Interim Results
IMMEDIATE RELEASE:
S&U PLC
Providers of Consumer Credit and Motor Finance
INTERIM RESULTS FOR THE HALF YEAR TO 31ST JULY 2006
* HALF-YEAR PROFITS £4.8M (£5.3M) ON REVENUE £19.8M (£19.9M) IN MORE
CHALLENGING FIRST HALF.
* EARNINGS PER SHARE 28.4P (31.5P) - INTERIM DIVIDEND DECLARED 9P
(UNCHANGED).
* HOME COLLECTIONS - STEADY PROFIT GENERATED. OPPORTUNITIES BEING TAKEN TO
IMPROVE BRANCH AND REPRESENTATIVE NETWORK.
* HOME CREDIT CALL NUMBERS SINCE JULY 31st RUNNING AT 4% UP ON LAST YEAR,
REVERSING RECENT TRENDS.
* MOTOR CAR FINANCE - PROFITS £1.20M (£1.19M). A MORE SUBSTANTIAL INCREASE
EXPECTED FOR THE YEAR.
* THE SUB-PRIME SECTOR IS EXPECTED TO PROVIDE REAL OPPORTUNITIES FOR
PROFITABLE GROWTH OVER THE NEXT FEW YEARS.
Issued on behalf of S&U Plc by Simon Preston 020 7655 0500 or 07910825778
Enquiries: Derek Coombs or Anthony Coombs
Chairman Managing Director
S&U PLC S&U PLC
Tel: 020 7655 0500 Tel: 07767 687150
Date of issue: Thursday 5th October 2006
POLHILL COMMUNICATIONS
DOME HOUSE
48 ARTILLERY LANE
LONDON E1 7LS
Registration Number 1983318
CHAIRMAN'S STATEMENT
The results for the half year ended on the 31st July 2006 show that profits
before tax have reduced from £5.3 million last year to £4.8 million this year.
This reduction reflects a slightly more challenging first half year for both
collections and sales. Further management action already underway in these
areas is expected to lead to second half improvements.
Revenue totalled £19.8 million compared to £19.9 million for the comparable
period last year.
Our home collection business continues to generate steady profits and where
appropriate we are taking selective opportunities to improve our excellent
branch and representative network.
Advantage Finance has achieved profits of £1.20m against £1.19m last year and
is expected to provide a more substantial increase for the full year.
The proposed interim dividend is unchanged at 9p per share. This will be paid
on the 10th November 2006 to Ordinary Shareholders. The shares will go ex
dividend on the 11th October 2006.
DM Coombs
Chairman
4 October 2006
MANAGING DIRECTOR'S STATEMENT
Over the past 2 years I have commented on the "challenging trading and
regulatory environment" for the home credit industry and upon slowing consumer
confidence. The latter affects customers' appetite for credit and the
propensity to repay it. Both these trends have continued over the past half
year and are reflected in S&U's results; Group profit before tax is £4.76m
(2005;£5.28m) whilst Group Revenue is broadly static for the period.
These results reflect a period of change and uncertainty within our home credit
market which is probably unparalleled over the past 25 years. The Government,
its regulators and consumer group outriders have presided over a blizzard of
initiatives which have distorted and disturbed relationships with our customers
throughout the consumer credit industry. Statutory changes to early settlement
rebates in home credit have tightened margins. Changes in bankruptcy
legislation and the growth in the activities of commercial debt consolidators
and their misguided counterparts in the money advice sector have made
collections more challenging. Individual voluntary arrangements by debtors have
increased by 200% in the last year alone. These trends have inevitably
reflected in increased debt provisioning both in S&U's home credit and car
finance subsidiaries.
Unfortunately Government has responded to these developments by piling Ossa on
Pelion. S&U shareholders will ruefully reflect upon the recent suggestion by
the Competition Commission, in its review of the Home Credit Industry, that S&U
has for the past 5 years been making profits which are persistently excessive
compared to its cost of capital. The Competition Commission's proposed industry
wide remedy, for this alleged unsatisfactory state of affairs, includes further
measures on data sharing and early settlement rebates which will restrict our
ability to serve our customers, raise costs and, ironically, risk increasing
financial exclusion for customers.
The Government's Alternative Dispute Resolution Procedures, to be introduced
from next April, will further restrict the availability of credit to precisely
those customers with whom the Competition Commission admitted that home credit
"fitted like a glove".
Small wonder that the past year has seen significant structural changes within
the industry. Morses' absorption into LSB, has been followed by the closure of
House of Stirling, the effective exit of Park Credit from the industry and by
recent newspaper reports of the proposed sale of LSB itself. I expect this
consolidation to continue. S&U can and is taking advantage of it. We have
recently recruited some 70 new representatives from these companies in the past
3 months alone.
An equally encouraging side effect has been that our home credit division has
now been able to reverse a recent fall in customer numbers: these are now up by
4% on a year ago and the trend is improving. The Group assets continue to grow
as our Advantage Motor Finance book reaches £40.1m and over 8,000 customers.
Equally significant for the long term development of the Group is a successful
pilot of Communitas, our new second mortgage business, which is developing a
high quality niche with remortgage brokers. The resulting book now has gross
receivables of over £2m so that I am reasonably confident that Communitas will
break into profit early in its second year of operation.
In a more challenging collecting environment, action is being taken to protect
and improve the quality of our debt. At Advantage, a new Experian linked
underwriting system is allowing a more rigorous processing of up to 10 times
the number of previously handled applications. Legal recovery has been
strengthened there to the extent that over £100,000 more cash has been
recovered by this method than in the first half of last year. In home credit,
IT advances have allowed much closer scrutiny of the performance of small
paying accounts, whilst the widening of our loan range has improved our ability
to "reactivate" dormant customers. As a result, we look to improve collection
experience in the second half of the year.
Irrespective of our investment in these areas and in new businesses, S&U's
balance sheet remains strong. Gearing is 79% and bank facilities are in place
to finance organic growth, recent small acquisitions in the home credit field
and the development of our new second mortgage business. Against this
background it is appropriate to announce a 9p per Ordinary Share dividend
payable in November.
It would be disingenuous to understate the social and regulatory changes that
have made the collection and protection of our consumer credit debt more
challenging than ever before. Nevertheless, with rigorous management, the right
products, and sensible underwriting, I am confident that the sub-prime sector
offers real opportunities for sustained and profitable growth over the next few
years.
Anthony Coombs
4 October 2006
INDEPENDENT REVIEW REPORT TO S & U PLC
Introduction
We have been instructed by the company to review the financial information for
the six months ended 31 July 2006 which comprise the income statement, the
balance sheet, the statement of recognised income and expense, the cash flow
statement and related notes 1 to 11. We have read the other information
contained in the interim report and considered whether it contains any apparent
misstatements or material inconsistencies with the financial information.
This report is made solely to the company in accordance with Bulletin 1999/4
issued by the Auditing Practices Board. Our work has been undertaken so that we
might state to the company those matters we are required to state to them in an
independent review report and for no other purpose. To the fullest extent
permitted by law, we do not accept or assume responsibility to anyone other
than the company, for our review work, for this report, or for the conclusions
we have formed.
Directors' responsibilities
The interim report, including the financial information contained therein, is
the responsibility of, and has been approved by, the directors. The directors
are responsible for preparing the interim report in accordance with the Listing
Rules of the Financial Services Authority which require that the accounting
policies and presentation applied to the interim figures are consistent with
those applied in preparing the preceding annual accounts except where any
changes, and the reasons for them, are disclosed.
Review work performed
We conducted our review in accordance with the guidance contained in Bulletin
1999/4 issued by the Auditing Practices Board for use in the United Kingdom. A
review consists principally of making enquiries of group management and
applying analytical procedures to the financial information and underlying
financial data and, based thereon, assessing whether the accounting policies
and presentation have been consistently applied unless otherwise disclosed. A
review excludes audit procedures such as tests of controls and verification of
assets, liabilities and transactions. It is substantially less in scope than an
audit performed in accordance with International Standards on Auditing (UK and
Ireland) and therefore provides a lower level of assurance than an audit.
Accordingly, we do not express an audit opinion on the financial information.
Review conclusion
On the basis of our review we are not aware of any material modifications that
should be made to the financial information as presented for the six months
ended 31 July 2006.
Deloitte & Touche LLP
Chartered Accountants
Birmingham
4 October 2006
CONSOLIDATED INCOME STATEMENT
Six months ended 31 July 2006
Unaudited Unaduted
Six months Six months Financial
ended ended Year Ended
Note 31.7.06 31.7.05 31.1.06
Revenue 2 19,758 19,945 41,275
Cost of sales 3 (5,583) (5,401) (13,143)
Gross profit 14,175 14,544 28,132
Administrative expenses (8,614) (8,422) (17,314)
Operating profit 5,561 6,122 10,818
Finance costs (801) (841) (1,694)
Profit before taxation 2 4,760 5,281 9,124
Taxation 4 (1,428) (1,586) (2,787)
Profit for the period 3,332 3,695 6,337
Earnings per share basic and 5 28.4p 31.5p 54.0p
diluted
All activities and earnings per share derive from continuing operations. There
are no recognised gains and losses for the six months ended 31 July 2006 and
comparative periods other than the profit for the period and the dividends
shown above.
STATEMENT OF RECOGNISED INCOME AND EXPENSE
Unaudited Unaudited Financial
Six months Six months year
ended ended ended
31.7.06 31.7.05 31.1.06
£000 £000 £000
Profit for the Period 3,332 3,695 6,337
Actuarial gain on defined benefit - - 14
pension scheme
Total recognised income and _________ _________ ________
expense for the period
attributable to equity holders of 3,332 3,695 6,351
the parent
_________ _________ ________
CONSOLIDATED BALANCE SHEET
Six months ended 31 July 2006
Note Unaudited Unaudited
31.7.06 31.7.05 31.1.06
Restated Restated
£000 (note 10) (note 10)
£000 £000
ASSETS
Non current assets
Property, plant and equipment 2,320 2,364 2,283
Amounts receivable from 7 20,931 17,080 19,807
customers
Deferred tax asset 27 - 27
Derivative financial instrument 40 - -
23,318 19,444 22,117
Current assets
Inventories 120 111 81
Amounts receivable from 7 44,896 43,871 44,375
customers
Trade and other receivables 846 681 619
Current income tax assets - 2,093 1,427
Cash and cash equivalents 18 24 11
45,880 46,780 46,513
Total assets 69,198 66,224 68,630
LIABILITIES
Current liabilities
Bank overdrafts and loans (8,074) (6,950) (8,214)
Trade and other payables (863) (1,284) (953)
Tax liabilities (225) (199) (198)
Accruals and deferred income (1,343) (1,341) (1,303)
(10,505) (9,774) (10,668)
Non current liabilities
Bank loans (20,000) (20,000) (20,000)
Retirement benefit obligation - (23) -
Deferred tax liabilities - (83) -
Financial liabilities (450) (450) (450)
Derivative financial instrument - - (19)
(20,450) (20,556) (20,469)
Total liabilities (30,955) (30,330) (31,137)
NET ASSETS 38,243 35,894 37,493
Equity
Called up share capital 1,667 1,667 1,667
Share premium account 2,136 2,136 2,136
Profit and loss account 34,440 32,091 33,690
TOTAL EQUITY 8 38,243 35,894 37,493
There interim statements were approved by the Board of Directors on 4 October
2006. Signed on behalf of the Board of Directors D M COOMBS AMV COOMBS
Directors
CONSOLIDATED CASH FLOW STATEMENT
Six months ended 31 July 2006
Unaudited Unaudited
Six months Six months Financial
ended ended Year ended
Note 31.7.06 31.7.05 31.1.06
£000 £000 £000
Net cash from operating 9 3,023 1,726 1,657
activities
Cash flows from investing
activities
Proceeds on disposal of property, 38 50 125
plant and equipment
Purchases of property, plant and (332) (343) (569)
equipment
Net cash used in investing (294) (293) (444)
activities
Cash flows from financing
activities
Dividends paid (2,582) (2,582) (3,639)
Net (decrease)/increase in (140) 1,159 2,423
overdraft
Net cash used in financing (2,722) (1,423) (1,216)
activities
Net increase/(decrease) in cash 7 10 (3)
and cash equivalents
Cash and cash equivalents at the 11 14 14
beginning of the period
Cash and cash equivalents at the 18 24 11
end of the period
Cash and cash equivalents
comprise
Cash 18 24 11
NOTES TO THE INTERIM STATEMENTS
Six months ended 31 July 2006
1. ACCOUNTING POLICIES
1.1 General Information
S&U plc is a company incorporated in the United Kingdom under the Companies Act
1985. The address of the registered office is given in note 11 which is also
the group's principal business address. All operations are situated in the
United Kingdom.
1.2 Basis of preparation
As a listed company we are now required to prepare our consolidated financial
statements in accordance with international financial reporting standards
(IFRS) as endorsed by the European Union. The date of transition to IFRS for S&
U plc was 1st February 2004.
These financial statements have been prepared under the historical cost
convention as modified by the revaluation of derivative financial instruments
to fair value. The consolidated financial statements incorporate the financial
statements of the company and all its subsidiaries for the six months ended
31st July 2006.The financial information contained in this interim financial
report does not constitute a set of statutory accounts and is unaudited, but
subject to a review opinion.
1.3 Revenue recognition
Credit charges are recognised in the income statement for all loans and
receivables measured at amortised cost using the effective interest rate method
(EIR). The EIR is the rate that exactly discounts estimated future cash flows
of the loan back to the present value of the advance. Acceptance fees charged
to customers and any direct transaction cost are included in the calculation of
the EIR. Under IAS 39 credit charges on loan products continue to accrue at the
EIR on all outstanding capital balances including those impaired throughout the
life of the agreement irrespective of the terms of the loan and whether the
customer is actually being charged arrears interest. This is referred to as the
gross up adjustment to revenue and is offset by a corresponding gross up
adjustment to the loan loss provisioning charge to reflect the fact that this
additional revenue is not collectable.
Commission received from third party insurers for brokering the sale of
insurance products, for which the group does not bear any underlying insurance
risk is recognised and credited to the income statement when the brokerage
service has been provided.
Sales of goods are recognised in the income statement when the product has been
supplied.
1.4 Amounts receivable from customers
All customer receivables are initially recognised at the amount loaned to the
customer plus direct transaction costs. After initial recognition the amounts
receivable from customers are subsequently measured at amortised cost.
The directors assess on an ongoing basis whether there is objective evidence
that a loan asset or group of loan assets is impaired and requires a deduction
for impairment. A loan asset or a group of loan assets is impaired only if
there is objective evidence of impairment as a result of one or more events
that occurred after the initial recognition of the loan. Impairment is then
calculated by estimating the future cash flows for such impaired loans,
discounting the flows to a present value using the original EIR and comparing
this figure with the balance sheet carrying value. All such impairments are
charged to the income statement.
NOTES TO THE INTERIM STATEMENTS
Six months ended 31 July 2006
1.5 Property, plant and equipment
Property, plant and equipment is stated at cost less accumulated depreciation.
Certain freehold property is held at previous revalued amounts less accumulated
depreciation as the group has elected to use these amounts as the deemed cost
as at the date of transition to IFRS under the transitional arrangements of
IFRS 1.
Depreciation is provided on the cost or valuation of property, plant and
equipment in order to write such cost or valuation over the expected useful
lives as follows;
Freehold Buildings 2% per annum straight line
Computers 20% per annum straight line
Fixtures and Fittings 10% per annum straight line or 20% per annum reducing
balance
Motor Vehicles 25% per annum reducing balance
1.6 Inventories
Inventories are stated at the lower of cost or net realisable value.
1.7 Taxation
Current tax is provided at amounts expected to be paid (or recovered) using the
tax rates and laws that have been enacted or substantively enacted at the
balance sheet date.
Deferred tax is provided in full, using the liability method, on temporary
differences arising between the tax bases of assets and liabilities and their
carrying amounts in the financial statements. Deferred tax is determined using
tax rates and laws that have been enacted by the balance sheet date and are
expected to apply when the related deferred tax asset is realised or the
deferred tax liability is settled. Deferred tax assets are recognised to the
extent that it is probable that future taxable profit will be available against
which the temporary differences can be utilised.
1.8 Preference Shares
The issued 31.5% preference share capital is carried in the balance sheet at
amortised cost and shown as a financial liability. The issued 6% preference
share capital is valued at par and shown as called up share capital.
1.9 Pensions
The group contributes to a defined benefit pension scheme. The defined benefit
pension liability at the balance sheet date is calculated as the present value
of the defined benefit obligation less the fair value of the plan assets.
The group also operates several defined contribution pension schemes and the
pension charge represents the amount payable by the company for the financial
period.
1.10 Leases
Rental costs under operating leases are charged to the profit and loss account
when incurred.
1.11 Investments
Investments held as fixed assets are stated at cost less provision for any
impairment.
NOTES TO THE INTERIM STATEMENTS
Six months ended 31 July 2006
1.12 Derivative financial instruments
The group's activities expose it to the financial risks of changes in interest
rates and the group uses interest rate derivative contracts to hedge these
exposures. The group does not use derivative financial instruments for
speculative purposes. The use of financial derivatives is governed by the
group's policies approved by the board of directors which provides written
principles on the use of financial derivatives.
Changes in the fair value of derivative financial instruments that are
designated effective as hedges of future cash flows are directly recognised in
equity and the ineffective portion is recognised immediately in the income
statement. If the cash flow hedge of a firm commitment or forecasted
transaction results in the recognition of and asset or liability then at the
time the asset or liability is recognised the associated gains or losses on the
derivative that had previously been recognised in equity are included in the
initial measurement of the asset or liability. For hedges that do not result in
the recognition of an asset or liability, amounts deferred in equity are
recognised in the income statement in the same period in which the hedged item
affects profit or loss.
Changes in the fair value of derivative financial instruments that do not
qualify for hedge accounting are recognised in the income statement as they
arise.
Hedge accounting is discontinued when the hedging instrument expires or is
sold, terminated, exercised or no longer qualifies for hedge accounting. At
that time any cumulative gain or loss on the hedging instrument recognised in
equity is retained in equity until the forecasted transaction occurs. If a
hedged transaction is no longer expected to occur the net cumulative gain or
loss is recognised in equity is transferred to net profit or loss for the
period.
Derivatives embedded in other financial instruments or other host contracts are
treated as separate derivatives when their risks and characteristics are not
closely related to those of host contracts and the host contracts are not
carried at fair value with gains or losses reported in the income statement.
1.13 Critical accounting judgements and key sources of estimation uncertainty
The key accounting judgements which the directors have made in the process of
applying the group's accounting policies and which have the most significant
effect on the amounts recognised in the financial statements are the judgements
relating to impairment and revenue recognition in 1.4 above. The directors
consider that there are no key sources of estimation uncertainty other than
those inherent in the consumer credit market in which we operate.
NOTES TO THE INTERIM STATEMENTS
Six months ended 31 July 2006
2. ANALYSES OF REVENUE AND PROFIT BEFORE TAXATION
All operations are situated in the United Kingdom. Analyses by class of
business of revenue and profit before taxation are stated below:
<------- Revenue ------->
Six months Six months Financial
ended ended Year ended
31.7.06 31.7.05 31.1.06
Class of business £000 Restated Restated
(note 10) (note 10)
£000 £000
Consumer credit, rentals and other retail 13,871 14,255 30,099
trading
Car finance 5,887 5,690 11,176
19,758 19,945 41,275
<---- Profit before taxation ---->
Six months Six months Financial
ended ended Year ended
31.7.06 31.7.05 31.1.06
£000 Restated Restated
(note 10) (note 10)
£000 £000
Consumer credit, rentals and other retail 3,560 4,092 6,887
trading
Car finance 1,200 1,189 2,237
4,760 5,281 9,124
3. COST OF SALES
Six months Six months Financial
ended ended Year ended
31.7.06 31.7.05 31.1.06
£000 Restated Restated
(note 10) (note 10)
£000 £000
Loan loss provisioning charge 4,205 3,979 9,684
Other cost of sales 1,378 1,422 3,459
5,583 5,401 13,143
4. TAXATION
The actual tax charge for the period has been calculated by applying the
estimated effective tax rate for the year of 30.0% (31st July 2005 30.0%) to
the profit before taxation for the six months.
NOTES TO THE INTERIM STATEMENTS
Six months ended 31 July 2006
5. EARNINGS PER ORDINARY SHARE
The calculation of earnings per Ordinary share is based on profit for the
period of £3,332,000 (for the period ended 31 July 2005 - £3,695,000 and the
year ended 31 January 2006 - £6,337,000).
The number of shares used in the calculation is the average number of shares in
issue during the period of 11,737,228 (for the period ended 31 July 2006 and
the year ended 31 January 2006 - 11,737,228).
Diluted earnings per share is the same as basic earnings per share as there are
no dilutive shares.
6. DIVIDENDS
The directors have declared an interim dividend of 9p per share (2005: 9p per
share). The dividend, which amounts to approximately £1,056,000 (July 2005: £
1,056,000), will be paid on 10 November 2006 to shareholders on the register at
13 October 2006. The shares will be quoted ex dividend on 11 October 2006. The
interim financial information does not include this proposed dividend as it was
declared after the balance sheet date.
The final dividend paid during the period for the year ended 31 January 2006
amounted to £2,583,000 (2005: £2,583,000) being 22.0p per ordinary share (2005:
22.0p).
7. ANALYSIS OF AMOUNTS RECEIVABLE FROM CUSTOMERS
All operations are situated in the United Kingdom.
<---- Amounts Receivable ---->
Six months Six months Financial
ended ended Year ended
31.7.06 31.7.05 31.1.06
Class of business £000 Restated Restated
(note 10) (note 10)
£000 £000
Consumer credit, rentals and other retail 48,424 45,969 48,857
trading
Car finance 40,159 35,306 37,920
88,583 81,275 86,777
Less: Loan loss provision for consumer (14,089) (13,802) (14,661)
credit
Less: Loan loss provision for car (8,667) (6,522) (7,934)
finance
65,827 60,951 64,182
Analysed as:- due within one year 44,896 43,871 44,375
- due in more than one year 20,931 17,080 19,807
65,827 60,951 64,182
NOTES TO THE INTERIM STATEMENTS
Six months ended 31 July 2006
8. ANALYSIS OF CHANGES IN TOTAL EQUITY
Six months Six months Financial
ended ended Year ended
31.7.06 31.7.05 31.1.06
£000 Restated Restated
(note 10) (note 10)
£000 £000
Total recognised income 3,332 3,695 6,351
and expense for the
period
Dividends paid (2,582) (2,582) (3,639)
Net addition to 750 1,113 2,712
total equity
Opening total 35,854 33,142 33,142
equity (as
previously
stated)
Prior period 1,639 1,639 1,639
adjustments
(note 10)
Closing total 38,243 35,894 37,493
equity
9. RECONCILIATION OF PROFIT BEFORE TAX TO CASH FLOW FROM OPERATING ACTIVITIES
Six months Six months Financial
ended ended Year ended
31.7.06 31.7.05 31.1.06
£000 Restated Restated
(note 10) (note 10)
£000 £000
Profit before taxation 4,760 5,281 9,124
Tax paid - (1,454) (2,074)
Depreciation on 245 260 477
plant, property
and equipment
Loss on disposal 12 26 41
on plant,
property and
equipment
(Increase) in (1,645) (2,501) (5,732)
amounts
receivable from
customers
(Increase)/ (39) (20) 10
decrease in
inventories
(Increase)/ (227) 36 98
decrease in
trade and other
receivables
(Decrease) in (64) (10) (353)
trade and other
payables
Increase in 40 108 70
accruals and
deferred income
Fair value (59) - 19
movement in
derivative
(Decrease) in - - (23)
retirement
benefit
obligations
Cash flow from 3,023 1,726 1,657
operating
activities
NOTES TO THE INTERIM STATEMENTS
Six months ended 31 July 2006
10. PRIOR YEAR ADJUSTMENTS
Further to a review of our implementation of IFRS, we have:
* amended the basis on which the gross-up adjustment to revenue and cost of
sales is recognised under IAS 39. As a result, Revenue and Cost of Sales
have been reduced by £6.1m in the six months to July 2005 and by £12.2m in
the 12 months to January 2006. This adjustment does not affect profit.
* reviewed the classification and measurement of the preference shares. We
consider that it is more appropriate to recognise the junior preference
shares as a liability measured at amortised cost and the senior preference
shares as equity, recognised at par. Financial liabilities have therefore
been reduced by £1.6m and called up share capital has been increased by £
0.2m as at 31 July 2005 and 31 January 2006. The adjustments increase
retained reserves by £1.6m and do not impact the profit for the period.
11. INTERIM REPORT
The figures for the year ended 31 January 2006 do not constitute statutory
accounts and are extracted from the audited accounts for that period, on which
the auditors to the group have issued an unqualified audit report which did not
contain a statement under section 237 (2) or (3) of the Companies Act 1985 and
which have now been delivered to the Registrar of Companies.
A copy of this Interim Report will be posted to all shareholders and will be
made available to the public on our website at www.suplc.co.uk and at the
Company's registered office at Royal House, Prince's Gate, Solihull, B91 3QQ.
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