17 November 2005
Highlights
Sir Victor Blank, Chairman of GUS, commented:
“We have made very significant strategic and operational progress in the first half. The sale of the remaining stake in Lewis, the agreement to sell Wehkamp and today's timetable for the full demerger of Burberry means we are now focused solely on ARG and Experian. Operationally, we are investing in our people and our infrastructure and this will continue to position each business well in its chosen markets.”
John Peace, Chief Executive of GUS, commented:
“I am delighted with the performance of Experian which earned £200m profit for the first time in a half year. Experian has delivered its seventh consecutive six-month period of double-digit sales and profit growth, reflecting its unique global reach and broad product offer. Although profit at ARG has been impacted, as expected, by the tough UK retail environment, we have gained share and maintained or improved gross margin in the first half. We continue to invest in both Argos and Homebase ensuring that they will be among the long-term winners in UK retailing.”
These results have been prepared in accordance with the basis of preparation set out in note 1 to the interim financial statements. The reconciliation of results for the year to 31 March 2005 under UK GAAP to International Financial Reporting Standards (IFRS) was released on 14 June 2005 and is available on the GUS website. This includes the restatement of the results for the six months to 30 September 2004, which are used as the comparatives throughout this announcement.
The financial information in this announcement is unaudited. It is also subject to possible change as the definition and interpretation of IFRS continues to evolve and be amended by the relevant authorities.
1 Benchmark PBT is defined as profit before amortisation of acquisition intangibles, exceptional items (i.e. gains or losses on disposal or closure of businesses and goodwill impairment charges), financing fair value remeasurements and taxation. It includes the Group's share of associates' pre-tax profit and the profits or losses of discontinued operations up to the date of disposal or closure.
2 Benchmark EPS takes Benchmark PBT less taxation (attributable to Benchmark PBT) and minority interests, divided by the weighted average number of shares in issue (excluding own shares held in Treasury and in the ESOP Trust).
| GUS | ||
| John Peace | Group Chief Executive | 020 7495 0070 |
| David Tyler | Group Finance Director | |
| Fay Dodds | Director of Investor Relations | |
| Finsbury | ||
| Rupert Younger | 020 7251 3801 | |
| Rollo Head |
There will be a presentation today at 9.30am to analysts and investors at the Merrill Lynch Financial Centre, 2 King Edward Street, London EC1A 1HQ. The presentation can be viewed live on the GUS website at www.gusplc.com and can also be accessed live via a dial-in facility on 44 (0)208 322 2180. The supporting slides and an indexed replay will also be available on the website later in the day.
There will be a conference call to discuss the results at 3.00pm today with a recording available later on the website. All relevant GUS and Burberry announcements are also available on www.gusplc.com .
GUS will issue its Third Quarter Trading Update on 12 January 2006. Its Preliminary Results for the year to 31 March 2006 will be announced on 24 May 2006.
Certain statements made in this announcement are forward looking statements. Such statements are based on current expectations and are subject to a number of risks and uncertainties that could cause actual events or results to differ materially from any expected future events or results referred to in these forward looking statements.
Burberry Ordinary Shares are listed on the Official List and traded on the London Stock Exchange. The Burberry Ordinary Shares have not been and will not be registered under the US Securities Act of 1933, as amended (the “Securities Act”), and may not be offered or sold unless pursuant to a transaction that is registered under the Securities Act, or not required to be registered thereunder, or pursuant to an exemption from the registration requirements thereof.
The Burberry Ordinary Shares referred to in this announcement have not been approved or disapproved by the US Securities and Exchange Commission, any state securities commission in the United States or any other US regulatory authority, nor have such authorities passed upon or determined the adequacy or accuracy of this announcement. Any representation to the contrary is a criminal offence in the United States.
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