Spain 11,896 14,366 26,717 510 434 551
Other 18,718 19,729 39,808 990 1,093 1,084
162,909 172,101 346,136 49,477 53,158 53,620
4 Exceptional items
6 months ended 30 June 2012 6 months ended 30 June 2011 Year ended 31 December 2011
GBP'000 GBP'000 GBP'000
(Unaudited) (Unaudited) (Audited)
Customer redress and
associated costs 7,495 547 16,892
Restructuring costs 4,097 - -
Legacy scheme share based
payments 196 802 1,167
Total exceptional items 11,788 1,349 18,059
The GBP7,495,000 customer redress and associated costs in the
six month period relate to the further costs required to compensate
customers and other costs associated with the customer redress
exercise.
The GBP4,097,000 restructuring costs in the six month period
relate to redundancy programmes and associated costs across the
Group, the majority of which is in the UK as announced in the 2011
Annual Report and Accounts.
The tax credit arising in respect of these items is GBP2,851,000
(H1 2011: GBP345,000).
5 Taxation
Tax for the six month period is charged at 34.6% (six months
ended 30 June 2011: 31.0%; year ended 31 December 2011: 36.2%),
representing the best estimate of the average effective tax rate
expected for the full year, applied to the pre-tax income of the
six month period.
6 Dividends
6 months ended 30 June 2012 6 months ended 30 June 2011 Year ended 31 December 2011
GBP'000 GBP'000 GBP'000
(Unaudited) (Unaudited) (Audited)
Interim dividend for the year
ended 31 December 2011 of
2.42 pence - - 4,149
Final dividend for the year
ended 31 December 2011 of
nil pence (2010: 5.12 pence) - 8,776 8,776
Amounts recognised as
distributions to equity
holders in the period - 8,776 12,925
The Directors have not proposed an interim dividend for
2012.
7 Earnings per share
Basic and diluted earnings per share have been calculated in
accordance with IAS 33 "Earnings per Share". Underlying earnings
per share have also been presented in order to give a better
understanding of the performance of the business.
6 months Year ended
6 months ended ended 30 31 December
30 June 2012 June 2011 2011
(Unaudited) (Unaudited) (Audited)
Earnings GBP'000 GBP'000 GBP'000
Earnings for the purposes of basic and diluted earnings
per share 4,535 15,969 18,215
Customer redress and associated costs (net of
tax) 5,659 402 12,976
Restructuring costs (net of tax) 3,082 - -
Legacy scheme share based payments (net of tax) 196 592 1,167
Earnings for the purposes of underlying basic and diluted
earnings per share 13,472 16,963 32,358
Number of
shares Number Number Number
(thousands) (thousands) (thousands)
Weighted average number of ordinary shares for the purposes of
basic earnings per share 171,439 170,990 171,210
Effect of dilutive potential ordinary shares: share
options 3,112 1,959 787
Weighted average number of ordinary shares for the purposes of
diluted earnings per share 174,551 172,949 171,997
Earnings per
share Pence Pence Pence
(Unaudited) (Unaudited) (Audited)
Basic and diluted earnings per share from continuing
operations:
Basic shares 2.65 9.34 10.64
Diluted shares 2.60 9.23 10.59
Basic and diluted underlying earnings per share from continuing operations:
Basic shares 7.86 9.92 18.90
Diluted shares 7.72 9.81 18.81
8 Tangible and intangible assets
Goodwill Other intangible assets Property, plant and equipment Total
GBP'000 GBP'000 GBP'000 GBP'000
Six months ended 30 June 2012 (Unaudited)
Carrying amount at 1 January 2012 16,521 22,626 14,473 53,620
Additions - 1,360 687 2,047
Disposals - (64) (2) (66)
Depreciation / amortisation - (4,458) (1,543) (6,001)
Exchange adjustments (159) 11 25 (123)
Carrying amount at 30 June 2012 16,362 19,475 13,640 49,477
Six months ended 30 June 2011 (Unaudited)
Carrying amount at 1 January 2011 16,536 22,055 15,389 53,980
Additions - 4,560 833 5,393
Depreciation / amortisation - (4,109) (1,645) (5,754)
Exchange adjustments (480) 7 12 (461)
Carrying amount at 30 June 2011 16,056 22,513 14,589 53,158
Year ended 31 December 2011 (Audited)
Carrying amount at 1 January 2011 16,536 22,055 15,389 53,980
Additions - 9,417 2,435 11,852
Disposals - - (13) (13)
Depreciation / amortisation - (8,850) (3,240) (12,090)
Exchange adjustments (15) 4 (98) (109)
Carrying amount at 31 December 2011 16,521 22,626 14,473 53,620
9 Bank loans
30 June 2012 30 June 2011 31 December 2011
GBP'000 GBP'000 GBP'000
(Unaudited) (Unaudited) (Audited)
Repayments due within one year 43,500 - -
Less: unamortised issue costs (275) - -
Bank loans due within one year 43,225 - -
Repayments due in more than one year - 43,500 43,500
Less: unamortised issue costs - (642) (459)
Bank loans due in more than one year - 42,858 43,041
The Group's bank debt is in the form of a Revolving Credit
Facility (RCF). The Group is entitled to roll over amounts drawn
down, subject to all amounts outstanding falling due for repayment
on expiry of the facility in March 2013.
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