Interim Results -6-
29 März 2012 - 8:01AM
UK Regulatory
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7 Taxation
The tax charge is based on the expected effective tax rate of
25% for the 52 weeks to 29 July 2012 (30 January 2011: 28%).
8 Earnings/(loss) per share
The basic earnings per share is calculated by dividing the
(loss)/profit after taxation by the weighted average number of
shares in issue during the period. For diluted earnings per share
the weighted average number of ordinary shares is increased to
assume conversion of all dilutive potential ordinary shares. The
adjusted basic earnings per share shown below is calculated after
excluding the adjustments detailed below.
The weighted number of shares of 206,925,115 is the same for all
three periods. The number of dilutive shares applicable in the 52
weeks to 31 July 2011 was nil.
26 weeks to 26 weeks to 52 weeks to
30 January
29 January 2012 2011 31 July 2011
Earnings Per share Earnings Per share Earnings Per share
GBP'000s pence GBP'000s pence GBP'000s pence
(Loss)/profit from
continuing operations (3,508) (1.70) 8,447 4.08 (12,090) (5.84)
Loss from discontinued
operations - - (3,643) (1.76) (2,943) -
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Basic (loss)/profit
per share (3,508) (1.70) 4,804 2.32 (15,033) (7.26)
Effect of dilutive
warrants issued - - - - - -
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Diluted (loss)/profit
per share (3,508) (1.70) 4,804 2.32 (15,033) (7.26)
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26 weeks to 26 weeks to 52 weeks to
30 January
29 January 2012 2011 31 July 2011
Earnings Per share Earnings Per share Earnings Per share
GBP'000s pence GBP'000s pence GBP'000s pence
Basic (loss)/profit
per share (3,508) (1.70) 4,804 2.32 (15,033) (7.26)
Net impairment to
property, plant
and equipment - - - - 5,686 2.74
Onerous lease adjustment 407 0.20 - - 4,644 2.24
Loss from discontinued
operations before
tax - - 3,643 1.76 3,329 1.61
Restructuring costs 1,218 0.59 - - - -
Change in fair value
of financial instruments (218) (0.11) (266) (0.13) (356) (0.17)
Loss on sale of
property, plant
and equipment 898 0.43 1,345 0.65 985 0.48
Related taxation
effect 576 0.28 (1,322) (0.64) (3,905) (1.89)
Basic adjusted (loss)/profit
from continuing
operations (627) (0.31) 8,204 3.96 (4,650) (2.25)
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Goodwill, intangible assets and property,
9 plant and equipment
Property,
Intangible plant
Goodwill assets and equipment
GBP'000 GBP'000 GBP'000
Opening net book value at 1 August
2010 17,326 1,750 58,162
Additions - - 2,815
Disposals - - (959)
Depreciation and amortisation - - (4,084)
Net impairment - - (491)
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Closing net book value at 30 January
2011 17,326 1,750 55,443
Additions - - 3,797
Disposals - - (565)
Depreciation and amortisation - - (4,296)
Discontinued operations - - 36
Net impairment - - (5,686)
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Closing net book value at 31 July
2011 17,326 1,750 48,729
Additions - - 3,448
Disposals - - (737)
Depreciation and amortisation - - (3,437)
Discontinued operations - - -
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Closing net book value at 29 January
2012 17,326 1,750 48,003
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The goodwill relates to the acquisition of GSG Holdings Limited
in 1998.
10 Trade and other receivables
As at As at As at
29 January 30 January 31 July
2012 2011 2011
GBP'000 GBP'000 GBP'000
Other receivables 1,156 782 1,780
Prepayments 14,860 19,488 17,137
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16,016 20,270 18,917
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Movement on the provision for impairment
of trade and other receivables are
as follows:
Beginning of financial period 7 4 4
Provision for receivables impairment - - 3
Amounts utilised - - -
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End of financial period 7 4 7
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11 Trade and other payables
As at As at As at
29 January 30 January 31 July
2012 2011 2011
GBP'000 GBP'000 GBP'000
Trade payables 64,267 44,693 31,793
Other taxation and social security 10,689 9,801 3,710
Other payables 11,334 7,496 9,397
Deferred income 1,593 1,759 1,632
Other accruals 8,188 9,664 8,926
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96,071 73,413 55,458
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12 Provisions
Onerous Employee
leases benefits Total
GBP'000 GBP'000 GBP'000
Group
At 1 August 2010 2,415 133 2,548
Utilised in the period (306) - (306)
Charged in the period 1,849 - 1,849
Unwinding of discount 5 - 5
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At 30 January 2011 3,963 133 4,096
Utilised in the period (305) (83) (388)
Charged in the period 4,206 74 4,280
Unwinding of discount 5 - 5
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At 31 July 2011 7,869 124 7,993
Utilised in the period (300) - (300)
Charged in the period 407 - 407
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