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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

Segmental Analysis of Group Revenue

£m 31 August
2011
31 August
2010
31 August
2009
31 August
2008
31 August
2007
Travel 455 452 448 413 338
High Street 818 860 892 939 961
Group revenue 1,273 1,312 1,340 1,352 1,299

Segmental Analysis of Group Operating Profit

£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

Group Balance Sheet

£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

Group Cash Flow Statement

   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

Analysis of net funds movement

  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.