Financial history

Group Income Statement

Profit after tax from continuing operations

£m	31 August 2012	31 August 2011	31 August 2010	31 August 2009	31 August 2008
Continuing operations
Revenue	1,243	1,273	1,312	1,340	1,352
Group operating profit	102	93	89	83	74
Net finance (charges) / income	-	-	-	(1)	2
Profit before tax	102	93	89	82	76
Income tax expense	(18)	(20)	(20)	(18)	(17)
Profit after tax from continuing operations	84	73	69	64	59
Loss from discontinued operations	-	-	-	(1)	-
Profit for the period	84	73	69	63	59

Earnings per share
– Basic - continuing operations	64.6p	52.1p	47.6p	42.7p	36.4p
– Diluted - continuing operations	62.7p	51.4p	45.7p	41.3p	35.3p
– Basic	64.6p	52.1p	47.6p	42.0p	36.4p
– Diluted	62.7p	51.4p	45.7p	40.6p	35.3p
*Tax rate – continuing operations**	18%	21%	23%	22%	23%

* before exceptional items

£m	31 August 2012	31 August 2011	31 August 2010	31 August 2009	31 August 2008
Continuing operations:
Travel	63	57	53	48	41
High Street	54	52	51	49	47
Profit from trading operations	117	109	104	97	88
Unallocated costs	(15)	(16)	(15)	(14)	(14)
Group operating profit	102	93	89	83	74

£m	31 August 2012	31 August 2011	31 August 2010	31 August 2009	31 August 2008
Non-current assets
Goodwill and other intangible assets	54	56	56	56	55
Property, plant and equipment	155	151	158	163	177
Deferred tax assets	8	7	10	9	11
Trade and other receivables	4	4	4	4	4
Total non-current assets	221	218	228	232	247
Current assets	246	259	285	262	241
Total assets	467	477	513	494	488
Current liabilities	(295)	(294)	(300)	(281)	(303)
Non-current liabilities
Retirement benefit obligation	(1)	-	(1)	(2)	-
Other non-current liabilities	(22)	(27)	(26)	(23)	(24)
Total liabilities	(318)	(321)	(327)	(306)	(327)
Total net assets	149	156	186	188	161

		12 months to
£m	31 August 2012	31 August 2011	31 August 2010	31 August 2009	31 August 2008
Cash flow from operating activities
Generated from operating activities	132	128	124	130	111
Taxation (paid) / received	(17)	(10)	(20)	(17)	(7)
Cash flow from operating activities	115	118	104	113	104
Investing activities
Interest received	-	-	1	1	4
Acquisitions and disposals of subsidiaries	-	(1)	-	-	(24)
Disposal of property, plant and equipment	6	5	-	-	3
Capital expenditure	(43)	(41)	(29)	(28)	(39)
Net cash from investing activities	(37)	(37)	(28)	(27)	(56)
Financing activities
Interest paid	-	-	-	(1)	(1)
Dividend paid	(31)	(29)	(26)	(23)	(78)
Net purchase of own shares for employee share schemes	(2)	(12)	(4)	(8)	(9)
Repurchase of own shares	(50)	(55)	(35)	-	(33)
(Decrease) / increase in debt	-	-	(2)	(29)	13
Net cash used in financing activities	(83)	(96)	(67)	(61)	(108)

Net increase / (decrease) in cash and cash equivalents – continuing operations	(5)	(15)	(9)	25	(60)
Net increase / (decrease) in cash and cash equivalents	(5)	(15)	(9)	25	(60)

		12 months to
£m	31 August 2012	31 August 2011	31 August 2010	31 August 2009	31 August 2008
Operating profit	102	93	89	83	74
Share-based payments	7	8	7	6	6
Depreciation, amortisation and other amounts written off fixed assets	39	38	39	41	42
Movement in working capital	-	3	3	11	2
Net interest receivable / (payable)¹	-	-	1	-	2
Capital expenditure	(43)	(41)	(29)	(28)	(39)
Sale and leaseback and disposal of fixed asset proceeds	6	5	-	-	3
Net tax paid	(17)	(10)	(20)	(17)	(6)
Provisions	(3)	-	(1)	(1)	(3)
Free cash flow (before dividends and investment activity)	91	96	89	95	81
Dividends	(31)	(29)	(26)	(23)	(78)
Pension funding	(13)	(14)	(13)	(10)	(10)
Premium on issue of shares	1	1	1	-	-
Acquisitions	-	(1)	-	-	(24)
Net purchase of own shares for employee share schemes	(3)	(13)	(5)	(8)	(9)
Repurchase of own shares	(50)	(55)	(35)	-	(33)
Net funds movement	(5)	(15)	11	54	(73)
Opening net (debt) / funds	41	56	45	(9)	64
Closing net funds / (debt)	36	41	56	45	(9)

1 2008 figures exclude £1m of interest received on prior period tax overpayments.