| 53 weeks 2011 £m |
52 weeks 2010 £m |
52 weeks 2009 £m |
52 weeks 2008 £m |
52 weeks 2007 £m |
|
|---|---|---|---|---|---|
| Gross transaction value | 2,679.3 | 2,564.3 | 2,339.7 | 2,336.0 | 2,305.6 |
| Revenue | 2,209.8 | 2,119.9 | 1,915.6 | 1,839.2 | 1,774.4 |
| Cost of sales | (1,913.1) | (1,829.5) | (1,650.7) | (1,571.6) | (1,494.9) |
| Gross profit | 296.7 | 290.4 | 264.9 | 267.6 | 279.5 |
| Distribution costs | (70.2) | (55.1) | (45.3) | (50.0) | (46.2) |
| Administrative expenses | (42.8) | (40.2) | (37.4) | (41.5) | (39.2) |
| Operating profit before exceptional items | 183.7 | 195.1 | 182.2 | 176.1 | 194.1 |
| Exceptional items | – | (5.4) | – | – | (14.3) |
| Operating profit | 183.7 | 189.7 | 182.2 | 176.1 | 179.8 |
| Net finance costs | (23.4) | (49.8) | (61.4) | (70.2) | (66.6) |
| Profit before taxation | 160.3 | 139.9 | 120.8 | 105.9 | 113.2 |
| Taxation | (43.1) | (42.9) | (25.7) | (28.8) | (34.2) |
| Profit for the financial year attributable to equity shareholders |
117.2 | 97.0 | 95.1 | 77.1 | 79.0 |
Gross Transaction Value
Revenue from concessions and consignment sales is required to be shown on a net basis, being the commission received rather than the gross value achieved by the concessionaire on the sale. Management believes that gross transaction value, which presents revenue on a gross basis before adjusting for concessions, consignments, staff discounts and the cost of loyalty scheme points, represents a good guide to the overall activity of the Group.