financial expenses (2,163)
Profit before tax 131,631
Income tax expense (31,001)
Profit for the period 100,630
Total assets and liabilities
Sports Fashion£000 Outdoor£000 Unallocated£000 Eliminations£000 Total£000
Total assets 792,411 82,016 482 (83,613) 791,296
Total liabilities (336,736) (121,591) (15,757) 83,613 (390,471)
Total segment net assets / (liabilities) 455,675 (39,575) (15,275) - 400,825
Other segment information
Sports Fashion£000 Outdoor£000 Total£000
Capital expenditure:
Software development 4,401 - 4,401
Property, plant and equipment 69,025 3,740 72,765
Non-current other assets 6,343 - 6,343
Depreciation, amortisation and impairments:
Depreciation and amortisation of non-current assets 45,326 3,452 48,778
Impairment of intangible assets 6,739 3,861 10,600
Termination of IT project 14,896 - 14,896
Impairment of non-current assets 843 584 1,427
Geographical Information
The Group's operations are located in the UK, Republic of Ireland, France,
Spain, Germany, the Netherlands, Italy, Portugal, Sweden, Denmark, Belgium,
Malaysia, Australia, New Zealand, Canada, Dubai, Singapore and Hong Kong.
The following table provides analysis of the Group's revenue by geographical
market, irrespective of the origin of the goods / services:
2017 £000 2016 £000
UK 1,655,537 1,407,866
Europe 656,858 391,954
Rest of world 66,299 21,832
2,378,694 1,821,652
The revenue from any individual country, with the exception of the UK, is not
more than 10% of the Group's total revenue.
The following is an analysis of the carrying amount of segmental non-current
assets by the geographical area in which the assets are located:
2017 £000 2016 £000
UK 284,655 183,623
Europe 163,316 96,437
Rest of world 16,796 541
464,767 280,601
2. Exceptional items
52 weeks to 28 January2017£000 52 weeks to 30 January2016 £000
Impairment of goodwill, brand names and fascia names (1) 6,419 10,600
Termination of project to replace core IT systems (2) - 14,896
Administrative expenses - exceptional 6,419 25,496
Total Exceptional Items 6,419 25,496
1. The charge in the period to 28 January 2017 relates to the non-cash
impairment of the fascia name balance arising in prior years on the
acquisition of ActivInstinct Limited, the fascia name arising in the year on
the acquisition of Aspecto Holdings Limited and Infinities Retail Group
Holdings Limited and the impairment of the goodwill arising in the year on the
acquisition of 2Squared Agency Limited. The charge in the period to 30 January
2016 relates to the non-cash impairment in the period of the goodwill arising
in prior years on the acquisition of ActivInstinct Limited, a partial
impairment of the Blacks fascia name and the impairment of other goodwill and
fascia name balances which were not significant.
2. One off exceptional charge in the period to 30 January 2016 writing off
costs incurred on a terminated IT project.
These selling and distribution expenses and administrative expenses are
exceptional items as they are, in aggregate, material in size and/or unusual
or infrequent in nature.
3. Earnings per ordinary share
Basic and diluted earnings per ordinary share
The calculation of basic and diluted earnings per ordinary share at 28 January
2017 is based on the profit for the period attributable to equity holders of
the parent of £178,914,000 (2016: £97,634,000) and a weighted average number
of ordinary shares outstanding during the 52 week period ended 28 January 2017
of 973,233,160 (2016 restated: 973,233,160).
An Ordinary Resolution was passed at the Annual General Meeting, effective 24
November 2016, resulting in a share split whereby five Ordinary shares were
issued for each Ordinary share. In accordance with IAS 33, the number of
shares outstanding before the event has been adjusted for the proportionate
change as if the event had occurred at the beginning of the earliest period
presented.
52 weeks to 28 January2017 52 weeks to 30 January 2016
(restated)
Issued ordinary shares at beginning and end of period 973,233,160 973,233,160
Adjusted basic and diluted earnings per ordinary share
Adjusted basic and diluted earnings per ordinary share have been based on the
profit for the period attributable to equity holders of the parent for each
financial period but excluding the post-tax effect of certain exceptional
items. The Directors consider that this gives a more meaningful measure of the
underlying performance of the Group.
Note 52 weeks to28 January2017£000 52 weeks to 30 January2016 £000
(restated)
Profit for the period attributable to equity holders of the parent 178,914 97,634
Exceptional items excluding loss on disposal of non-current assets 2 6,419 25,496
Tax relating to exceptional items - (3,737)
Profit for the period attributable to equity holders of the parent excluding exceptional items 185,333 119,393
Adjusted basic and diluted earnings per ordinary share 19.04p 12.27p
4. Acquisitions
Current period acquisitions
Sports Unlimited Retail BV
On 20 March 2016, the Group acquired, via its newly incorporated subsidiary
Sports Unlimited Retail BV, the trading assets and trade of the Aktiesport and
Perry Sport fascias from the Trustee of Unlimited Sports Group BV which was
declared bankrupt by the court of Amsterdam on 23 February 2016. On
acquisition there were 187 stores and two trading websites.
The Board believes that the cash consideration of E26.5 million represents the
current best estimates of the fair value of the net assets acquired. The
provisional goodwill calculation is summarised below:
Book value£000 Measurementadjustments£000 Provisional fair value at 28 January 2017£000
Acquiree's net assets at acquisition date:
Property, plant & equipment 3,929 - 3,929
Inventories 23,330 5,242 28,572
Cash 58 - 58
Trade and other payables (8,364) (2,135) (10,499)
Provisions - (3,107) (3,107)
Net identifiable assets 18,953 - 18,953
Goodwill on acquisition -
Consideration paid - satisfied in cash 18,953
Included in the 52 week period ended 28 January 2017 is revenue of £81,317,000
and a loss before tax of £7,904,000 in respect of Sports Unlimited Retail BV.
JD Sports Fashion SDN BHD
On 28 April 2016, the Group acquired via its 50% subsidiary in Malaysia, JD
Sports Fashion SDN BHD, 20 multi-brand Sports Fashion stores and a trading
website which trade as Sports Empire, Revolution and The Marathon Shop from
Runners World SDN BHD. JD Sports Fashion SDN BHD is an entity controlled by
the Group and therefore the results and financial position of the entity are
consolidated into the financial statements of the Group. The cash
consideration payable on this transaction was MYR 20.7 million.
The Board believes that the cash consideration of MYR 20.7 million represents
the current best estimates of the fair value of the net assets acquired. The
provisional goodwill calculation is summarised below:
Book value£000 Measurementadjustments£000 Provisional fair value at 28 January 2017£000
Acquiree's net assets at acquisition date:
Intangible assets 823 260 1,083
Property, plant & equipment 356 - 356
Other non-current assets 249 - 249
Inventories 2,018 - 2,018
Deferred tax liabilities - (260) (260)
Net identifiable assets 3,446 - 3,446
Goodwill on acquisition -
Consideration paid - satisfied in cash 3,446
Included in the 52 week period ended 28 January 2017 is revenue of £10,176,000
and profit before tax of £486,000 in respect of JD Sports Fashion SDN BHD.
Sportiberica Sociedade de Artigos de Desporto, S. A.
On 1 July 2016, the Group acquired, both directly and via its 50.1% owned
subsidiary JD Sprinter Holdings 2010 SL, an aggregate of 80% of the issued
share capital of Sportiberica Sociedade de Artigos de Desporto S.A
("Sportiberica") for cash consideration of E4.2 million with additional
consideration of up to E0.5 million payable if certain criteria are met. At
acquisition, management believed that the criteria would be met for the
maximum consideration to be payable and therefore management believes that the
fair value of the total consideration at this time is E4.7 million.
The Board believes that the excess of cash consideration paid over net
identifiable assets on acquisition of £1,422,000 is best considered as
goodwill on acquisition representing anticipated future operating synergies.
The provisional goodwill calculation is summarised below:
Book value£000 Measurementadjustments£000 Provisional fair value at 28 January 2017£000
Acquiree's net assets at acquisition date:
Property, plant & equipment 183 - 183
Other non-current assets 42 - 42
Inventories 2,821 - 2,821
Cash 679 - 679
Trade and other receivables 866 - 866
Income tax assets 36 - 36
Trade and other payables (1,540) - (1,540)
Interest bearing loans and borrowings (705) - (705)
Net identifiable assets 2,382 - 2,382
Non - controlling interest (476) - (476)
Goodwill on acquisition 1,422
Consideration paid - satisfied in cash 2,971
Contingent consideration 357
Total Consideration 3,328
Included in the 52 week period ended 28 January 2017 is revenue of £6,411,000
and a loss before tax of £1,288,000 In respect of Sportiberica.
Next Athleisure Pty Limited
On 26 August 2016, the Group acquired, via its newly incorporated subsidiary
JD Sports Fashion Holdings Australia Pty, 80% of the issued ordinary share
capital of Next Athleisure Pty Limited for consideration of $6.6 million AUD
and has also advanced $2.4 million AUD to allow it to settle an element of its
indebtedness. Next Athleisure Pty Limited operates 32 stores and a trading
website in Australia under the Glue and Superglue retail banners.
The Board believes that the cash consideration of $6.6 million represents the
current best estimates of the fair value of net assets acquired. The
provisional goodwill calculation is summarised below:
Book value£000 Measurementadjustments£000 Provisional fair value at 28 January 2017£000
Acquiree's net assets at acquisition date:
Intangible assets 4,821 2,810 7,631
Property, plant & equipment 5,150 599 5,749
Other non-current assets 2 - 2
Inventories 9,428 851 10,279
Cash 471 137 608
Trade and other receivables 2,683 108 2,791
Income tax assets 159 11 170
Deferred tax liabilities 1,510 (2,092) (582)
Trade and other payables (11,903) (1,093) (12,996)
Interest bearing loans and borrowings (7,998) (821) (8,819)
Net identifiable assets 4,323 510 4,833
Non - controlling interest (865) (102) (967)
Goodwill on acquisition -
Consideration paid - satisfied in cash 3,420
Consideration as loan owed to NCI 446
Total Consideration 3,866
Included in the 52 week period ended 28 January 2017 is revenue of £32,017,000
and a loss before tax of £91,000 in respect of Next Athleisure Pty Limited.
Go Outdoors Topco Limited
On 27 November 2016, the Group acquired 100% of the issued ordinary share
capital of Go Outdoors Topco Limited ('Go Outdoors') for consideration of
£112,305,000 with the Group assuming net debt of £11,359,000 as part of the
transaction. Go Outdoors is a nationwide omnichannel retailer catering for the
outdoor enthusiast and specialist alike with 58 stores across the UK at
acquisition, the majority of which are situated in out of town retail parks.
Included within the fair value of net identifiable assets on acquisition are
intangible assets of £66,729,000; £59,076,000 representing the 'GO Outdoors'
fascia name and £7,653,000 of brands.
The Board believes that the excess of cash consideration paid over net
identifiable assets on acquisition of £44,434,000 is best considered as
goodwill on acquisition representing the strategic benefit of a larger Outdoor
operation in the Group. The provisional goodwill calculation is summarised
below:
Book value£000 Measurementadjustments£000 Provisional fair value at 28 January 2017£000
Acquiree's net assets at acquisition date:
Intangible assets 319 66,410 66,729
Property, plant & equipment 28,495 (2,518) 25,977
Inventories 40,354 - 40,354
Cash 8,821 - 8,821
Trade and other receivables 7,251 - 7,251
Income tax liabilities (897) - (897)
Deferred tax liabilities (48) (11,323) (11,371)
Trade and other payables (48,240) (573) (48,813)
Interest bearing loans and borrowings (20,180) - (20,180)
Net identifiable assets 15,875 51,996 67,871
Goodwill on acquisition 44,434
Consideration paid - satisfied in cash 112,305
Included in the 52 week period ended 28 January 2017 is revenue of £34,183,000
and a loss before tax of £93,000 in respect of Go Outdoors.
Aspecto Holdings Limited
On 18 July 2016, the Group, via its new 100% subsidiary Napco 104 Limited
acquired 100% of the entire issued share capital of Aspecto Holdings Limited
for cash consideration of £1. As at 28 January 2017, the Group had also
advanced £900,000 of working capital. The Board believes that the cash
consideration of £1 represents the current best estimates of the fair value of
the net assets acquired.
On 21 August 2016, the trade and assets (with the exception of certain assets
and liabilities) were hived up into Tessuti Limited, a 100% owned subsidiary
of JD Sports Fashion Plc.
Infinites Retail Group Limited
On 12 September 2016, the Group, via its new 100% subsidiary Ensco 1157
Limited acquired 100% of the entire issued share capital of Infinities Retail
Group Limited for cash consideration of £1. As at 28 January 2017, the Group
had also advanced £1,020,000 of working capital. The Board believes that the
cash consideration of £1 represents the current best estimates of the fair
value of the net assets acquired.
On 31 October 2016, the trade and assets (with the exception of certain assets
and liabilities) were hived up into Tessuti Limited, a 100% owned subsidiary
of JD Sports Fashion Plc.
Clothingsites.co.uk Limited
On 26 September 2016, the Group, via its new 100% subsidiary Ensco 1173
Limited acquired 100% of the entire issued share capital of
Clothingsites.co.uk Limited for an initial cash consideration of £1. As at 28
January 2017, the Group had also advanced £1,100,000 of working capital.
Clothingsites.co.uk Limited currently operates two trading websites, Woodhouse
Clothing and Brown Bag Clothing. The Board believes that the excess of cash
consideration paid over net identifiable assets on acquisition of £2,443,000
represents the fair value of the 'Woodhouse Clothing' and 'Brown Bag' online
fascia names.
Included in the 52 week period ended 28 January 2017 is revenue of £3,811,000
and a loss before tax of £329,000 in respect of Clothingsites.co.uk Limited.
2Squared Agency and 2Squared Retail Limited
On 30 November 2016, the Group acquired 69% of the issued share capital of
2Squared Agency Limited and 51% of the issued share capital of 2Squared Retail
Limited for cash consideration of £512,000. As at 28 January 2017, the Group
had also advanced £3,020,000 of working capital to settle outstanding debt.
The Board believed that the excess of cash consideration paid over the net
identifiable assets on acquisition of £959,000 was best considered as goodwill
representing future operating synergies. The goodwill was subsequently
impaired during the financial period ended 28 January 2017.
Included in the 52 week period ended 28 January 2017 is revenue of £1,519,000
and a loss before tax of £99,000 in respect of 2Squared.
Other Acquisitions
During the period, the Group has made several small acquisitions, including
increasing its shareholding to 100% in three subsidiaries which were
previously non-wholly owned. These transactions were not material.
Full Year Impact of Acquisitions
Had the acquisitions of the entities listed above been effected at 31 January
2016, the revenue and profit before tax of the Group for the 52 week period to
28 January 2017 would have been £2,634,888,000 and £236,454,000 respectively.
Acquisition Costs
Acquisition related costs amounting to £1,684,000 (Sports Unlimited Retail BV:
£139,000; JD Sports Fashion SDN BHD: £68,000 and SportIberica Sociedade de
Artigos de Desporto S.A: £34,000, Next Athleisure Pty Limited: £307,000, Go
Outdoors Topco Limited: £1,086,000, Aspecto Holdings Limited: £10,000,
Infinities Retail Group Limited: £10,000, Clothingsites.co.uk: £10,000 and
2Squared: £20,000) have been excluded from the consideration transferred and
have been recognised as an expense in the year, within administrative expenses
in the Consolidated Income Statement.
Prior Period Acquisitions
During the prior period, the Group increased its shareholding in three
non-wholly owned subsidiaries. These transactions were not material.
5. Subsequent Events
Memorandum of Understanding with Sonae - SGPS, SA
On 9 March 2017, JD Sports Fashion Plc, announced that it had agreed a
Memorandum of Understanding ('MoU') with Sonae - SGPS, SA ('Sonae') which sets
out the basis for a potential combination of the JD Group's existing
businesses in Spain and Portugal, JD Sprinter Holdings ('JD Sprinter'), with
the Sport Zone business of Sonae which is one of the largest sports retailers
in the region.
This MoU establishes the key parameters for the creation of an Iberian Sports
Retail Group that, subject to contract and subsequent clearance by the
relevant Competition Authorities, will have as shareholders the JD Group,
Sonae and the family shareholders of JD Sprinter, with shareholdings of
approximately 50%, 30% and 20%, respectively.
6. Accounts
The financial information set out above does not constitute the Group's
statutory accounts for the 52 weeks ended 28 January 2017 or 52 weeks ended 30
January 2016 but is derived from those accounts. Statutory accounts for the 52
weeks ended 30 January 2016 have been delivered to the Registrar of Companies,
and those for the 52 weeks to 28 January 2017 will be delivered in due course.
The auditor has reported on those accounts; their reports were (i)
unqualified, (ii) did not include a reference to any matters to which the
auditors drew attention by way of emphasis without qualifying their report and
(iii) did not contain a statement under section 498 (2) or (3) of the
Companies Act 2006.
Copies of full accounts will be sent to shareholders in due course. Additional
copies will be available from JD Sports Fashion Plc, Hollinsbrook Way,
Pilsworth, Bury, Lancashire, BL9 8RR or online at www.jdplc.com.
Glossary (terms are listed in alphabetical order)
Not all of the figures and ratios used are readily available from the
unaudited preliminary results included in the announcement. The Directors
believe that these non-GAAP measures are both useful and necessary to better
understand the Group's results. Where required, a reconciliation to the
statutory amounts is set out below.
Adjusted earnings per share
The calculation of basic and diluted earnings per share is detailed in Note 3.
Adjusted basic and diluted earnings per ordinary share have been based on the
profit for the period attributable to equity holders of the parent for each
financial period but excluding the post-tax effect of certain exceptional
items. A reconciliation between basic earnings per share and adjusted earnings
per share is shown below:
2017 2016(restated)
Basic earnings per share 18.38p 10.03p
Exceptional items excluding loss on disposal of non-current assets 0.66p 2.62p
Tax relating to exceptional items - (0.38)p
Adjusted earnings per share 19.04p 12.27p
Core
The Group's core Sports Fashion fascia is JD and the Group's core market is
the UK and Republic of Ireland.
LFL (Like for Like) sales
The percentage change in the year-on-year sales, removing the impact of new
store openings and closures in the current or previous financial year.
Operating profit before exceptional items
A reconciliation between operating profit and exceptional items can be found
in the Consolidated Income Statement.
Profit before tax and exceptional items
A reconciliation between profit before tax and profit before tax and
exceptional items is as follows:
2017 2016
£000 £000
Profit before tax 238,368 131,631
Exceptional items 6,419 25,496
Profit before tax and exceptional items 244,787 157,127
This information is provided by RNS
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