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Half-Year Results 2007/08 > Financial Summary Print Page

Financial Summary

£m Statutory
26 weeks to
1 September
2007		   Pro forma
26 weeks to
2 September
2006		   Statutory
period to
30 September
2006
           
Argos 1,835.3   1,753.6   1,794.1
Homebase 853.9   856.8   979.1
Financial Services 47.3   46.0   46.7
Sales 2,736.5   2,656.4   2,819.9
           
Cost of sales (1,770.3)   (1,756.4)   (1,851.2)
Gross profit 966.2   900.0   968.7
           

Net operating expenses before exceptional items and costs related to demerger incentive schemes

 (830.1)   (798.3)   (861.8)
           
Argos 99.5   66.4   72.4
Homebase 47.0   41.9   40.8
Financial Services 2.7   3.7   4.1
Central Activities (13.1)   (10.3)   (10.4)
Benchmark operating profit 136.1   101.7   106.9
           
Net interest income (see below) 14.0   5.5   5.7
Share of post-tax results of joint ventures and associates (0.3)   -   -
Benchmark PBT 149.8   107.2   112.6
           
Net interest costs attributable to GUS capital structure (see below) -   (35.7)   (42.2)
Exceptional items included in operating profit 20.2   (16.4)   (16.4)
Costs related to demerger incentive schemes (5.9)   -   -
Financing fair value remeasurements (1.2)   (0.9)   (0.9)
Financing impact on retirement benefit balances 6.4   6.6   6.6
Profit before tax 169.3   60.8   59.7
           
Taxation (54.8)   (23.1)   (25.1)
of which: taxation attributable to benchmark PBT (48.0)   (34.8)   (36.6)
           
Profit for the period 114.5   37.7   34.6
           
Basic benchmark EPS 11.7p   8.3p   8.7p
           
Basic EPS 13.2p   4.3p   4.0p
           
Number of shares for basic EPS 868.2m   869.0m   869.0m
           
           
Net interest reconciliation:          
Third party net interest income/(expense) 4.4   (3.1)   (2.6)
Financing costs charged to Financial Services 9.6   8.6   8.3
Net interest income 14.0   5.5   5.7
           
Interest costs attributable to GUS capital structure -   (35.7)   (35.7)
Adjustment on merger accounting -   -   (6.5)
Net interest costs attributable to GUS capital structure -   (35.7)   (42.2)
           
Financing fair value remeasurements (1.2)   (0.9)   (0.9)
Financing impact on retirement benefit balances 6.4   6.6   6.6
Income statement net financing income/(costs) 19.2   (24.5)   (30.8)

The above table and those throughout this announcement have been prepared in accordance with Note 1 to the Financial Information. The basis of preparation for pro forma restatements is set out at Appendix 1, with reconciliations between pro forma and statutory reported periods provided at Appendix 2 .

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