JD Sports Regulatory News (JD.)

28 Sep 2006 07:04

John David Group (The) PLC28 September 2006 28 September 2006 THE JOHN DAVID GROUP PLC INTERIM RESULTS FOR THE TWENTY SIX WEEKS TO 29 JULY 2006 The John David Group Plc (the "Group"), the specialist retailer of sports andfashion footwear and apparel, today announces its Interim Results for the 26weeks ended 29 July 2006: HIGHLIGHTS 2006 2005 % Change £000 £000 Revenue 235,932 209,608 +12.6% Gross profit % 47.4% 46.6% +0.8% Operating profit (before net financing costs 4,378 2,799 +56.4%and exceptional items) Operating profit after net financing costs 3,130 1,141 +174.3%(before exceptional items) Exceptional items 99 (3,734) Operating profit/(loss) 4,477 (935) Profit/(loss) before tax 3,229 (2,593) Basic earnings per ordinary share 4.45p (3.29p)Adjusted basic earnings per ordinary share 6.21p 2.49p +149.4%(see note 3) Total dividend per ordinary share 2.40p 2.30p +4.3% Net debt at end of period (see note 7) 24,866 23,349 +6.5% • Total Group revenue increased by 12.6% in the period and by 3.1% on a like for like basis (excluding Allsports and the newly acquired airport stores). • Gross margin improved from 46.6% to 47.4% reflecting the benefits of better stock management and efforts to improve bought in margin, largely in the Sports Fascias. • Group operating profit after net financing costs (before exceptional items) increased to £3.1 million (2005: £1.1 million). • Like for like sales cumulatively to 23 September 2006 up 4.0% in Sports Fascias and 5.7% in Fashion Fascias. Peter Cowgill, Executive Chairman, said: "Trading since the period end has been satisfactory with year to date like forlike sales to 23 September 2006 in the JD Sports Fascias now up by 4.0%(excluding Allsports and the newly acquired airport stores). The Fashion Fasciaslike for like sales for the same period are now up by 5.7% against weakcomparatives. Overall the Board expects results to continue to improve withtrading to date currently running marginally ahead of market expectations. Ourfinal result remains heavily dependent upon sales performance during the keyChristmas trading period." Enquiries: The John David Group Plc Tel: 0870 873 0333Peter Cowgill, Executive ChairmanBarry Bown, Chief ExecutiveBrian Small, Finance Director Hogarth Partnership Limited Tel: 020 7357 9477Andrew JaquesBarnaby FryCharlie Field EXECUTIVE CHAIRMAN'S STATEMENT INTRODUCTION The 26 week period to 29 July 2006 was another period of encouraging progressfor our core Sports Fascias. In the period we have successfully completed theconversion of all the Allsports stores we intend to retain and they willcontribute to group profitability in the second half. We have also acquired 14airport stores from Hargreaves (Sports) Limited. We believe airports provide anexcellent opportunity for us to trade successfully and to broaden our offer andappeal. The Fashion Fascias are in a year of transition with continuing conversions ofthe legacy fascias (ATH-, AV) to the Scotts Fascia and ongoing disposals ofunderperforming stores. The recent like for like trading of the Fashion Fasciashas been encouraging. The result of this further progress is an improved operating profit after netfinancing charges (before exceptional items) of £3.1 million (2005: £1.1million). Profit before tax in the period was £3.2 million (2005: loss before tax £2.6million) helped by a net exceptional credit of £0.1 million (2005: exceptionalcharge £3.7 million). Property rationalisation remains a major priority for thebalance of this year and further disposals will result in an exceptional chargein the second half of the current year. Profit for the period after taxation was £2.1 million (2005: loss £1.6 million). SPORTS FASCIAS The Sports Fascias have continued to trade positively and we believe theybenefit from a differentiated sports fashion led product positioning and a welldesigned own brand and licensed brand proposition. This proposition has beenenhanced recently by the launches of Rivington and Brookhaven. The results ofthe Sports Fascias are encouraging, and these Fascias account for all the growthin first half revenues. Looking to the future, sustainable performance dependson the continuing ability and desire of our branded supplier partners todifferentiate their product offer in different distribution channels. Like for like sales figures for the ex Allsports store portfolio will not reallybecome meaningful until after the anniversary of all conversions having beencompleted. The merchandising and buying issues surrounding changing the offer toa JD offer in the converted stores has provided an enormously useful insightinto variations in demand patterns in smaller towns with different demographicand footfall characteristics. We believe the lessons learned will eventuallyenhance the performance of the overall Sports Fascias store portfolio. Following the acquisition of 14 airport stores from Hargreaves, we now have 15stores in airport locations, one of which is an ex Allsports store at Manchesterairport on the landside. The airport stores which were acquired are at Heathrow,Gatwick and Stansted, in both landside and airside locations. They currentlytrade under the Hargreaves, Nike, Quiksilver and Beach Party fascia names. TheHargreaves stores now have a JD offer and we intend to refascia them as JDstores as soon as is practicable. Although the security alerts of August havedented recent trade in these stores we believe that airport retailing remains animportant opportunity for the Group. FASHION FASCIAS When we reported on last year's final results we said that the Fashion Fasciaswould only provide profit to the business if some of the larger rented and overrented ex JD Fashion Fascia stores could be disposed of. Useful progress hasbeen made in the necessary store portfolio rationalisation with the disposal ofthree underperforming stores. Stocks and overheads have been well controlled and margins have been maintained. Whilst considerable progress has been made in the Fashion Fascias, whichrepresented only 7% of turnover in the first half, they will still be asubstantial loss maker in the current year because of property issues.Nevertheless, the outlook for these Fascias is getting brighter and the currentlike for like sales performance supports this view. GROUP PERFORMANCE Revenue, gross margin and overheads Total Group revenue increased by 12.6% in the period to £235.9 million (2005:£209.6 million) and by 3.1 % on a like for like basis (excluding Allsports andthe newly acquired airport stores). Revenue increased by 3.2% on a like for like basis in the Sports Fascias(excluding Allsports and the newly acquired airport stores). The Fashion Fasciaslike for like sales performance was up 2.0% cumulatively in the half yearperiod. Group gross margin increased in the period from 46.6% to 47.4% reflecting thebenefits of better stock management and efforts to improve bought in margin inthe Sports Fascias. Overheads (excluding exceptional items) net of other operating income, whichinclude some Allsports integration costs, increased to 45.5% of sales (2005:45.3%), partly as a result of increased transport and utility costs. Other costratios have been well controlled, aided by the store rationalisation programme. Operating profits and results Operating profit (before net financing costs and exceptional items) increased by£1.6 million from £2.8 million to £4.4 million. The Group operating profitmargin (before net financing costs and exceptional items) for the first half ofthe year has therefore increased from 1.3% to 1.9%. As a result of an exceptional credit of £0.1 million (2005: charge of £3.7million), operating profit after exceptional items but before net financingcosts was £4.5 million (2005: loss of £0.9 million). The exceptional itemscomprise: £m Onerous lease costs 1.2Profit on disposal of non-current assets (1.3) ---------Total (0.1) --------- The onerous lease costs relate to vacant stores including failed ex First Sportstore assignments. Profit before tax in the period was £3.2 million (2005: loss before tax £2.6million) helped by the year on year movement in the net exceptional items. Debt reduction and working capital Net debt has increased from £23.3 million to £24.9 million in the twelve monthsto 29 July 2006 but given the purchase of the 14 airport stores for £5.0 millionin the current period and Allsports for £15.0 million in October 2005, thisreflects a material underlying debt reduction. Gearing has decreased from 46% at30 July 2005 to 45% at 29 July 2006. Net debt has increased from £13.2 million to £24.9 million in the six months to29 July 2006 but this reflects the normal trading and working capital cycles forthe first half year plus the purchase of the 14 airport stores for £5.0m. Inventories have increased from £55.5 million at both 30 July 2005 and 28January 2006 to £62.2 million as a result of the acquisitions of Allsports andthe 14 airport stores. Trade creditors continue to be paid to terms to maximisesettlement discounts. STORE PORTFOLIO Group store numbers increased in the period from 416 to 419 although thedisposal of some larger space stores meant that the total retail square footagedecreased from 1,277,000 sq ft to 1,256,000 sq ft. The split between the Sportand Fashion Fascias is as follows: Sport No. of stores Retail ('000 sq ft) At 28 January 2006 370 1,133New stores 3 3Allsports assignment post year end 1 5Airport stores acquired 14 15Disposals (12) (20)Allsports stores transferred to Fashion (3) (3) ------------- ---------------At 29 July 2006 373 1,133 ------------- --------------- Fashion No. of stores Retail ('000 sq ft) At 28 January 2006 46 144Transferred from Sport 3 3Disposals (3) (24) ------------- ---------------At 29 July 2006 46 123 ------------- --------------- DIVIDENDS AND EARNINGS PER ORDINARY SHARE The Board has considered the improved first half trading performance, currenttrading conditions and the ongoing store rationalisation and has decided topropose an increased interim dividend of 2.40p per ordinary share (2005: 2.30p).The dividend will be paid on 12 January 2007 to shareholders on the register asat close of business on 8 December 2006. The adjusted basic earnings per ordinary share before exceptional items are6.21p (2005: 2.49p). The basic earnings per ordinary share are 4.45p (2005: loss of 3.29p). CURRENT TRADING AND OUTLOOK Trading since the period end has been satisfactory with year to date like forlike sales to 23 September 2006 in the JD Sports Fascias (excluding Allsportsand the newly acquired airport stores) now up by 4.0%. The Fashion Fascias likefor like sales for the same period are now up by 5.7% against weak comparatives.Overall the Board expects results to continue to improve with trading to datecurrently running marginally ahead of market expectations. The final resultremains heavily dependent upon sales performance during the key Christmastrading period. EMPLOYEES We have achieved a lot across the Group since the last year end and this wouldnot have happened without the commitment of all our staff and management. TheBoard extends its thanks to all involved who have contributed to our continuingsuccess. Peter CowgillExecutive Chairman28 September 2006 CONSOLIDATED INCOME STATEMENTfor the 26 weeks ended 29 July 2006 Note Unaudited 26 Unaudited 26 52 weeks to weeks to 29 weeks to 30 28 January July 2006 July 2005 2006 £000 £000 £000 REVENUE 235,932 209,608 490,288Cost of sales (124,057) (111,935) (263,608)------------------------ ----- ------------ ---------- --------- GROSS PROFIT 111,875 97,673 226,680 Selling and distribution expenses - normal (101,035) (88,988) (192,730)Selling and distribution expenses - exceptional 2 99 (3,734) (11,206)------------------------ ----- ------------ ---------- ---------Selling and distribution expenses (100,936) (92,722) (203,936)------------------------ ----- ------------ ---------- --------- Administrative expenses - normal (7,362) (6,558) (15,438)Administrative expenses - exceptional 2 - - (1,777)------------------------ ----- ------------ ---------- ---------Administrative expenses (7,362) (6,558) (17,215)------------------------ ----- ------------ ---------- --------- Other operating income 900 672 1,609------------------------ ----- ------------ ---------- --------- OPERATING PROFIT/(LOSS) 4,477 (935) 7,138------------------------ ----- ------------ ---------- ---------Before exceptional items 4,378 2,799 20,121Exceptional items 2 99 (3,734) (12,983)------------------------ ----- ------------ ---------- --------- OPERATING PROFIT/(LOSS) 4,477 (935) 7,138Financial income 70 156 230Financial expenses (1,318) (1,814) (3,718)------------------------ ----- ------------ ---------- --------- PROFIT/(LOSS) BEFORE TAX 3,229 (2,593) 3,650Income tax (expense)/credit (1,083) 1,037 (1,302)------------------------ ----- ------------ ---------- --------- PROFIT/(LOSS) FOR THE PERIOD 6 2,146 (1,556) 2,348------------------------ ----- ------------ ---------- --------- Basic earnings per ordinary share 3 4.45p (3.29p) 4.92p------------------------ ----- ------------ ---------- ---------Diluted earnings per ordinary share 3 4.45p (3.29p) 4.92p------------------------ ----- ------------ ---------- --------- GROUP STATEMENT OF RECOGNISED INCOME AND EXPENSEFor the 26 weeks to 29 July 2006 The Group has no material recognised gains or losses during the current orprevious period other than the results reported above. CONSOLIDATED BALANCE SHEETas at 29 July 2006 Unaudited Unaudited Note As at As at As at 29 July 30 July 28 January 2006 2005 2006 £000 £000 £000ASSETSIntangible assets 25,316 19,732 21,767Property, plant and equipment 47,548 50,170 49,200Other receivables 2,747 2,545 2,515------------------------ ----- ---------- --------- ---------TOTAL NON-CURRENT ASSETS 75,611 72,447 73,482------------------------ ----- ---------- --------- --------- Inventories 62,180 55,499 55,450Income tax receivable 899 3,207 1,736Trade and other receivables 12,672 11,010 12,039Cash and cash equivalents 7 4,450 8,355 9,336------------------------ ----- ---------- --------- ---------TOTAL CURRENT ASSETS 80,201 78,071 78,561------------------------ ----- ---------- --------- --------- TOTAL ASSETS 155,812 150,518 152,043------------------------ ----- ---------- --------- --------- LIABILITIESInterest-bearing loans and borrowings (29,029) (11,230) (12,178)Trade and other payables (54,254) (51,513) (56,346)Provisions (2,439) (1,504) (2,569)------------------------ ----- ---------- --------- ---------TOTAL CURRENT LIABILITIES (85,722) (64,247) (71,093)------------------------ ----- ---------- --------- --------- Interest-bearing loans and borrowings (287) (20,474) (10,405)Other payables (8,207) (9,895) (9,299)Provisions (5,427) (2,434) (4,988)Deferred tax liabilities (1,651) (2,335) (1,665)------------------------ ----- ---------- --------- ---------TOTAL NON-CURRENT LIABILITIES (15,572) (35,138) (26,357)------------------------ ----- ---------- --------- --------- TOTAL LIABILITIES (101,294) (99,385) (97,450)------------------------ ----- ---------- --------- --------- TOTAL ASSETS LESS TOTAL LIABILITIES 54,518 51,133 54,593------------------------ ----- ---------- --------- --------- CAPITAL AND RESERVESIssued ordinary share capital 6 2,413 2,400 2,413Share premium 6 10,823 10,173 10,823Retained earnings 6 41,282 38,560 41,357------------------------ ----- ---------- --------- ---------TOTAL EQUITY ATTRIBUTABLE TO EQUITY SHAREHOLDERS 6 54,518 51,133 54,593------------------------ ----- ---------- --------- --------- CONSOLIDATED CASH FLOW STATEMENTfor the 26 weeks ended 29 July 2006 Unaudited Unaudited 26 weeks to 26 weeks to 52 weeks to 29 July 30 July 28 January Note 2006 2005 2006 £000 £000 £000CASH FLOWS FROM OPERATING ACTIVITIESProfit/(loss) for the period 2,146 (1,556) 2,348Income tax expense/(credit) 1,083 (1,037) 1,302Financial expenses 1,318 1,814 3,718Financial income (70) (156) (230)Depreciation and amortisation ofnon-currentassets 5,395 4,817 10,632Impairment of non-current assets - 1,097 3,206Profit on disposal of non-current (1,315) (84) (676)assets(Increase)/decrease in inventories (5,412) (1,642) 10,585(Increase)/decrease in trade and otherreceivables (633) 697 1,169(Decrease)/increase in trade and otherpayables and provisions (4,363) 7,953 13,895Interest paid (1,318) (1,814) (3,718)Income taxes paid (258) (1,441) (2,841)------------------------ ----- ---------- ---------- --------- NET CASH (USED IN)/FROM OPERATING ACTIVITIES (3,427) 8,648 39,390------------------------ ----- ---------- ---------- --------- CASH FLOWS FROM INVESTING ACTIVITIESInterest received 70 156 230Proceeds from sale of non-current 3,972 774 1,782assetsDisposal costs of non-current assets (340) - (683)Acquisition of non-current assets (6,896) (3,327) (6,827)Cash consideration of acquisitions (4,998) - (15,017)------------------------ ----- ---------- ---------- --------- NET CASH USED IN INVESTING ACTIVITIES (8,192) (2,397) (20,515)------------------------ ----- ---------- ---------- --------- CASH FLOWS FROM FINANCING ACTIVITIESProceeds from issue of ordinary share - 1,167 1,197capitalDrawdown/(repayment) ofinterest-bearingloans and borrowings 7,000 (4,500) (12,500)Payment of finance lease and hirepurchasecontracts (267) (233) (415)Dividends paid - - (2,552)------------------------ ----- ---------- ---------- --------- NET CASH FROM/(USED IN) FINANCING 6,733 (3,566) (14,270)ACTIVITIES ------------------------ ----- ---------- ---------- --------- NET (DECREASE)/INCREASE IN CASH AND CASH EQUIVALENTS 7 (4,886) 2,685 4,605------------------------ ----- ---------- ---------- --------- 1. BASIS OF PREPARATION The interim financial report has been prepared in accordance with accountingpolicies set out in the Group's audited financial statements for the 52 weeksended 28 January 2006. The interim financial report does not include all of theinformation required for full annual financial statements. The interim financial report has been prepared on the basis of the recognitionand measurement requirements of EU-IFRS applied in the financial statements at28 January 2006 and those standards that have been endorsed by the EU and willbe effective at 27 January 2007. The information in the interim financial report for the period ended 29 July2006 is unaudited. The comparative figures for the 52 weeks ended 28 January 2006 are not theCompany's Statutory Accounts for that financial year. Those accounts have beenreported on by the Company's auditor and delivered to the Registrar ofCompanies. The report of the Auditor was unqualified, did not include areference to any matters to which the Auditor drew attention by way of emphasiswithout qualifying their report and did not contain a statement under section237 (2) or (3) of the Companies Act 1985. 2. EXCEPTIONAL ITEMS Unaudited Unaudited 26 weeks to 26 weeks to 52 weeks to 29 July 30 July 28 January 2006 2005 2006 £000 £000 £000 Profit on disposal of non-current assets (1,315) (84) (676)Provision for rentals on onerous property 1,216 2,721 6,954leasesImpairment of property, plant and equipment - 1,097 3,172Impairment of non-current other receivables - - 34Lease variation costs - - 1,722-------------------------- ---------- --------- --------- Selling and distribution expenses - (99) 3,734 11,206exceptional ---------- --------- ----------------------------------- Allsports restructuring costs - - 1,777-------------------------- ---------- --------- --------- Administrative expenses - exceptional - - 1,777-------------------------- ---------- --------- --------- Exceptional (credit) / expense (99) 3,734 12,983-------------------------- ---------- --------- --------- 3. EARNINGS PER ORDINARY SHARE Basic earnings per ordinary share The calculation of basic earnings per ordinary share at 29 July 2006 is based onthe profit / (loss) for the period attributable to equity holders of the parentof £2,146,000 (30 July 2005: loss of £1,556,000, 28 January 2006: profit of£2,348,000) and a weighted average number of ordinary shares outstanding duringthe 26 weeks ended 29 July 2006 of 48,263,434 (30 July 2005: 47,308,292, 28January 2006: 47,721,276), calculated as follows: Unaudited Unaudited 26 weeks to 26 weeks to 52 weeks to 29 July 30 July 28 January 2006 2005 2006 £000 £000 £000 Issued ordinary shares at beginning ofperiod 48,263,434 46,978,013 47,276,628Effect of shares issued during theperiod - 330,279 444,648-------------------------- ---------- --------- ---------Weighted average number of ordinarysharesduring the period 48,263,434 47,308,292 47,721,276-------------------------- ---------- --------- --------- Diluted earnings per ordinary share The calculation of diluted earnings per ordinary share at 29 July 2006 is basedon the profit / (loss) for the period attributable to equity holders of theparent of £2,146,000 (30 July 2005: loss of £1,556,000, 28 January 2006: profitof £2,348,000) and a weighted average number of diluted ordinary sharesoutstanding during the 26 weeks ended 29 July 2006 of 48,263,434 (30 July 2005:47,314,071 and 28 January 2006: 47,721,276), calculated as follows: Unaudited Unaudited 26 weeks to 26 weeks to 52 weeks to 29 July 30 July 28 January 2006 2005 2006 £000 £000 £000 Weighted average number of ordinarysharesduring the period 48,263,434 46,981,420 47,721,276Dilutive effect of outstanding shareoptions - 332,651 --------------------------- ---------- --------- ---------Weighted average number of dilutedordinaryshares during the period 48,263,434 47,314,071 47,721,276-------------------------- ---------- --------- --------- Adjusted basic earnings per ordinary share Adjusted basic earnings per ordinary share has been based on the profit / (loss)for the period attributable to equity holders of the parent for each financialperiod but excluding the post tax effect of certain exceptional items. TheDirectors consider that this gives a more meaningful measure of the underlyingperformance of the Group. Unaudited Unaudited 26 weeks to 26 weeks to 52 weeks to 29 July 30 July 28 January 2006 2005 2006 £000 £000 £000 Profit/(loss) for the period attributable toequity holders of the parent 2,146 (1,556) 2,348 Exceptional items excluding profit on disposalof non-current assets 1,216 3,818 13,659 Tax relating to relevant exceptional items (365) (1,083) (3,925)-------------------------- ---------- --------- ---------Profit for the period attributable to equityholders of the parent excluding exceptionalitems 2,997 1,179 12,082-------------------------- ---------- --------- --------- Adjusted basic earnings per ordinary share 6.21p 2.49p 25.32p-------------------------- ---------- --------- --------- 4. DIVIDENDS After the balance sheet date the following dividends were proposed by theDirectors. The dividends were not provided for at the balance sheet date. Unaudited Unaudited 52 weeks to 26 weeks to 26 weeks to 28 January 2006 29 July 30 July 2006 2005 £000 £000 £000-------------------------- ---------- --------- ---------2.40p per ordinary share (30 July2005: 2.30p,28 January 2006: 4.60p) 1,158 1,104 2,221-------------------------- ---------- --------- --------- 5. ACQUISITIONS On 28 October 2005 the Group acquired the trade and certain assets of AllsportsRetail Limited (in administration) for a cash consideration of £14,153,000together with associated fees of £867,000. The fair values are summarised below: Book and fair value at Book and fair 28 January Fair value value at 29 2006 adjustment July 2006Unaudited £000 £000 £000Acquiree's net assets at the acquisition date:Property, plant and equipment 3,290 - 3,290Inventories 12,178 718 12,896Cash and cash equivalents 3 - 3Trade and other payables (2,625) (222) (2,847)-------------------------- ---------- --------- --------- Net identifiable assets 12,846 496 13,342-------------------------- ---------- --------- --------- Goodwill 2,174 (496) 1,678-------------------------- ---------- --------- --------- Consideration paid - satisfied by cash 15,020 15,020-------------------------- ---------- --------- --------- On 23 June 2006 the Group acquired the trade and assets of 14 stores in airportlocations from Hargreaves (Sports) Limited for a cash consideration of£5,000,000. The fair values are summarised below: Unaudited Book value at Book and fair 23 June Fair value value at 29 2006 adjustment July 2006 £000 £000 £000Acquiree's net assets at the acquisition date:Property, plant and equipment 520 (147) 373Inventories 600 - 600Cash and cash equivalents 2 - 2Trade and other payables - (20) (20)-------------------------- ---------- --------- --------- Net identifiable assets 1,122 (167) 955-------------------------- ---------- --------- --------- Goodwill 3,878 167 4,045-------------------------- ---------- --------- --------- Consideration paid - satisfied by cash 5,000 5,000-------------------------- ---------- --------- --------- 6. RECONCILIATION OF MOVEMENT IN CAPITAL AND RESERVES Unaudited Ordinary Share Retained Total Share Capital Premium Earnings Equity £000 £000 £000 £000Balance at 28 January 2006 2,413 10,823 41,357 54,593Total recognised income and expense - - 2,146 2,146Dividends to shareholders - - (2,221) (2,221)-------------------- -------- --------- --------- --------- Balance at 29 July 2006 2,413 10,823 41,282 54,518-------------------- -------- --------- --------- --------- 7. ANALYSIS OF NET DEBT Unaudited At Cashflow Other At 29 July 28 January 2006 non cash 2006 changes £000 £000 £000 £000------------------- --------- --------- --------- ---------Bank balances and cash floats 9,336 (4,886) - 4,450------------------- --------- --------- --------- --------- Cash and cash equivalents 9,336 (4,886) - 4,450 Interest-bearing loans andborrowingsCurrent (12,000) (7,000) (10,000) (29,000)Non-current (10,000) - 10,000 -Loan notes (287) - - (287)Finance leases and similar hirepurchase contracts (296) 267 - (29)------------------- --------- --------- --------- --------- (13,247) (11,619) - (24,866)------------------- --------- --------- --------- --------- 8. INTERIM REPORT The interim report will be posted to all shareholders in due course. Additionalcopies are available on application to the Company Secretary, The John DavidGroup Plc, Hollinsbrook Way, Pilsworth, Bury, Lancashire, BL9 8RR, or can bedownloaded from our website: www.thejohndavidgroup.com. 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