Interim Results

Alumasc Group PLC 09 February 2006 THE ALUMASC GROUP PLC - INTERIM ANNOUNCEMENT Alumasc, the premium building and engineering products group, recently reclassified by FTSE under Construction & Materials, announces its results for the half year ended 31 December 2005. • As previously indicated, pre-tax profit reduced - to £2.9m from £3.7m on continuing activities - due to the reduced Engineering profit. • Earnings per share on continuing activities reduced to 5.9p from 7.1p. • The interim dividend per share is maintained at 3.0p, reflecting the Board's confidence in the prospects for the second half-year. • Trading losses and redundancy costs at the discontinued activity, Copal Casting, cost £1.4m (before tax), as forecast in November. • Building Products moved strongly ahead, growing turnover by £4.0m (18.5%) to £25.9m and increasing profits by 5% to £2.5m. • Precision Engineering made considerable progress in securing new work to replace the business which ceased on the demise of Rover in April 2005, but contributed to the reduced Engineering profit. John McCall, Chairman, stated "In recent years, the group's second half has consistently outperformed the first half for reasons principally associated with seasonal factors, including the incidence of holidays in our markets. The Board has stated that it expects this bias in favour of the second half to continue, indeed to increase in the current year. Progress with new projects and the level of order books in those businesses where we enjoy the benefit of forward vision lead the Board to expect an improving performance in each of our business areas in the second half-year." Presentation: Today, from 09:30am to 10:30am, a presentation to broker's analysts and private client investment advisers will be held at the offices of Bankside Consultants, 1 Frederick's Place, London EC2R 8AE. Enquiries: The Alumasc Group plc 01536 383844 Paul Hooper (Chief Executive) info@alumasc.co.uk John McCall (Chairman) Bankside Consultants Limited Charles Ponsonby 020 7367 8851 charles.ponsonby@bankside.com CHAIRMAN'S STATEMENT Summary Alumasc's profits before tax from continuing operations were £2.9 million in the 6 months to 31 December 2005. As the Board anticipated in its statements of November and December 2005, these profits fell short of the £3.7 million earned in the same period of the prior year, due to lower profits from the group's Engineering activities. Profits from the group's Building Products activities, which contributed two-thirds to the previous year's total, were slightly ahead of the previous year. The closure of Copal Casting, following extensive but unsuccessful efforts to find a buyer, commenced on 18 November 2005 and is now virtually complete. This has been a costly exercise but is consistent with the Board's strategy to focus the group on its core premium building and engineering activities, where know-how and service are recognised and valued by the market. The published profit before tax of £2.9 million in the period excludes trading losses and redundancy costs at Copal, which totalled £1.4 million, as forecast in November. Earnings per share from continuing activities reduced from 7.1p to 5.9p.The Board has declared an unchanged interim dividend of 3.0p per share, reflecting its confidence in the prospects for the second half-year . In January 2006, Alumasc was reclassified by FTSE from "Engineering and Machinery" to "Construction and Materials", reflecting the growth achieved by our Building Products activities in recent years. Operations Our Building Products activities moved strongly ahead in the six months, growing turnover by £4.0 million (18.5%) to £25.9 million. Margins were somewhat lower in the period due to project start-up costs and further investment in sales and marketing, in contrast to some corresponding benefits in the prior year. However, it is encouraging to see growth against the background of the UK construction market, which declined in 2005 after 11 years of unbroken expansion. Profits increased by 5% to £2.5 million. The group's continuing Precision Engineering activities made considerable progress in securing new work to replace the business which ceased on the demise of Rover in April 2005. There was, in addition, a high level of new work replacing old with existing customers. These factors in combination resulted in turnover of £12.8 million, 8% below the previous year, together with higher costs associated with the introduction of so many new products. Energy costs were £0.2 million higher in the period. Profits of £0.6 million in the period were £0.7 million lower as a result. Our Industrial Products activities earned profits of £0.1 million (2004:£0.7 million). Rising metal prices boosted turnover at Brock Metals, disguising weak demand from UK customers, while low demand from UK brewers similarly affected Alumasc Dispense. Both Brock and Alumasc Dispense have new projects in hand and have taken actions to improve performance in the second half. In December 2005, the group achieved a rolling key objective of no days being lost during the month through injury to employees. I believe this reflects the emphasis placed on best practice towards health and safety throughout the group. Financial The group's net borrowings rose from £3.3 million at 30 June 2005 to £4.8 million at 31 December 2005 (2004: £3.4 million), in line with our normal working capital cycle. The property previously occupied by GE Bissell & Co Ltd, whose business was sold in January 2005, was disposed of in December 2005 for £0.8 million, resulting in a gain of £0.2 million. International Financial Reporting Standards have been used for the first time in preparing the December 2005 statements and prior year figures have been restated on a similar basis. The principal change follows the inclusion of our defined benefit pension schemes deficit as a long-term liability of the group, with a corresponding reduction in Capital and Reserves. Details of the impact of all IFRS adjustments on the prior year are set out in Note 9 to the Accounts. Prospects In recent years, the group's second half has consistently outperformed the first half for reasons principally associated with seasonal factors, including the incidence of holidays in our markets. The Board has stated that it expects this bias in favour of the second half to continue, indeed to increase in the current year. Progress with new projects and the level of order books in those businesses where we enjoy the benefit of forward vision lead the Board to expect an improving performance in each of our business areas in the second half-year. John McCall Chairman 9 February 2006 Unaudited Consolidated Income Statement for the half year ended 31 December 2005 Half year Half year Year ended 31 December 31 December 30 June 2005 2004 2005 As restated As restated Notes £000 £000 £000 Continuing operations Revenue 2 59,380 54,333 114,869 Cost of sales (44,898) (39,919) (83,642) ---------- ----------- ---------- Gross profit 14,482 14,414 31,227 Net operating expenses (11,196) (9,990) (21,958) ---------- ----------- ---------- Trading profit 2 3,286 4,424 9,269 Profit on fixed asset disposals 242 - - ---------- ----------- ---------- Operating profit 3,528 4,424 9,269 Finance revenue 17 21 24 Finance costs (252) (181) (419) Other finance expense - pensions (398) (601) (1,201) Share of operating profit in associates 2 30 30 24 ---------- ----------- ---------- Profit before taxation 2,925 3,693 7,697 Income tax expense 4 (844) (1,219) (2,586) ---------- ----------- ---------- Profit for the period from continuing operations 2,081 2,474 5,111 Discontinued operations Loss for the period from discontinued operations (1,103) (1,154) (2,946) ---------- ----------- ---------- Profit for the period attributable to parent company equity holders 978 1,320 2,165 ---------- ----------- ---------- Basic earnings/(loss) per share - continuing operations 5.9p 7.1p 14.6p - discontinued operations (3.1p) (3.3p) (8.4p) ---------- ----------- ---------- 5 2.8p 3.8p 6.2p ---------- ----------- ---------- Diluted earnings/(loss) per share - continuing operations 5.8p 7.1p 14.5p - discontinued operations (3.1p) (3.3p) (8.3p) ---------- ----------- ---------- 5 2.7p 3.8p 6.2p ---------- ----------- ---------- Unaudited Consolidated Statement of Recognised Income and Expense for the half year to 31 December 2005 Half year Half year Year ended 31 December 31 December 30 June 2005 2004 2005 As restated As restated £000 £000 £000 Income and expense recognised directly in equity Actuarial gain /(loss) on defined benefit pensions (3,249) 481 961 Movement in cash flow hedging position 527 - - Tax on items taken directly to or transferred from equity 727 (144) (288) ------- ----------- ---------- Net income / (expense) recognised directly in equity for the period (1,995) 337 673 ------- ----------- ---------- Adoption of IAS 32 and 39 (148) - - Profit for the year 978 1,320 2,165 ------- ----------- ---------- Total recognised income/(expense) for the year attributable to parent company equity shareholders (1,165) 1,657 2,838 ------- ----------- ---------- Unaudited Consolidated Balance Sheet at 31 December 2005 31 December 31 December 30 June 2005 2004 2005 Notes As restated As restated £000 £000 £000 Assets Non-current assets Property, plant and equipment 27,029 25,898 25,780 Goodwill 5,558 5,352 5,556 Other intangible assets 332 346 319 Investments in associates 280 278 250 Other investments 17 237 237 Deferred tax assets 9,600 9,032 8,873 --------- ---------- --------- 42,816 41,143 41,015 Current assets Inventories 13,371 12,835 12,248 Trade and other receivables 25,037 24,807 30,209 Derivative financial assets 564 - - --------- ---------- --------- 38,972 37,642 42,457 --------- ---------- --------- Total assets 81,788 78,785 83,472 --------- ---------- --------- Liabilities Non-current liabilities Interest bearing loans and borrowings (288) (1,143) (722) Employee benefits payable (29,329) (27,928) (27,325) Provisions (1,342) (778) (1,383) Deferred tax liabilities (1,236) (862) (1,051) --------- ---------- --------- (32,195) (30,711) (30,481) Current liabilities Bank overdraft (3,694) (1,487) (1,780) Interest bearing loans and borrowings (855) (808) (831) Employee benefits payable (2,671) (2,179) (2,252) Trade and other payables (24,261) (22,233) (26,422) Income tax payable (257) (807) (704) Derivative financial liabilities (37) - - --------- ---------- --------- (31,775) (27,514) (31,989) --------- ---------- --------- Total liabilities (63,970) (58,225) (62,470) --------- ---------- --------- --------- ---------- --------- Net assets 17,818 20,560 21,002 --------- ---------- --------- Equity Called up share capital 4,411 4,383 4,409 Share premium 27,406 27,156 27,387 Other reserve 1,551 1,727 1,551 Capital redemption reserve 693 693 693 Capital reserve - own shares (134) (247) (165) Hedging reserve 527 - - Retained earnings (16,664) (13,180) (12,901) -------- ---------- --------- Equity attributable to equity holders of the parent 17,790 20,532 20,974 Minority interest 28 28 28 -------- ---------- --------- Total equity 8 17,818 20,560 21,002 -------- ---------- --------- Unaudited Consolidated Cash Flow Statement for the half year ended 31 December 2005 Half year Half year Year 31 December 31 December 30 June 2005 2004 2005 As restated As restated £000 £000 £000 Operating activities Operating profit 3,528 4,424 9,269 Adjustments for: Loss before taxation from discontinued operations (1,441) (1,573) (4,063) Depreciation 1,620 1,836 3,655 Impairments of fixed assets - 466 1,040 Gain on disposal of plant and equipment (244) (8) (14) Gain on sale of investments (79) - - Increase in inventories (1,347) (1,294) (245) Decrease/(increase) in receivables 5,021 3,299 (4,518) (Decrease)/increase in trade and other payables (2,550) (3,057) 1,088 Other items (754) 371 12 ---------- --------- -------- Cash generated from operations 3,754 4,464 6,224 Tax paid (768) (1,252) (2,082) Return of capital from associate - - 52 ---------- --------- -------- Net cash inflow from operating activities 2,986 3,212 4,194 ---------- --------- -------- Investing activities Purchase of property, plant and equipment (3,302) (1,405) (3,709) Proceeds from sale of property, plant and equipment 789 32 2,043 Acquisition of subsidiary undertakings net of cash acquired (52) (6,486) (6,490) Proceeds from sale of business activities 225 - 449 Proceeds from sale of investments 280 - - ---------- -------- -------- Net cash outflow from investing activities (2,060) (7,859) (7,707) ---------- -------- -------- Financing activities Net interest paid (235) (160) (395) Equity dividends paid (2,216) (2,197) (3,248) Repayment of amounts borrowed (410) (386) (784) Proceeds from issue of share capital 21 278 535 ---------- --------- -------- Net cash outflow from financing activities (2,840) (2,465) (3,892) ---------- --------- -------- Net decrease in cash and cash equivalents (1,914) (7,112) (7,405) ---------- --------- -------- ---------- --------- -------- Cash and cash equivalents at beginning of period (1,780) 5,625 5,625 ---------- --------- -------- Cash and cash equivalents at end of period (3,694) (1,487) (1,780) ---------- --------- -------- Notes on the Unaudited Accounts for the half year to 31 December 2005 1. Basis of preparation The interim report for the six months ended 31 December 2005 has been prepared under the Group's anticipated International Financial Reporting Standards ("IFRS") accounting policies for the year ending 30 June 2006. It includes comparative figures for the financial year ended 30 June 2005 which are not the company's statutory accounts for that financial year. Those accounts, which were prepared under UK GAAP, have been reported on by the company's auditors and delivered to the Registrar of Companies. The report of the auditors was unqualified and did not contain statements under section 237(2) or (3) of the Companies Act 1985. Comparative figures for the year ended 30 June 2005 have been extracted from a restatement of the financial information taken from the company's statutory accounts for that financial year, on which the auditors have issued to the company a special purpose report. The Group has adopted all existing relevant IFRS with the exception of IAS 34, Interim Financial Reporting, which is not mandatory for UK groups. As permitted by IFRS 1 (first time adoption of International Financial Reporting Standards), the provisions of IAS 32 and IAS 39 have not been applied to the comparative periods and are applied from 1 July 2005. Whilst the Group expects to use consistent accounting policies for the preparation of the results for the year ending 30 June 2006, there is the possibility that accounting policies may have to be updated in order to reflect new standards and interpretations available at that time. Copies of the reconciliation statements and of the Group's IFRS accounting policies, along with further information on the transition to IFRS, are available on the website, www.alumasc.co.uk. This information can also be obtained by writing to the Company Secretary. To assist shareholders in understanding the impact of IFRS, note 9 provides a summary overview of the adjustments from the previously published UK GAAP statements at 30 June 2005. The disclosures of continuing operations and discontinued operations for comparative periods have been restated in these interim financial statements to reflect all operations treated as discontinued at 31 December 2005. The interim financial statements for the half year ended 31 December 2005 are not statutory accounts; they have been neither audited nor reviewed by the Group's auditors. 2. Analysis of revenue and trading profit including associates Restated Half year Half year 31 December 2005 31 December 2004 Total Continuing activities Total Continuing activities Revenue Profit Revenue Profit Revenue Profit Revenue Profit £000 £000 £000 £000 £000 £000 £000 £000 Building Products 25,898 2,541 25,898 2,541 21,853 2,428 21,853 2,428 Engineering Products - Precision Components 14,163 (796) 12,783 645 16,410 1,131 13,821 1,357 - Industrial Products 20,699 130 20,699 130 20,015 451 18,659 669 ------- ------ ------- ------- -------- ------ -------- ------ 60,760 1,875 59,380 3,316 58,278 4,010 54,333 4,454 ------- ------ ------- ------- -------- ------ -------- ------ 3. Activities discontinued Discontinued activities in the period comprise the closure of Copal Castings, a gravity aluminium diecasting manufacturer. The loss on closure comprises redundancy and other closure costs. Discontinued activities in the prior year also include G E Bissell & Co., a manufacturer and supplier of spring pins and disc springs, sold on 14 January 2005. The results of the discontinued operations that have been included in the consolidated income statement are as follows: Half year Half year Year 31 December 31 December 30 June 2005 2005 2004 £000 £000 £000 Revenue 1,380 3,945 6,728 Cost of sales (1,995) (3,561) (6,244) ----------- ---------- -------- Gross profit (615) 384 484 Net operating expenses (826) (828) (3,723) ----------- ---------- -------- Operating loss (1,441) (444) (3,239) Loss on sale - (1,129) (824) ----------- ---------- -------- Loss before tax (1,441) (1,573) (4,063) Income tax expense 338 419 1,117 ----------- ---------- -------- Loss after taxation (1,103) (1,154) (2,946) ----------- ---------- -------- The net cash flows attributable to discontinued operations are as follows: Half year Half year Year 31 December 31 December 30 June 2005 2005 2004 £000 £000 £000 Operating cash flows (1,193) (143) (1,989) Investing cash flows (10) (234) (288) ----------- ---------- -------- Net cash outflow (1,203) (377) (2,277) ----------- ---------- -------- 4. Taxation Half year Half year Year 31 December 31 December 30 June 2005 2005 2004 £000 £000 £000 Current tax - UK Corporation Tax - continuing operations 735 974 2,365 - discontinued operations (415) (364) (1,117) ---------- ---------- -------- 320 610 1,248 Deferred tax - continuing operations 109 245 221 - discontinued operations 77 (55) - ---------- ---------- -------- 186 190 221 ---------- ---------- -------- Tax charge in the income statement 506 800 1,469 ---------- ---------- -------- The tax charge in the income statement is disclosed as follows: Income tax expense on continuing operations 844 1,219 2,586 Income tax credit on discontinued operations (338) (419) (1,117) ---------- ---------- -------- 506 800 1,469 ---------- ---------- -------- 5. Earnings per share Basic earnings per share is calculated by dividing the net profit for the period attributable to ordinary equity shareholders of the parent by the weighted average number of ordinary shares in issue during the year. Diluted earnings per share is calculated by dividing the net profit attributable to ordinary equity shareholders of the parent by the weighted average number of ordinary shares in issue during the year, after allowing for the exercise of outstanding share options. The following sets out the income and share data used in the basic and diluted earnings per share calculations: Half year Half year Year 31 December 31 December 30 June 2005 2005 2004 £000 £000 £000 Net profit attributable to equity holders of the parent - continuing operations 2,081 2,474 5,111 Loss attributable to equity holders of the parent - discontinued operations (1,103) (1,154) (2,946) ----------- ---------- -------- Net profit attributable to equity holders of the parent 978 1,320 2,165 ----------- ---------- -------- 000s 000s 000s Basic weighted average number of shares 35,483 34,924 35,040 Dilutive potential ordinary shares - employee share options 140 170 146 ----------- ---------- -------- Diluted weighted average number of shares 35,623 35,094 35,186 ----------- ---------- -------- 6. Dividends The directors approved an interim dividend per share of 3.0p (2004: 3.0p) after the balance sheet date which will be paid on 6 April 2006 to shareholders on the register at the close of business on 10 March 2006. In accordance with IFRS accounting requirements, the dividend has not been accrued in the interim consolidated financial statements. 7. Reconciliation of net cash flow to movement in net (debt)/ cash Half year Half year Year 31 December 31 December 30 June 2005 2004 2005 As restated As restated £000 £000 £000 Decrease in cash in the period (1,914) (7,112) (7,405) Repayment of net debt 410 386 784 ---------- --------- -------- Change in net debt from cash flows in the period (1,504) (6,726) (6,621) Net (debt)/cash and cash equivalents at start of period (3,333) 3,288 3,288 ---------- --------- -------- Net (debt)/cash and cash equivalents at end of period (4,837) (3,438) (3,333) ---------- --------- -------- 8. Reconciliation of Changes in Equity Capital Capital Share Share Other redemption reserve Hedging Retained Minority Total capital premium reserve reserve own shares reserve earnings interests equity £000 £000 £000 £000 £000 £000 £000 £000 £000 As at 1 July 2005 - previously stated 4,409 27,387 1,551 693 (165) - (12,901) 28 21,002 Adoption of IAS 32 and IAS 39 148 148 ------- ------- ------- ------- ------- ------- ------- ------- ------- As at 1 July 2005 - restated 4,409 27,387 1,551 693 (165) - (12,753) 28 21,150 Shares issued 2 19 21 Vesting of own shares 31 31 Net gains/ (losses) on cash flow hedges 527 (148) 379 Actuarial gain/(loss) on defined benefit pensions net of tax (2,522) (2,522) Dividends (2,219) (2,219) Profit for the period 978 978 ------- ------- ------- ------- ------- ------- ------- ------- ------- As at 31 December 2005 4,411 27,406 1,551 693 (134) 527 (16,664) 28 17,818 ------- ------- ------- ------- ------- ------- ------- ------- ------- As at 1 July 2004 4,352 26,909 1,727 693 (164) - (12,654) 28 20,891 Shares issued 31 247 278 Increase in capital reserve - own shares (83) (83) Actuarial gain/(loss) on defined benefit pensions net of tax 337 337 Dividends (2,200) (2,200) Profit for the period 1,320 1,320 Share based payments 17 17 ------- ------- ------- ------- ------- ------- ------- ------- ------- As at 31 December 2004 4,383 27,156 1,727 693 (247) - (13,180) 28 20,560 ------- ------- ------- ------- ------- ------- ------- ------- ------- As at 1 July 2004 4,352 26,909 1,727 693 (164) - (12,654) 28 20,891 Shares issued 57 478 535 Excess depreciation on revalued assets (150) 150 - Released on disposal of property (26) 26 - Vesting of own shares 82 (82) - Increase in capital reserve - own shares (83) (83) Actuarial gain/ (loss) on defined benefit 673 673 pensions net of tax Dividends (3,248) (3,248) Profit for the period 2,165 2,165 Share based payments 69 69 ------- ------- ------- ------- ------- ------- ------- ------- ------- As at 30 June 2005 4,409 27,387 1,551 693 (165) - (12,901) 28 21,002 ------- ------- ------- ------- ------- ------- ------- ------- ------- 9. Restatement of financial statements at 30 June 2005 The published accounts contain comparative figures restated from those published last year to reflect the adoption of IFRS. Full details of the changes are available on the Group's website (www.alumasc.co.uk) or from the Company Secretary at the Registered Office. The following sets out a summary of the changes made: Analysis of IFRS adjustments to the Consolidated Income Statement for the year ended 30 June 2005 Discontinued UK GAAP Reclass- Other activity in IFRS Pension Recycled ification adjustments re- As format Goodwill costs goodwill of tax (net) IFRS statement published £000 £000 £000 £000 £000 £000 £000 £000 £000 Notes (i) (ii) (iii) (iv) (v) Continuing operations Revenue 120,103 120,103 (5,234) 114,869 Cost of sales (88,924) 286 (43) (88,681) 5,039 (83,642) ------- ------- ------- ------- --------- -------- ------- -------- -------- Gross profit 31,179 - 286 - (43) 31,422 (195) 31,227 Selling and distribution costs (10,828) 91 (10,737) 122 (10,615) Administrative expenses (14,280) 328 (55) (14,007) 2,664 (11,343) ------- ------- ------- ------- --------- -------- ------- -------- -------- Operating profit before goodwill 6,071 - 705 - (98) 6,678 2,591 9,269 amortisation Goodwill amortisation (256) 256 - - - ------- ------- ------- ------- --------- -------- ------- -------- -------- Operating profit 5,815 256 705 - (98) 6,678 2,591 9,269 Finance revenue 24 24 - 24 Finance costs (419) (1,201) (1,620) - (1,620) ------- ------- ------- ------- --------- -------- ------- -------- -------- Share of post tax profit in 55 (31) 24 - 24 associates ------- ------- ------- ------- --------- -------- ------- -------- -------- Profit before taxation 5,475 256 (496) - (31) (98) 5,106 2,591 7,697 Taxation (1,470) (30) (368) (1,868) (718) (2,586) ------- ------- ------- ------- --------- -------- ------- -------- -------- Profit for the year from 4,005 256 (526) - (399) (98) 3,238 1,873 5,111 continuing operations Discontinued operations Loss for the year from (4,732) 3,260 399 (1,073) (1,873) (2,946) discontinued operations ------- ------- ------- ------- --------- -------- ------- -------- -------- (Loss)/ profit for the year (727) 256 (526) 3,260 - (98) 2,165 - 2,165 ------- ------- ------- ------- --------- -------- ------- -------- -------- Notes (i) Elimination of goodwill amortisation charge (IFRS 3) (ii) Additional pension charge arising from the replacement of UK GAAP charge based on SSAP 24, with a charge based on IAS 19. (iii) Elimination of the goodwill relating to the Bissell business sold in January 2005 previously written off and recycled under UK GAAP (No balance sheet impact). (iv) Reclassification of tax credits and charges to restate share of post tax profits in associates and the loss on sale of Bissell net of tax. (v) Restatement of Copal's result as a discontinued activity Analysis of IFRS adjustments to the Consolidated Balance Sheet at 30 June 2005 UK GAAP Software (in IFRS Pension Other cost format) Goodwill costs Dividends adjustments reclassified IFRS £000 £000 £000 £000 £000 £000 £000 Notes (i) (ii) (iii) (iv) (v) Assets Non-current assets Property, plant and equipment 26,138 (39) (319) 25,780 Goodwill 5,324 256 (24) 5,556 Other intangible assets 319 319 Investments 487 487 Deferred tax assets 8,873 8,873 -------- --------- ------- ------- -------- -------- -------- 31,949 256 8,873 - (63) - 41,015 -------- --------- ------- ------- -------- -------- -------- Current assets 42,457 42,457 -------- --------- ------- ------- -------- -------- -------- Total assets 74,406 256 8,873 - (63) - 83,472 -------- --------- ------- ------- -------- -------- -------- Liabilities Non-current liabilities Interest bearing loans and borrowings (722) (722) Employee benefits payable - (27,325) (27,325) Provisions & deferred tax liabilities (2,434) (2,434) -------- --------- ------- ------- -------- -------- -------- (3,156) - (27,325) - - - (30,481) -------- --------- ------- ------- -------- -------- -------- Current liabilities Bank overdraft (1,780) (1,780) Interest bearing loans and borrowings (831) (831) Employee benefits payable (230) (2,022) (2,252) Trade and other payables (28,503) 2,219 (138) (26,422) Income tax payable (704) (704) -------- --------- ------- ------- -------- -------- -------- (32,048) - (2,022) 2,219 (138) - (31,989) -------- --------- ------- ------- -------- -------- -------- Total liabilities (35,204) (29,347) 2,219 (138) - (62,470) -------- --------- ------- ------- -------- -------- -------- Net assets 39,202 256 (20,474) 2,219 (201) - 21,002 -------- --------- ------- ------- -------- -------- -------- Equity Group shareholders' equity 39,174 256 (20,474) 2,219 (201) 20,974 Minority interest 28 28 -------- --------- -------- ------- -------- -------- -------- Total equity 39,202 256 (20,474) 2,219 (201) - 21,002 -------- --------- -------- ------- -------- -------- -------- Notes (i) Elimination of goodwill amortisation charged in the year to 30 June 2005 (IFRS 3) (ii) Pension fund deficit recognised (IAS 19) Deferred tax asset arising on the recognition of the pension fund deficit (iii) Elimination of provision for proposed dividends not approved by shareholders until after the year end (IAS 10) (iv) Other adjustments (v) Reclassification of IT software to other intangible assets (IAS 38) This information is provided by RNS The company news service from the London Stock Exchange

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