8 Jul 2011 11:00
JJB Sports plc ("the Company")
AGM and Business Update
AGM
The Company is holding its AGM in Wigan today at 11.00am. The results of the voting, which will be by a poll, will be released after the meeting and full details will be available on the Company's corporate website (www.jjbcorporate.co.uk).
Business Update
The Company continues to make good progress in executing its turnaround business plan, notably the closure of 38 CVA stores, completing a further 8 store refits, and re-aligning the cost base in store, through the supply chain, and at the Retail Support Centre in Wigan.
The UK retail market continues to be extremely challenging and is likely to remain so for some time. Whilst working capital and cash management are the key focus, in the 22 weeks ended 3 July 2011 the overall financial performance of the business has been in line with the Board's expectations set at the time of the issue of our Prospectus dated 6 April 2011.
Changes to the Board and Committees
As previously announced Richard Manning, Legal and Operations Director and Company Secretary and Alan Benzie, Non-executive Director and Chairman of the Audit Committee will both leave the Board after today's AGM. David Williams, Chief Financial Officer, will succeed Richard Manning as Company Secretary and David Adams, Senior Independent Director will succeed Alan Benzie as Chairman of the Audit Committee.
The Board would like to record its thanks to Richard and Alan for the contribution they have made to the turnaround of the business.
Also as previously announced Lawrence Christensen will join the Board as a Non-executive Director on 1 November 2011.
Mike McTighe, Chairman, will make the following comment at the AGM: "We are delivering on our business plan objectives and progress remains on track. Whilst we expect the retail environment to remain extremely challenging over the medium term, we are confident of delivering the full turnaround to ensure JJB's future as a prosperous business.
"I would like to take this opportunity to thank both Richard Manning and Alan Benzie for their outstanding contributions to JJB during the recent turbulent times at the Company. Without their efforts and those of our other executive and non executive colleagues we wouldn't be where we are today.
"As we announced in May, Lawrence Christensen CBE will be joining the Board as a non-executive director in November this year. Lawrence has a great deal of experience as a director at other retail companies and the Board looks forward to welcoming and working with him."
For further information, please contact:
JJB Sports plc 01942 22 1400
Keith Jones
David Williams
Numis Securities Limited (NOMAD and financial advisor) 020 7260 1000
Heraclis Economides
Maitland 020 7379 5151
Neil Bennett
Richard Farnsworth
Notes to editors
About JJB Sports
JJB Sports plc (JJB: LSE) is one of the UK's leading sports retailers. The Group, headquartered in Wigan and listed on the Alternative Investment Market (AIM) of the London Stock Exchange, currently trades from over 200 JJB branded retail stores in the UK and Ireland and employs approximately 5,000 people. Further information about the Group can be found on the Group's corporate website, www.jjbcorporate.co.uk.