Consolidated income statement
for the year ended 31 October 2011
Group |
|||
| Notes | 2011 £'000 |
2010 £'000 |
|
Revenue |
2 | 95,060 | 89,214 |
Cost of sales |
(31,222) | (28,951) | |
Gross profit |
63,838 | 60,263 | |
Administrative expenses |
(15,476) | (11,819) | |
EBITDA before exceptional items, change in fair value of derivatives, (loss)/gain on investment properties and contingent rent |
50,512 | 49,178 | |
Exceptional items |
4 | (1,332) | (280) |
Change in fair value of derivatives |
(8) | 461 | |
Depreciation and contingent rent |
(810) | (915) | |
Operating profit before (loss)/gain on investment properties |
48,362 | 48,444 | |
(Loss)/gain on investment property before exceptional item |
(16,187) | 18,472 | |
Impairment of investment property – exceptional |
(2,230) | — | |
Total (loss)/gain on investment properties |
10 | (18,417) | 18,472 |
Operating profit |
2,5 | 29,945 | 66,916 |
Finance income before exceptional item |
212 | 290 | |
Recycling of foreign exchange gains |
— | 431 | |
Change in fair value of derivatives |
1,825 | — | |
Total finance income |
3 | 2,037 | 721 |
Finance expense before exceptional items and change in fair value of derivatives |
(23,435) | (22,834) | |
Recycling of cash flow hedge – exceptional item |
— | (8,749) | |
Exceptional finance expenses |
— | (2,004) | |
Change in fair value of derivatives |
— | (4,829) | |
Total finance expense |
3 | (23,435) | (38,416) |
Profit before income tax |
8,547 | 29,221 | |
Income tax credit/(expense)1 |
7 | 4,481 | (2,881) |
Profit for the year |
13,028 | 26,340 | |
Earnings per share for profit attributable to the equity holders |
|||
– basic (pence) |
9 | 6.95 | 14.05 |
– diluted (pence) |
9 | 6.92 | 13.81 |
1 Includes an exceptional credit of £6,597,000 (FY2010: £3,478,000) (see note 7).
The financial results for both years relate to continuing activities.
The notes, which are available in the 2011 annual report, are an integral part of these consolidated financial statements.
