Financial Highlights

  • Group sales from continuing operations up 9% to £3.4 billion (2003/04 restated: £3.1 billion). UK sales up 7% and International up 14%. Including discontinued, non-retail operations, turnover up 8%
  • Group like for like sales up 5%; UK like for like sales up 6% and International like for like up 1%
  • Underlying operating profit up 2% to £112.3 million (2003/04 restated: £110.4 million)
  • Underlying profit before tax up 15% to £127.5 million (2003/04 restated: £111.3 million)
  • Profit before tax up 23% to £136.5 million (2003/04 restated: £111.3 million)
  • Strong cash flow with closing available net funds of £144.8 million (2003/04: net borrowings of £246.1 million)
  • Adjusted diluted earnings per share up 12% to 4.6 pence (2003/04 restated: 4.1 pence). Basic earnings per share up 30% to 5.2 pence (2003/04 restated: 4.0 pence)
  • Interim dividend up 10% to 1.83 pence per share (2003/04: 1.66 pence per share)
  • Purchased £43 million of shares under previously announced £200 million share buy back programme
  • Acquired controlling stake in leading electrical Greek retailer, P. Kotsovolos S.A. and acquired the UK operations of Micro Warehouse
  • Over 2,000 jobs will be created across the Group over next 12 months

Notes

(1) Like for like sales are calculated based on stores that have been open for a full financial year both at the commencement and end of the financial period.

(2) Throughout this statement, references are made to 'underlying' and 'adjusted' performance measures. Underlying earnings are stated before discontinued operations, goodwill amortisation and exceptional items. The financial effect of these items is shown in separate columns in the profit and loss account on page 12 and the notes thereto, which provide a reconciliation between underlying and statutory amounts. Adjusted diluted earnings per share are based on underlying profits and can be reconciled to the statutory equivalent in note 7 to the financial information.

(3) 2003/04 Interim figures have been restated to reflect the 2003/04 full year implementation of Application Note G to FRS 5 and the adoption of UITF 38.

(4) Available net funds exclude amounts held under trust to fund extended warranty and service contract liabilities.