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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

Segmental Analysis of Group Revenue

£m 31 August
2012
31 August
2011
31 August
2010
31 August
2009
31 August
2008
Travel 462 455 452 448 413
High Street 781 818 860 892 939
Group revenue 1,243 1,273 1,312 1,340 1,352

Segmental Analysis of Group Operating Profit

£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

Group Balance Sheet

£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

Group Cash Flow Statement

     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)

Analysis of net funds movement

    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.