2022 | |||
52 weeks | 52 weeks | ||
£’000 | £’000 | ||
Continuing operations | |||
Revenue | 5 | ||
Cost of sales | 7 | ( | ( |
Gross profit | |||
Distribution costs | 7 | ( | ( |
Other administrative expenses | ( | ( | |
Exceptional income – Insurance proceeds | 9 | ||
Exceptional costs | 9 | ( | ( |
Total administrative expenses | 7 | ( | ( |
Share of profit in joint ventures and associates | 17 | ||
Operating profit | |||
Finance Income | 10 | ||
Finance costs | 10 | ( | ( |
Finance costs – net | ( | ( | |
Profit before income tax | |||
Income tax expense | ( | ( | |
Exceptional tax income | 9 | ||
Total income tax expense | 11 | ( | ( |
Profit for the period | |||
Attributable to: | |||
Owners of the parent | |||
Non–controlling interests | |||
| |||
Earnings per share attributable to owners of the parent during the period | |||
Basic (pence) | 12 | ||
Diluted (pence) | 12 |
2023 | 2022 | |
52 weeks | 52 weeks | |
£’000 | £’000 | |
Profit for the period | ||
Other comprehensive (expense)/income | ||
Items that may be reclassified to profit or loss | ||
Currency translation differences | ( | |
Gain on cash flow hedges | ||
Other comprehensive expense for the period net of tax | ||
Total comprehensive income for the period | ||
Total comprehensive income attributable to: | ||
Owners of the parent | ||
Non–controlling interests | ||
|
Group | Company | ||||
2023 | 2022 | 2023 | 2022 | ||
Note | £’000 | £’000 | £’000 | £’000 | |
Assets | |||||
Non-current assets | |||||
Property, plant and equipment | 14 | – | – | ||
Intangible assets | 15 | – | – | ||
Lease: right of use assets | 16 | – | – | ||
Investments | 17 | 247,785 | 247,785 | ||
Deferred income tax assets | 24 | – | – | ||
247,785 | 247,785 | ||||
Current assets | |||||
Inventories | 19 | – | – | ||
Trade and other receivables | 20 | 5,667 | 5,875 | ||
Current tax assets | – | – | |||
Financial assets at fair value through OCI | 31 | – | – | ||
Cash and cash equivalents | 21 | 416 | 186 | ||
6,083 | 6,061 | ||||
Total assets | 253,868 | 253,846 | |||
Equity | |||||
Equity attributable to owners of the parent | |||||
Ordinary shares | 25 | 8,960 | 8,943 | ||
Share premium | 144,926 | 144,926 | |||
Employee share schemes reserve | – | – | |||
Foreign currency translation reserve | ( | ( | – | – | |
Cashflow hedging reserve | – | – | |||
Other reserves | ( | ( | 71,019 | 71,019 | |
Retained earnings | 28,961 | 28,958 | |||
253,866 | 253,846 | ||||
Non-controlling interests | – | – | |||
Total equity | 253,866 | 253,846 | |||
Liabilities | |||||
Non-current liabilities | |||||
Borrowings | 22 | – | – | ||
Lease liabilities | 16 | – | – | ||
Deferred income tax liabilities | 24 | – | – | ||
– | – | ||||
Current liabilities | |||||
Borrowings | 22 | – | – | ||
Lease liabilities | 16 | – | – | ||
Trade and other payables | 23 | 2 | – | ||
Financial liabilities at fair value through OCI | 31 | – | – | ||
Current tax liabilities | – | – | |||
2 | – | ||||
Total liabilities | 2 | – | |||
Total equity and liabilities | 253,868 | 253,846 |
Attributable to owners of the parent | ||||||||||||
Foreign | ||||||||||||
Employee | currency | Cash | ||||||||||
share | tran- | flow | Non- | |||||||||
Share | Share | Own | schemes | slation | hedge | Other | Retained | controlling | Total | |||
capital | premium | shares | reserve | reserve | reserve | reserves | earnings | Total | interests | equity | ||
Group | Note | £’000 | £’000 | £’000 | £’000 | £’000 | £’000 | £’000 | £’000 | £’000 | £’000 | £’000 |
Balance at 3 January 2022 | ( | ( | ( | |||||||||
Profit for the period | ||||||||||||
Other comprehensive | ||||||||||||
(expense)/income | ||||||||||||
Currency translation differences | ( | ( | ||||||||||
Gain/(Loss) on cash flow hedging | ||||||||||||
Total comprehensive income | ||||||||||||
for the period | ( | |||||||||||
Transactions with non- controlling interests | ( | ( | ||||||||||
Issue of new shares | ||||||||||||
Adjustment in respect of employee share schemes | ( | ( | ( | |||||||||
Settlement of employee | ||||||||||||
share scheme | ( | ( | ( | |||||||||
Tax on employee share | ||||||||||||
schemes | ( | ( | ( | |||||||||
Dividends paid | 13 | ( | ( | ( | ( | |||||||
Total transactions with owners | ( | ( | ( | ( | ||||||||
Balance at 1 January 2023 | ( | ( | ||||||||||
Profit for the period | ||||||||||||
Other comprehensive | ||||||||||||
(expense)/income | ||||||||||||
Currency translation | ||||||||||||
differences | ( | ( | ( | ( | ||||||||
Gain on cash flow hedging | ||||||||||||
Total comprehensive income | ||||||||||||
for the period | ( | |||||||||||
Transactions with non- controlling interests | ||||||||||||
Issue of new shares | ||||||||||||
Adjustment in respect of employee share schemes | ||||||||||||
Tax on employee share | ||||||||||||
schemes | – | ( | ( | ( | ||||||||
Dividends paid | 13 | ( | ( | ( | ( | |||||||
Total transactions with owners | ( | ( | ( | ( | ||||||||
Balance at 31 December 2023 | ( | ( |
Group | Company | ||||
2023 | 2022 | 2023 | 2022 | ||
52 weeks | 52 weeks | 52 weeks | 52 weeks | ||
Note | £’000 | £’000 | £’000 | £’000 | |
Cash flows from operating activities | |||||
Cash generated from operations | 27 | – | – | ||
Interest paid | ( | ( | – | – | |
Income tax paid | ( | ( | – | – | |
Net cash generated from operating activities | – | – | |||
Cash flows from investing activities | |||||
Acquisition of subsidiary, net of cash acquired | ( | ( | – | – | |
Acquisition investments in associates | ( | ( | – | – | |
Issue/(repayment) of inter-company loan | 227 | (1,206) | |||
Purchases of property, plant and equipment | ( | ( | – | – | |
Proceeds from sale of property, plant and equipment | – | – | |||
Purchases of intangible assets | ( | ( | – | – | |
Interest received | – | – | |||
Dividends received | 28,282 | 25,600 | |||
Dividends received from joint venture | – | – | |||
Insurance proceeds for property, plant and equipment | – | – | |||
Net cash (used in)/generated from investing activities | ( | ( | 28,509 | 24,394 | |
Cash flows from financing activities | |||||
Purchase of non-controlling interest | ( | – | – | ||
Proceeds from borrowings | 28 | – | – | ||
Repayments of borrowings | ( | ( | – | – | |
Payment of lease liability | ( | ( | – | – | |
Issue of ordinary shares | – | 1,133 | |||
Dividends paid to owners of the parent | ( | ( | (28,279) | (25,492) | |
Dividends paid to non-controlling interests | ( | ( | – | – | |
Net cash (used in)/generated from financing activities | ( | (28,279) | (24,359) | ||
Net increase/(decrease) in cash and cash equivalents | ( | 230 | 35 | ||
Cash and cash equivalents at beginning of the period | 186 | 151 | |||
Exchange (losses)/gains on cash and cash equivalents | 28 | ( | – | – | |
Cash and cash equivalents at end of the period | 21 | 416 | 186 |
Annual rate | |
Buildings (including leasehold improvements) | 4% – 14% |
Plant and machinery | 12.5% – 33% |
Fixtures and fittings | 14% – 33% |
Motor vehicles | 25% |
2023 | 2022 | |||
Income | Income | |||
statement | Equity | statement | Equity | |
Group | £’000 | £’000 | £’000 | £’000 |
Annual effect of a change in Group-wide interest rates by - 0.5% | 1,505 | 1,505 | 1,495 | 1,495 |
Annual effect of a change in Group-wide interest rates by +0.5% | (1,505) | (1,505) | (1,495) | (1,495) |
Annual effect of a change in exchange rates to the GBP £ by +10% | 4,297 | 24,444 | 2,639 | 23,434 |
Annual effect of a change in exchange rates to the GBP £ by -10% | (3,515) | (20,000) | (2,159) | (19,173) |
2023 | 2022 | |||||
Trade and | Trade and | |||||
Borrowings | Leases | other payables | Borrowings | Leases | other payables | |
£’000 | £’000 | £’000 | £’000 | £’000 | £’000 | |
Less than one year | 28,641 | 22,945 | 448,758 | 28,279 | 22,645 | 418,794 |
Between one and two years | 32,105 | 22,667 | – | 27,188 | 22,793 | – |
Between two and five years | 26,562 | 57,835 | – | 54,375 | 63,656 | – |
Over five years | 179,125 | 198,430 | – | 188,947 | 220,081 | – |
2023 | 2022 | ||||||||||
UK and | Central | UK and | Central | ||||||||
Ireland | Europe | APAC | costs | Total | Ireland | Europe | APAC | costs | Total | ||
Group | £’000 | £’000 | £’000 | £’000 | £’000 | £’000 | £’000 | £’000 | £’000 | £’000 | |
Total revenue | 1,389,095 | 1,061,406 | 1,614,975 | – | 4,065,476 | 1,349,055 | 999,300 | 1,592,946 | – | 3,941,301 | |
Inter-co revenue | (59,827) | (16,102) | – | – | (75,929) | (66,969) | (26,732) | – | – | (93,701) | |
Third party revenue | 1,329,268 | 1,045,304 | 1,614,975 | – | 3,989,547 | 1,282,086 | 972,568 | 1,592,946 | – | 3,847,600 | |
Adjusted operating | |||||||||||
profit/(loss) | |||||||||||
segment result | |||||||||||
(see note 32) | 35,492 | 40,851 | 30,277 | (11,639) | 94,981 | 13,629 | 36,043 | 26,705 | (5,233) | 71,144 | |
Amortisation of acquired intangibles | (5,084) | (4,432) | – | – | (9,516) | (2,449) | (5,808) | – | – | (8,257) | |
Exceptional items | (1,778) | (1,950) | – | (147) | (3,875) | (2,214) | (6,800) | – | (2,882) | (11,896) | |
Impact of IFRS 16 | 553 | 662 | 3,282 | 42 | 4,539 | 487 | 428 | 2,120 | – | 3,035 | |
Operating profit/ | |||||||||||
(loss) segment | |||||||||||
result | 29,183 | 35,131 | 33,559 | (11,744) | 86,129 | 9,453 | 23,863 | 28,825 | (8,115) | 54,026 | |
Finance income | 35 | 137 | 399 | – | 571 | 6 | 350 | – | – | 356 | |
Finance costs | (9,107) | (10,512) | (13,817) | (4,626) | (38,062) | (2,829) | (5,265) | (5,336) | (11,338) | (24,768) | |
Income tax | |||||||||||
(expense)/credit | (2,725) | (4,822) | (6,087) | 2,992 | (10,642) | 771 | (4,240) | (7,505) | 852 | (10,122) | |
Profit/(loss) | |||||||||||
for the period | 17,386 | 19,934 | 14,054 | (13,378) | 37,996 | 7,401 | 14,708 | 15,984 | (18,601) | 19,492 | |
Depreciation, amortisation and impairment | 23,341 | 19,559 | 35,974 | 555 | 79,429 | 26,787 | 12,989 | 37,64 | 0 | 353 | 77,769 |
Additions to non-current assets | 29,565 | 21,078 | 8,260 | 715 | 59,618 | 33,408 | 12,789 | 9,643 | 1,167 | 57,007 | |
Segment assets | 404,751 | 397,551 | 431,684 | 36,128 | 1,270,114 | 412,651 | 357, 285 | 481,229 | 24,825 | 1,275,990 | |
Current income | |||||||||||
tax assets | – | 5,995 | |||||||||
Deferred income | |||||||||||
tax assets | 19,136 | 13,801 | |||||||||
Total assets | 1,289,250 | 1,295,786 | |||||||||
Segment liabilities | 187,225 | 199,881 | 380,598 | 184,621 | 952,325 | 184,209 | 202,694 | 466,492 | 121,153 | 974,548 | |
Current income | |||||||||||
tax liabilities | 704 | – | |||||||||
Deferred income | |||||||||||
tax liabilities | 14,743 | 15,921 | |||||||||
Total liabilities | 967,772 | 990,469 |
Revenues from | Non-current assets excluding | |||
external customers | deferred tax assets | |||
2023 | 2022 | 2023 | 2022 | |
£’000 | £’000 | £’000 | £’000 | |
Analysis by geographical area | ||||
United Kingdom – country of domicile | 1,265,333 | 1,184,006 | 223,058 | 257,481 |
Netherlands | 475,790 | 446,387 | 117,829 | 56,671 |
Belgium | 18,994 | 26,915 | 94 | 883 |
Sweden | 245,202 | 237,438 | 24,392 | 9,119 |
Republic of Ireland | 89,054 | 83,686 | 5,184 | 3,008 |
Denmark | 123,098 | 131,845 | 16,207 | 16,468 |
Central Europe | 154,722 | 142,905 | 23,735 | 23,717 |
APAC | 1,617,354 | 1,594,418 | 271,780 | 343,530 |
3,989,547 | 3,847,600 | 682,279 | 710,877 | |
Analysis by principal customer | ||||
Customer 1 | 1,107,282 | 1,100,571 | ||
Customer 2 | 337,832 | 341,289 | ||
Customer 3 | 243,501 | 230,716 | ||
Customer 4 | 120,770 | 124,506 | ||
Customer 5 | 1,447,520 | 1,430,806 | ||
Other | 732,642 | 619,712 | ||
3,989,547 | 3,847,600 |
2023 | 2022 | |
Group | £’000 | £’000 |
Fees payable to the Group’s auditors for the audit of the parent Group and consolidated financial statements | 300 | 244 |
Fees payable to the Group’s auditors and their associates for other services: | ||
– The audit of the Group's subsidiaries pursuant to legislation | 867 | 801 |
– Other services pursuant to legislation | 66 | 53 |
– All other services including regulatory acquisition work | 29 | 25 |
Total fees payable to the Group’s auditors and their associates | 1,262 | 1,123 |
2023 | 2022 | |
Group | £’000 | £’000 |
Changes in inventories of finished goods and goods for resale | 7,079 | 3,620 |
Raw materials and consumables used | 3,240,084 | 3,175,358 |
Employee benefit expense (note 8) | 268,588 | 239,692 |
Depreciation, amortisation and impairment – owned assets | 60,435 | 56,959 |
Depreciation and amortisation – leased assets | 18,994 | 20,780 |
Repairs and maintenance expenditure on property, plant and equipment | 33,163 | 30,861 |
Transportation expenses | 46,300 | 42,254 |
Gain on impact of acquisition of Foods Connected Ltd | – | (2,702) |
Foreign exchange gain | (348) | (391) |
Other expenses | 229,708 | 228,378 |
Total cost of sales, distribution costs and administrative expenses | 3,904,003 | 3,794,809 |
Cost of sales | 3,559,185 | 3,464,837 |
Distribution costs | 47,655 | 42,028 |
Administrative expenses | 297,163 | 287,944 |
Total cost of sales, distribution costs and administrative expenses | 3,904,003 | 3,794,809 |
2023 | 2022 | |
Group | £’000 | £’000 |
Staff costs during the period | ||
Wages and salaries | 235,369 | 211,054 |
Social security costs | 18,258 | 17,274 |
Share options granted to Directors and employees | 1,815 | (655) |
Pension costs – defined contribution plan | 13,146 | 12,019 |
268,588 | 239,692 |
2023 | 2022 | |
Number | Number | |
Average number of monthly persons employed (including Executive Directors) | ||
during the period by activity | ||
Production | 5,165 | 5,137 |
Administration | 1,411 | 1,551 |
6,576 | 6,688 |
2023 | 2022 | |
Group | £’000 | £’000 |
Key management compensation (including Directors) | ||
Salaries and short-term employee benefits, including termination benefits | 12,102 | 10,059 |
Post-employment benefits | 256 | 94 |
Share-based payments | 2,113 | 3,074 |
14,471 | 13,227 |
2023 | 2022 | |
Group | £’000 | £’000 |
Directors’ emoluments | ||
Aggregate emoluments | 2,733 | 1,414 |
Group contribution to money purchase pension scheme | 70 | 94 |
2,803 | 1,508 |
Operating | Profit | ||
profit | Tax | after tax | |
2023 | 2023 | 2023 | |
Group | £’000 | £’000 | £’000 |
Fire in Belgium | 7,711 | – | 7,711 |
Insurance proceeds | (9,776) | – | (9,776) |
Impairment | 1,955 | (282) | 1,673 |
Reorganisation costs | 3,985 | (939) | 3,046 |
Total exceptional costs/(income) | 3,875 | (1,221) | 2,654 |
Operating | Profit | ||
profit | Tax | after tax | |
2022 | 2022 | 2022 | |
Group | £’000 | £’000 | £’000 |
Fire in Belgium | 9,500 | – | 9,500 |
Acquisition of Foods Connected Ltd | (2,701) | – | (2,701) |
Acquisition related costs | 1,204 | – | 1,204 |
Reorganisation costs | 3,893 | (145) | 3,748 |
Total exceptional costs/(income) | 11,896 | (145) | 11,751 |
2023 | 2022 | |
Group | £’000 | £’000 |
Finance income | ||
Interest income on short term bank deposits | 565 | 63 |
Other interest income | 6 | 293 |
Finance income | 571 | 356 |
Finance costs | ||
Bank borrowings | (20,056) | (12,241) |
Interest on lease liabilities | (8,556) | (8,758) |
Supply chain finance interest | (8,248) | (2,721) |
Other interest expense | (1,202) | (1,048) |
Finance costs | (38,062) | (24,768) |
Finance costs – net | (37,491) | (24,412) |
2023 | 2022 | |
Group | £’000 | £’000 |
Current income tax | ||
Current tax on profits for the period | 17,088 | 13,697 |
Adjustments to tax in respect of previous periods | (160) | 195 |
Total current tax | 16,928 | 13,892 |
Deferred income tax | ||
Origination and reversal of temporary differences | (5,769) | (3,753) |
Adjustments to tax in respect of previous periods | (517) | (17) |
Total deferred tax | (6,286) | (3,770) |
Income tax expense | 10,642 | 10,122 |
2023 | 2022 | |
£’000 | £’000 | |
Profit before income tax | 48,638 | 29,614 |
Tax calculated at the standard rate of UK Corporation Tax 23.5% (2022: 19%) | 11,430 | 5,627 |
Effects of: | ||
Expense/(income) not deductible for tax purposes | (202) | 1,074 |
Joint venture received net of tax | (137) | (238) |
Adjustments to tax in respect of previous periods | (677) | 178 |
Profits taxed at rates other than 23.5% (2022: 19%) | 1,310 | 5,867 |
Impact of change in tax rates | 59 | (398) |
Non-taxable gain on acquisition of JV | – | (513) |
Unrecognised losses carried forward/(brought forward) | 566 | (444) |
Deferred tax recognised in reserves | (26) | (1,031) |
Accelerated capital allowances | (1,681) | – |
Income tax expense | 10,642 | 10,122 |
2023 | 2022 | ||||
Group | Basic | Diluted | Basic | Diluted | |
Profit attributable to owners of the parent | (£'000) | 36,380 | 36,380 | 17,706 | 17,706 |
Weighted average number of ordinary shares in issue | (thousands) | 89,544 | 89,544 | 89,234 | 89,234 |
Adjustment for share options | (thousands) | – | 895 | – | 690 |
Adjusted weighted average number of ordinary shares | (thousands) | 89,544 | 90,439 | 89,234 | 89,924 |
Basic and diluted earnings per share | (pence) | 40.6 | 40.2 | 19.8 | 19.7 |
2023 | 2022 | |
Group and Company | £’000 | £’000 |
Final dividend in respect of 2022 paid Final dividend paid in year pence per share 22.6p per ordinary | ||
share (2022: | 20,221 | 19,143 |
Interim dividend in respect of 2023 paid Interim dividend paid pence per share 9p per ordinary share | ||
(2022: 7.1p) | 8,058 | 6,349 |
Total dividends paid | 28,279 | 25,492 |
Land and | |||||
buildings | |||||
(including | |||||
leasehold | Plant and | Fixtures and | |||
improvements) | machinery | fittings | Motor vehicles | Total | |
Group | £’000 | £’000 | £’000 | £’000 | £’000 |
Cost | |||||
At 3 January 2022 | 111,676 | 460,998 | 18,616 | 308 | 591,598 |
Exchange adjustments | 3,313 | 15,110 | 654 | 25 | 19,102 |
Acquisition (note 18) | 6,040 | 11,443 | 1,263 | 81 | 18,827 |
Additions | 6,484 | 44,946 | 3,591 | 119 | 55,140 |
Transfer | – | 496 | 100 | – | 596 |
Disposals | (7) | (1,171) | (47) | – | (1,225) |
At 1 January 2023 | 127, 506 | 531,822 | 24,177 | 533 | 684,038 |
Accumulated depreciation | |||||
At 3 January 2022 | 33,779 | 250,865 | 15,418 | 48 | 300,110 |
Exchange adjustments | 1,122 | 7,960 | 406 | 17 | 9,505 |
Charge for the period | 7,623 | 36,529 | 2,712 | 121 | 46,985 |
Transfer | – | 496 | 100 | – | 596 |
Disposals | (7) | (717) | (45) | – | (769) |
At 1 January 2023 | 42,517 | 295,133 | 18,591 | 186 | 356,427 |
Net book amount | |||||
At 3 January 2022 | 77,897 | 210,133 | 3,198 | 260 | 291,488 |
At 1 January 2023 | 84,989 | 236,689 | 5,586 | 347 | 327,611 |
Cost | |||||
At 2 January 2023 | 127, 506 | 531,822 | 24,177 | 533 | 684,038 |
Exchange adjustments | (491) | (12,570) | (309) | (9) | (13,379) |
Acquisition (note 18) | – | – | 5 | – | 5 |
Additions | 3,016 | 51,882 | 451 | 79 | 55,428 |
Transfer | 400 | (9,561) | 7,624 | 2 | (1,535) |
Disposals | (881) | (31,043) | (1,939) | (91) | (33,954) |
At 31 December 2023 | 129,550 | 530,530 | 30,009 | 514 | 690,603 |
Accumulated depreciation and impairment | |||||
At 2 January 2023 | 42,517 | 295,133 | 18,591 | 186 | 356,427 |
Exchange adjustments | (550) | (5,523) | (209) | (5) | (6,287) |
Charge for the period | 7,018 | 37,264 | 3,264 | 82 | 47,628 |
Exceptional impairment (note 9) | – | 1,200 | – | – | 1,200 |
Disposals | (803) | (29,667) | (1,939) | (91) | (32,500) |
At 31 December 2023 | 48,182 | 298,407 | 19,707 | 172 | 366,468 |
Net book amount | |||||
At 31 December 2023 | 81,368 | 232,123 | 10,302 | 342 | 324,135 |
Brand and | ||||
Computer | customer | |||
software | relationships | Goodwill | Total | |
Group | £’000 | £’000 | £’000 | £’000 |
Cost | ||||
At 3 January 2022 | 16,751 | 35,079 | 69,482 | 121,312 |
Exchange adjustments | 19 | – | – | 19 |
Acquisition (note 18) | 2,849 | 37,452 | 21,105 | 61,406 |
Impact of finalising fair value of prior year acquisitions (note 18) | – | 9,440 | (8,053) | 1,387 |
Additions | 1,867 | – | – | 1,867 |
Transfer | (596) | – | – | (596) |
At 1 January 2023 | 20,890 | 81,971 | 82,534 | 185,395 |
Accumulated amortisation | ||||
At 3 January 2022 | 5,204 | 10,333 | – | 15,537 |
Charge for the period | 2,019 | 7,955 | – | 9,974 |
Transfer | (596) | – | – | (596) |
At 1 January 2023 | 6,627 | 18,288 | – | 24,915 |
Net book amount | ||||
At 3 January 2022 | 11,547 | 24,746 | 69,482 | 105,775 |
At 1 January 2023 | 14,263 | 63,683 | 82,534 | 160,480 |
Cost | ||||
At 2 January 2023 | 20,890 | 81,971 | 82,534 | 185,395 |
Exchange adjustments | (419) | – | – | (419) |
Acquisition (note 18) | 1 | 343 | 1,325 | 1,669 |
Additions | 4,190 | – | – | 4,190 |
Transfer | 1,535 | – | – | 1,535 |
Disposals | (22) | – | – | (22) |
At 31 December 2023 | 26,175 | 82,314 | 83,859 | 192,348 |
Accumulated amortisation and impairment | ||||
At 2 January 2023 | 6,627 | 18,288 | – | 24,915 |
Exchange adjustments | (274) | – | – | (274) |
Charge for the period | 2,538 | 8,314 | – | 10,852 |
Exceptional impairment (note 9) | 755 | – | – | 755 |
Disposals | (22) | – | – | (22) |
At 31 December 2023 | 9,624 | 26,602 | – | 36,226 |
Net book amount | ||||
At 31 December 2023 | 16,551 | 55,712 | 83,859 | 156,122 |
Lease: right of use assets | Land and | |||
Buildings | Equipment | Vehicles | Total | |
Group | £’000 | £’000 | £’000 | £’000 |
Opening net book amount as at 3 January 2022 | 211,773 | 7,234 | 2,997 | 222,004 |
Exchange Adjustments | 5,946 | 230 | 80 | 6,256 |
Additions | 2,462 | 2,272 | 1,101 | 5,835 |
Acquisition (note 18) | 3,106 | – | 108 | 3,214 |
Remeasurements, reclassification and scope changes | 120 | – | (71) | 49 |
Depreciation | (17,105) | (1,945) | (1,730) | (20,780) |
Closing net book amount at 1 January 2023 and 2 January 2023 | 206,302 | 7,791 | 2,485 | 216,578 |
Exchange Adjustments | (9,703) | (105) | (17) | (9,825) |
Additions | – | 4,123 | 996 | 5,119 |
Reclassification | 3,990 | (2,584) | (1,406) | – |
Remeasurements, reclassification and scope changes | 1,012 | 175 | 18 | 1,205 |
Depreciation | (16,086) | (2,225) | (683) | (18,994) |
Closing net book amount at 31 December 2023 | 185,515 | 7,175 | 1,393 | 194,083 |
2023 | 2022 | |
Group | £’000 | £’000 |
Current | 15,276 | 16,006 |
Non-current | 211,585 | 230,152 |
226,861 | 246,158 |
2023 | 2022 | |
Group | £’000 | £’000 |
Less than one year | 22,945 | 22,645 |
One to five years | 80,502 | 86,449 |
More than five years | 198,430 | 220,081 |
Total lease liabilities | 301,877 | 329,175 |
2023 | 2022 | |
Group | £’000 | £’000 |
Buildings | 16,086 | 17,105 |
Plant and equipment | 2,225 | 1,945 |
Vehicles | 683 | 1,730 |
18,994 | 20,780 | |
Interest expenses (included in finance costs) | 8,556 | 8,758 |
Expenses relating to short-term leases (included in costs of goods sold and administrative expenses) | 1,130 | 748 |
2023 | 2022 | |||||
Joint Ventures | Associates | Total | Joint Ventures | Associates | Total | |
Group | £’000 | £’000 | £’000 | £’000 | £’000 | £’000 |
At the beginning of the period | 4,443 | 1,765 | 6,208 | 5,539 | – | 5,539 |
Acquisitions | – | 1,685 | 1,685 | 1,139 | 1,765 | 2,904 |
Profit for the period | 585 | – | 585 | 1,235 | – | 1,235 |
Disposal of investment | – | – | – | (2,925) | – | (2,925) |
Dividends received | (458) | (10) | (468) | (672) | – | (672) |
Effect of movements | ||||||
in foreign exchange | (71) | – | (71) | 127 | – | 127 |
At the end of the period | 4,499 | 3,440 | 7,939 | 4,443 | 1,765 | 6,208 |
(%) Proportion of ordinary | ||||||
shares held by | ||||||
Joint venture | Registered address | Country | Share class | Parent | Group | |
Sohi Meat Solutions – | Zona Industrial de Santarem – Quinta de | Portugal | €5 Ordinary | – | 50 | |
Distribuicao de Carnes SA | Mocho District, Santarem, 2005 002 Varzea | |||||
Agito Global, Unipessoal LDA | nº 249 - 1º, Avenida da Liberdade, Lisboa | €1 Ordinary | – | 50 | ||
Concelho, Santo António, Lisboa, 1250 143 | ||||||
LISBOA | ||||||
Agito Group Pty Limited | C/O PwC, Level 15, 125 St Georges Terrace, | Australia | AUD 1 | – | 50 | |
Perth, Western Australia, 6000 | Ordinary | |||||
Agito Global Limited | 5th Floor, Beaux Lane House, Mercer Street | Ireland | €1 Ordinary | – | 50 | |
Lower, Dublin 2, Dublin, D02 DH60 | ||||||
Agito Holdings Limited | 2-8 Interchange Latham Road, Huntingdon | UK | £1 Ordinary | – | 50 | |
PE29 6YE | ||||||
Agito Global Limited | First Floor Offices, Unit 6b, Vantage Park, | £1 Ordinary | – | 50 | ||
Huntingdon, Cambridgeshire, PE29 6SR | ||||||
Sphere Design Limited | Chalfont Park House, Chalfont Park, Gerrards | £1 Ordinary | – | 50 | ||
Cross, Buckinghamshire SL9 0DZ | (2022: nil) | |||||
Associates | Registered address | Country | Share class | Parent | Group | |
Cellular Agriculture Limited | Felin Y Glyn, Pontnewydd, Llanelli, SA15 5TL | UK | £0.000002 | – | 29.23 | |
Series A-1 | (2022: | 17.45) | ||||
Ordinary | ||||||
A Turner and Sons Sausage | 205 | North Lane, Aldershot, Hants, GU12 4SY | £1 Ordinary | – | 16.25 | |
Limited |
2023 | 2022 | |
Summarised balance sheet | £’000 | £’000 |
Current assets | ||
Cash and cash equivalents | 226 | 320 |
Other current assets | 50,589 | 44,850 |
Total current assets | 50,815 | 45,170 |
Non-current assets | 18,672 | 20,700 |
Total current liabilities | (59,293) | (54,504) |
Total non-current liabilities | (4,686) | (5,987) |
Net assets | 5,508 | 5,379 |
Reconciliation to carrying amounts | ||
Opening net assets | 5,379 | 5,702 |
Profit for the period | 1,169 | 1,224 |
Dividends paid | (915) | (1,344) |
Exchange adjustments | (125) | (203) |
Closing net assets | 5,508 | 5,379 |
Group’s share – % | 50% | 50% |
Group’s share – £k | 2,754 | 2,690 |
2023 | 2022 | |
Summarised statement of comprehensive income | £’000 | £’000 |
Revenue | 354,875 | 306,007 |
Depreciation and amortisation | (4,715) | (4,338) |
Net finance costs | (1,545) | (709) |
Income tax expense | (250) | (275) |
Profit for the period | 1,169 | 1,224 |
Dividends received from joint venture entity | 458 | 672 |
2023 | 2022 | |
Individually immaterial joint ventures: | £’000 | £’000 |
Aggregate carrying amount of individually immaterial joint venture | 1,745 | 1,549 |
Aggregate Group share of profit for the year | – | 409 |
2023 | 2022 | |
Summarised balance sheet | £’000 | £’000 |
Current assets | 87,833 | 79,441 |
Current liabilities | (64,744) | (55,132) |
Current net assets | 23,089 | 24,309 |
Non-current assets | 6,958 | 4,668 |
Non-current liabilities | (554) | (361) |
Non-current net assets | 6,404 | 4,307 |
Net assets | 29,493 | 28,616 |
Accumulated non-controlling interests | 5,899 | 5,722 |
Summarised statement of comprehensive income | ||
Revenue | 344,956 | 329,934 |
Profit for the period | 7,638 | 7,083 |
Other comprehensive income | 673 | 1,519 |
Total comprehensive income | 8,311 | 8,602 |
Profit allocated to non-controlling interests | 1,528 | 1,417 |
Dividends paid to non-controlling interests | 1,218 | 1,193 |
Summarised cash flows | ||
Cash flows from operating activities | 12,310 | 385 |
Cash flows from investing activities | (2,156) | (1,538) |
Cash flows from financing activities | (6,090) | (5,965) |
Impact of foreign exchange | (310) | 1,096 |
Net increase/(decrease) in cash and cash equivalents | 3,754 | (6,022) |
2023 | 2022 | |
Company | £’000 | £’000 |
At 1 January 2023 and 31 December 2023 | 247,785 | 247,785 |
NOTES TO THE FINANCIAL STATEMENTS continued | |||
Subsidiary undertakings | Country | Subsidiary undertakings | Country |
Proportion of shares held by | Proportion of shares held by | ||
Parent 100% and Group 100% | Parent 0% and Group 100% | ||
Hilton Foods Limited | UK | Hilton Foods Australia Pty Limited | Australia |
Proportion of shares held by | Foppen Seafood Canada Inc | Canada | |
Parent 0% and Group 100% | Hilton Foods Canada Inc | Canada | |
Fairfax Meadow Europe Limited | UK | Hong Kong Fu-Peng Co Limited | China |
Fairfax Meadow Limited | UK | Shanghai Fu Peng Food Trading Co Limited | China |
(formerly Fairfax London Limited) | Olympic Eel and Salmon Industry SA | Greece | |
Greenchain Solutions Limited | UK | Dalco Food BV | Netherlands |
Hilton Food Group (Europe) Limited | UK | Foppen Eel and Salmon BV | Netherlands |
Hilton Food.com Limited | UK | Foppen Groep BV | Netherlands |
Hilton Foods Asia Pacific Limited | UK | Hilton Logistics BV | Netherlands |
Hilton Foods UK Limited | UK | Paling En Zalmfileerderij J. Foppen Jzn. BV | Netherlands |
Hilton Seafood UK Limited | UK | Hilton Seafood Holland BV | Netherlands |
Hilton Services Limited | UK | (formerly Dutch Seafood Company BV) | |
Icelandic UK Limited | UK | Hilton Foods New Zealand Limited | New Zealand |
Seachill Limited | UK | Hilton Foods Ltd Sp zoo | Poland |
Seachill UK Limited trading as Hilton Seafood UK | UK | Hilton Foods Sverige AB | Sweden |
Coldwater Seafood UK Limited | UK | Foppen USA Inc | USA |
SV Cuisine Limited | UK | ||
Hilton Foods Belgium BV | Belgium | ||
Hilton Foods Danmark A/S | Denmark | Proportion of shares held by | |
Hilton Foods (Ireland) Limited | Ireland | Parent 0% and Group 80% (2022: nil) | |
Evolve 4 Group Limited | UK | ||
Evolve 4 Limited | UK | ||
Proportion of shares held by Parent 0% and Group | Evolve 4 Solutions Limited | UK | |
80% Group voting rights 100% | |||
Hilton Meats Holland Limited | UK | ||
Hilton Foods Holland BV | Netherlands | Proportion of shares held by | |
Parent 0% and Group 65% | |||
Foods Connected Ltd | UK | ||
Proportion of shares held by | Foods Connected Australia Pty Limited | Australia | |
Parent 0% and Group 65% | Foods Connected America Inc | USA | |
Hilton Food Solutions Limited | UK | ||
Hilton Food Solutions Holland BV | Netherlands |
Evolve 4 Group | |
2023 | Limited |
Group | £’000 |
Property, plant and equipment | 5 |
Intangibles-Computer Software | 1 |
Brand and customer relationship intangibles | 343 |
Trade and other receivables | 294 |
Cash and cash equivalents | 42 |
Trade and other payables | (1,315) |
Deferred tax | 53 |
Goodwill | 1,325 |
Fair value of assets acquired | 748 |
Consideration | |
Paid on completion | 455 |
Deferred Payment | 143 |
Non-controlling interest | 150 |
748 |
2023 | 2022 | |
Group | £’000 | £’000 |
Raw materials and consumables | 128,853 | 162,216 |
Finished goods and goods for resale | 50,888 | 44,513 |
179,741 | 206,729 |
Group | Company | |||
2023 | 2022 | 2023 | 2022 | |
£’000 | £’000 | £’000 | £’000 | |
Trade receivables | 219,809 | 218,175 | – | – |
Less: provision for impairment of trade receivables | (927) | (1,137) | – | – |
Trade receivables – net | 218,882 | 217,038 | – | – |
Amounts owed by Group undertakings | – | – | 5,667 | 5,875 |
Amounts owed by related parties (see note 30) | 4,081 | 838 | – | – |
Other receivables | 41,798 | 34,090 | – | – |
Prepayments | 12,993 | 19,194 | – | – |
277,754 | 271,160 | 5,667 | 5,875 |
Group | Company | |||
2023 | 2022 | 2023 | 2022 | |
Currency | £’000 | £’000 | £’000 | £’000 |
UK Pound | 80,736 | 94,093 | 5,667 | 5,875 |
Euro | 66,510 | 54,327 | – | – |
Swedish Krona | 26,120 | 17,230 | – | – |
Danish Krone | 18,047 | 33,646 | – | – |
Polish Zloty | 6,467 | 4,397 | – | – |
Australian Dollar | 58,135 | 50,035 | – | – |
New Zealand Dollar | 14,998 | 12,317 | – | – |
US Dollar | 5,721 | 4,602 | – | – |
Chinese Renminbi | 1,020 | 513 | – | – |
277,754 | 271,160 | 5,667 | 5,875 |
2023 | 2022 | |
Group | £’000 | £’000 |
At the beginning of the period | 1,137 | 699 |
Acquisition | 89 | 328 |
Provision for receivables impairment | 420 | 467 |
Receivables impairment released | (699) | (216) |
Receivables written off during the period as uncollectable | (17) | (143) |
Exchange differences | (3) | 2 |
At the end of the period | 927 | 1,137 |
Group | Company | |||
2023 | 2022 | 2023 | 2022 | |
£’000 | £’000 | £’000 | £’000 | |
Cash at bank and on hand | 126,715 | 87,224 | 416 | 186 |
2023 | 2022 | |
Group | £’000 | £’000 |
Current | ||
Bank borrowings | 28,641 | 28,279 |
Non-current | ||
Bank borrowings | 237,792 | 270,510 |
Total borrowings | 266,433 | 298,789 |
2023 | 2022 | |
Currency | £’000 | £’000 |
UK Pound | 83,228 | 79,878 |
Euro | 82,550 | 88,432 |
Danish Kroner | – | 837 |
Polish Zloty | 7,780 | 9,666 |
Australian Dollar | 73,504 | 93,162 |
New Zealand Dollar | 19,371 | 26,814 |
266,433 | 298,789 |
Group | Company | |||
2023 | 2022 | 2023 | 2022 | |
£’000 | £’000 | £’000 | £’000 | |
Trade payables | 376,552 | 366,222 | – | – |
Amounts owed to related parties (see note 30) | 518 | 314 | – | – |
Social security and other taxes | 10,029 | 7,409 | – | – |
Accruals | 71,688 | 52,258 | 2 | – |
458,787 | 426,203 | 2 | – |
Accelerated | Acquired | ||||
capital | intangible | Other timing | |||
allowances | assets | IFRS 16 Leases | differences | Total | |
Group | £’000 | £’000 | £’000 | £’000 | £’000 |
At 3 January 2022 | 1,761 | (5,373) | 5,306 | 1,126 | 2,820 |
Deferred Tax on Fair Value uplift | – | (2,932) | – | – | (2,932) |
Exchange differences | (71) | – | 216 | 40 | 185 |
Acquisition (note 18) | 3,993 | (8,925) | – | – | (4,932) |
Income statement credit/(charge) | 587 | 1,309 | 1,323 | 551 | 3,770 |
Tax charged directly to equity | – | – | – | (1,031) | (1,031) |
At 1 January 2023 | 6,270 | (15,921) | 6,845 | 686 | (2,120) |
Exchange differences | – | – | (412) | 612 | 200 |
Acquisition (note 18) | – | – | – | 53 | 53 |
Income statement credit/(charged) | 766 | 2,661 | 2,942 | (83) | 6,286 |
Tax charged directly to equity | – | – | – | (26) | (26) |
At 31 December 2023 | 7,036 | (13,260) | 9,375 | 1,242 | 4,393 |
2023 | 2022 | |
Group | £’000 | £’000 |
Deferred tax liabilities | (14,743) | (15,921) |
Deferred tax assets | 19,136 | 13,801 |
4,393 | (2,120) |
Group | Company | ||||
Number of | |||||
shares | 2023 | 2022 | 2023 | 2022 | |
(thousands) | £’000 | £’000 | £’000 | £’000 | |
Authorised, issued and fully paid ordinary shares of 10p each At 2 January 2023/ 3 January 2022 | 89,433 | 8,943 | 8,893 | 8,943 | 8,893 |
Issue of new shares relating to employee incentive | |||||
schemes | 169 | 17 | 50 | 17 | 50 |
At 31 December 2023 / 1 January 2023 | 89,602 | 8,960 | 8,943 | 8,960 | 8,943 |
Performance basis | Threshold vesting | Maximum vesting |
EPS | 5%-11% compound per year | 12%-17% compound per year |
TSR – performance against the constituents | ||
of the FTSE 250 (excluding investment | ||
trusts) | Median | Upper quartile |
ESG – Scope 1 and 2 energy | 6.5%-35% reduction over period | 43.9%-52% reduction over period |
ESG - Scope 3 energy | 21% reduction over period | 33% reduction over period |
ESG – Recycled packaging | 11.7% increase over period | 28.3% increase over period |
ESG – Food waste | 15.0% reduction over period | 30.0% reduction over period |
ESG – People gender, inclusion | ||
and human rights | Various | Various |
Sharesave | Long-term incentive | |||
Options | Exercise price | Options | Exercise price | |
Group | (’000) | (pence) | (’000) | (pence) |
At 3 January 2022 | 601 | 1,128.69 | 1,588 | – |
Granted | 231 | 1,204.00 | 366 | – |
Exercised | (117) | 950.00 | (219) | – |
Lapsed | (210) | 1,198.80 | (156) | – |
At 1 January 2023 | 505 | 1,174.95 | 1,579 | – |
Granted | 743 | 672.00 | 769 | – |
Exercised | – | – | (97) | – |
Lapsed | (358) | 1,068.40 | (393) | – |
At 31 December 2023 | 890 | 797.99 | 1,858 | – |
Number of options | ||||||
Group | Exercise price | 2023 | 2022 | |||
Expiry date | Type of scheme | Status | (pence) | (‘000) | (‘000) | |
February 2023 | Sharesave | Exercisable | 950.00 | – | 68 | |
February 2024 | Sharesave | Exercisable | 1228 | .00 | 68 | 128 |
February 2025 | Sharesave | Not exercisable | 1 | 200.00 | 63 | 126 |
February 2026 | Sharesave | Not exercisable | 1204. | 00 | 77 | 183 |
February 2027 | Sharesave | Not exercisable | 672.00 | 682 | – | |
April 2024 | Long Term Incentive Plan | Exercisable | nil cost | – | 2 | |
April 2025 | Long Term Incentive Plan | Exercisable | nil cost | 55 | 55 | |
April 2026 | Long Term Incentive Plan | Exercisable | nil cost | 61 | 63 | |
April 2027 | Long Term Incentive Plan | Exercisable | nil cost | 53 | 55 | |
May/July 2028 | Long Term Incentive Plan | Exercisable | nil cost | 84 | 129 | |
May 2029 | Long Term Incentive Plan | Exercisable | nil cost | 172 | 217 | |
September 2030 | Long Term Incentive Plan | Exercisable | nil cost | – | 342 | |
May 2031 | Long Term Incentive Plan | Not exercisable | nil cost | 344 | 356 | |
May 2032 | Long Term Incentive Plan | Not exercisable | nil cost | 341 | 360 | |
May 2033 | Long Term Incentive Plan | Not exercisable | nil cost | 748 | – | |
Total | 2,748 | 2,084 |
2023 | 2022 | |
Group | £’000 | £’000 |
Profit before income tax | 48,638 | 29,614 |
Finance costs – net | 37,491 | 24,412 |
Operating profit | 86,129 | 54,026 |
Adjustments for non-cash items: | ||
Share of post tax profits of joint venture | (585) | (1,235) |
Depreciation of property, plant and equipment | 47,628 | 46,985 |
Depreciation of leased assets | 18,994 | 20,780 |
Impairment of property, plant and equipment | 1,200 | – |
Impairment of intangible asset | 755 | – |
Insurance proceeds adjustments for property, plant, and equipment | (4,906) | – |
Amortisation of intangible assets | 10,852 | 9,974 |
Gain on acquisition of Foods Connected Ltd (2022) | – | (2,701) |
Gain on disposal of fixed assets | (76) | – |
Adjustment in respect of employee share schemes | 1,855 | (655) |
Changes in working capital: | ||
Inventories | 22,769 | (23,741) |
Trade and other receivables | (14,865) | (14,443) |
Trade and other payables | 46,375 | 9,322 |
Cash generated from operations | 216,125 | 98,312 |
2023 | 2022 | |
Group | £’000 | £’000 |
Cash and cash equivalents | 126,715 | 87, 224 |
Borrowings (including overdrafts) | (266,433) | (298,789) |
Net bank debt | (139,718) | (211,565) |
Lease liabilities | (226,861) | (246,158) |
Net debt | (366,579) | (457,723) |
Cash/other | Borrowings | Net | |||
financial | (including | bank | Lease | Net | |
assets | overdrafts) | debt | liabilities | debt | |
£’000 | £’000 | £’000 | £’000 | £’000 | |
At 2 January 2022 | 140,170 | (224,732) | (84,562) | (243,396) | (327,958) |
Cash flows | (54,576) | 228,565 | 173,989 | 15,631 | 189,620 |
Lease additions | – | – | – | (5,835) | (5,835) |
Acquisition | – | (56,938) | (56,938) | (3,214) | (60,152) |
Repaid on acquisition | – | 56,938 | 56,938 | – | 56,938 |
New borrowings | – | (295,790) | (295,790) | – | (295,790) |
Exchange adjustments | 1,630 | (6,832) | (5,202) | (9,306) | (14,508) |
Other changes | – | – | – | (38) | (38) |
At 1 January 2023 | 87,224 | (298,789) | (211,565) | (246,158) | (457,723) |
Cash flows | 40,746 | 38,313 | 79,059 | 14,585 | 93,644 |
Lease additions | – | – | – | (5,119) | (5,119) |
Acquisition | 42 | – | 42 | – | 42 |
New borrowings | – | (11,372) | (11,372) | – | (11,372) |
Exchange adjustments | (1,297) | 5,415 | 4,118 | 9,831 | 13,949 |
At 31 December 2023 | 126,715 | (266,433) | (139,718) | (226,861) | (366,579) |
Group | Company | |||
2023 | 2022 | 2023 | 2022 | |
£’000 | £’000 | £’000 | £’000 | |
Property, plant and equipment | 7,026 | 20,309 | – | – |
2023 | 2022 | |
Group Sales | £’000 | £’000 |
Sohi Meat Solutions Distribuicao de Carnes SA – fee for services | 3,426 | 3,190 |
Sohi Meat Solutions Distribuicao de Carnes SA – recharge of joint venture costs | 467 | 409 |
Agito Holdings Limited | 211 | 464 |
2023 | 2022 | |
Group Purchases | £’000 | £’000 |
Agito Holdings Limited | 6,203 | 259 |
Owed from related parties | ||
2023 | 2022 | |
Group | £’000 | £’000 |
Agito Holdings Limited | 1,855 | 464 |
Sohi Meat Solutions Distribuicao de Carnes SA | 1,631 | 374 |
Sphere Design Limited | 189 | – |
Cellular Agriculture Ltd | 406 | – |
4,081 | 838 |
Owed to related parties | ||
2023 | 2022 | |
Group | £’000 | £’000 |
Agito Holdings Limited | 401 | 259 |
Sohi Meat Solutions Distribuicao de Carnes SA | 117 | 55 |
518 | 314 |
2023 | 2022 | |||
Financial | Financial | |||
Financial | Assets at | Assets at | ||
Assets at | Amortised | Amortised | ||
Fair Value | Cost | Total | Cost | |
Group | £’000 | £’000 | £’000 | £’000 |
Assets | ||||
Financial assets at fair value through OCI | 3,625 | – | 3,625 | – |
Trade and other receivables | – | 264,761 | 264,761 | 251,966 |
3,625 | 264,761 | 268,386 | 251,966 |
2023 | 2022 | |||||
Financial | Financial | |||||
Financial | Liabilities at | Financial | Liabilities at | |||
Liabilities at | Amortised | Liabilities at | Amortised | |||
Fair Value | Cost | Total | Fair Value | Cost | Total | |
Group | £’000 | £’000 | £’000 | £’000 | £’000 | £’000 |
Liabilities | ||||||
Trade and other payables | – | 448,758 | 448,758 | – | 418,794 | 418,794 |
Financial liabilities at fair value through OCI | 244 | – | 244 | 3,398 | – | 3,398 |
Borrowings | – | 266,433 | 266,433 | – | 298,789 | 298,789 |
Lease liabilities | – | 226,861 | 226,861 | – | 246,158 | 246,158 |
244 | 942,052 | 942,296 | 3,398 | 963,741 | 967,139 |
Add back: | |||||||
Amort and | |||||||
Add back: | Less: IAS | depn of | |||||
IFRS 16 | 17 Lease | Reported | acquisition | ||||
Depreciation | accounting | excluding | Exceptional | fair value | |||
52 weeks ended | Reported | and interest | costs | IFRS 16 | items | adjustments | Adjusted |
31 December 2023 | £’000 | £’000 | £’000 | £’000 | £’000 | £’000 | £’000 |
Operating profit – | |||||||
excluding exceptional | |||||||
items | 90,004 | 18,910 | (23,449) | 85,465 | – | 9,516 | 94,981 |
Exceptional items | (3,875) | – | – | (3,875) | 3,875 | – | – |
Operating profit | 86,129 | 18,910 | (23,449) | 81,590 | 3,875 | 9,516 | 94,981 |
Net finance costs | (37,491) | 8,556 | – | (28,935) | – | – | (28,935) |
Profit before income tax | 48,638 | 27,466 | (23,449) | 52,655 | 3,875 | 9,516 | 66,046 |
Profit for the period | 37,996 | 24,521 | (23,449) | 39,068 | 2,654 | 7,133 | 48,855 |
Less non-controlling | |||||||
interest | (1,616) | – | – | (1,616) | – | – | (1,616) |
Profit attributable to members of the parent | 36,380 | 24,521 | (23,449) | 37,452 | 2,654 | 7,133 | 47, 239 |
Depreciation and amortisation | 79,429 | (18,903) | – | 60,526 | (1, 955) | (9,516) | 49,055 |
EBITDA | 165,558 | 7 | (23,449) | 142,116 | 1,921 | – | 144,037 |
Earnings per share | pence | pence | pence | ||||
Basic | 40.6 | 41.8 | 52.8 | ||||
Diluted | 40.2 | 41.4 | 52.2 |
Add back: | |||||||
Amort and | |||||||
Add back: | Less: IAS | depn of | |||||
IFRS 16 | 17 Lease | Reported | acquisition | ||||
Depreciation | accounting | excluding | Exceptional | fair value | |||
52 weeks ended | Reported | and interest | costs | IFRS 16 | items | adjustments | Adjusted |
2 January 2023 | £’000 | £’000 | £’000 | £’000 | £’000 | £’000 | £’000 |
Operating profit – | |||||||
excluding exceptional | |||||||
items | 65,922 | 20,780 | (23,815) | 62,887 | – | 8,257 | 71,144 |
Exceptional items | (11,896) | – | – | (11,896) | 11,896 | – | – |
Operating profit | 54,026 | 20,780 | (23,815) | 50,991 | 11,896 | 8,257 | 71,144 |
Net finance costs | (24,412) | 8,758 | – | (15,654) | – | – | (15,654) |
Profit before income tax | 29,614 | 29,538 | (23,815) | 35,337 | 11,896 | 8,257 | 55,490 |
Profit for the period | 19,492 | 28,215 | (23,815) | 23,892 | 11,751 | 6,370 | 42,013 |
Less non-controlling | |||||||
interest | (1,786) | (3) | – | (1,789) | – | – | (1,789) |
Profit attributable to members of the parent | 17,706 | 28,212 | (23,815) | 22,103 | 11,751 | 6,370 | 40,224 |
Depreciation and amortisation | 77,769 | (20,780) | – | 56,989 | – | (8,257) | 48,732 |
EBITDA | 131,795 | – | (23,815) | 107,980 | 11,896 | – | 119,876 |
Earnings per share | pence | pence | pence | ||||
Basic | 19.8 | 24.8 | 45.1 | ||||
Diluted | 19.7 | 24.6 | 44.7 |
Add back: | |||||||
Amort and | |||||||
Add back: | Less: IAS | depn of | |||||
IFRS 16 | 17 Lease | Reported | acquisition | ||||
Depreciation | accounting | excluding | Exceptional | fair value | |||
52 weeks ended | Reported | and interest | costs | IFRS 16 | items | adjustments | Adjusted |
31 December 2023 | £’000 | £’000 | £’000 | £’000 | £’000 | £’000 | £’000 |
UK and Ireland | 29,183 | 3,242 | (3,795) | 28,630 | 1,778 | 5,084 | 35,492 |
Europe | 35,131 | 4,021 | (4,683) | 34,469 | 1,950 | 4,432 | 40,851 |
APAC | 33,559 | 11,530 | (14,812) | 30,277 | – | – | 30,277 |
Central costs | (11,744) | 117 | (159) | (11,786) | 147 | – | (11,639) |
Total | 86,129 | 18,910 | (23,449) | 81,590 | 3,875 | 9,516 | 94,981 |
Add back: | |||||||
Amort and | |||||||
Add back: | Less: IAS | depn of | |||||
IFRS 16 | 17 Lease | Reported | acquisition | ||||
Depreciation | accounting | excluding | Exceptional | fair value | |||
52 weeks ended | Reported | and interest | costs | IFRS 16 | items | adjustments | Adjusted |
1 January 2023 | £’000 | £’000 | £’000 | £’000 | £’000 | £’000 | £’000 |
UK and Ireland | 9,453 | 3,202 | (3,689) | 8,966 | 2,214 | 2,449 | 13,629 |
Europe | 23,863 | 5,467 | (5,895) | 23,435 | 6,800 | 5,808 | 36,043 |
APAC | 28,825 | 12,111 | (14,231) | 26,705 | – | – | 26,705 |
Central costs | (8,115) | – | – | (8,115) | 2,882 | – | (5,233) |
Total | 54,026 | 20,780 | (23,815) | 50,991 | 11,896 | 8,257 | 71,144 |