12 April 2018 – final results
In the year ended 31 January 2018 revenue decreased by 1.3% to £860.1m (2017: £871.3m). Trading Profit grew by 1.0% to £216.2m (2017: £214.0m). Underlying profit before tax increased by 1.4% to £190.1m (2017: £187.4m). Profit before tax from continuing operations was £178.7m. Underlying basic earnings per share from continuing operations were 13.8p (2017: 13.7p). Basic earnings per share were 12.3p (2017: 14.1p), with basic earnings per share from continuing operations for the same period of 13.0p (2017: 14.1p). A final dividend of 6.0p per share is due to be paid. Combined with the interim dividend of 3.0p per share, this results in a total dividend for the year of 9.0p per share (2017: 8.5p). This equates to a payout ratio of 65% of underlying basic earnings per share from continuing operations. We feel that this is a solid performance and continue to rate the shares as a BUY.