Five year record
Profit and loss account
| 2004 | 2003 | 2002 | 2001 | 2000 | |
|---|---|---|---|---|---|
| £m | £m | £m | £m | £m | |
| Turnover | 1,828.6 | 1,678.3 | 1,417.5 | 1,279.3 | 1,181.2 |
| Operating profit before reorganisation costs and amortisation of goodwill | 218.2 | 191.4 | 158.2 | 129.1 | 113.2 |
| Reorganisation costs | - | - | - | - | (5.0) |
| Amortisation of goodwill | (17.4) | (15.3) | (12.1) | (10.5) | (10.0) |
| Operating profit after reorganisation costs and amortisation of goodwill | 200.8 | 176.1 | 146.1 | 118.6 | 98.2 |
| Profit on sale of properties | - | - | 1.2 | 1.4 | 0.3 |
| Net interest payable | (7.6) | (9 .1) | (8.9) | (10.7) | (12.7) |
| Other finance (costs)/income | (2.8) | (4.3) | (0.8) | 1.2 | 1.6 |
| Profit on ordinary activities before taxation | 190.4 | 162.7 | 137.6 | 110.5 | 87.4 |
| Tax on profit on ordinary activities | (60.3) | (53.8) | (45.8) | (35.5) | (27.8) |
| Profit on ordinary activities after taxation | 130.1 | 108.9 | 91.8 | 75.0 | 59.6 |
| Return on equity1 | 29.3% | 29.3% | 29.0% | 27.3% | 26.5% |
1 The calculation of return on equity is shown in note 33 to the financial statements.
Cash flow statement
| 2004 | 2003 | 2002 | 2001 | 2000 | |
|---|---|---|---|---|---|
| £m | £m | £m | £m | £m | |
| Net cash inflow from operating activities | 222.0 | 230.8 | 179.8 | 166.9 | 104.7 |
| Net cash outflow for returns on investments and servicing of finance | (8.0) | (9.3) | (8.3) | (13.7) | (10.2) |
| UK corporation tax paid | (54.2) | (50.9) | (42.7) | (34.7) | (26.3) |
| Net cash outflow for capital expenditure and financial investment | (65.1) | (46.9) | (31.6) | (24.2) | (32.7) |
| Net cash outflow for acquisitions | (39.0) | (72.3) | (111.5) | (16.1) | (23.8) |
| Equity dividends paid | (30.0) | (23.7) | (20.0) | (17.8) | (15.8) |
| Issue of ordinary share capital | 90.6 | 3.5 | 2.8 | 4.9 | 1.1 |
| Increase in finance leases | - | - | (0.1) | - | (0.3) |
| Increase in debt due to issue of loan notes | - | - | (2.0) | - | (6.5) |
| Increase/(decrease) in cash balances | 116.3 | 31.2 | (33.6) | 65.3 | (9.8) |
| Net debt at 1 January | (128.5) | (159.7) | (126.1) | (191.4) | (181.6) |
| Net debt at 31 December | (12.2) | (128.5) | (159.7) | (126.1) | (191.4) |
| Number of branches at 31 December | 751 | 700 | 610 | 502 | 473 |
| Average number of employees | 9,385 | 9,199 | 8,497 | 7,892 | 7,576 |
| Earnings per ordinary share (pence) | |||||
| Basic | 113.9p | 96.5p | 81.9p | 67.3p | 53.8p |
| Adjusted | 129.1p | 110.0p | 91.6p | 75.5p | 65.7p |
| Dividend per ordinary share (pence) | 30.5p | 24.4p | 19.5p | 17.2p | 15.3p |
Balance sheet
| 2004 | 2003 | 2002 | 2001 | 2000 | |
|---|---|---|---|---|---|
| £m | £m | £m | £m | £m | |
| Tangible fixed assets | 326.3 | 284.7 | 258.2 | 226.4 | 215.8 |
| Intangible fixed assets - goodwill | 287.4 | 285.7 | 249.9 | 187.3 | 191.7 |
| Investments | 3.9 | 4.3 | 4.6 | 4.9 | 5.2 |
| 617.6 | 574.7 | 512.7 | 418.6 | 412.7 | |
| Stocks | 200.6 | 178.1 | 152.1 | 132.7 | 140.6 |
| Debtors | 287.8 | 265.4 | 250.4 | 215.7 | 211.9 |
| Properties held for resale | - | 0.2 | 1.0 | 1.8 | 1.5 |
| Cash at bank, in hand and deposits | 116.9 | 33.9 | 30.0 | 37.0 | 9.8 |
| Creditors: amounts falling due within one year | (405.4) | (400.0) | (300.6) | (287.4) | (263.3) |
| Net current assets | 199.9 | 77.6 | 132.9 | 99.8 | 100.5 |
| Total assets less current liabilities | 817.5 | 652.3 | 645.6 | 518.4 | 513.2 |
| Creditors: amounts due after more than one year | (65.0) | (70.1) | (150.3) | (100.0) | (150.0) |
| Provisions for liabilities and charges | (32.2) | (20.1) | (14.1) | (8.9) | (5.7) |
| Pension (deficit)/asset | (89.8) | (85.1) | (85.8) | (22.7) | 2.3 |
| 630.5 | 477.0 | 395.4 | 386.8 | 359.8 | |
| Capital employed | |||||
| Called up share capital | 12.1 | 11.3 | 11.3 | 11.2 | 11.1 |
| Reserves | 618.4 | 465.7 | 384.1 | 375.6 | 347.6 |
| Total equity shareholders’ funds | 630.5 | 477.0 | 395.4 | 386.8 | 358.7 |
| Minority interests - non equity | - | - | - | - | 1.1 |
| 630.5 | 477.0 | 395.4 | 386.8 | 359.8 | |
