Submitted by NACO office on Thu, 23/08/2012 - 09:54
Food:
- Sales were down 2.2% overall and by 1.2% like-for-like.
- Sales in the core convenience chain were up by 1.4%.
- Operating profit fell to £119m (2011: £142m).
Banking Group:
- Revenue rose by 3.9% to £1.0bn but taking into account the year on year impact of PPI provisions fell by 1.1%.
- Underlying operating profit fell 67.9% to £36.9m.
- The Bank maintains a stable capital position, with a core tier one ratio of 9.6%, unchanged from 2011.
- Liquidity remains at robust levels, with a loan to deposit ratio of 101%.
Specialist Businesses:
- Continued to perform well, most notably within pharmacy and funerals.
- Revenue was up 1.5% at £777.1m (2011: £765.7m).
- Underlying operating profit up 19.3% to £62.0m.
FINANCIAL PERFORMANCE |
H1 2012(£m) |
H1 2011(£m) |
Group gross sales (incl. VAT) |
6,559 |
6,546 |
Underlying Group operating profit |
174 |
264 |
Net borrowings |
(1,516) |
(1,400) |