28 November 2012 – final results
As expected a huge loss before taxation of £485m was posted for the year to 30 September 2012 (2011: £398m). However, historic figures are largely irrelevant given the significant changes which are taking effect. A strong end to Summer 2012 and a good start to Winter 2012/13 provide encouragement. Group Chief Executuve Harriet Green has demonstrated faith in the business by buying 500,000 shares at 23p each and we agree that there is potential for strong recovery. We retain our BUY rating.