28th May 2009 07:00
28 May 2009
Booker Group plc
Preliminary Results of Booker Group plc
for the 52 weeks ended 27 March 2009
This announcement contains the preliminary results of Booker Group plc ('Booker') for the 52 weeks ended 27 March 2009.
Commenting on the results, Charles Wilson, Chief Executive of Booker, said,
"Customer satisfaction has improved, our sales have increased, operating profits are up 25% and our net debt is down 47%. Our plan to focus, drive and broaden the business is working and we are satisfied with the progress we have made.
The economy is expected to remain difficult in the year ahead and the food wholesale market remains very competitive. We expect to continue to make progress in this challenging environment."
For further information contact:
Tulchan Communications (PR Adviser to Booker Group plc)
020 7353 4200
Susanna Voyle
Lucy Legh
Investec Bank plc (Nominated Adviser to Booker Group plc)
020 7597 5970
Keith Anderson
A presentation for analysts will be held at 08.30am on Thursday 28 May 2009 at Investec's offices. For further details please call Lucy Legh at Tulchan Communications on 0207 353 4200.
CHAIRMAN'S STATEMENT
Market conditions have been challenging due to the cooling in the economy and the smoking ban in public places. Despite these issues, Booker Group plc has performed well. Sales are up 3.3% in the year, operating profit is up 25% and net debt was cut by 47%. Customer satisfaction has improved and the financial performance has been sound across the period.
The drive into the catering market is working with like-for-like sales to caterers and other non retailers up by 7.0% and sales to retailers up by 1.0%. Despite product cost inflation in some sectors, our prices have remained competitive and stock availability has been good.
The plans to 'broaden' the business are going well. By May 2009 we had converted 71 of our 173 branches to the 'Extra' format. The Extra format offers a wider range and delivers a better customer experience.
Booker Direct, our delivered wholesale business is growing well. We have had some major customer wins including the HM Prisons in England and Wales.
Our internet business is growing strongly with sales of £250m compared to £109m in the previous year.
In addition we announced in April that we intend to open our first cash & carry branch in Mumbai, India later this year.
I am pleased that Karen Jones joined the Board as an independent Non-Executive Director in March 2009. Her background, including having been the chief executive of Spirit Group, the pub and restaurant business, means she brings extensive catering experience to the Board. I am also pleased that Richard Farr joined the Board as an independent Non-Executive Director on 27 May 2009. He has a great deal of financial and business knowledge and will make a good contribution to the Board. Bryan Drew, Commercial Director and Bryn Satherley, Operations Director joined the Board in November 2008. Both are making a major contribution to Booker.
Kevin Lyon, Non-Executive Director, stepped down from the Board on 27 May 2009. Kevin has made a great contribution to Booker as a private then AIM listed company. After four years on the Board he has decided to pursue other opportunities. We wish him well and thank him for the support he has given to the company.
I should like to thank all our staff for their contribution to the success of the Group in the year just ended.
Basic earnings per share at 2.63 pence is up from 2.04 pence last year. Given the strong operational performance of the business, the Board recommends the payment of a 0.67 pence per share final dividend (payable on 10 July 2009). This is in addition to the interim dividend of 0.2 pence per share, that was paid on 28 November 2008.
Outlook
The economy is expected to remain difficult in the year ahead and the food wholesale market remains very competitive. We expect to continue to make progress in this challenging environment.
Subsequent to the year end Booker continues to trade in line with management expectations.
Move to the Main Market
We have separately confirmed our intention to move trading in the Company's shares from the AIM market to the Official List.
Annual General Meeting
Our Annual General Meeting will be held on 8 July 2009.
Richard Rose
Chairman CHIef Executive's Report
Booker continues to make good progress. Back in Autumn 2005, Booker was in a poor place with net debt of £361m, sales dropping at a rate of 6% per annum, a slump in profits and supplier and customer confidence in the business was very low. In November 2005 the senior management team was changed and we outlined our plan to focus, drive, and broaden the business. That plan is working. Customer satisfaction is improving due to our better choice, lower prices and enhanced service. At March 2009 net debt was £25m and, on prior year, sales were up 3.3% and operating profit was up 25%. While we are happy with the progress we have made, we still have a lot to do to fulfil our ambition of becoming the UK's best and biggest supplier to small business.
FOCUS
(commenced November 2005)
Although most of our 'focus' activity was completed between November 2005 and March 2006, we continue to improve business efficiency and cash management. Throughout the business we are seeking to 'stop, simplify and standardise' work so that we enhance customer service whilst improving efficiency.
DRIVE
(commenced April 2006)
We survey more than 40,000 customers each year to see how each branch and product category is performing. The key question is; "Would you recommend Booker to a friend?" In January 2007, 78.2% of customers said they would. In January 2008 the score was 79.3% and in January 2009 it improved again to 83.9%. This reflects our efforts to improve choice, price and service.
Choice Up
Profit before tax is up £11.0m at £47.2m (2008: £36.2m), an increase of 30%.
The effective tax rate (being the tax charge as a percentage of profit before taxation) for the Group of 16.9% was below the standard rate of corporation tax in the UK, due principally to the utilisation of tax assets not recognised in prior years.
Profit after tax was £39.2m, an increase of £9.4m compared to 2008.
Basic earnings per share rose to 2.63p up 29% from 2.04p in 2008.
The Board is recommending a final dividend of 0.67 pence per share (2008: 0.5375 pence per share) payable (subject to shareholder approval at the AGM, to be held on 8 July 2009) on 10 July 2009 to shareholders on the register at 12 June 2009. The shares will go ex-dividend on 10 June 2009.
The final dividend lifts the total dividend per share for the year to 0.87 pence, up 62% on 2008 (2008: 0.5375 pence).
Cash Flow
Management has continued to focus on cash generation resulting in a net debt improvement of £22.3m to £24.9m. Earnings before interest, tax, depreciation and amortisation (EBITDA) of £72.5m, up from £62.3m in the prior year, allowed an increase in capital expenditure to £13.9m (2008: £11.0m) and the payment of £11.0m of dividends (2008: £nil).
Pensions
The Booker Pension Scheme is a defined benefit scheme that was closed to new members in October 2001, and was closed to future accruals for existing members in August 2002. At 27 March 2009, the Scheme had an IAS 19 deficit of £2.0m (2008: surplus of £9.8m).
The movement in the pension fund position is the result of reduced asset values offset by higher discount rates, lower expected inflation and a Group contribution in the year of £11m, of which approximately £1m is in relation to the costs of administering the Scheme. The reduction in market value of Scheme assets at 27 March 2009 was limited due to the weighting of the portfolio away from equities in favour of corporate bonds.
Goodwill
The net book value of goodwill in the balance sheet is £423.9m (2008: £423.9m). The goodwill carrying value is more than supported by expected future cash flows discounted back to present day values at a pre-tax discount rate of 13.5%.
Capital Structure
The Group finances its operations through a combination of bank borrowings, leases and retained profits and its capital base is structured to meet the ongoing requirements of the business. As at 27 March 2009, the Group had net debt of £24.9m (2008: £47.2m).
Included within net debt are £0.2m of finance leases (2008: £1.1m) relating mainly to Information Technology equipment.
Borrowing Facilities
The Group had, at 28 March 2008, an £89.8m bank loan which was due to be repaid in total in March 2011 and a £161.0m revolving credit facility available until March 2010. The facilities were provided by HBoS plc ('HBoS') and Kaupthing Bank hf ('Kaupthing').
On 1 August 2008 the Group reduced the bank loan by £15m to £74.8m in accordance with its requirement to repay half of cash generated in the prior year. The £74.8m bank loan was provided £48.5m by HBoS and £26.3m by Kaupthing.
On 22 December 2008, the Group purchased the bank loan due to Kaupthing for £21.5m, a discount of £4.8m and cancelled the remainder of its Kaupthing revolving credit facility. At the same time the entire Kaupthing facility was replaced with a matched facility from Barclays Plc ('Barclays') restoring the bank loan to £74.8m and the revolving credit facility to £161.0m. £24.8m of the bank loan was immediately repaid to HBoS and Barclays proportionately out of the revolving credit facility and the revolving credit facility was reduced by £15m. The revised facilities of £50.0m bank loan and £146.0m revolving credit facility were then extended to June 2012.
The discount of £4.8m realised on settlement of the Kaupthing bank loan has been credited to the income statement as part of finance income and the remaining £0.9m of unamortised arrangement fees held in the balance sheet in relation to the Kaupthing facilities at 22 December 2008 has been fully written off. On the basis that the terms of the HBoS element of the facility have not been substantially modified, the unamortised fees of £1.6m at 22 December 2008 relating to the HBoS element of the original facility have been rolled forward and will be amortised over the extended facility.
Arrangement fees of £3.7m charged by HBoS and Barclays in aggregate have been capitalised and, together with rolled forward HBoS fees of £1.6m, will be amortised over the period to 30 June 2012.
The Group's borrowings are subject to covenants set by the lenders using financial results prepared under UK GAAP.
The financial covenants are Interest Cover, measured by the ratio of earnings before interest, tax, depreciation and amortisation ('EBITDA') to interest (tested quarterly), and Cash Cover, measured by the ratio of cash inflow to interest (tested half yearly).
The Group complied with its covenants throughout the year. At 27 March 2009, under UK GAAP the Group achieved Interest Cover of 11.8 and Cash Cover of 4.2 comfortably exceeding its covenant obligations. The Group must have also not required its revolving credit facility for a total of ten working days within the financial year, a target that was also exceeded.
In addition to these financial covenants the Group's borrowing agreements include general covenants and potential events of default. The Group has complied in all respects with the terms of its borrowing agreements at the date of this report.
Interest Rates
The Group's hedging policy is to maintain the profile of borrowings within a collar of interest rates.
The Group currently has an amortising LIBOR interest rate swap at 4.98% for £130m, arranged in 2005, expiring in March 2011. In addition there are two option caps and a floor, also at £130m, which effectively set a collar between 4.25% and 5.68%. Should LIBOR fall below 4.25% the floor rises to 5.21%. The Group also has a £130m option at 4.98% exercisable at the discretion of HBoS in March 2011 for two years. The £130m hedges are divided into 13 tranches of £10m.
At 27 March 2009, the market value of these instruments was an aggregate net liability of £11.6m to the Group (2008: aggregate net liability of £2.0m).
Due to the lower level of debt now carried by the Group £50m of the hedge has been deemed to be ineffective under IAS39. Consequently that proportion of the movement in value, equivalent to £5.1m, has been charged to interest.
Liquidity
At 27 March 2009, £20.4m was held in cash and cash equivalents. The Group's only bank borrowings related to its £50.0m term loan.
At 27 March 2009, the Group had in issue £31.2m of guarantees (2008: £31.5m) leaving undrawn facilities of £114.8m.
The peak level of drawdown on the revolving credit facility on a cleared basis in the year to 27 March 2009, which occurred after the refinancing on 22 December 2008, was £72.5m giving a minimum facility headroom in the year of £40.5m after taking into account the guarantees referred to above.
Risk Management
The Board is continually reviewing the risks to people, profits, reputation and funding that the business faces. The year ended March 2009 was a turbulent year. The economy was challenging with the 'credit crisis' and there was commodity price uncertainty. Despite these and other challenges the risk management controls operated well.
Jonathan Prentis
Group Finance Director
Consolidated Income Statement
For the 52 weeks ended 27 March 2009
|
Note |
52 weeks ended 27 March 2009 |
52 weeks ended 28 March 2008 |
|
|
£m |
£m |
||
|
Revenue |
3,179.2 |
3,078.2 |
|
|
Cost of sales |
(3,077.0) |
(2,987.1) |
|
|
---------- |
---------- |
||
|
Gross profit |
102.2 |
91.1 |
|
|
Administrative expenses |
(44.4) |
(45.0) |
|
|
---------- |
---------- |
||
|
Operating profit |
57.8 |
46.1 |
|
|
Finance income |
4 |
7.3 |
3.8 |
|
Finance expenses |
4 |
(17.9) |
(13.7) |
|
---------- |
---------- |
||
|
Net financing costs |
4 |
(10.6) |
(9.9) |
|
Profit before tax |
47.2 |
36.2 |
|
|
Tax |
5 |
(8.0) |
(6.4) |
|
---------- |
---------- |
||
|
Profit for the period attributable to equity holders of the company |
39.2 |
29.8 |
|
|
====== |
====== |
||
|
Earnings per share (Pence) |
|||
|
Basic |
6 |
2.63p |
2.04p |
|
====== |
====== |
||
|
Diluted |
6 |
2.63p |
2.03p |
|
====== |
====== |
Consolidated Statement of Recognised Income and Expense
For the 52 weeks ended 27 March 2009
|
52 weeks ended 27 March 2009 £m |
52 weeks ended 28 March 2008 £m |
|
|
Actuarial (loss)/gain on defined benefit plans |
(24.9) |
23.8 |
|
Tax recognised on income and expenses recognised directly in equity |
8.3 |
(6.6) |
|
Effective portion of changes in the fair value of interest rate hedge |
(4.5) |
(2.9) |
|
---------- |
---------- |
|
|
Net (expense)/income recognised directly in equity |
(21.1) |
14.3 |
|
Profit for the period |
39.2 |
29.8 |
|
---------- |
---------- |
|
|
Total recognised income and expense for the period |
18.1 |
44.1 |
|
====== |
====== |
Consolidated Balance Sheet
As at 27 March 2009
|
27 March 2009 |
28 March 2008 |
||
|
Note |
£m |
£m |
|
|
ASSETS |
|||
|
Non-current assets |
|||
|
Property, plant and equipment |
58.2 |
60.2 |
|
|
Intangible assets |
423.9 |
423.9 |
|
|
Retirement benefit assets |
8 |
- |
9.8 |
|
Deferred tax asset |
12.3 |
5.6 |
|
|
---------- |
---------- |
||
|
494.4 |
499.5 |
||
|
Current assets |
|||
|
Inventories |
196.8 |
184.7 |
|
|
Trade and other receivables |
63.6 |
54.3 |
|
|
Cash and cash equivalents |
20.4 |
41.0 |
|
|
---------- |
---------- |
||
|
280.8 |
280.0 |
||
|
---------- |
---------- |
||
|
Total assets |
775.2 |
779.5 |
|
|
---------- |
---------- |
||
|
LIABILITIES |
|||
|
Current liabilities |
|||
|
Interest bearing loans and borrowings |
(0.2) |
(0.3) |
|
|
Trade and other payables |
(364.8) |
(347.9) |
|
|
Current tax |
(20.5) |
(16.5) |
|
|
Other financial liabilities |
(11.6) |
(2.0) |
|
|
---------- |
---------- |
||
|
(397.1) |
(366.7) |
||
|
Non-current liabilities |
|||
|
Interest bearing loans and borrowings |
(45.1) |
(87.9) |
|
|
Other payables |
(28.2) |
(27.9) |
|
|
Retirement benefit liabilities |
8 |
(2.0) |
- |
|
Provisions |
(39.7) |
(42.4) |
|
|
---------- |
---------- |
||
|
(115.0) |
(158.2) |
||
|
---------- |
---------- |
||
|
Total liabilities |
(512.1) |
(524.9) |
|
|
---------- |
---------- |
||
|
Net assets |
263.1 |
254.6 |
|
|
====== |
====== |
||
|
EQUITY |
|||
|
Share capital |
9 |
14.9 |
14.9 |
|
Share premium account |
9 |
30.8 |
30.8 |
|
Merger reserve |
9 |
260.8 |
260.8 |
|
Share option reserve |
9 |
1.6 |
0.2 |
|
Hedge reserve |
9 |
(4.0) |
(1.6) |
|
Retained earnings |
9 |
(41.0) |
(50.5) |
|
---------- |
---------- |
||
|
Total equity attributable to equity holders |
263.1 |
254.6 |
|
|
====== |
====== |
Consolidated Cash Flow Statement
For the 52 weeks ended 27 March 2009
|
52 weeks ended 27 March 2009 £m |
52 weeks ended 28 March 2008 £m |
||
|
Cash flows from operating activities |
|||
|
Profit before tax |
47.2 |
36.2 |
|
|
Depreciation |
14.7 |
16.2 |
|
|
Finance income |
(7.3) |
(3.8) |
|
|
Finance expenses |
17.9 |
13.7 |
|
|
Profit on disposal of property, plant and equipment |
(0.2) |
- |
|
|
Equity settled share based payments |
1.4 |
- |
|
|
Increase in inventories |
(12.1) |
(4.4) |
|
|
(Increase)/decrease in debtors |
(9.3) |
15.2 |
|
|
Increase in creditors |
18.7 |
1.1 |
|
|
Decrease in provisions |
(5.4) |
(2.7) |
|
|
Contributions to pension scheme |
(11.0) |
(9.7) |
|
|
---------- |
---------- |
||
|
Net cash flow from operating activities |
54.6 |
61.8 |
|
|
Interest paid |
(8.7) |
(9.2) |
|
|
Tax paid |
(2.4) |
- |
|
|
---------- |
---------- |
||
|
Cash generated from operating activities |
43.5 |
52.6 |
|
|
---------- |
---------- |
||
|
Cash flows from investing activities |
|||
|
Acquisition of property, plant and equipment |
(13.9) |
(11.0) |
|
|
Sale of property, plant and equipment |
1.4 |
0.4 |
|
|
Acquisition of subsidiary |
- |
(11.0) |
|
|
Interest received |
0.4 |
- |
|
|
---------- |
---------- |
||
|
Net cash outflow from investing activities |
(12.1) |
(21.6) |
|
|
---------- |
---------- |
||
|
Cash flows from financing activities |
|||
|
Payment of finance lease liabilities |
(0.9) |
(0.6) |
|
|
Repayment of borrowings |
(36.1) |
(0.4) |
|
|
Facility arrangement fees |
(4.0) |
- |
|
|
Dividends |
(11.0) |
- |
|
|
---------- |
---------- |
||
|
Net cash outflow from financing activities |
(52.0) |
(1.0) |
|
|
---------- |
---------- |
||
|
Net (decrease) /increase in cash and cash equivalents |
(20.6) |
30.0 |
|
|
Cash and cash equivalents at the start of the period |
41.0 |
11.0 |
|
|
---------- |
---------- |
||
|
Cash and cash equivalents at the end of the period |
20.4 |
41.0 |
|
|
====== |
====== |
||
|
Cash and cash equivalents consist of: |
|||
|
Cash and cash equivalents |
20.4 |
41.0 |
|
|
Bank overdrafts |
- |
- |
|
|
---------- |
---------- |
||
|
20.4 |
41.0 |
||
|
====== |
====== |
Notes to the Group Financial Statements
|
1. Status of financial information |
The financial information set out above is derived from the full Group financial statements for the 52 weeks ended 27 March 2009 and does not constitute statutory accounts within the meaning of section 240 of the Companies Act 1985 (the Act').
The accounts for the period ended 27 March 2009 have been prepared in accordance with International Financial Reporting Standards as adopted by the EU ('adopted IFRS'). The company's auditors, KPMG Audit Plc, have given an unqualified report on these accounts and do not include a statement made under section 237(2) or (3) of the Act . They will be delivered to the Registrar of Companies in due course and made available to shareholders in June 2009.
|
2. Basis of preparation |
On 4 June 2007 the Company, then named Blueheath Holdings plc, became the legal parent company of Giant Topco Limited in a share-for-share transaction. Due to the relative values of the companies, the former Giant Topco Limited shareholders became the majority shareholders with 90.36% of the enlarged share capital. As part of the business combination Blueheath Holdings plc changed its name to Booker Group plc and changed its accounting reference date to March. Following the transaction the Company's continuing operations and executive management were predominantly those of Giant Topco Limited.
IFRS3 'Business Combinations' defines the acquirer in a business combination as the entity that obtains control. Accordingly, the combination was accounted as a reverse acquisition i.e. as if Giant Topco Limited had acquired Blueheath Holdings plc in return for consideration equal to the shares issued.
As a consequence of applying reverse acquisition accounting, the results of the Group at 28 March 2008 comprise the results of Giant Topco Limited for the 52 weeks ended 28 March 2008 and those of Blueheath Holdings plc from 4 June 2007.
The group financial statements consolidate those of the Company and its subsidiaries (together referred to as the 'Group').
The financial statements for the 52 weeks ended 28 March 2008 disclosed on the face of the consolidated income statement a separate line items showing the IAS17 non cash adjustment included in cost of sales of £1.4m. This year the non cash element of IAS17 has not been separately disclosed as the Directors believe the presentation now adopted gives a more appropriate analysis of the results. The comparatives have been amended although there is no impact on total reported cost of sales or gross profit for the comparative period.
|
3. Segmental reporting
The Group has one business segment being wholesaling and associated activities. The Group operates in one geographical segment, the United Kingdom. |
|
4. Finance income and expense |
2009 £m |
2008 £m |
|
|
|
|
|
Expected return on pension scheme assets |
(32.3) |
(35.8) |
|
Interest on pension liabilities |
31.5 |
32.2 |
|
Transfer from legacy pension scheme |
(1.3) |
- |
|
|
---------- |
---------- |
|
|
(2.1) |
(3.6) |
|
Interest receivable and similar income |
(0.4) |
- |
|
Net gain on re-measurement of interest rate swap to fair value |
- |
(0.2) |
|
Discount on debt buyback |
(4.8) |
- |
|
|
---------- |
---------- |
|
Finance income |
(7.3) |
(3.8) |
|
|
---------- |
---------- |
|
|
|
|
|
Interest on bank loans and overdrafts |
7.2 |
9.4 |
|
Net loss on re-measurement of interest rate swap to fair value |
5.1 |
- |
|
Other interest payable |
- |
0.1 |
|
Unwinding of discount on provisions |
2.7 |
2.5 |
|
Amortisation of financing costs |
2.9 |
1.7 |
|
|
---------- |
---------- |
|
Finance expense |
17.9 |
13.7 |
|
|
---------- |
---------- |
|
|
|
|
|
Net financing costs |
10.6 |
9.9 |
|
|
====== |
====== |
|
5. Tax
Tax on the profit for the period results in an effective rate of 16.9% (2008: 17.7%). |
6. Earnings per share
Basic earnings per share are calculated by dividing the profit after tax by the weighted average number of ordinary shares outstanding during the period.
Diluted earnings per share is based on the weighted average number of ordinary shares in issue adjusted by dilutive outstanding share options and dilutive shares issuable under the Group share plans.
|
2009 |
2008 |
|||||
|
|
Earnings |
Weighted average shares |
Earnings per share |
Earnings |
Weighted average shares |
Earnings per share |
|
|
£m |
Number m |
Pence |
£m |
Number m |
Pence |
|
|
|
|
|
|
|
|
|
Basic EPS |
39.2 |
1,488.4 |
2.63 |
29.8 |
1,462.8 |
2.04 |
|
Share options |
- |
4.2 |
- |
- |
4.7 |
(0.01) |
|
|
---------- |
---------- |
---------- |
---------- |
---------- |
---------- |
|
Diluted EPS |
39.2 |
1,492.6 |
2.63 |
29.8 |
1,467.5 |
2.03 |
|
|
====== |
====== |
====== |
====== |
====== |
====== |
|
7. Analysis of net debt
|
At 28 March 2008 £m |
Cash flow
£m |
Non cash items £m |
At 27 March 2009 £m |
|
|
|
|
|
|
|
Cash and cash equivalents |
41.0 |
(20.6) |
- |
20.4 |
|
|
|
|
|
|
|
Loan notes |
(1.1) |
1.1 |
- |
- |
|
Finance leases |
(1.1) |
0.9 |
- |
(0.2) |
|
Bank loans |
(89.8) |
35.0 |
4.8 |
(50.0) |
|
Unamortised arrangement fees |
3.8 |
4.0 |
(2.9) |
4.9 |
|
|
---------- |
---------- |
---------- |
---------- |
|
|
(88.2) |
41.0 |
1.9 |
(45.3) |
|
|
|
|
|
|
|
|
---------- |
---------- |
---------- |
---------- |
|
Net debt |
(47.2) |
20.4 |
1.9 |
(24.9) |
|
|
====== |
====== |
====== |
====== |
|
8. Retirement benefit (liabilities)/assets |
||
|
|
2009 |
2008 |
|
|
£m |
£m |
|
Total fair value of scheme assets |
437.8 |
516.8 |
|
Present value of scheme liabilities |
(439.8) |
(507.0) |
|
|
-------- |
---------- |
|
(Deficit)/surplus in the scheme |
(2.0) |
9.8 |
|
|
====== |
====== |
9. Reconciliation of movement in capital and reserves
|
|
Share capital |
Share premium |
Merger reserve |
Share option reserve |
Hedge reserve |
Retained earnings |
Total |
|
|
£m |
£m |
£m |
£m |
£m |
£m |
£m |
|
|
|
|
|
|
|
|
|
|
Balance at 30 March 2007 |
275.9 |
16.7 |
- |
- |
- |
(96.2) |
196.4 |
|
|
|
|
|
|
|
|
|
|
Reverse acquisition capital adjustment |
(261.0) |
14.1 |
260.8 |
0.2 |
- |
- |
14.1 |
|
Total recognised income and expense |
- |
- |
- |
- |
(2.4) |
46.5 |
44.1 |
|
Reserves reclassification |
- |
- |
- |
- |
0.8 |
(0.8) |
- |
|
|
---------- |
---------- |
---------- |
---------- |
---------- |
---------- |
---------- |
|
Balance at 28 March 2008 |
14.9 |
30.8 |
260.8 |
0.2 |
(1.6) |
(50.5) |
254.6 |
|
|
|
|
|
|
|
|
|
|
Total recognised income and expense |
- |
- |
- |
- |
(3.2) |
21.3 |
18.1 |
|
Share based payments |
- |
- |
- |
1.4 |
- |
- |
1.4 |
|
Dividends to shareholders |
- |
- |
- |
- |
- |
(11.0) |
(11.0) |
|
Reserves reclassification |
- |
- |
- |
- |
0.8 |
(0.8) |
- |
|
|
---------- |
---------- |
---------- |
---------- |
---------- |
---------- |
---------- |
|
Balance at 27 March 2009 |
14.9 |
30.8 |
260.8 |
1.6 |
(4.0) |
(41.0) |
263.1 |
|
|
====== |
====== |
====== |
====== |
====== |
====== |
====== |
10. Dividends
Dividends charged to reserves
|
|
2009 |
2008 |
|
|
£m |
£m |
|
|
|
|
|
Final dividend of 0.5375 pence (2008: nil ) per ordinary share paid in respect of the prior period |
8.0 |
- |
|
Interim dividend of 0.2 pence (2008: nil) per ordinary share paid in respect of the current period |
3.0 |
- |
|
|
|
|
|
|
====== |
====== |
The directors are proposing a final dividend of 0.67 pence (2008: 0.5375 pence) per share, which will absorb £10.0m of equity. Subject to shareholder approval at the AGM, to be held on 8 July 2009, the dividend will be paid on 10 July 2009 to shareholders on the register at 12 June 2009. The shares will go ex-dividend on 10 June 2009.
Related Shares:
Booker Group