JD Sports saw profits plunge in the first half as it worked to integrate outdoor activity chain Blacks, which it bought out of administration in January.

The firm said Blacks had made an initial loss of £10m, as expected, due to a critical lack of stock and unsustainable cost base.

It added the vast majority of the loss incurred in the first three months and Blacks' stores were now fully restocked and a central cost reorganisation programme is ongoing.

The company was also hit by disappointing trading in its fashion-wear division, something which got worse moving into the second half of the year.

The first half saw gross like-for-like sales in its core UK and Ireland retail divisions of +1.1%, including a +1.2% rise in Sports and a +0.7% rise in Fashion.

Going into the second half of the year, JD Sports said like-for-like sales for its core UK and Ireland retail divisions in the six week period to September 8th were up by 1.6%.

This was driven by Sports, which were up 3.2%, offsetting a 6.0% fall in Fashion.

In the first half the firm posted revenues of £556m, up 26.4% on the year before.

However, including the impact of Blacks, profits plunged to £2.88m from £20.07m the previous year.

Chief Executive Peter Cowgill said that, as ever, the group result for the full year remained very dependent on the sales and margin performance in December and January.

"Notwithstanding the economic pressure on margin and the general increase in taxation and other levies across Europe, the board believes that the group is well positioned to deliver results that are within the range of current expectations," he said.


Financial and legal training provider Wilmington has reported increased profits as it successfully chased higher margin work over the 12 months to the end of June.

Adjusted profits before tax for the full year were £14m, a rise of 4.6% on the prior year, with earnings before interest, tax and amortisation (EBITA) up 10.2% to £16.5m.

The EBITA margin rose from 17.8% in the prior year to 19.3% in 2011/12.

In the publishing and information division the share of revenues generated by online and digital products increased to 76% of the total.

Total group revenues climbed 1.8% to £85.3m.

The proposed final dividend is 3.5p per share, keeping the full year figure at 7p per share.

Mark Asplin, Chairman, said: "The legal training business is now more profitable and in better shape than it was twelve months ago, although market conditions affecting our client base remain difficult."

"The phasing out of legacy publishing products will continue during the current year as the group continues to invest in subscription based digital products and migrates its business away from print directories and services in which it does not own intellectual property."

Wilmington's share price rose 8.8% in early trading and has now advanced 40% in the last 12 months.

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