Key Financial Information

Consolidated Income Statement
    53 weeks to 2 April 2016 52 weeks to 28 March 2015
  Notes Before
Adjustments (1)
£'000
Adjustments (1)
(note 1)
£'000
Total
£'000
Before
Adjustments (1)
£'000
Adjustments (1)
(note 1)
£'000
Total
£'000
Continuing operations              
Revenue 1 807,805   807,805 726,134   726,134
Operating profit   173,225 (30,282) 142,943 158,500 (21,437) 137,063
Share of results of associates   (159)   (159) 64   64
Profit on disposal of continuing operations 29 - 556 556 - 1,430 1,430
Finance income 4 217   217 167   167
Finance expense 5 (7,269)   (7,269) (5,113)   (5,113)
Profit before taxation 6 166,014 (29,726) 136,288 153,618 (20,007) 133,611
Taxation 9 (36,373) 8,926 (27,447) (35,706) 6,096 (29,610)
Profit for the year attributable to equity shareholders 1 129,641 (20,800) 108,841 117,912 (13,911) 104,001
Earnings per share 2            
From continuing operations              
Basic   34.26p   28.76p 31.17p   27.49p
Diluted       28.76p     27.48p
Dividends in respect of the year 10            
Paid and proposed (£000)       48,472     45,256
Paid and proposed per share       12.81p     11.96p

(1) Adjustments include the amortisation of acquired intangible assets; acquisition items; profit or loss on disposal of operations; and the associated taxation thereon.

Consolidated Statement of Comprehensive Income and Expenditure
    53 weeks to 2 April 2016 52 weeks to 28 March 2015
  Notes £'000 £'000
Profit for the year   108,841 104,001
Items that will not be reclassified subsequently to the Income statement:      
Actuarial gains/(losses) on defined benefit pension plans 28 8,841 (34,795)
Tax relating to components of other comprehensive income that will not be reclassified 9 (2,304) 6,791
Items that may be reclassified subsequently to the Income statement:      
Effective portion of changes in fair value of cash flow hedges 26 (990) 71
Exchange gains on translation of foreign operations and net investment hedge   30,036 30,900
Exchange losses transferred to Income Statement on disposal of operations   22 189
Tax relating to components of other comprehensive income that may be reclassified   209 (23)
Other comprehensive income for the year   35,814 3,133
       
Total comprehensive income for the year attributable to equity shareholders   144,655 107,134
Consolidated Balance Sheet
  Notes 02-Apr-16
£'000
28-Mar-15
£'000
Non-current assets      
Goodwill 11 544,259 406,190
Other intangible assets 12 231,753 138,691
Property, plant and equipment 13 96,562 86,304
Interests in associates 14 3,722 4,236
Deferred tax asset 21 44,424 28,596
    920,720 664,017
Current assets      
Inventories 15 105,318 79,734
Trade and other receivables 16 183,619 156,464
Tax receivable   190 20
Cash and cash equivalents   53,938 41,230
Derivative financial instruments 26 1,131 1,069
    344,196 278,517
Total assets   1,264,916 942,534
Current liabilities      
Trade and other payables 18 122,791 102,717
Borrowings 22 4,748 1,705
Provisions 19 4,437 11,746
Tax liabilities   15,158 12,405
Derivative financial instruments 26 2,196 636
    149,330 129,209
Net current assets   194,866 149,308
Non-current liabilities      
Borrowings 17 295,908 140,419
Retirement benefit obligations 28 52,323 66,790
Trade and other payables 20 10,153 3,756
Provisions 19 18,510 1,549
Deferred tax liabilities 21 92,352 51,862
    469,246 264,376
Total liabilities   618,576 393,585
Net assets   646,340 548,948
Equity      
Share capital 22 37,965 37,965
Share premium account   23,608 23,608
Own shares (1)    (8,219) (8,450)
Capital redemption reserve   185 185
Hedging reserve   (610) 171
Translation reserve   75,387 45,329
Other reserves   (5,831) (4,073)
Retained earnings   523,855 454,213
Shareholders’ funds   646,340 548,948
  Balance check () (1)

(1) Referred to in prior years as Treasury shares

Consolidated Statement of Changes in Equity
  Share capital
£'000
Share premium account
£'000
Own shares
£'000
Capital redemption reserve
£'000
Hedging reserve (1)
£'000
Translation reserve (1)
£'000
Other
£'000
Retained earnings
£'000
Total
£'000
At 28 March 2015 37,965 23,608 (8,450) 185 171 45,329 (4,073) 454,213 548,948
Profit for the period - -
- - - - - 108,841 108,841
Other comprehensive income and expense:                
Exchange differences on translation of foreign operations -
- - - - 30,036 - - 30,036
Exchange losses transferred to Income Statement on disposal of business - - - - - 22 - - 22
Actuarial losses on defined benefit pension plans - - - - - - - 8,841 8,841
Effective portion of changes in fair value of cash flow hedges - - - -
(990) - - - (990)
Tax relating to components of other comprehensive income - - - - 209 - - (2,304) (2,095)
Total other comprehensive income - - - - (781) 30,058 - 6,537 35,814
and expense                  
Dividends paid - - - - - - - (46,473) (46,473)
Share-based payment charge - - - - - - 3,845 - 3,845
Deferred tax on share-based payment transactions -
- - - - - 109 - 109
Excess tax deductions related to share-based payments on exercised options - - - - - - - 737 737
Purchase of own shares (2) - - (3,003) - - - - - (3,003)
Performance share plan awards vested (2) - - 3,234 - - - (5,712) - (2,478)
At 2 April 2016 37,965 23,608 (8,219) 185 (610) 75,387 (5,831) 523,855 646,340
  Share capital Share premium account Own shares Capital redemption reserve Hedging reserve (3) Translation reserve (3) Other Retained earnings Total
At 29 March 2014 37,902 22,778 (7,054) 185 123 14,240 (2,745) 420,571 486,000
Profit for the period -
- - - - - - 104,001 104,001
Other comprehensive income and expense:                
Exchange differences on translation of foreign operations -
- - - - 30,900 - - 30,900
Exchange losses transferred to Income Statement on disposal of business - - - - - 189 - - 189
Actuarial losses on defined benefit pension plans - - - - - - - (34,795) (34,795)
Effective portion of changes in fair value of cash flow hedges - - - - 71 - - - 71
Tax relating to components of other comprehensive income - - - - (23) - - 6,791 6,768
Total other comprehensive income - - - - 48 31,089 - (28,004) 3,133
and expense                  
Share options exercised 63 830 - - - - - - 893
Dividends paid - - - - - - - (43,399) (43,399)
Share-based payment charge - - - - - - 3,828 - 3,828
Deferred tax on share-based payment transactions -
- - - - - 291 - 291
Excess tax deductions related to share-based payments on exercised options - - - - - - - 1,044 1,044
Purchase of treasury shares (4) - - (6,843) - - - - - (6,843)
Performance share plan awards vested (4) - - 5,447 - - - (5,447) - -
At 28 March 2015 37,965 23,608 (8,450) 185 171 45,329 (4,073) 454,213 548,948

(1) The presentation of the Hedging and Translation reserves, which were previously netted, has been amended to show the two reserves and their movements in the year separately. The comparatives have been adjusted to reflect this amended presentation. There has been no impact on Shareholders’ funds in either year.

(2) The purchase of Employee Benefit Trust shares/treasury shares and performance share plan awards vested were shown net in Own shares in prior years, as were the share-based payments charge and performance share plan awards vested in Other reserves. The prior year comparative has been adjusted to show these gross amounts. There has been no impact on Shareholders’ funds in either year.

(3) The presentation of the Hedging and Translation reserves, which were previously netted, has been amended to show the two reserves and their movements in the year separately. There has been no impact on Shareholders’ funds in either year.

(4) The purchase of Employee Benefit Trust shares/treasury shares and performance share plan awards vested were shown net in Own shares in prior years, as were the share-based payments charge and performance share plan awards vested in Other reserves. There has been no impact on Shareholders’ funds in either year.

Consolidated Cash Flow
-
  Notes 53 weeks to
02-Apr-16
£'000
52 weeks to
28-Mar-15
£'000
Net cash inflow from operating activities 25 149,273 137,231
       
Cash flows from investing activities      
Purchase of property, plant and equipment   (22,418) (22,164)
Purchase of computer software   (1,669) (1,021)
Purchase of other intangibles   (535) (382)
Proceeds from sale of property, plant and equipment   2,530 1,411
Development costs capitalised   (8,579) (7,213)
Interest received   217 134
Acquisition of businesses, net of cash acquired 24 (202,575) (87,743)
Disposal of operations, net of cash disposed   907 4,248
Net cash used in investing activities   (232,122) (112,730)
       
Financing activities      
Dividends paid   (46,473) (43,399)
Proceeds from issue of share capital   0 893
Purchase of Own shares   (3,003) (6,843)
Interest paid   (4,149) (3,118)
Loan arrangement fee paid   (770) 
Proceeds from bank borrowings 25 74,788 68,962
Repayment of bank borrowings 25 (97,000) (35,341)
Proceeds on issue of loan notes   167,473 -
Net cash (used in)/from financing activities   90,866 (18,846)
       
Increase in cash and cash equivalents 25 8,017 5,655
Cash and cash equivalents brought forward   39,525 33,126
Exchange adjustments   1,984 744
Cash and cash equivalents carried forward   49,526 39,525
    2016
£'000
2015
£'000
Reconciliation of net cash flow to movement in net debt      
Increase in cash and cash equivalents   8,017 5,655
Net cash outflow/(inflow) from repayment/(drawdowns) of bank borrowings   22,212 (33,621)
Proceeds from issue of loan notes   (167,473) -
Net debt acquired   -
(468)
Loan notes issued in respect of acquisitions (1)   (288) (657)
Loan notes repaid in respect of acquisitions (1)   367 2,731
Exchange adjustments   (8,659) (38)
    (145,824) (26,398)
Net debt brought forward   (100,894) (74,496)
Net debt carried forward   (246,718) (100,894)

(1) Of the £657,000 loan notes issued in the prior year £367,000 was converted at par into cash on 17 July 2015. New loan notes were issued totalling £288,000 on 15 April 2015, 8 July 2015 and 30 November 2015 in respect of the acquisition of Advanced Electronics Limited in the prior year. These loan notes, which attract interest at 1%, are convertible into cash at par on each anniversary of the acquisition date until 14 May 2019. A further £336,000 of loan notes outstanding at the balance sheet date were converted at par into cash post year-end on 14 May 2016.