Statutory results
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Profit before tax: £72m (H1 2012: £42m) |
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Basic earnings per share: 14.1p (H1 2012: 8.8p) |
Financial highlights
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Total revenue of £991m, up 2% |
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Like-for-like sales growth of 0.3% |
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Adjusted operating profit of £145m, up 5% |
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Adjusted earnings per share of 14.6p, up 17% |
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Net cash inflow of £70mc before mandatory bond amortisation of £27m |
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Net debt of £1.8bn representing 4.3 times adjusted EBITDA |
Operational highlights
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Restructuring cost savings delivered in full |
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Further investment made in guest service through ongoing business transformation programme |
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Operating margin up 40 basis points to 14.6% against H1 2012 |
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EBITDA returns of 17% achieved on expansionary capex invested since FY 2011 |
Strategic progress
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'Five star' approach to the market to align strategy with growth potential |
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Future investment focused on attractive market spaces: Upmarket Social, Family and Special |
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Clear operational priorities: people, practices, guests and profits |
Board composition
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Stewart Gilliland appointed as an independent Non-Executive Director |
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Three independent Non-Executive Directors appointed this year |
Dividends
As indicated in the Full Year Results of November 2012, the Company is mindful of the attraction of the resumption of dividend payments and will continue to monitor forecast cash flow generation before taking a decision on timing and quantum.
Alistair Darby, Chief Executive, commented:
"These results demonstrate the progress we are making through our business change programme. We are growing sales and profit in a tough market by building on the firm foundations of our excellent estate, strong brands, dedicated people and substantial scale.
Having now delivered our restructuring cost savings in full, we have identified specific market segments where we can grow successfully and we have outlined clear operational priorities. By focusing on these areas, I believe that we will provide great experiences for our guests and sustainable returns for our shareholders."
