Results for the half year ended July 2011

In a difficult year NEXT has proven resilient.  Group revenue for the first half was 3.6% higher than last year and profit before tax was up 8.5% on a continuing basis.  The business remains strongly cash generative and continued buyback of shares further enhanced growth in earnings per share, which were 18.6% ahead of last year.  The interim dividend increases by 10% to 27.5p per share.

Financial highlights from our continuing business are as follows:

• Revenue up 3.6% to £1,565m
• Profit before tax up 8.5% to £228m
• Earnings per share up 18.6% to 98.3p
• Net debt of £640m and committed facilities of £918m
• Interim dividend up 10% to 27.5p per share