Financial information

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Consolidated income statement

for the 52 week period from 28 November 2016 to 26 November 2017

   

Adjusted

Adjusting
items

Total

Adjusted

Adjusting
items

Total

 

 

2017
£’000

2017
£
000

2017
£
000

2016
£’000

2016
£’000

2016
£’000

Revenue

 

1,131,777

1,131,777

950,403

950,403

Cost of sales

 

(841,370)

(841,370)

(711,752)

(711,752)

Gross profit

 

290,407

290,407

238,651

238,651

Administrative expenses

 

(286,889)

(3,730)

(290,619)

(239,443)

(2,186)

(241,629)

Other operating income

 

24,757

24,757

23,147

23,147

Profits/(losses) arising on property-related items

 

3,110

(2,621)

489

1,109

(757)

352

Operating profit

 

31,385

(6,351)

25,034

23,464

(2,943)

20,521

Finance income

 

93

93

13

13

Finance costs

 

(5,200)

(1,521)

(6,721)

(2,723)

(152)

(2,875)

Net finance cost

 

(5,107)

(1,521)

(6,628)

(2,710)

(152)

(2,862)

Profit before tax

 

26,278

(7,872)

18,406

20,754

(3,095)

17,659

Income tax (expense)/receipt

 

(5,228)

1,014

(4,214)

(3,406)

(337)

(3,743)

Profit for the period

 

21,050

(6,858)

14,192

17,348

(3,432)

13,916

Earnings per share (pence)

 

18.28p

12.32p

15.99p

12.82p

Diluted Earnings per share (pence)

 

18.19p

12.26p

15.99p

12.82p

The above results were derived from continuing operations.

Consolidated statement of comprehensive income

for the 52 week period from 28 November 2016 to 26 November 2017

 

2017
£
000

2016
£’000

Profit for the period

14,192

13,916

Items that will not be reclassified subsequently to profit or loss

 

 

Remeasurements of post employment benefit obligations

2,522

(928)

Total comprehensive income for the period

16,714

12,988

Consolidated statement of financial position

for the 52 week period from 28 November 2016 to 26 November 2017

 

2017
£
000

2016
£’000

Assets

 

 

Non-current assets

 

 

Property, plant and equipment

103,565

66,783

Intangible assets

248,899

154,351

Deferred tax assets

172

Retirement benefit asset

13,609

10,946

Investments

36

18

Total non-current assets

366,281

232,098

Current assets

 

 

Inventories

75,965

55,041

Trade and other receivables

39,810

34,609

Cash and cash equivalents

14,273

3,757

Total current assets

130,048

93,407

Assets classified as held for sale

581

4,286

Total assets

496,910

329,791

Equity and liabilities

 

 

Current liabilities

 

 

Trade and other payables

(165,469)

(130,021)

Income tax liability

(2,633)

(2,294)

Provisions

(4,508)

(1,647)

Total current liabilities

(172,610)

(133,962)

Liabilities directly associated with assets classified as held for sale

(830)

(5,137)

Net current liabilities

(42,811)

(41,406)

Non-current liabilities

 

 

Loans and borrowings

(152,968)

(35,961)

Other payables

(12,121)

(4,160)

Provisions

(593)

(365)

Deferred tax liabilities

(8,528)

(4,856)

Retirement benefit obligations

(3,352)

(4,844)

Total non-current liabilities

(177,562)

(50,186)

Total liabilities

(351,002)

(189,285)

Net assets

145,908

140,506

Equity

 

 

Share capital

(115)

(115)

Share premium

(12,579)

(12,579)

Retained earnings

(133,214)

(127,812)

Equity attributable to owners of the Group

(145,908)

(140,506)

These financial statements of McColl’s Retail Group plc registered number 08783477 were approved and authorised for issue by the Board on 18 February 2018 and signed on its behalf by:

Simon Fuller

Director

Consolidated statement of cash flows

for the 52 week period from 28 November 2016 to 26 November 2017

 

2017
£
000

2016
£’000

Cash flows from operating activities

 

 

Profit for the period

14,192

13,916

Adjustments to cash flows from non-cash items

 

 

Depreciation and amortisation

15,636

14,305

Profit on disposal of property plant and equipment

(489)

(352)

Finance income

(93)

(13)

Finance costs

6,721

2,875

Share-based payment transactions

436

Income tax expense

4,214

3,743

Impairment losses

746

415

 

41,363

34,889

Working capital adjustments

 

 

Increase in inventories

(20,924)

(1,853)

Increase in trade and other receivables

(3,969)

(5,921)

Increase in trade and other payables

40,561

3,207

Decrease in retirement benefit obligation net of actuarial changes

(1,633)

(1,025)

Increase/(decrease) in provisions

3,089

(2,504)

Cash generated from operations

58,487

26,793

Income taxes paid

(4,267)

(5,144)

Net cash flow from operating activities

54,220

21,649

Cash flows from investing activities

 

 

Interest received

93

13

Acquisitions of property plant and equipment

(25,655)

(15,920)

Proceeds from sale of property plant and equipment

7,622

5,874

Acquisition of businesses, net of cash acquired

(122,409)

(15,656)

Net cash flows from investing activities

(140,349)

(25,689)

Cash flows from financing activities

 

 

Interest paid

(6,327)

(2,479)

Proceeds from issue of ordinary shares, net of issue costs

12,559

Repayment of bank borrowing

(37,000)

(7,500)

New bank borrowing

154,500

(Payment of)/new finance lease creditors

(2,506)

1,921

Interest payment to finance lease creditor

(274)

(199)

Dividends paid

(11,748)

(11,036)

Net cash flows from financing activities

96,645

(6,734)

Net increase in cash and cash equivalents

10,516

(10,774)

Cash and cash equivalents at beginning of period

3,757

14,531

Cash and cash equivalents at end of period

14,273

3,757