Interim Results
11 11월 2004 - 4:02PM
UK Regulatory
RNS Number:1079F
Big Food Group PLC
11 November 2004
11th November 2004
THE BIG FOOD GROUP PLC
INTERIM STATEMENT
FOR THE 24 WEEKS to 17 SEPTEMBER 2004
HIGHLIGHTS
* Operating profit before amortisation of goodwill and exceptional items #27.1m
(2003 restated: #28.6m)
* Operating profit #3.6m (2003 restated: #18.6m)
* Profit before amortisation of goodwill, exceptional items and tax #13.4m
(2003 restated: #12.8m)
* Loss before tax #9.0m (2003 restated: Profit before tax #2.8m)
* Operating exceptional charge #13.2m (2003 restated: income #0.3m)
* Booker service to over 1,700 Premier customers
* Woodward Foodservice sales increase by 27%
* Iceland trading from 224 new format stores
* Substantial efficiency programmes implemented
* Interim dividend 1.0p subject to possible acquisition by Baugur
* Baugur; pensions issues resolved in principle, discussions on-going
Commenting on the statement Chief Executive Bill Grimsey said:
"The UK food retailing market has undergone significant changes over the last
two years with the large supermarkets entering the convenience and neighbourhood
markets and consolidation driving prices down. The Group has responded robustly
to these challenges with the accelerated roll out of its strategic initiatives
and further cost efficiency measures. Due diligence with Baugur is progressing
and, importantly, the pensions issues have been resolved in principle."
Enquiries:
The Big Food Group 0207 796 4133 gcg hudson sandler 0207 796 4133
Bill Grimsey, Chief Executive Andrew Hayes
Bill Hoskins, Finance Director Noemie de Andia
THE BIG FOOD GROUP PLC
INTERIM STATEMENT
FOR THE 24 WEEKS to 17 SEPTEMBER 2004
Summary
The first half of the year has seen the effects of increased competition
resulting in downward pressure on retail pricing. The period also saw more
adverse weather conditions than last year.
Booker continued to improve sales through its Premier fascia, Woodward grew
strongly and Iceland accelerated the roll-out of its new format stores. The
business has continued to control margin and costs tightly.
Total net sales for the period were #2,288.2m (2003: #2,390.8m). Operating
profit before amortisation of goodwill and exceptional items was #27.1m (2003
restated: #28.6m), operating profit was #3.6m (2003 restated: #18.6m) and profit
before amortisation of goodwill, exceptional items and tax was #13.4m (2003
restated: #12.8m).
Loss per share was 2.9p (2003 restated: earnings per share 1.1p). Adjusted
earnings per share were 2.8p (2003 restated: 4.2p).
An interim dividend of 1.0p per share is proposed in the event that the possible
acquisition by Baugur does not proceed.
Performance review
Sales
Booker
Booker sales were #1,559.4m against #1,658.6m in 2003. Of this decline #37m
relates to the move away from phonecards (accounted for gross) towards E-top up
(accounted for as commission only).
Premier fascia customers increased from 1,455 to 1,705. Total sales through
Premier increased by 35% including organic growth of 7%. Premier now accounts
for approximately 11.5% of total Booker sales. Drop shipment sales were #8.6m,
up 110% on the previous year. Elsewhere sales were generally disappointing to
both the retail and catering segments. This was, in part, due to the weather
conditions which, year on year, saw the major category of soft drinks fall by
11% in the second quarter.
Woodward Foodservice
Sales grew 27% over 2003. Ambient grocery products contributed 50% of this
growth and now account for 15% of Woodward sales.
National accounts won in the second half last year as well as during this period
are driving the strong growth.
Iceland
Overall Iceland sales fell by 2.7% from 2003. The roll out of the new format
stores has been increased this year, with a total of 78 stores converted into
convenience (14), core plus (45) and core (19) formats. 4 new stores were opened
during the period bringing the total stores trading in the new format to 224.
Sales of frozen goods were weaker than last year due to competitor promotional
activity. Seasonal products were also impacted by the weather with year on year
sales of ice cream down 15% and barbecue products also down 15%, the combined
impact of both categories accounting for half of the overall sales decline.
Operating profit
The Company has adopted FRS17 in its accounting for pension costs. The prior
year has been restated, the effects of which are shown in note 11 to the
accounts. There is also an impact from the adoption of UITF38, which is also
shown in note 11.
Operating profit before goodwill amortisation and exceptional items was as
follows:
2004 2003
Restated
# million # million
Booker 30.3 27.4
Woodward (2.8) (2.2)
Iceland (0.4) 3.4
27.1 28.6
Booker improved its operating profit on lower sales as a result of higher gross
margins. Costs have also been controlled well in the face of rent increases of
3.5%, utility costs rising by 15% and underlying wage costs increasing by 2.7%.
The store operations crewing structure was reviewed during the first quarter
leading to a consistent model across the estate under which hours employed are
directly related to store activity. The business unit is now well placed to
implement a minimum wage structure of #5 per hour in response to the increase in
the national minimum wage to #4.85 per hour. The costs of this programme are
shown in exceptional items.
Woodward includes the full effect of the ambient grocery distribution centres
opened in July and October 2003. The cost to sales ratio, however, is now below
the levels in the second half of last year and further progress is anticipated.
Iceland's profitability has fallen principally as a result of lower sales.
Costs have been reduced overall notwithstanding underlying increases in wages
2.7%, rent 2.5%, and utilities 15%. The ability to control costs in line with
sales activity in the key areas of branch wages and logistics has become a
priority as the competitive environment hardens.
Operating exceptional items
Operating exceptional costs have been incurred in respect of a number of
efficiency projects undertaken during the period:
#m
Booker branch operations 4.8
Closure of distribution centres 1.9
Iceland and central functions 1.1
Other (0.2)
Cash costs 7.6
Rent on closed distribution centre 6.1
Benefit to pension deficit (0.5)
13.2
Further costs are being incurred during the second half in respect of the
restructuring review of central function costs commenced in August.
These cost reduction measures previously announced are an important part of the
company's strategy to ensure that the customer proposition can be pursued
profitably in the face of competitive price pressure.
Cash Flow
Net debt has increased by #10.0m from the following activity:
# million
Operating profit before amortisation of goodwill and operating exceptional items 27.1
Depreciation 30.0
57.1
Interest, tax and dividends (18.0)
39.1
Working capital 10.9
Capital expenditure (47.6)
Fixed asset disposals 2.2
Exceptional costs (7.6)
Provisions (1.2)
ESOP share purchase (1.7)
Pension Scheme payments (3.6)
Other (0.5)
Net cash outflow (10.0)
Net debt at 2nd April 2004 (254.8)
Net debt at 17th September 2004 (264.8)
Average net debt for the 24 weeks to 17 September 2004 was approximately #245m
compared with #241m for the equivalent period in 2003.
Current trading and outlook
Like for like sales for the current year to 5th November 2004 were as follows:
Q1 Q2 Five weeks
T0 5.11.04
% % %
Group (0.5) (3.3) (3.1)
Booker (1.1) (4.1) (3.9)
- Tobacco (0.1) (3.5) (3.1)
- Non-tobacco (1.8) (4.6) (4.4)
Woodward 32.2 27.3 23.2
Iceland (1.7) (3.9) (3.4)
Food retailing in the UK has undergone significant change as large supermarket
chains have entered the high street and neighbourhood segments. This year
retail prices have also moved sharply downwards following recent supermarket
consolidation. The response of the Company has been to accelerate its strategic
investment plans to drive sales whilst controlling margins and costs tightly.
Baugur
The Company is continuing to co-operate with Baugur and its investment partners
as they conduct due diligence in relation to their possible offer for the
Company. This process is expected to be completed in the next few weeks. Whilst
good progress has been made, including reaching agreement in principle with the
pension scheme trustees in relation to the ongoing funding of the deficit in the
event of a change of control, other matters remain the subject of discussion
between the Company and Baugur. These discussions are continuing, however there
can be no certainty at this stage that agreement will be reached at a price
which is acceptable to both parties.
Group Profit and Loss Account
For the 24 weeks ended 17 September 2004
24 weeks 24 weeks 53 weeks
ended ended ended
17 September 12 September 2 April
2004 2003 2004
(Unaudited) (Unaudited) (Audited)
(Restated) (Restated)
Note #m #m #m
Turnover 2 2,288.2 2,390.8 5,151.6
------------ ------------ ------------
Operating profit before goodwill amortisation and 27.1 28.6 79.6
operating exceptional items
Goodwill amortisation (10.3) (10.3) (22.6)
Operating exceptional items (net) 3 (13.2) 0.3 0.3
Operating profit 2 3.6 18.6 57.3
Profit on disposal of fixed assets 1.1 - 0.1
------------ ------------ ------------
Profit on ordinary activities before interest and taxation 4.7 18.6 57.4
Interest payable (net) 4 (11.9) (11.5) (25.2)
Other finance costs - FRS 17 (net) (1.8) (4.3) (9.4)
------------ ------------ ------------
(Loss)/profit on ordinary activities before taxation (9.0) 2.8 22.8
Tax on (loss)/profit on ordinary activities 5 (0.4) 0.8 1.8
------------ ------------ ------------
(Loss)/profit for the financial period (9.4) 3.6 24.6
Dividends 6 - (3.6) (9.7)
------------ ------------ ------------
Retained (loss)/profit for the period (9.4) 0.0 14.9
======= ======= =======
Pence Pence Pence
Earnings per ordinary share - basic 7 (2.9) 1.1 7.5
- adjusted 7 2.8 4.2 14.3
- diluted 7 (2.9) 1.1 7.4
Group Statement of Total Recognised Gains and Losses
For the 24 weeks ended 17 September 2004
24 weeks 24 weeks 53 weeks
ended ended ended
17 September 12 September 2 April
2004 2003 2004
(Unaudited) (Unaudited) (Audited)
(Restated) (Restated)
#m #m #m
(Loss)/profit for the financial period (9.4) 3.6 24.6
Exchange movements 0.2 (0.2) 1.9
Actuarial gain on pension scheme 2.6 49.1 30.3
Deferred tax on actuarial gain (0.8) (14.7) (9.1)
------------ ------------ ------------
Total recognised gains and losses for the period (7.4) 37.8 47.7
======= =======
Prior period adjustments (128.7)
------------
Total gains and losses since last annual report (136.1)
=======
Reconciliation of Movement in Shareholders' Funds
For the 24 weeks ended 17 September 2004
24 weeks 24 weeks 53 weeks
ended ended ended
17 September 12 September 2 April
2004 2003 2004
(Unaudited) (Unaudited) (Audited)
(Restated) (Restated)
#m #m #m
Total recognised gains and losses (7.4) 37.8 47.7
Dividends paid and proposed - (3.6) (9.7)
New share capital allotted 0.1 - 0.3
Movement re shares held by ESOP trust (1.8) (0.6) (3.1)
------------ ------------ ------------
Net (decrease)/increase in shareholders' funds (9.1) 33.6 35.2
Opening shareholders' funds as previously stated 426.6 406.5 406.5
Prior period adjustments (145.3) (160.4) (160.4)
------------ ------------ ------------
Shareholders' funds at the end of the period 272.2 279.7 281.3
======= ======= =======
Group Balance Sheet
At 17 September 2004
17 September 12 September 2 April
2004 2003 2004
(Unaudited) (Unaudited) (Audited)
(Restated) (Restated)
#m #m #m
Fixed assets
Intangible assets 350.5 373.1 360.8
Tangible assets 512.1 491.5 492.9
------------ ------------ ------------
862.6 864.6 853.7
------------ ------------ ------------
Current assets
Stocks 301.1 290.5 325.8
Debtors due within one year 128.8 120.7 135.0
Short-term deposits 16.4 1.1 14.3
Cash at bank and in hand 51.3 81.8 55.1
------------ ------------ ------------
497.6 494.1 530.2
Creditors due within one year (627.6) (637.9) (643.1)
------------ ------------ ------------
Net current liabilities (130.0) (143.8) (112.9)
------------ ------------ ------------
Total assets less current liabilities 732.6 720.8 740.8
Creditors due after one year (267.6) (267.2) (268.4)
Provisions for liabilities and charges (61.8) (53.6) (56.6)
------------ ------------ ------------
Net assets excluding net pension liability 403.2 400.0 415.8
Net pension liability (131.0) (120.3) (134.5)
------------ ------------ ------------
Net assets 272.2 279.7 281.3
======= ======= =======
Capital and reserves
Called-up share capital 34.4 34.3 34.3
Share premium account 18.0 17.7 18.0
Merger reserve 330.4 330.4 330.4
Profit and loss account (88.1) (78.4) (77.1)
ESOP trust (22.5) (24.3) (24.3)
------------ ------------ ------------
Equity shareholders' funds 272.2 279.7 281.3
======= ======= =======
Group Cash Flow Statement
For the 24 weeks ended 17 September 2004
24 weeks 24 weeks 53 weeks
ended ended ended
17 September 12 September 2 April
2004 2003 2004
(Unaudited) (Unaudited) (Audited)
(Restated) (Restated)
Note #m #m #m
Cash flow from operating activities 8 55.6 101.0 126.9
Servicing of finance 9 (10.8) (11.1) (23.1)
Tax (paid)/refunded (1.0) (0.1) 1.4
Capital expenditure 9 (45.4) (14.5) (64.8)
Equity dividends paid (6.2) (4.8) (8.4)
------------ ------------ ------------
Cash (outflow)/inflow before use of liquid (7.8) 70.5 32.0
resources and financing
Management of liquid resources: (2.1) 13.5 0.3
Net (outflow)/inflow from short-term deposits
Financing 9 0.8 (6.1) 13.4
------------ ------------ ------------
(Decrease)/increase in cash for the period (9.1) 77.9 45.7
======= ======= =======
Reconciliation of net cash flow to movement 10
in net debt
(Decrease)/increase in cash for the period (9.1) 77.9 45.7
Cash (inflow)/outflow from debt and lease financing (2.4) 3.0 (16.2)
Cash outflow/(inflow) from liquid resources 2.1 (13.5) (0.3)
Non-cash movements (0.6) (0.6) (1.4)
------------ ------------ ------------
Movement in net debt in the period (10.0) 66.8 27.8
Net debt at start of the period (254.8) (282.6) (282.6)
------------ ------------ ------------
Net debt at end of the period (264.8) (215.8) (254.8)
======= ======= =======
Notes to the Accounts
At 17 September 2004
1. Basis of preparation and accounting policies
With the exception of the treatment of pension costs and ESOP trusts, the
interim accounts have been prepared on the basis of the accounting policies set
out in the Group's statutory accounts for the period ended 2 April 2004. During
the period the Group has implemented the requirements of FRS 17 "Retirement
Benefits" and UITF 38 "Accounting for ESOP trusts" in full. Comparative figures
have been adjusted and restated accordingly (see note 11).
These statements, which are unaudited, do not constitute statutory accounts
within the meaning of section 240 of the Companies Act 1985. The information for
the 53 weeks ended 2 April 2004 is based upon the full accounts, which have been
filed with the Registrar of Companies, and restated as noted above. The
Auditors' Report on the full accounts was unqualified and did not contain any
statement under section 237 of the Companies Act 1985.
2. Segmental analysis
24 weeks 24 weeks 53 weeks
ended ended ended
17 September 12 September 2 April
2004 2003 2004
(Restated) (Restated)
#m #m #m
a) Turnover
Wholesale 1,559.4 1,658.6 3,488.4
Foodservice 68.8 54.2 119.2
Retail 660.0 678.0 1,544.0
------------ ------------ ------------
2,288.2 2,390.8 5,151.6
======= ======= =======
b) (Loss)/profit before tax
Wholesale 30.3 27.4 59.8
Foodservice (2.8) (2.2) (6.3)
Retail (0.4) 3.4 26.1
------------ ------------ ------------
Operating profit before goodwill amortisation and 27.1 28.6 79.6
operating exceptional items
Goodwill amortisation (10.3) (10.3) (22.6)
Operating exceptional items (net):
Wholesale (12.1) 0.3 0.8
Foodservice (0.5) - -
Retail (0.6) - (0.5)
------------ ------------ ------------
Operating profit 3.6 18.6 57.3
Profit on disposal of fixed assets 1.1 - 0.1
Interest payable (net) (11.9) (11.5) (25.2)
Other finance costs - FRS 17 (net) (1.8) (4.3) (9.4)
------------ ------------ ------------
(Loss)/profit before tax (9.0) 2.8 22.8
======= ======= =======
All operations are continuing and carried out in the United Kingdom and the
Republic of Ireland. The goodwill amortisation relates principally to the
wholesale business.
Notes to the Accounts
At 17 September 2004 (continued)
3. Exceptional items (net) 24 weeks 24 weeks 53 weeks
ended ended ended
17 September 12 September 2 April
2004 2003 2004
(Restated) (Restated)
#m #m #m
Restructuring 13.5 (0.3) (0.3)
Contract settlements 0.1 - (4.3)
Corporate development 0.1 - 0.8
Asset write-down - - 2.2
Onerous lease provision - - 1.1
Other (0.5) - 0.2
------------ ------------ ------------
Total operating exceptional items (net) 13.2 (0.3) (0.3)
======= ======= =======
Profit on disposal of fixed assets (1.1) - (0.1)
======= ======= =======
Restructuring costs are principally related to the reorganisation of Booker
branches and site closures due to consolidation of logistics operations.
Contract settlement costs have arisen mainly from a supplier dispute concerning
termination of an organic vegetable contract.
Corporate development costs are mainly related to the proposal to acquire Londis
(Holdings) Ltd.
The asset write-down and provision for onerous leases were the result of an
evaluation of store unit profitability.
4. Interest payable (net) 24 weeks 24 weeks 53 weeks
ended ended ended
17 September 12 September 2 April
2004 2003 2004
(Restated) (Restated)
#m #m #m
Interest receivable and similar income (0.3) (0.3) (1.3)
------------ ------------ ------------
Interest payable and similar costs
Interest on bank loans and overdrafts 4.7 4.2 9.4
Loan note interest 6.9 6.9 15.3
Finance charges payable under finance leases 0.1 0.4 0.5
Unwinding of discount on provisions 0.5 0.3 1.0
Other interest payable - - 0.3
------------ ------------ ------------
Total interest payable 12.2 11.8 26.5
------------ ------------ ------------
11.9 11.5 25.2
======= ======= =======
5. Taxation on (loss) / profit on ordinary activities
The charge for the period is based on the expected tax rate for the full year.
Notes to the Accounts
At 17 September 2004 (continued)
6. Dividends 24 weeks 24 weeks 53 weeks
ended ended ended
17 September 12 September 2 April
2004 2003 2004
#m #m #m
Interim dividend (2003/4: 1.1p) - 3.6 3.6
Final dividend (2003/4: 1.9p) - - 6.1
------------ ------------ ------------
- 3.6 9.7
======= ======= =======
An interim dividend of 1.0p per share is not included in the financial
statements as its payment is conditional upon the possible acquisition by Baugur
not proceeding.
7. Earnings per ordinary share
Basic and diluted
The basic and diluted earnings per share are calculated based on the following
data:
24 weeks 24 weeks 53 weeks
ended ended ended
17 September 12 September 2 April
2004 2003 2004
(Restated) (Restated)
#m #m #m
(Loss)/profit for the financial period (9.4) 3.6 24.6
======= ======= =======
No. (m) No. (m) No. (m)
Basic weighted average number of shares 327.9 328.9 328.2
Dilutive potential ordinary shares - employee - 0.9 5.3
share options
------------ ------------ ------------
Diluted weighted average number of shares 327.9 329.8 333.5
======= ======= =======
The basic weighted average excludes shares held in the employee share trust, as
required by FRS 14.
The effect of this is to reduce the average by 15,659,069 (12 September 2003:
14,252,916; 2 April 2004: 14,958,513).
Notes to the Accounts
At 17 September 2004 (continued)
7. Earnings per ordinary share (continued)
Adjusted
Adjusted earnings per share are presented in addition to the basic required by
FRS 14 since, in the opinion of the directors, this represents a clearer period
on period comparison of the earnings of the Group. The adjusting items are the
exclusion of goodwill amortisation, exceptional items and associated tax.
24 weeks 24 weeks 53 weeks
ended ended ended
17 September 12 September 2 April
2004 2003 2004
(Restated) (Restated)
Pence Pence Pence
Basic earnings per share (2.9) 1.1 7.5
Goodwill amortisation 3.1 3.1 6.8
Exceptional items 3.7 - -
Associated tax (1.1) - -
------------ ------------ ------------
Adjusted earnings per share 2.8 4.2 14.3
======= ======= =======
8. Reconciliation of operating profit to operating 24 weeks 24 weeks 53 weeks
cash flows ended ended ended
17 September 12 September 2 April
2004 2003 2004
(Restated) (Restated)
#m #m #m
Operating profit 3.6 18.6 57.3
Operating exceptional items (net) 13.2 (0.3) (0.3)
------------ ------------ ------------
Operating profit before operating exceptional items 16.8 18.3 57.0
Depreciation 30.0 29.0 66.9
Amortisation of goodwill 10.3 10.3 22.6
Amortisation of investments - 2.5 (0.3)
Exceptional costs (7.6) (1.2) (5.5)
Decrease/(increase) in stocks 24.7 (0.7) (36.0)
Decrease/(increase) in debtors 6.2 3.0 (11.3)
(Decrease)/increase in creditors (20.0) 44.8 43.2
Cash flow relating to provisions (1.2) (1.4) (2.4)
Pension fund top up payments (3.6) (3.6) (7.3)
------------ ------------ ------------
Net cash inflow from operating activities 55.6 101.0 126.9
======= ======= =======
Notes to the Accounts
At 17 September 2004 (continued)
9. Analysis of cash flows 24 weeks 24 weeks 53 weeks
ended ended ended
17 September 12 September 2 April
2004 2003 2004
(Restated) (Restated)
#m #m #m
Servicing of finance
Net interest paid (10.7) (10.7) (22.6)
Interest element of finance lease rental payments (0.1) (0.4) (0.5)
------------ ------------ ------------
Net cash outflow for servicing of finance (10.8) (11.1) (23.1)
======= ======= =======
Capital expenditure
Purchase of tangible fixed assets (47.6) (31.1) (84.0)
Sale of tangible fixed assets 2.2 16.6 19.2
------------ ------------ ------------
Net cash outflow for capital expenditure (45.4) (14.5) (64.8)
======= ======= =======
Financing
Issue of share capital 0.1 - 0.3
Purchase of shares for ESOP (1.7) (3.1) (3.1)
Proceeds from new borrowings - - 22.9
Proceeds from new finance leases 2.6 - -
Repayment of borrowings - (0.2) -
Capital element of finance lease repayments (0.2) (2.8) (6.7)
------------ ------------ ------------
Net cash inflow/(outflow) from financing 0.8 (6.1) 13.4
======= ======= =======
10. Analysis of net debt At 2 April Non-cash At 17 September
2004 Cash flow movements 2004
#m #m #m #m
Cash at bank and in hand 55.1 (3.8) - 51.3
Overdrafts (6.8) (5.3) - (12.1)
------------ ------------ ------------ ------------
48.3 (9.1) - 39.2
Debt due within 1 year (50.8) 0.5 (0.1) (50.4)
Debt due after 1 year (266.6) (0.5) (0.5) (267.6)
Finance leases - (2.4) - (2.4)
------------ ------------ ------------ ------------
(269.1) (11.5) (0.6) (281.2)
Liquid resources
- short-term deposits 14.3 2.1 - 16.4
------------ ------------ ------------ ------------
(254.8) (9.4) (0.6) (264.8)
======= ======= ======= =======
Notes to the Accounts
At 17 September 2004 (continued)
11. Changes in accounting policy
As a result of the changes in accounting policy brought about by the adoption of
FRS 17 "Retirement Benefits", and UITF 38 "Accounting for ESOP trusts"
comparatives have been restated as follows:
24 weeks 53 weeks
ended ended
12 September 2 April
2003 2004
#m #m
Retained profit
As previously reported 2.0 17.9
SSAP 24 variations from regular cost 1.4 3.0
FRS 17 curtailment credit 0.3 0.3
Revised LTIP amortisation (0.2) 1.3
Other finance costs - FRS 17 (net) (4.3) (9.4)
Tax effect of above adjustments 0.8 1.8
------------ ------------
Restated retained profit - 14.9
======= =======
Statement of total recognised gains and losses
As previously reported 5.4 29.5
Restatements to retained profit as above (2.0) (3.0)
Actuarial gain on pension scheme 49.1 30.3
Movement on deferred tax relating to pension liability (14.7) (9.1)
------------ ------------
Restated total recognised gain for the period 37.8 47.7
======= =======
Balance sheet
Net assets as previously reported 408.3 426.6
Transfer investment in own shares to reserves (9.9) (10.9)
SSAP 24 creditor 2.2 0.1
Deferred tax (0.6) -
FRS 17 net pension liability (120.3) (134.5)
------------ ------------
Restated net assets 279.7 281.3
======= =======
The impact on profit before tax for the 24 week period ended 17 September 2004
of the implementation of FRS 17 is an increase by #2.3m (including a #0.5m
exceptional gain) and UITF 38 implementation results in a reduction of #0.4m.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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