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Chairman's Statement | Chief Executive's Review | Financial Review
title chairman's statements
link introduction
link home shopping
link fulfilment
link financial services
link outlook

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Group turnover for the year ended 1 March 2003 increased by 1.9% to £457.3m but profit before tax and goodwill amortisation was 7.0% down on the previous year at £54.8m – the first profit setback for the group for more than a decade.  The result is disappointing but our share of the home shopping market has still increased and, given the difficult trading conditions in our sector, the overall outcome was creditable. We are confident that, given the group’s strong market position and core strengths, and the active steps we are taking, we will continue to deliver growth over the medium term.

 

Introduction

Group sales in the first ten weeks of the new financial year are 3% ahead of last year and we expect our performance to strengthen as the year goes on.  Confidence in the group’s prospects is reflected in the Board’s recommendation of an unchanged final dividend of 4.10 pence, making a total of 5.84 pence for the year which is an increase of 1.6% and is covered 2.3 times.