Final Results
API Group PLC
28 November 2002
API GROUP PLC
Preliminary Results for the year ended 30 September 2002
28 November 2002
RESTRUCTURING AND COST EFFICIENCIES IMPROVE OPERATING PERFORMANCE AND STRENGTHEN
BALANCE SHEET
• Sales down marginally to £180.6m (£183.4m) reflecting challenging
trading conditions
• Group returns to operating profit before exceptional items and
goodwill amortisation reflecting benefits of operating efficiencies
• Loss before tax, exceptional items and goodwill amortisation reduced
significantly - £1.4m compared to £4.5m
• Loss per share before exceptional items and goodwill amortisation
reduced by 63% to 4.5p
• Balance sheet strengthened with borrowings down to £14.8m (£23.7m) and
gearing reduced to 24.2% (35.5%)
• Operating cash flow improved
• Strong improvement in Foils and Laminates and Metallised Paper,
disappointing performance in Converted Products
• Good opportunities to develop businesses in 2003 and further improve
returns
Commenting on the results and prospects, Chairman David Hudd said:
'The improvement in operating profit during the year, achieved against a
background of tough trading conditions, reduced demand and increased competition
serves to illustrate both the benefits of the cost efficiency programmes and the
resilience and strength of many of the Group's businesses.
Although trading conditions are expected to remain challenging across the Group,
the Board expects that further improvement will be seen in the current year.
Opportunities to develop the Group's businesses and to maximise returns on the
capital investments made in previous years continue to arise. During 2003,
margins will continue to improve and the full year benefits of the progress made
in 2002 are expected to be realised.'
Enquiries:
Derek Ashley 01625 650334 Tim Spratt 020 7831 3113
Group Chief Executive Managing Director
API Group plc Financial Dynamics
David Walton 01625 650569 Michelle Morton 020 7831 3113
Group Finance Director Financial Dynamics
API Group plc
EXTRACTS FROM CHAIRMAN'S STATEMENT
RESULTS FOR THE YEAR ENDED 30 SEPTEMBER 2002
With the restructuring of the last two years completed, our key objectives were
to reduce borrowings and to improve operating performance. I am pleased to be
able to report that we have made good progress in both these areas despite tough
trading conditions.
Sales fell marginally from £183m to £181m and the loss before tax, exceptional
items and goodwill amortisation amounted to £1.4m, a substantial improvement on
the comparable loss of £4.5m in 2001. Importantly, the Group returned to an
operating profit before exceptional items and goodwill amortisation. The loss
per share before exceptional items and goodwill amortisation was 4.5p compared
with 12.1p last year. Net Group borrowings were reduced to £14.8m from £23.7m
as a result of tighter controls over working capital and capital expenditure.
Net tangible assets per share were 180p (2001 196p). No final dividend is
proposed.
The Foils and Laminates businesses, which account for some 60% of group sales,
performed strongly during the year achieving profits significantly above last
year's levels despite weakened demand for luxury consumer goods and associated
packaging materials. This included a much better performance from the United
States.
The Metallised Paper division returned to full production following completion
of the consolidation into the Caerphilly facility and losses fell significantly
through productivity and efficiency gains.
The Converted Products division was a major disappointment, with Tenza
experiencing fierce competition in the label sector and Learoyd, which
manufactures bags for security and food applications, performing poorly.
Vigorous action has been taken to address performance issues and reduce costs in
this division.
Management have made progress in introducing stronger financial controls and
operational disciplines across the Group to improve efficiency and to reduce
costs. There is scope for further improvement and achieving synergistic
benefits across the Group.
The Group's strategy continues to be the development of its principal
businesses: Foils and Laminates, Metallised Paper and the flexible packaging
businesses of the Converted Products division. Although each of these businesses
faces challenges, all of them have opportunities to both increase market share
and improve financial returns. Our overriding objective is to enhance value for
our shareholders and to provide greater security and improved returns for all of
the Group's stakeholders.
In recent years, the Group has faced a number of difficult operational and
financial issues. Significant progress has been made during the year in
restoring the fortunes of the Group and the foundations for further improvement
have been laid.
EXTRACTS FROM GROUP CHIEF EXECUTIVE'S REVIEW
The Group's products are used predominantly in specialised packaging
applications in the luxury goods, beverages, tobacco and other consumer goods
sectors. Uncertainty following September 11 and continuing weak economic
conditions in the US and the UK adversely affected performance during the year,
with reduced demand in most areas.
Despite the difficult trading conditions, good progress has been made in
restoring the performance and financial stability of the Group. Benefits from
the site rationalisation, management reorganisation, cost reduction and capital
investment programmes undertaken in 2001 have begun to take effect and the
performance of the Group is steadily improving. The results achieved in both the
first and second halves of the current year represent significant improvements
over the corresponding periods in 2001.
Our focus on cash generation has resulted in a marked reduction in net debt of
£8.9m, achieved principally through the introduction of stronger financial
discipline and more effective management of working capital. This is
particularly encouraging as it has been achieved against a backdrop of
challenging trading conditions, continuing capital investment and increasing
pressure from both customers and suppliers seeking to improve their own
financial positions.
A key focus of the Group's senior management during the year has been to
encourage greater interaction and communication between business management
groups and to better leverage both the technical expertise and purchasing power
of the Group. A number of group-wide initiatives have been launched and we are
already beginning to see the benefits in reducing waste levels, operational
efficiency gains and more effective purchasing.
Many of the Group's businesses operate multi-stage, high-speed manufacturing
processes that consume large quantities of raw materials. The level of avoidable
production waste is a constant issue that costs the Group many millions of
pounds each year. During 2002, the Group launched a 'War-On-Waste' initiative
designed to make the workforce aware of the level of avoidable waste and to
encourage their participation in a team-based approach to identifying and
addressing the reasons for waste. The response to this initiative has been very
encouraging. Significant savings have already been realised and further benefits
are expected to accrue in 2003.
Results in the Foils and Laminates and Metallised Paper divisions were
encouraging, with both performing better than in the previous year. However, the
performance of the Converted Products division, which specialises in the
production of flexible packaging products, has been disappointing. In
particular, Learoyd Packaging, which manufactures bags for security and food
applications, performed poorly and Tenza experienced extremely competitive
trading conditions and price pressure in its label printing activity.
A number of personnel changes have been made in areas where performance was poor
to strengthen management teams, add technical skills and to provide the drive
and focus necessary to achieve improved performance. We expect to see benefits
from these actions in 2003 and will continue to monitor performance closely.
During 2003, we will be reviewing the management and organisational structure to
ensure that we are able to most effectively meet the challenges that we face and
take full advantage of the Group's capabilities. The businesses in the Foils and
Laminates and Metallised Paper divisions each have strong positions in markets
with growth potential, sell similar or related products into the same industry
sectors and would benefit by working in a more integrated and coherent manner.
The businesses in the Converted Products division form an integrated supply
chain for the manufacture and distribution of certain polyethylene based
flexible packaging products in addition to having their individual customer
bases. Further benefits can therefore be derived by leveraging the expertise
that exists within the Group.
Financial Highlights
In the financial year to 30 September 2002, the Group reported an operating
profit before exceptional items and goodwill amortisation of £0.2m, an
improvement of £3.1m over the previous year. The loss before tax, exceptional
items and goodwill amortisation after charging net interest of £1.6m (£1.6m),
was £1.4m (£4.5m) on sales of £180.6 million (£183.4m). The loss per share
before exceptional items and goodwill amortisation reduced by 63% to 4.5 pence.
Sales in the UK decreased by £7.0m (8.5%) due principally to weak demand from
the luxury goods and beverages sectors. Sales to Continental Europe increased by
£5.2m (10.3%) due to favourable exchange rates and a return to full production
in the Metallised Paper division following completion of the consolidation of
our metallising businesses at Caerphilly. Sales in the US decreased by £1.7m
(5.6%), due mainly to the uncertainty following September 11, the poor
performance of Learoyd Packaging and the elimination of low margin turnover.
Sales to the Rest of the World increased by £0.7m (3.2%).
The Group's net cash inflow from operating activities was £13.0m. Working
capital was reduced by £7.6m, principally due to significant reductions in
stocks and debtors achieved in the Foils and Laminates and Metallised Paper
divisions.
Surplus cash generated during the year was applied to reduce debt and, as a
consequence, by 30 September 2002 the Group's net borrowings had fallen to
£14.8m, compared with £23.7m at 30 September 2001.
The Group's balance sheet remains strong, with shareholders' funds of £61.1m and
gearing (defined as net borrowings/shareholders' funds) of 24.2%, compared with
35.5% at the end of the previous financial year.
PROSPECTS
The improvement in operating profit during the year, achieved against a
background of tough trading conditions, reduced demand and increased competition
serves to illustrate both the benefits of the cost efficiency programmes and the
resilience and strength of many of the Group's businesses.
Although trading conditions are expected to remain challenging across the Group,
the Board expects that further improvement will be seen in the current year.
Opportunities to develop the Group's businesses and to maximise returns on the
capital investments made in previous years continue to arise. During 2003,
margins will continue to improve and the full year benefits of the progress made
in 2002 are expected to be realised.
REVIEW OF OPERATIONS
Foils and Laminates
Foils and Laminates sales fell by 3.4% to £107.4m reflecting the challenging
trading conditions encountered in the US during the first half of the year and
weaker demand from manufacturers of luxury goods and specialist packaging
producers in the UK. Despite this, the division's operating profit rose by 96%
to £4.7m on sharply reduced losses in US Foils.
The performance of the US Foils business has improved following the appointment
of new management in November 2001. Aggressive cost reduction and margin
improvement initiatives have reduced the operating loss to £0.8m, compared with
£3.8m in the previous year. Difficult trading conditions following September 11
impacted sales, but performance in the second half of the year has been
particularly encouraging. Progress has been made in realigning the business as a
provider of higher margin speciality products. There has been aggressive
expansion into metallic ink, pigment and dieless products and a reduced
dependency on traditional low-margin commoditised transfer foils. After an
exhaustive analysis of the options for consolidation to a single site, the Board
has decided that the best option for the business will be to operate both major
manufacturing facilities and a programme of upgrades to the Rahway facility in
New Jersey has been initiated.
Sales in the European Foils business were down 3.8% in the first half due to
reduced demand from producers of luxury consumables, fear of recession in the UK
and deferral of orders from the Far East. Although there was a partial recovery
in the second half and sales were down by only 1.7% for the full year, operating
profits deteriorated by 54% to £0.5m. Although productivity and manufacturing
output improved, price competition depressed margins. The full benefits of the
consolidation of foil manufacturing activities in Livingston are now being
realised, leaving Salford focused entirely on specialised security products.
The Foils business in China continued to perform well, maintaining sales and
margins in the face of increased competition from both local and international
competitors. Increased sales of high margin decorative holographic foils have
offset the reduced prices and margins achievable on traditional low grade
graphic foil products. The proportion of sales derived from exports to the
Group's European and US businesses is steadily increasing following the
successful introduction of the high quality SuperGrafix product range in both
markets. The Group continues to work closely with its Chinese management team to
transfer technology and expertise and to maintain our position as the leading
producer of foil products in China.
Laminates experienced difficult trading conditions as demand from the luxury
goods and beverage sectors was weak. Although this was partially offset by
increased first half sales to the tobacco sector and strong second half sales
into the food and consumer goods sectors, total sales were down by 7.2% compared
with the previous year. The savings associated with the closure of the Rochdale
facility and the transfer of the equipment into Poynton are being realised and
this, together with effective management of overheads, ensured that the business
performed in line with expectations and that the operating profit margin was
maintained. During 2002, the Group committed to significant capital expenditure
to support expansion into the food and consumer goods sectors and these
investments are expected to generate returns in the near future.
Metallised Paper
The operating loss before exceptional items and goodwill amortisation was
reduced to £1.0m compared with a loss of £2.9m in the previous year. Sales
increased by 9.1% to £26.6m.
Performance during the first half continued to be adversely affected by the
significant disruption associated with the consolidation of metallising activity
in Caerphilly. However, as the Caerphilly plant returned to full production
capacity, the focus shifted from addressing production issues to managing growth
and improving margins. New management was appointed in November 2001;
significant productivity gains have been achieved and waste levels and operating
costs have been reduced. In particular, a major reorganisation of working
practices during the period resulted in a 22% reduction in the workforce, with
no impact on capacity. Demand remained solid throughout the period and,
although margins were under pressure due to competition from low-cost producers
in Southern Europe and the Far East, the division benefited from favourable
movements in exchange rates and raw materials prices which partially offset
this.
The division will continue to benefit from the effects of the consolidation,
workforce reorganisation and continuing margin improvement initiatives.
Converted Products
Converted Products reported an operating loss of £1.0m on sales down 2.6% to
£46.6m compared with a profit of £0.2m on sales of £47.8m. The Tenza and Learoyd
Group businesses produced disappointing performances, while Coated Products
performed well reporting increased profits despite sales down by 4.7% in the
face of stiff competition.
Tenza suffered a 5.7% decline in sales principally due to volume and price
reductions in its self-adhesive labels activity. This, together with price
competition on other products and continuing pressure on raw materials prices
contributed to a decline in operating profits from £0.8m to £0.3m. Wherever
possible, overheads have been reduced and productivity improved. However, a
sustained improvement in performance is dependent upon more favourable trading
conditions and the success of new product initiatives.
The loss incurred by the Learoyd Group increased from £1.2m in 2001 to £2.3m
despite organisational changes and heavy capital investment in earlier years.
Improvements in Filmcast, which manufactures cast polypropylene using a new
co-extrusion line completed in 2001, were offset by a sharp decline in Learoyd
Packaging which specialises in the production of bags for security and food
applications. During much of 2002, the management of Learoyd Packaging pursued a
volume-based strategy to maintain sales in response to competition in the UK
market and the loss of a key distributor in the US. This depressed selling
prices, eroded margins and placed additional pressure on production capabilities
resulting in significantly increased operating costs. New management is now in
place and is attempting to restore profitability by returning to the production
of more specialised products at improved margins.
Coated Products, which manufactures siliconised release products, increased
profits by 30% on sales down by 4.7%. The increase in profitability was achieved
through an improved product mix, in particular a reduced dependency on
lower-margin release papers for the self-adhesive label printing industry, and
better management of operating overheads. Coated Products continues to have many
exciting opportunities for the development of new products for medical, hygiene
and food applications, both in Europe and the Far East.
GROUP PROFIT & LOSS ACCOUNT
for the year ended 30 September 2002
__________________________________________________________________________________________________________________
2002 2001
Restated
£'000 £'000
Turnover 180,580 183,440
Operating profit/(loss)
Continuing operations before goodwill amortisation and exceptional items 213 (2,901)
Goodwill amortisation (446) (846)
Continuing operations before exceptional items (233) (3,747)
Exceptional items (2,873) (24,564)
Total continuing operations (3,106) (28,311)
Profit on disposal of land & buildings 395 33
Loss on ordinary activities before interest and taxation (2,711) (28,278)
Net interest (1,599) (1,642)
Loss on ordinary activities before taxation (4,310) (29,920)
Taxation 1,303 2,398
Loss on ordinary activities after taxation (3,007) (27,522)
Equity minority interests (1,097) (984)
Loss attributable to shareholders (4,104) (28,506)
Dividends - -
Balance transferred from reserves (4,104) (28,506)
Pence Pence
Loss per ordinary 25p share
Basic and diluted (12.3) (85.7)
Adjusted loss per ordinary 25p share (before exceptional items and
goodwill amortisation)
Basic and diluted (4.5) (12.1)
Dividend per ordinary share - -
GROUP BALANCE SHEET
as at 30 September 2002
__________________________________________________________________________________________________________________
2002 2001
Restated
£'000 £'000
Fixed assets
Intangible assets 6,413 6,859
Tangible assets 60,124 66,054
Investments 435 435
66,972 73,348
Current assets
Stocks 19,356 23,189
Debtors 38,455 42,852
Short term investments 1,500 1,283
Cash at bank and in hand 7,194 7,088
66,505 74,412
Creditors: Amounts falling due within one year (62,584) (69,482)
Net current assets 3,921 4,930
Total assets less current liabilities 70,893 78,278
Creditors: Amounts falling due after more than one year (140) (205)
Provisions for liabilities and charges (2,742) (3,766)
Accruals and deferred income (766) (1,007)
Net assets 67,245 73,300
Share capital and reserves
Called up share capital 8,463 8,463
Share premium account 50,563 50,563
Revaluation reserve 2,892 2,616
Capital redemption reserve 549 549
Profit and loss account (1,410) 4,479
Shareholders' funds 61,057 66,670
Equity minority interests 6,188 6,630
67,245 73,300
GROUP CASH FLOW STATEMENT
for the year ended 30 September 2002
__________________________________________________________________________________________________________________
2002 2001
£'000 £'000
Reconciliation of operating loss to net cash inflow from operating
activities
Operating loss (3,106) (28,311)
Amortisation and depreciation less government grants 8,471 8,058
Impairment charge against intangible assets - 12,850
Impairment charge against tangible fixed assets and investments - 1,693
Loss on disposal of fixed assets, other than land & buildings 3 161
Decrease in stocks 3,318 7,302
Decrease in debtors 3,638 9,182
Increase/(decrease) in creditors 604 (1,326)
Increase/(decrease) in provisions 55 (2,837)
Net cash inflow from operating activities 12,983 6,772
Cash outflow of £2,816,000 (2001: £6,984,000) resulted from exceptional items
incurred during the financial years 2001 and 2002.
2002 2002 2001 2001
£'000 £'000 £'000 £'000
Cash flow statement
Net cash inflow from operating activities 12,983 6,772
Returns on investment and servicing of finance
Interest paid (1,475) (1,807)
Interest received 100 165
Dividends paid to minority interests (1,134) (2,509) (1,490) (3,132)
Taxation
UK 661 (308)
Overseas 1,593 2,254 (500) (808)
Capital expenditure and financial investment
Payments to acquire tangible fixed assets (4,087) (13,378)
Receipts from sales of tangible fixed assets 1,005 1,017
Receipt of government grants - (3,082) 860 (11,501)
Acquisitions and disposals (103) (139)
Equity dividends paid - (2,874)
Net cash inflow/(outflow) before use of
management of liquid resources and financing 9,543 (11,682)
Management of liquid resources
Increase in short term investments (312) (1,283)
Financing
(Decrease)/increase in short term borrowing (11,569) 12,055
Decrease in cash in the period (2,338) (910)
Exchange movement (500) 12
Balance sheet movement in net cash (2,838) (898)
GROUP CASH FLOW STATEMENT
for the year ended 30 September 2002
__________________________________________________________________________________________________________________
Notes to the cash flow statement 2001 Cashflow Exchange 2002
£'000 £'000 £'000 £'000
A. Analysis of net debt
Cash at bank and in hand 7,088 606 (500) 7,194
Bank overdraft (1,246) (2,944) - (4,190)
5,842 (2,338) (500) 3,004
Short term investment in Chinese Government bonds 1,283 312 (95) 1,500
Short term borrowing (30,798) 11,569 (52) (19,281)
Net debt (23,673) 9,543 (647) (14,777)
2002 2001
£'000 £'000
B. Reconciliation of net cash flow to movement in net debt
Decrease in cash (2,338) (910)
Increase in short term investments 312 1,283
Decrease/(increase) in short term borrowing 11,569 (12,055)
Change in net debt resulting from cash flows 9,543 (11,682)
Exchange differences (647) 51
Movement in net debt 8,896 (11,631)
Net debt at start of period (23,673) (12,042)
Net debt at end of period (14,777) (23,673)
OTHER STATEMENTS
for the year ended 30 September 2002
__________________________________________________________________________________________________________________
2002 2001
Restated
£'000 £'000
Statement of total recognised gains and losses
Loss attributable to shareholders (4,104) (28,506)
Currency translation differences on foreign currency net investments (1,509) 533
Total recognised gains and losses relating to the period (5,613) (27,973)
Prior year adjustment (2,400)
Total gains and losses recognised since previous annual report (8,013)
Reconciliation of movements in shareholders' funds
Loss attributable to shareholders (4,104) (28,506)
Currency translation differences on foreign currency net investments (1,509) 533
Net deduction from shareholders' funds (5,613) (27,973)
Opening shareholders' funds 66,670 94,643
Closing shareholders' funds 61,057 66,670
The prior year adjustment on implementation of Financial Reporting Standard 19 '
Deferred Tax' reduced opening shareholders' funds by £2,400,000 (£4,400,000).
NOTES
for the year ended 30 September 2002
__________________________________________________________________________________________________________________
SEGMENTAL ANALYSIS 2002 2001
£'000 £'000
Analysis of turnover by geographical destination
United Kingdom 74,940 81,930
Continental Europe 56,283 51,046
Americas 29,130 30,870
Rest of World 20,227 19,594
180,580 183,440
Profit/(loss) before
Turnover interest and tax Net operating assets
2002 2001 2002 2001 2002 2001
Restated
£'000 £'000 £'000 £'000 £'000 £'000
Geographical analysis by origin
United Kingdom 135,527 138,192 (1,878) (983) 56,483 68,827
Continental Europe 3,895 2,580 233 87 1,121 950
Americas 28,835 29,853 (855) (4,590) 14,892 17,344
Rest of World 12,323 12,815 2,713 2,585 6,925 5,480
180,580 183,440 213 (2,901) 79,421 92,601
Exceptional items and goodwill
amortisation - - (2,924) (25,377) - -
Non operating assets - - - - (12,176) (19,301)
180,580 183,440 (2,711) (28,278) 67,245 73,300
Turnover originating in the United Kingdom includes £63,842,000 of sales to
overseas destinations (2001: £56,517,000). £2,442,000 (2001: £10,839,000) of the
exceptional items and goodwill amortisation arise in the UK, £344,000 (2001:
£14,386,000) arise in the Americas and £138,000 (2001: £152,000) arise in the
Rest of the World
Profit/(loss) before
Turnover interest and tax Net operating assets
2002 2001 2002 2001 2002 2001
Restated
£'000 £'000 £'000 £'000 £'000 £'000
Analysis by activity
Foils & laminates 107,406 111,229 4,677 2,382 48,545 56,702
Metallised paper 26,594 24,377 (978) (2,872) 7,464 8,364
Converted products 46,580 47,834 (1,031) 197 23,412 27,535
Central costs - - (2,455) (2,608) - -
180,580 183,440 213 (2,901) 79,421 92,601
Exceptional items and goodwill
amortisation - - (2,924) (25,377) - -
Non operating assets - - - - (12,176) (19,301)
180,580 183,440 (2,711) (28,278) 67,245 73,300
Net operating assets comprise total assets excluding goodwill and investments,
less liabilities and exclude dividends, taxation, minority interests and all
assets and liabilities of a financing nature. £1,525,000 (2001: £18,773,000) of
the exceptional items and goodwill amortisation relate to the foils and
laminates division, £413,000 (2001: £3,061,000) relate to the metallised paper
division, £736,000 (2001: £2,479,000) relate to the converted products division
and £250,000 (2001: £1,064,000) are central costs.
OPERATING LOSS 2002 2001
£'000 £'000
Exceptional items charged against operating loss compromise
Restructuring of operating businesses 2,324 10,650
Cost of major interruptions to production 383 -
Impairment of intangible assets - 12,850
Provision against own shares held in ESOP - 1,064
Other 166 -
2,873 24,564
EARNINGS PER SHARE 2002 2001 Restated
pence £'000 pence £'000
Earnings per share are based on
Loss attributable to shareholders (12.3) (4,104) (85.7) (28,506)
Add exceptional items 7.5 2,478 73.8 24,531
Add goodwill amortisation 1.3 446 2.5 846
Less tax relief (1.0) (325) (2.7) (900)
Adjusted loss attributable to ordinary (4.5) (1,505) (12.1) (4,029)
shareholders
Basic weighted average number of ordinary 33,262,578 33,262,578
shares
TAXATION
The Group adopted Financial Reporting Standard 19 'Deferred Tax', on 1 October
2001. The implementation of FRS 19 has resulted in a prior year adjustment.
The restated comparative figures for the 12 months to 30 September 2001 are set
out below.
2002 2001
Restated
£'000 £'000
Taxation credit
Taxation credit before adoption of FRS 19 237 398
Effect of adopting FRS 19 1,066 2,000
1,303 2,398
Provisions for liabilities and charges
Provisions for liabilities and charges before adoption of FRS 19 1,408 1,366
Effect of adopting FRS 19 1,334 2,400
2,742 3,766
BASIS OF PREPARATION
The accounts have been prepared on the basis of the accounting policies set out
in the Group's 2001 Annual Report and Accounts for the year ended 30 September
2001 with the exception of the implementation of FRS 19.
PUBLICATION OF ABRIDGED ACCOUNTS
The preliminary announcement figures for the year ended 30 September 2002 and
the comparative figures for the year ended 30 September 2001 are an abridged
version of the Group's statutory accounts which carry an unqualified audit
report and do not contain a statement under S237 (2) or (3) of the Companies Act
1985. The Group's audited statutory accounts for the year ended 30 September
2002 will be filed in due course with the Registrar of Companies. The Group's
audited statutory accounts for the year ended 30 September 2001 have been filed
with the Registrar of Companies.
The Annual Report and Accounts for the year ended 30 September 2002 will be
posted to shareholders by 31 December 2002 prior to the Annual General Meeting
on 31 January 2003. Copies of the Annual Report and Accounts will be available
to members of the public from 31 December 2002 at the Group's registered office
at Second Avenue, Poynton Industrial Estate, Poynton, Cheshire SK12 1ND.
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