Wetherspoon (J.D) Regulatory News (JDW)

8 Sep 2006 07:01

Wetherspoon (JD) PLC08 September 2006 J D WETHERSPOON PLC PRESS RELEASE J D Wetherspoon plc announces its preliminary results for the 53 weeks ended 30 July 2006. FINANCIAL HIGHLIGHTS Excluding 53 week ------------------- Turnover up 5% to £847.5m +2.5% Operating margin 9.9% -v- 8.8% last year - Profits before tax up 24% to £58.4m +20% Earnings per share up 43% to 24.1p +38% Free cash flow £69.7m (2005: £68.8m) Free cash flow per share 42.1p (2005: 37.1p) Dividend per share increased by 10% 9 pubs opened, 7 sold, creating a total of 657 Commenting on the results, Tim Martin, chairman of J D Wetherspoon plc, said: "I am pleased to report a year of good progress for the company. Sales for theyear increased by £37.7 million to £847.5 million, a rise of 5%. Earnings pershare increased by 43% to 24.1p. We continue to open non-smoking pubs and now have a total of 92 which represents14% of our estate. Wetherspoon has strongly supported the principle of pubsbecoming non-smoking, and is confident about the company's medium and long termprospects in this environment. Typically, however, the short term effect of achange to non-smoking results in a drop in sales and profits. Although theadjustment to a non-smoking environment can be difficult, the company isconfident that the long term benefits will outweigh the short term issues. The company has had an encouraging start to the new financial year, withcontinued sales improvements, combined with a tight grip on costs. As a resultof our strong cash flow and our dedicated management team, we remain confidentof our prospects. " John Hutson Chief Executive Officer 01923 477777 Jim Clarke Finance Director 01923 477777 Eddie Gershon Company Spokesman 07956 392234 Photographs are available at: www.newscast.co.uk 8 September 2006 2006 CHAIRMAN'S STATEMENT AND OPERATING REVIEW I am pleased to report a year of good progress for the company. Sales for theyear increased by £37.7 million to £847.5 million, a rise of 5% (+2.5%)*. Helpedby good cost control, operating margins were 9.9%, compared with 8.8% in theprevious year. Operating profit increased by 17% (+14%)* to £83.6 million, andprofit before tax by 24% (+20%)* to £58.4 million. Earnings per share increasedby 43% (+38%)* to 24.1p. *Excluding 53rd week All increases are based on 2005 results before exceptional items. Net interest was covered 3.3 times (2005: 2.9 times) by operating profit. Freecash flow, after payments of tax, interest, share purchases under the company'sshare plans and capital investment of £20.8 million in existing pubs, increasedby 1% to £69.7 million, resulting in free cash flow per share of 42.1p (2005:37.1p). We opened 9 pubs during the year, compared with 13 in the previous year. Thetotal number of pubs now operated by the company is 657. Average sales per pubincreased by 3% in the year under review, with like-for-like sales increasing by2%. We intend to open about 15 pubs in the current year. Dividends The board proposes, subject to shareholders' consent, to pay a final dividend of3.1p per share on 24 November 2006 to those shareholders on the register on 27October 2006, bringing the total dividend for the year to 4.7p per share, a 10%increase on the previous year. Finance The company had £116.6 million (2005: £53.1 million) of unutilised bankingfacilities and cash balances as at the balance sheet date, with total facilitiesof £472.2 million (2005: £387.2 million). The year's capital expenditure on newpub developments was more than covered by free cash flow. In the currentfinancial year, any cash surplus the company generates, after capitalexpenditure and dividends, will be available for debt reduction, share buybacksor a combination of both. Return of capital During the year, 21,560,000 shares (representing approximately 12% of the issuedshare capital) were purchased by the company for cancellation, at a cost of£78.7 million, representing an average cost per share of 365p. Further Progress The company continues to try and make improvements in every area of thebusiness. In the 2006 Good Beer Guide published by CAMRA, 120 of the company'spubs received nominations - a greater number, we believe, than any other pubcompany. The company has also made strenuous efforts in recent years to enhance itsreputation as a 'responsible' retailer and in 2006 we were named 'ResponsibleDrinks Retailer of the Year', by the trade publication the Morning Advertiser.Wetherspoon is the only substantial pub company which does not, for example,offer a discount for double measures of spirits; does not permit 2 for 1, orsimilar offers; and offers food from 9am to 10pm every day. In the area of training, Wetherspoon continues to lead the way in the UK pubindustry. We have been nominated in several categories for the upcomingInstitute of Innkeeping awards and 38 of our employees have recently graduatedwith a diploma in Leisure Retail Management from Nottingham Trent University. Aswell as concentrating on high standards of training, the Wetherspoon incentivesystem for pub employees spent £13 million in bonuses in the year under review,and purchased £3.5 million of our own shares for employees under our employeeshare plan scheme. Wetherspoon is aware of its responsibilities to the environment and was one of 3finalists in the National Recycling Awards for 2005. During the year we recycled2,300 tonnes of cardboard, 1,420 tonnes of cooking oil, 230 tonnes of paper, 70tonnes of plastic and 27 tonnes of aluminium. We have also been keen to promote the sales of non-alcoholic drinks in our pubs.A major push on coffee in the last 18 months means that our UK coffee sales nowapproximately match those of Caffe Nero in volume and are about a quarter ofStarbucks. We believe that we now have approximately 6 per cent of the UK'chain' coffee market. In a similar area, Wetherspoon has pioneered theavailability of breakfasts across all our pubs and we now sell approximately200,000 breakfasts per week. Non-smoking We continue to open non-smoking pubs and now have a total of 92 which represents14% of our estate. Wetherspoon has strongly supported the principle of pubsbecoming non-smoking, and is confident about the company's medium and long termprospects in this environment. Typically, however, the short term effect of achange to non-smoking results in a drop in sales and profits. We converted 17 pubs in England and Wales to non-smoking in the first half ofthe period under review and their sales declined by 6.5% (on a like-for-likebasis) in the second half of the year. In the remainder of our non-smoking pubsin England and Wales, a like-for-like picture is difficult to quantify, as pubswere converted to non-smoking at different times during the previous 6 months.Overall, we believe that sales started to improve in those pubs after theinitial 12 months but remain below the levels of 2 years ago and represents amixed picture. In our 39 pubs in Scotland, like for like sales over the last quarter (May -July 2006), declined by 0.3%, and pub operating profits, before head officecosts, declined by 11%. Although the adjustment to a non-smoking environment can be difficult, thecompany is confident that the long term benefits will outweigh the short termissues. Board changes Suzanne Baker resigned from the board on 20 December 2005 after 13 years at thecompany and we would like to thank her very much for her efforts. The company would like to welcome Debra van Gene who was appointed anon-executive director on 1 March 2006. People I would like once again to thank our employees, partners and suppliers for theirexcellent work in the last year. International financial reporting standards (IFRS) These accounts are the first accounts prepared under International FinancialReporting Standards (IFRS). This has involved restating the previous year andhas significantly changed the layout of the financial accounts. A separate pressrelease was issued in January 2006 restating the previous year's results underIFRS. Current trading and outlook The company has had an encouraging start to the new financial year, withcontinued sales improvements, combined with a tight grip on costs. We continue with our efforts to improve the business and have, for example,recently introduced an enhanced range of bottled beers, wines and spirits andare about to introduce an upgraded menu. We continue to invest in our pubs,with plans to spend around £15m on a new cooling system for draught beersdesigned to produce lower temperatures of dispense than are currently achievedby any major pub company. In addition, we continue to invest heavily in repairs and improvements to ourpubs and in head office and pub IT systems. The concentration on both investmentand improvement in the business will help to put the company in a strongposition for the smoking ban in England, Wales and Northern Ireland expected inthe course of the next year. As a result of our strong cash flow and our dedicated management team, we remainconfident of our prospects. Tim MartinChairman8 September 2006 Income Statement for the 53 weeks ended 30 July 2006 Notes 53 weeks ended 52 weeks 52 weeks 52 weeks 30 July 2006 ended ended ended 24 July 2005 24 July 2005 24 July 2005 Before After exceptional Exceptional exceptional Total items items items £000 £000 £000 £000------------------- ----- ----------- ---------- ---------- ----------Revenue 847,516 809,861 - 809,861Operating costs (763,900) (738,355) (7,380) (745,735)------------------- ----- ----------- ---------- ---------- ----------Operating profit 83,616 71,506 (7,380) 64,126 Net finance costs 2 (25,228) (24,329) - (24,329)------------------- ----- ----------- ---------- ---------- ----------Profit on ordinary 58,388 47,177 (7,380) 39,797activities beforetaxation Tax expense 3 (18,487) (15,787) 1,920 (13,867)------------------- ----- ----------- ---------- ---------- ----------Profit for the 39,901 31,390 (5,460) 25,930year ------------------- ----- ----------- ---------- ---------- ---------- Earnings per share 4(pence) ------------------- ----- ----------- ---------- ---------- ----------Earnings per 24.1 16.9 14.0ordinary shareFully diluted 24.0 16.9 14.0earnings per share All activities relate to continuing operations. Statement of recognised income and expense for the 53 weeks ended 30 July 2006 53 weeks ended 52 weeks ended 30 July 2006 24 July 2005 £000 £000---------------------------------- ---------- ----------Cash flow hedges: gain taken to equity 4,871 -Tax on items taken directly to equity (1,462) ----------------------------------- ---------- ----------Net gain recognised directly in equity 3,409 -Profit for the year 39,901 25,930---------------------------------- ---------- ----------Total recognised income for the year 43,310 25,930---------------------------------- ---------- ---------- Cash flow statement for the 53 weeks ended 30 July 2006 Notes 53 weeks ended 53 weeks ended 52 weeks ended 52 weeks ended 30 July 2006 30 July 2006 24 July 2005 24 July 2005 £000 £000 £000 £000------------------------ ------ --------- --------- --------- ---------Cash flows from operatingactivitiesCash generated from 5 133,366 133,366 123,460 123,460operationsInterest received 290 290 3,598 43Interest paid (23,441) (23,441) (24,108) (24,108)Refinancing cost paid (1,412) (1,412) - -Corporation tax paid (14,812) (14,812) (12,632) (12,632)Purchase of own shares (3,469) (3,469) (3,816) (3,816)for Share Incentive Plan------------------------ ----- --------- --------- --------- ---------Net cash inflow from 90,522 90,522 86,502 82,947operating activities ------------------------ ----- --------- --------- --------- ---------Cash flows from investingactivitiesPurchase of property, (20,810) (20,810) (14,173) (14,173)plant and equipment andintangible assets forexisting pubsProceeds of sale of 4,645 8,547property, plant andequipmentInvestment in new pubs (16,766) (24,495)and pub extensions ------------------------ ----- --------- --------- --------- ---------Net cash out flow from (32,931) (30,121)investing activities ------------------------ ----- --------- --------- --------- ---------Cash flows from financingactivitiesEquity dividends paid 6 (7,367) (7,520)Issue of ordinary 6,974 271sharesPurchase of own shares (78,683) (45,718)Advances under bank 304,504 29,999loansRepayments under bank (280,000) (25,000)loans ------------------------ ----- --------- --------- --------- --------- Net cash outflow from (54,572) (47,968)financing activities ------------------------ ----- --------- --------- --------- ---------Net increase in cash and 3,019 8,413cash equivalents ------------------------ ----- --------- --------- --------- ---------Opening cash and cash 18,073 9,660equivalentsClosing cash and cash 21,092 18,073equivalents ------------------------ ----- --------- --------- --------- ---------Free cash flow 69,712 68,774------------------------ ----- --------- --------- --------- --------- Free cash flow per 42.1p 37.1pordinary share Balance sheet as at 30 July 2006 Notes 30 July 24 July 2006 2005 £000 £000---------------------------------- ------- -------- --------AssetsNon-current assetsProperty, plant and equipment 8 743,826 753,370Intangible assets 2,858 3,156Other non-current assets 10,004 8,674---------------------------------- ------- -------- --------Total non-current assets 756,688 765,200 Current AssetsInventories 13,688 12,777Trade and other receivables 9 10,027 12,195Cash and cash equivalents 21,092 18,073---------------------------------- ------- -------- --------Total current assets 44,807 43,045Assets held for sale 2,431 1,691---------------------------------- ------- -------- --------Total Assets 803,926 809,936---------------------------------- ------- -------- -------- LiabilitiesCurrent LiabilitiesTrade and other payables 10 (118,130) (113,158)Financial liabilities - (25,000)Current income tax liabilities (10,809) (7,556)--------------------------------- ------- -------- --------Total Current Liabilities (128,939) (145,714) Non-current LiabilitiesFinancial liabilities 11 (368,717) (319,518)Other financial liability - (7,700)Derivative financial instruments (15,156) -Deferred tax liabilities 3 (82,958) (83,211)Provisions and other liabilities (6,581) (7,048)--------------------------------- ------- -------- --------Total non-current liabilities (473,412) (417,477)--------------------------------- ------- -------- -------- Net Assets 201,575 246,745--------------------------------- ------- -------- -------- Shareholders EquityOrdinary shares 3,076 3,458Share premium account 135,532 128,607Capital redemption reserve 1,305 874Retained earnings 61,662 113,806--------------------------------- ------- -------- --------Total shareholders' equity 12 201,575 246,745--------------------------------- ------- -------- -------- Notes to the accountsfor the 53 weeks ended 30 July 2006 The preliminary announcement for the 53 week period ended 30 July 2006 has beenprepared in accordance with International Financial Reporting Standards asadopted by the European Union at 30 July 2006. Details of the accountingpolicies adopted in this preliminary announcement are set out within theinvestors section of the Company's website, www.jdwetherspoon.co.uk. These preliminary statements do not constitute statutory accounts within themeaning of Section 240 of the Companies Act 1985. They have, however, beenextracted from the statutory accounts for the period ended 30 July 2006 on whichan unqualified report has been made by the company's auditors. The 2005 statutory accounts have been filed with the Registrar of Companies. The2006 statutory accounts will be sent to shareholders in October 2006 and will befiled with the Registrar of Companies following their adoption at theforthcoming Annual General Meeting. 2 Net finance costs 53 weeks ended 52 weeks ended 30 July 2006 24 July 2005 £000 £000------------------------------- ----------- ----------Finance costsInterest payable on bank loans and 22,407 18,837overdraftsInterest payable on US senior loan notes 2,769 5,724Amortisation of bank loan issue costs 176 -------------------------------- ----------- ---------- Finance costs 25,352 24,561 Bank interest receivable (124) (232)------------------------------- ----------- ----------Total net finance cost 25,228 24,329------------------------------- ----------- ---------- 3 Taxation(a) Tax on profit on ordinary activities Tax charged in the income statement 53 weeks ended 52 weeks ended 30 July 2006 24 July 2005 £000 £000-------------------------------- ---------- ----------Current income tax:Current income tax charge 18,065 14,270Current tax on exceptional items - (1,150)-------------------------------- ---------- ----------Total current income tax 18,065 13,120 Deferred tax: Origination and reversal of timing 422 1,517differencesMovement arising on disposals (exceptional - (770)items) -------------------------------- ---------- ---------- Total deferred tax 422 747-------------------------------- ---------- ---------- Tax charge in the income statement 18,487 13,867-------------------------------- ---------- ---------- Tax relating to items charged or credited toequityDeferred tax:Tax charge on revaluation of cash flow 1,462 -hedges -------------------------------- ---------- ----------Tax charge in the statement of recognised 1,462 -income and expense -------------------------------- ---------- ---------- b) Reconciliation of the total tax charge The tax expense in the income statement for the year is more than the standardrate of corporation tax in the UK of 30% (2005: 30%). The differences arereconciled below. 53 weeks ended 52 weeks ended 30 July 2006 24 July 2005 £000 £000--------------------------------- --------- ----------Accounting profit before income tax 58,388 39,797 Accounting profit multiplied by the UK 17,516 11,939standard rate of corporation tax of 30% (2005- 30%)Abortive acquisition costs and disposals 254 142Other disallowables 45 253Other allowable deductions (10) (18)Non qualifying depreciation 2,910 1,757Deduction for share options and SIPs (2,165) (901)Deferred tax on balance sheet only items (63) 695--------------------------------- --------- ----------Total tax expense reported in the income 18,487 13,867statement --------------------------------- --------- ---------- c) Deferred tax The deferred tax in the balance sheet is as follows: 2006 2005 £000 £000---------------------------------- --------- ----------Deferred tax liabilityAccelerated capital allowances 67,921 66,234Revaluation of land and buildings 6,550 6,766Other timing differences 8,487 10,211---------------------------------- --------- ----------Deferred tax liability 82,958 83,211---------------------------------- --------- ---------- Deferred tax assetCapital losses carried forward 885 1,560Deferred tax on items taken directly to equity 2,145 ----------------------------------- --------- ----------Deferred tax asset 3,030 1,560---------------------------------- --------- ---------- Deferred tax in the income statement:Accelerated capital allowances 1,687 1,251Origination and reversal of timing differences (1,940) 140Capital losses carried forward 675 (644)---------------------------------- --------- ----------Deferred tax expense 422 747---------------------------------- --------- ---------- 4 Earnings and cash flow per share Basic earnings per share has been calculated by dividing the profit attributableto equity holders of £39,901,000 (2005: £25,930,000) by the weighted averagenumber of shares in issue during the year of 165,694,582 (2005: 185,524,467). Diluted earnings per share has been calculated on a similar basis taking accountof 545,980 (2005: 236,187) dilutive potential shares under option, giving aweighted average number of ordinary shares adjusted for the effect of dilutionof 166,240,832 (2005: 185,760,654). Adjusted earnings per share excludes the effect of exceptional items and ispresented to show the underlying performance of the company on both a basic anddilutive basis. Adjusted Earnings Basic Earnings Per Share Diluted Earnings Per Shareearningsper share 53 weeks ended 52 weeks ended 53 weeks ended 52 weeks ended 53 weeks ended 52 weeks ended 30 July 2006 24 July 2005 30 July 2006 24 July 2005 30 July 2006 24 July 2005 £000 £000 p p p p------------- --------- --------- ---------- ---------- --------- ---------Profit for the 39,901 25,930 24.1 14.0 24.0 14.0yearExceptionals - 5,460 - 2.9 - 2.9------------- --------- --------- ---------- ---------- --------- ---------Profit before 39,901 31,390 24.1 16.9 24.0 16.9exceptionals ------------- --------- --------- ---------- ---------- --------- --------- Cash flow per share The calculation of free cash flow per share is based on the net cash generatedby business activities and available for investment in new pub developments andextensions to existing pubs, after funding interest, tax, all other reinvestmentin pubs open at the start of the period and the purchase of own shares under theemployee Share Incentive Plan ('free cash flow'). It is calculated before takingaccount of proceeds from property disposals and inflows and outflows offinancing from outside sources, dividend payments and is based on the samenumber of shares in issue as that for the calculation of basic earnings pershare. 5 Cash generated from operations 53 weeks ended 52 weeks 30 July 2006 ended £000 24 July 2005 £000------------------------------------ --------- ----------Profit attributable to shareholders 39,901 25,930Adjusted for:Tax 18,487 13,867Amortisation of intangible assets 1,079 2,851Depreciation of Property, Plant and Equipment 42,127 44,213Lease premium amortisation 187 192Distribution start up costs - 2,984Restructuring costs - 859Impairment of Property, Plant and Equipment - 1,068Net loss on disposal and anticipated disposal 2,306of trading propertiesNet loss on disposal and anticipated disposal - 163of non-trading propertiesShare based payments 2,480 985Interest income (124) (232)Interest expense 25,176 24,561Amortisation of bank loan issue costs 176 ------------------------------------- --------- ---------- 129,489 119,747Change in inventories (911) (768)Change in receivables 2,003 (247)Change in payables 2,785 8,571------------------------------------ --------- ----------Net cash inflow from operating activities pre 133,366 127,303exceptionalOutflow related to exceptional items - (3,843)------------------------------------ --------- ----------Net cash inflow from operating activities 133,366 123,460------------------------------------ --------- ---------- 6 Dividends paid and proposed 53 weeks ended 52 weeks ended 30 July 2006 24 July 2005 £000 £000-------------------------------- ---------- ---------- Declared and paid during the year:Dividends on ordinary shares:Final dividend for 2004/05: 2.82p (2003/04: 4,749 4,8392.56p)Interim for 2006: 1.6p (2005: 1.46p) 2,618 2,681-------------------------------- ---------- ---------- Dividends paid 7,367 7,520-------------------------------- ---------- ---------- Proposed for approval by shareholders at theAGM:Final dividend for 2005/06: 3.1p (2004/05: 5,137 4,7492.82p) -------------------------------- ---------- ---------- 7 Analysis of changes in net debt At 25 July Cash flows Non-cash At 30 July 2005 movement 2006 £000 £000 £000 £000----------------- ---------- ---------- ---------- ----------Cash at bank and in 18,073 3,019 - 21,092handDebt due within one (25,000) - 25,000 -yearDebt due after one (328,843) (24,504) (15,370) (368,717)yearDerivative financial 1,625 - (9,630) (8,005)instrument - fair value hedge----------------- ---------- ---------- ---------- ---------- (334,145) (21,485) - (355,630)Derivative financial (12,022) 4,871 (7,151)instrument - cash flow hedge----------------- ---------- ---------- ---------- ---------- (346,167) (21,485) 4,871 (362,781)----------------- ---------- ---------- ---------- ---------- 8 Property, Plant and Equipment Freehold and Short leasehold Equipment, Expenditure on long leasehold property fixtures and unopened property fittings properties Total £000 £000 £000 £000 £000 ----------------- -------- -------- --------- --------- -------- Cost:At 26 July 2004 415,334 322,865 217,215 17,993 973,407Reclassification 8,182 1,103 - (9,285) -Additions 10,929 3,363 14,493 3,349 32,134Transfer to assets (1,073) (168) (2,926) - (4,167)available forsaleDisposals (1,066) - (589) (472) (2,127)----------------- -------- -------- --------- --------- --------At 24 July 2005 432,306 327,163 228,193 11,585 999,247Additions 7,069 10,134 12,403 9,107 38,713Reclassification 2,454 603 5 (3,062) -Transfer to assets (2,604) 144 (336) - (2,796)available forsaleDisposals (2,930) (1,441) (3,747) (723) (8,841)----------------- -------- -------- --------- --------- --------At 30 July 2006 436,295 336,603 236,518 16,907 1,026,323----------------- -------- -------- --------- --------- -------- Depreciation andimpairment:At 26 July 2004 26,140 47,346 127,799 - 201,285Provided during 7,538 7,400 29,275 - 44,213the yearTransfer to assets (73) 874 (1,445) - (644)available forsaleImpairment loss - 1,068 - 413 1,481Disposals (78) - (380) - (458)---------------- -------- -------- --------- --------- ---------At 24 July 2005 33,527 56,688 155,249 413 245,877Provided during 7,715 7,431 26,981 - 42,127the yearTransfer to assets (109) 7 (422) - (524)available forsaleDisposals (209) (10) (4,638) (126) (4,983)---------------- -------- -------- --------- --------- ---------At 30 July 2006 40,924 64,116 177,170 287 282,497---------------- -------- -------- --------- --------- --------- Net book amount at 395,371 272,487 59,348 16,620 743,82630 July 2006 ---------------- -------- -------- --------- --------- --------- Net book amount at 398,779 270,475 72,944 11,172 753,37024 July 2005 ---------------- -------- -------- --------- --------- --------- Net book amount at 389,194 275,519 89,416 17,993 772,12226 July 2004 ---------------- -------- -------- --------- --------- --------- 9 Trade and other receivables 2006 2005 £000 £000---------------------------------- --------- ---------- Amounts falling due within one yearOther debtors 3,327 2,666Prepayments and accrued income 6,700 9,529---------------------------------- --------- ---------- 10,027 12,195---------------------------------- --------- ---------- 10 Trade and other payables 2006 2005 £000 £000--------------------------------- --------- ---------- Trade creditors 57,637 54,025Other creditors 6,569 5,493Other tax and social security 22,373 22,224Accruals and deferred income 31,551 31,416---------------------------------- --------- ---------- 118,130 113,158---------------------------------- --------- ---------- 11 Financial liabilities 2006 2005 £000 £000---------------------------------- --------- ----------CurrentShort term borrowings - 25,000---------------------------------- --------- ---------- - 25,000---------------------------------- --------- ---------- Bank loansVariable rate facility 2005 - 240,000Variable rate facility 2010 289,503 -US$ 140,000,000 senior loan notes 2009 79,214 79,518--------------------------------- --------- ---------- 368,717 319,518--------------------------------- --------- ---------- 12 Statement of changes in shareholders equity Called up Share Capital share premium redemption Retained capital account reserve earnings Total £000 £000 £000 £000 £000---------------------- ------- ------- --------- -------- --------- At 26 July 2004 3,783 128,340 545 141,489 274,157Exercise of options 4 267 - - 271Share based payments - - - 985 985Purchase of shares held - - - (3,817) (3,817)in trustPurchase of shares (329) - 329 (43,261) (43,261)Profit for the year - - - 25,930 25,930Dividends - - - (7,520) (7,520)---------------------- ------- ------- --------- -------- ---------At 25 July 2005 3,458 128,607 874 113,806 246,745Effect of adoption of - - - (12,022) (12,022)IAS 32 and IAS 39Tax on items taken - - - 3,607 3,607directly to equity ---------------------- ------- ------- --------- -------- ---------At 25 July 2005 3,458 128,607 874 105,391 238,330(restated)Exercise of options 49 6,925 - - 6,974Re-purchase of shares (431) - 431 (78,683) (78,683)Share based payments - - - 2,480 2,480Purchase of shares held - - - (3,469) (3,469)in trustProfit for the year - - - 39,901 39,901Cash flow hedges: gain - - - 4,871 4,871taken to equityTax on items taken - - - (1,462) (1,462)directly to equityDividends - - - (7,367) (7,367)---------------------- ------- ------- --------- -------- ---------At 30 July 2006 3,076 135,532 1,305 61,662 201,575---------------------- ------- ------- --------- -------- --------- This information is provided by RNS The company news service from the London Stock Exchange