Financial history

Group Income Statement

Profit after tax from continuing operations

£m	31 August 2011	31 August 2010	31 August 2009	31 August 2008	31 August 2007
Continuing operations
Revenue	1,273	1,312	1,340	1,352	1,299
Group operating profit before exceptional items	93	89	83	74	67
Exceptional operating items	-	-	-	-	10
Group operating profit	93	89	83	74	77
Net finance (charges) / income	-	-	(1)	2	(1)
Profit before tax	93	89	82	76	76
Income tax expense	(20)	(20)	(18)	(17)	(16)
	73	69	64	59	60
Loss from discontinued operations	-	-	(1)	-	-
Profit for the period	73	69	63	59	60

Underlying earnings per share
– Basic	52.1p	47.6p	42.7p	36.4p	30.3p
– Diluted	51.4p	45.7p	41.3p	35.3p	29.3p
Earnings per share
– Basic – continuing operations	52.1p	47.6p	42.7p	36.4p	34.3p
– Basic	52.1p	47.6p	42.0p	36.4p	34.3p
– Diluted	51.4p	45.7p	40.6p	35.3p	33.1p
*Tax rate – continuing operations**	21%	23%	22%	23%	20%

* before exceptional items

£m	31 August 2011	31 August 2010	31 August 2009	31 August 2008	31 August 2007
Continuing operations:
Travel	57	53	48	41	36
High Street	52	51	49	47	44
Trading profit	109	104	97	88	80
Unallocated costs	(16)	(15)	(14)	(14)	(13)
Group operating profit before exceptional items	93	89	83	74	67
Exceptional items	-	-	–	–	10
Group operating profit	93	89	83	74	77

£m	31 August 2011	31 August 2010	31 August 2009	31 August 2008	31 August 2007
Non-current assets
Goodwill and other intangible assets	56	56	56	55	35
Property, plant and equipment	151	158	163	177	176
Deferred tax assets	7	10	9	11	15
Trade and other receivables	4	4	4	4	5
Total non-current assets	218	228	232	247	231
Current assets	259	285	262	241	286
Total assets	477	513	494	488	517
Current liabilities	(294)	(300)	(281)	(303)	(261)
Non-current liabilities
Retirement benefit obligation	-	(1)	(2)	-	-
Other non-current liabilities	(27)	(26)	(23)	(24)	(29)
Total liabilities	(321)	(327)	(306)	(327)	(290)
Total net assets	156	186	188	161	227

	12 months to
£m	31 August 2011	31 August 2010	31 August 2009	31 August 2008	31 August 2007
Cash flow from operating activities
Generated from operating activities	128	124	130	111	78
Taxation (paid) / received	(10)	(20)	(17)	(7)	5
Cash flow from operating activities	118	104	113	104	83
Investing activities
Interest received	-	1	1	4	5
Acquisitions and disposals of subsidiaries	(1)	-	-	(24)	(3)
Disposal of property, plant and equipment	5	-	-	3	2
Capital expenditure	(41)	(29)	(28)	(39)	(32)
Net cash from investing activities	(37)	(28)	(27)	(56)	(28)
Financing activities
Interest paid	-	-	(1)	(1)	(2)
Dividend paid	(29)	(26)	(23)	(78)	(17)
Net purchase of own shares for employee share schemes	(12)	(4)	(8)	(9)	(12)
Repurchase of own shares	(55)	(35)	-	(33)	-
(Decrease) / increase in debt	-	(2)	(29)	13	(7)
Derivative cash movements	-	-	-	-	(1)
Other financing	-	-	-	-	-
Net cash used in financing activities	(96)	(67)	(61)	(108)	(39)

Net increase / (decrease) in cash and cash equivalents – continuing operations	(15)	(9)	52	(60)	19
Net (decrease) / increase in cash and cash equivalents – discontinued operations	-	-	-	-	(3)

Net increase / (decrease) in cash and cash equivalents	(15)	(9)	25	(60)	16

	12 months to
£m	31 August 2011	31 August 2010	31 August 2009	31 August 2008	31 August 2007
Operating profit before exceptional items	93	89	83	74	67
Share-based payments	8	7	6	6	6
Profit on disposal of property, plant and equipment	-	-	-	-	(2)
Depreciation, amortisation and other amounts written off fixed assets	38	39	41	42	41
Movement in working capital	3	3	11	2	9
Net interest receivable / (payable)¹	-	1	-	2	2
Capital expenditure	(41)	(29)	(28)	(39)	(32)
Sale and leaseback and disposal of fixed asset proceeds	5	-	-	3	2
Net tax paid	(10)	(20)	(17)	(6)	6
Provisions	-	(1)	(1)	(3)	(2)
Free cash flow (before dividends and investment activity)	96	82	89	63	81
Dividends	(29)	(26)	(23)	(78)	(17)
Pension funding	(14)	(13)	(10)	(10)	(35)
Premium on issue of shares	1	1	-	-	-
Net disposals proceeds of subsidiaries	-	-	-	-	(3)
Acquisitions	(1)	-	-	(24)	-
Net purchase of own shares for employee share schemes	(13)	(5)	(8)	(9)	(12)
Repurchase of own shares	(55)	(35)	-	(33)	-
Cash outflow relating to exceptional operating items	-	-	-	-	(6)
Bank fees and derivative cash movements	-	-	-	-	(1)
Net finance lease movements	-	-	-	-	(1)
Intercompany settlement on demerger	-	-	-	-	-
Net funds movement	(15)	11	54	(73)	22
Opening net (debt) / funds	56	45	(9)	64	42
Closing net funds / (debt)	41	56	45	(9)	64

1 2008 and 2007 figures exclude £1m of interest received on prior period tax overpayments.