Final Results

Babcock International Group PLC 19 June 2001 BABCOCK INTERNATIONAL GROUP PLC Preliminary Results For The Year Ended 31 March 2001 Contact: Gordon Campbell Chairman Babcock International Group PLC Telephone: 01494 727 296 Ginny Pulbrook Citigate Dewe Rogerson Telephone: 020 7282 2945 Business Headlines - Strategic objectives of transforming Babcock into a support services group well underway - £60.9 million acquisition of Hunting Defence Services, combined with Babcock's existing MoD business, creates a leading supplier of support services to the Armed Forces - Disposal programme commenced with the sale of the heavily loss making Railcare business - Positioned to expand into the civil support services market. Financial Headlines - £30.6 million returned to shareholders (equivalent to 18p per old share) - Dividend of 2.65p per share (2000: 2.55p per share) - Profit on continuing operations before interest, goodwill and exceptional charges £14.7million (2000: £ 22.0 million) - Loss before tax £7.3 million (2000: profit of £26.0 million) after exceptional charges of £22.0 million - Balance sheet still ungeared BABCOCK INTERNATIONAL PRELIMINARY STATEMENT YEAR ENDED 31 MARCH 2001 Overview The year to March 2001 saw the first steps in a major transformation of Babcock, into a support services business. The acquisition of Hunting plc's Defence Services business for £60.9 million substantially enhanced its position as a service supplier to the Ministry of Defence, and provides the springboard into the wider support services and facilities management market. The disposal of the engineering and materials handling business commenced with the sale of the loss making Railcare business, and further disposals are anticipated. In addition, £30.6 million of capital will be returned to shareholders, of which £27.9 million was returned in the year Trading conditions were mixed, with operating profits before exceptional items, in the core BES division, similar to the previous year at £13.6 million on a slightly higher turnover. As expected, the order book excluding Hunting Defence Services fell, but shortly after the year ended, confirmation was received of some £75 million of orders from the MoD. Hunting Defence Services was acquired in March 2001 and so did not materially contribute to the year's results. So far it is living up to expectations and, since the purchase, a further £20 million of orders have been confirmed. The market for BMH's products fell sharply in the second half, causing operating profits, before exceptional items, to fall to £3.2 million. In addition, uncertainty surrounding the customer's financing arrangements for a significant project has caused a reassessment of the likelihood of the scheme progressing in the near future. An operating exceptional provision against the full exposure of £9.6 million has, prudently, been taken. Railcare, the loss making rail maintenance business, was sold shortly after the year-end for £4.6 million with the acquirer assuming the borrowings of Railcare amounting to £ 2.0 million. Commenting on the results, the recently appointed Babcock Chairman, Gordon Campbell, said: 'It is obviously disappointing to see such poor results in BMH and Railcare, but we were preparing them for sale and have recently disposed of Railcare. The continuing businesses of BES and Hunting Defence Services are in robust shape, and we are particularly pleased with the progress of our new acquisition, which will materially change the nature of our business. It is reassuring that, despite these problems and the return of capital to our shareholders, we have a strong and ungeared balance sheet.' The Directors are recommending a final dividend of 1.55p per 60p share, giving a total dividend for the year on that basis of 2.65p per share (2000: 2.55p per 50p share). Review of Operations BES The Division's ongoing activities continued to perform well in the year as they followed the joint objectives of growth in earnings through efficiency improvement and new business. Turnover grew slightly as the size of certain refit contracts increased. The order book, excluding Hunting Defence Services, fell to £128.2 million at the year end, but 5 further Frigate refits were booked shortly after the year end at a value of some £75 million. Acquisitions made in early 2000 together with another small acquisition in early 2001 are now fully integrated. These have been made to accelerate the process of leveraging in the substantial facilities, skills and existing business activities of the division. The minority interest in the Joint Venture with Studsvik AB, which was established in late 1999, was sold on to our partner towards the end of 2000. Naval refitting at Rosyth performed very well during the last year with further improvements in efficiency and cost competitiveness. The activity continues to be dominated by the refit and upgrade programme for the Ministry of Defence (MoD) with quality, reliability and delivery performance acknowledged by the MoD and Royal Navy. HMS Ark Royal is approaching the end of her 2 year upgrade in line with the plan for hand-over to the Royal Navy in July 2001. Other warship projects in hand, being a Type 42 Destroyer and a Type 23 Frigate are also progressing to plan with Rosyth on track to confirming its position as the premier UK warship support facility. Three minor warship refits were completed during the year with a further two in various stages of completion at the year end. The year ahead will see the arrival of the next aircraft carrier in July, HMS Invincible, for a refit. During April 2001 a new form of contract, valued at some £75m, was established with the MoD, which confirms a batch of 5 Type 23 Frigates for Rosyth spanning four years. This contract reflects the long term relationship and partnering approach that is evolving in the defence support sector. In nuclear submarine refitting there was further progress on HMS Sceptre and HMS Spartan with both submarines experiencing extensions to contract for additional work packages which are likely to extend their completions until early 2002. Although nuclear submarine refitting will be phased out over the coming 12 months, BES is well positioned to remain involved in submarine support. In April 2001, the MoD established the Warship Support Agency which is now responsible for almost every aspect of the Fleet including the Naval Base (Clyde), the operational base of the UK's strategic deterrent. As part of the drive to improve the efficiency of the Clyde Naval Base, BES is applying its experience to proposals and discussions aimed at establishing a 10 year management contract covering most activities at Faslane and Coulport from April 2002. BES continues to seek the approval of the three regulators for the dismantling and disposal of decommissioned nuclear submarines which are stored at Rosyth. The regulators have indicated support for the Babcock proposals to deal with HMS Renown as the first project. Approval is sought by early summer from when renewed representations to allow progress will be made to the MoD. The New Zealand dockyard operation has made considerable progress in its commercial activities and is building its reputation for reliability in the region. A growing awareness of reliability within the marine support industry has led to a number of new customers placing work with the yard and enquiries for superyacht build and conversion work are expected to lead to further growth in the year ahead. Armstrong Technology, acquired early in 2000, is expanding its range of services and markets from its core skills which have been built around its ship and conversion design experience. After a poor start, it is encouraging to note the level of project activity is now picking up. FBM Babcock Marine Limited (FBM) has successfully transferred its operations from the Isle of Wight to Southampton and Rosyth. Significant costs were incurred in these moves. The first major fast ferry contract for Rosyth is nearing completion. FBM is also working on a number of new order prospects for large fast ferry and para-military vessels. The Babcock Defence Systems' bid to the Ministry of Defence for their new active and passive towed sonar system was unfortunately not selected. Confirmations for twenty-two units of the Mega3(R) inter-modal freight wagons are anticipated shortly after referral from the Strategic Rail Authority to the EU. Clearance has now been granted and full testing and certification achieved to UIC which allows its operation across Europe. Further orders are being pursued. Development work has continued over the year on the designs of other rail wagons for railway maintenance. The Facilities Management (FM) business continues to pursue a number of new opportunities for growth in both the secure FM (Defence) and commercial sectors. The acquisitions of CMR Consultants Limited (CMR) last year and Air Power International Ltd (API) in early 2001 have each provided opportunities for cross selling of other FM services and generally expanding the range of industrial support services. CMR provides a range of consultancy and procurement services to industry in energy and telecoms and API provide compressed air management and support services. The plan for surplus land at Rosyth is under review. It considers a number of options that will consolidate the core ship-related activities and maximise the value of the surplus land thus created. Hunting Defence Services Hunting Defence Services comprises two related businesses. The larger business, HCS, with annualised turnover for the twelve months ending March 2001 of some £50 million, supplies support services to the British Armed Forces. The smaller business, Acetech, with annualised turnover for the twelve months to March 2001 of some £12 million, supplies contract labour primarily for technical applications in the aerospace and telecommunications businesses. HCS has a number of major contracts with the MoD. The contracts include: the facilities management of RAF Cranwell, including the maintenance of the training aircraft that are based there. At nearby Barkston Heath, HCS operates the JEFTS pilot training scheme, training all of the initial pilot intake into the Royal Navy, Army and Royal Air Force. Amongst other things, this involves the operation of 45 Slingsby Firefly single propeller aircraft. 425 young people complete their initial training each year. At RAF Leeming the 'Hawk' trainer jets are maintained for 100 Squadron. Last year an availability record of 80% was achieved, which is believed to be a world-class standard. Similar standards of 'Hawk' availability are maintained at Culdrose where HCS pilots also fly the aircraft in support of the Royal Navy. At RAF Lyneham, landside support for the RAF's Hercules fleet is provided as part of HCS's multi-activity contract. This involves everything from the provision of ground transport to the maintenance and testing of the Hercules equipment. At RACC Bovington the Army's tank crews are trained and its tracked vehicles maintained. In other areas HCS maintains the RAF's flight simulators and the fighter and helicopter control simulators for the Royal Navy at Yeovilton. Finally, HCS operates and maintains all 13 camps in Kosovo for British troops stationed there. With the MoD's policy of continuing to outsource much of the non-military activities, HCS should provide the basis for rapid growth. The long-term nature of the HCS contracts provides stability of turnover but places a high premium on retaining these contracts when they are re-bid. So far, HCS's record has been exceptionally good and, based on its reputation for high quality service, there is no reason why this should not continue. Acetech is in the business of supplying contract labour to the UK and international markets. After the closing of its unsuccessful operation in Germany, prior to the acquisition, it has continued to grow. Shortly after the acquisition, it acquired a business based in Rosyth which was supplying contract labour to Babcock's own dockyard. In the short term, this will give a significant boost to turnover and profits. These two businesses are consolidated into the annual accounts for only twenty-two days and, therefore, the contribution to both turnover and profit in the year to March 2001 is negligible. Railcare The Railcare business was involved in the heavy maintenance of locomotives and in the total refurbishment of passenger carriages. Demand for refurbishment has been poor. The increased competition also put pressure on margins and resulted in an operating loss (pre-exceptional) of £5.0 million. The workforce was reduced by some 300 people across the year and a redundancy charge of £5.7 million was incurred. In May 2001 the business was sold to Alstom who have a much stronger strategic commitment to the rail industry and who will be able to find additional economies of scale. The estimated £6.2 million impairment in the carrying value of tangible fixed assets at the balance sheet date arising as a result of the loss on the sale of Railcare is shown as an exceptional charge. BMH BMH had a very difficult year, largely due to the overall economic circumstances caused by the slow-down in the American economy. BMH primarily supplies capital goods to some of the world's commodity markets and, in the face of a rapid slowdown, its turnover and order intake inevitably dropped sharply. On a like-for-like basis (excluding acquisitions), the turnover dropped by 20% compared to the year ending 31 March 2000. A significant portion of this turnover reduction was due to the timing of large turnkey projects in the pipeline business in the United States, but almost all businesses fell compared to the previous year. The overall economic circumstances were exacerbated by the consolidation of our customer base. This led to the further suspension of capital projects, particularly in the cement, plasterboard and pulp industry sectors that are important to our materials handling business. The decline in demand naturally exerted pressure on margins, and the return on sales fell to less than 2% before exceptional items. On a like-for-like basis the order book, which stood at £82.7 million at the beginning of the year, fell to £66.3 million by the end of the year, a reduction of some 20%. Much of this reduction came in the second half of the year. Overall, including the acquired Chronos Richardson, the order book at the end of the year was £76.4 million. There has been some improvement since the year end, due mainly to the pipeline services business booking another turnkey contract. The year to March 2001 was challenging for BMH. There is little doubt that some of the difficulties were exacerbated by the announcement of our intention to sell the business. This remains the intention, but a targeted sale of some of the individual businesses is more likely to generate shareholder value, and this is the process which is now being pursued. Babcock Africa Babcock Africa manages operations, primarily in the Republic of South Africa, but also in contiguous countries. It is the last remaining business with associations with Babcock's boilermaking past, but is materially changing its role. Under its service contracts with Escom, the South African electricity utility, we manage the boiler plants at their power stations. The contracts are based on efficiency targets and, as such, are moving quite clearly into a support services role. The other main part of Babcock's activities in South Africa is the distribution of heavy-duty construction vehicles and the through-life maintenance of such items. As these businesses expand, the results in South Africa will improve. Group profit and loss account For the year ended 31 March 2001 2000 2001 Before exceptional Before 2001 2001 2000 2000 exceptional Exceptional items Exceptional items items Total items Total £'000 £'000 £000 £'000 £'000 £'000 Continuing 372,430 - 372,430 414,832 - 414,832 operations Acquisitions 26,472 - 26,472 - - - 398,902 - 398,902 414,832 - 414,832 Discontinued 42,139 - 42,139 55,856 - 55,856 operations Group turnover 441,041 - 441,041 470,688 - 470,688 Cost of sales (359,344) (9,630)(368,974) (386,086) - (386,086) ----------- ---------- --------- ---------- ------- -------- Gross profit 81,697 (9,630) 72,067 84,602 - 84,602 Net operating expenses before goodwill (72,040) (6,162) (78,202) (63,476) (2,384)(65,860) amortisation Goodwill 1,473 - 1,473 2,057 - 2,057 amortisation Net operating (70,567) (6,162) (76,729) (61,419) (2,384)(63,803) expenses Continuing 15,708 (9,897) 5,811 23,387 - 23,387 operations Acquisitions (190) (174) (364) - - - 15,518 (10,071) 5,447 23,387 - 23,387 Discontinued (4,388) (5,721) (10,109) (204) (2,384) (2,588) operations Group operating 11,130 (15,792) (4,662) 23,183 (2,384) 20,799 profit/(loss) Share operating (163) - (163) (45) - (45) loss of joint ventures and associates Loss on sale of - (6,200) (6,200) - - - operations Profit on disposal - - - - 1,037 1,037 of tangible fixed assets ----------- ---------- -------- --------- ---------- ------- Profit/(loss) on 10,967 (21,992) (11,025) 23,138 (1,347) 21,791 ordinary activities before interest ----------- ---------- -------- --------- Net interest and 3,715 4,250 similar charges (Loss)/profit on (7,310) 26,041 ordinary activities before taxation Tax on (loss)/ 205 (4,528) profit on ordinary activities ------- ------- (Loss)/profit on (7,105) 21,513 ordinary activities after taxation Minority interests 3,244 940 ------ ------- (Loss)/profit for (3,861) 22,453 the financial year Dividends paid and (3,807) (4,318) proposed Retained (loss)/ (7,668) 18,135 profit for the financial year ===== ===== (Loss)/earnings per share - Basic (2.44p) 13.26p - Diluted (2.42p) 13.03p Earnings per share before non-operating exceptional items and goodwill - Basic 0.55p 11.43p - Diluted 0.55p 11.23p Group balance sheet As at 31 March 2001 2001 2001 2000 2000 £'000 £'000 £'000 £'000 Fixed assets Intangible assets Development costs 1,507 1,771 Goodwill - Goodwill 88,279 27,801 - Negative goodwill (14,916) (18,703) ----------- ----------- 73,363 9,098 ------------ ------------ 74,870 10,869 Tangible assets 37,213 45,872 Investments Investments in joint ventures Share of gross assets 2,548 2,473 Share of gross liabilities (2,069) (1,688) ------------ ----------- 479 785 Investments in associates 537 470 Other investments 1,624 689 ------------ --------- 2,640 1,944 ---------- --------- 114,723 58,685 ------------- ----------- Current assets Stocks 27,975 24,021 Debtors - due within one year 98,806 106,523 Debtors - due after more than 81,181 77,498 one year ----------- ----------- 179,987 184,021 Cash and bank balances 25,228 112,215 ------------- ----------- 233,190 320,257 Creditors - amounts due within (199,291) (191,162) one year ---------------- ----------- Net current assets 33,899 129,095 ---------------- ----------- Total assets less current 148,622 187,780 liabilities Creditors - amounts due after (2,542) (2,954) more than one year Provisions for liabilities and (32,699) (33,024) charges ------------------ ----------- Net assets 113,381 151,802 ========= ========== Group balance Sheet As at 31 March 2001 (continued) 2001 2001 2000 2000 £'000 £'000 £'000 £'000 Capital and reserves Called up equity share capital 90,588 84,747 Share premium account 37,542 67,134 Capital redemption reserve 27,863 - Profit and loss account (45,835) (7,949) ----------- ---------- Equity interests 107,390 143,932 Non-equity interests 2,768 - Shareholders' funds 110,158 143,932 Equity minority interests 3,223 7,870 ------------- ------------- 113,381 151,802 ======== ========= Group cash flow statement For the year ended 31 March 2001 2001 2001 2000 2000 £'000 £'000 £'000 £'000 Cash(out)/inflow from operating activities (10,977) 38,146 Returns on investments and servicing of finance Net interest and similar charges 3,895 4,105 Dividends paid to minority shareholders (1,400) (1,007) ------------ ------------- Net cash inflow from returns on investments and servicing of finance 2,495 3,098 Taxation UK corporation tax received /(paid) 77 (971) (including ACT) Overseas tax paid (820) (1,100) -------- ----------- Net cash outflow from taxation (743) (2,071) Capital expenditure and financial investment Payments to acquire tangible fixed assets (6,553) (9,739) Payments to acquire own shares (969) (567) Payments to invest in joint ventures (150) (20) Receipts from sale of tangible fixed assets 509 1,231 --------- ---------- Net cash outflow from capital expenditure and financial investment (7,163) (9,095) Acquisitions and disposals Payments to acquire subsidiary undertakings (64,622) (6,607) Receipts/(payments) on sale of subsidiary 5,000 (1,575) undertakings ---------- ---------- Net cash outflow from acquisitions and (59,622) (8,182) disposals Equity dividends paid (4,335) (3,891) -------- ------- Cash (out)/inflow before management of liquid resources and financing (80,345) 18,005 Management of liquid resources - 6,618 Financing Shares issued for cash 3,356 109 Redeemable preference shares redeemed ('B' (28,713) - shares) Increase in borrowings 7,207 241 Repayments of capital element of finance (399) (247) lease rentals ---------- ----------- Net cash (out)/inflow from financing (18,549) 103 -------- ------- (Decrease)/increase in cash in the year (98,894) 24,726 ======== ====== Group statement of total recognised gains and losses For the year ended 31 March 2001 2001 2000 £'000 £'000 (Loss)/profit for the financial year (3,861) 22,453 Currency translation differences on foreign currency net (649) (1,067) investments and related loans ------- ------- Total recognised gains and losses relating to the year (4,510) 21,386 ======= ------- Reconciliation of movements in Group shareholders' funds For the year ended 31 March 2001 2001 2000 £'000 £'000 Shareholders' funds at start of year 143,932 126,755 Ordinary shares issued in the year 3,356 109 Redeemable 'B' preference shares redeemed in the year (28,813) - Total recognised (losses)/gains relating to the year (4,510) 21,386 Dividends (3,807) (4,318) ----------- ----------- Net movement in equity shareholders' funds (33,774) 17,177 ------------ ----------- Shareholders' funds at end of year 110,158 143,932 ======= ======== 1. Segmental information The segmental information reflects the current composition of the Group. 2001 group operating profit/ 2001 (loss) before operating exceptional items £'000 group 2001 2001 operating group Group exceptional operating turnover items £'000 profit/ (loss) £'000 £'000 Continuing operations BES Continuing 190,284 13,185 (267) 12,918 operations Acquisitions 3,930 413 - 413 194,214 13,598 (267) 13,331 BMH Continuing 182,146 3,554 (9,630) (6,076) operations Acquisitions 22,542 (367) (174) (541) 204,688 3,187 (9,804) (6,617) Unallocated - (2,111) - (2,111) costs and other income ------- ----------- ----------- --------- 398,902 14,674 (10,071) 4,603 Continuing - 1,080 - 1,080 operations Acquisitions - (236) - (236) Goodwill - 844 - 844 amortisation -------------- ----------- ---------- ---------- Total 398,902 15,518 (10,071) 5,447 continuing operations -------------- ----------- ---------- ---------- Discontinued operations BES (Railcare) 42,139 (5,017) (5,721) (10,738) Goodwill - 629 - 629 amortisation ------------- ----------- ---------- --------- Total 42,139 (4,388) (5,721) (10,109) discontinued operations ----------- ----------- ---------- --------- Group total 441,041 11,130 (15,792) (4,662) ======== ======== ======= ======= Segmental information (continued) 2000 group 2000 operating 2000 2000 Group profit/ group group Turnover (loss) exceptional operating profit/ before items (loss) £'000 operating £'000 £'000 items £'000 Continuing operations BES 185,925 13,706 - 13,706 BMH 228,907 10,118 - 10,118 Unallocated costs and - (1,865) - (1,865) other income ---------- ------------- --------- --------- 414,832 21,959 - 21,959 Goodwill amortisation - 1,428 - 1,428 ---------- ------------- ---------- ---------- Total continuing 414,832 23,387 - 23,387 operations ======== ======== ====== ======== Discontinued operations BES (Railcare) 55,856 (833) (2,384) (3,217) Goodwill amortisation - 629 - 629 --------- --------- -------- --------- Total discontinued 55,856 (204) (2,384) (2,588) operations --------- --------- --------- --------- Group total 470,688 23,183 (2,384) 20,799 ======= ======== ======== ========= The acquisitions included in the BES segment are the Hunting Defence Services businesses and Air Power International Limited. The acquisition of Chronos Richardson Limited is included within the BMH segment. The turnover, not included above, relating to joint ventures was £3.6 million (2000: £0.2 million). The loss of £163,000 (2000:£45,000) from joint ventures and associates relates to the BES segment. 2. Notes to the Group cash flow statement (a) Reconciliation of Group operating profit to 2001 2000 net cash flow from operating activities: £'000 £'000 Group operating (loss)/profit (4,662) 20,799 Depreciation and amortisation charges 10,910 8,997 Decrease in stocks 2,628 3,101 Decrease/(increase) in debtors 13,449 (526) (Decrease)/increase in creditors (33,595) 5,963 Increase/(decrease) in provisions 103 (349) Other items 190 161 -------------- ---------------- Net cash flow from operating activities (10,977) 38,146 ======== ========= The post-acquisition operating cash flow relating to the Hunting Defence Services business is an inflow of £0.5 million and that relating to Chronos Richardson is an outflow of £2.8 million. b. Reconciliation of net cash flow to movement in net funds 2001 2000 £'000 £'000 (Decrease)/increase in cash in the year (98,894) 24,726 Cash flow from increase in debt and lease financing (6,808) 6 Cash flow from decrease in liquid resources - (6,618) ------- --------- Change in net funds resulting from cash flows (105,702) 18,114 Loans and finance leases on acquisition of subsidiary (209) (115) New finance leases (26) (839) Translation differences 699 (1,188) ------- -------- Movement in net (debt)/funds in the year (105,238) 15,972 Net funds at 1 April 103,900 87,928 --------- -------- Net (debt)/funds at 31 March (1,338) 103,900 ======== ======= Notes to the Group cash flow statement (continued) c. Analysis of changes in financing during the year At 1 Cash flow New finance Subsidiaries Exchange At 31 April £'000 leases acquired movement March 2001 2000 £'000 £'000 £'000 £'000 £'000 Cash in hand 112,215 (87,615) - - 628 25,228 and at bank Overdrafts (5,270) (11,279) - - 37 (16,512) ------- ---------- ---------- ----------- ---------- ----------- 106,945 (98,894) - - 665 8,716 ------- ---------- ---------- ----------- ---------- ----------- Debt (1,668) (7,207) - (48) (5) (8,928) Finance leases (1,377) 399 (26) (161) 39 (1,126) ------- ---------- ----------- ---------- --------- --------- (3,045) (6,808) (26) (209) 34 (10,054) ------- --------- ----------- ---------- --------- ----------- Total 103,900 (105,702) (26) (209) 699 (1,338) ======= ======== ====== ====== ====== ====== NOTES 1. The financial information set out above does not comprise the Company's statutory accounts. Statutory accounts fot the previous financial year ended 31 March 2000 have been delivered to the Registrar of Companies. The auditors' report on those accounts was unqualified and did not contain any statement under section 237(2) and (3) of The Companies Act 1985. 2. The auditors have given an unqualified opinion on the accounts for the year ended 31 March 2000 which will be delivered to the Registrar of Companies following the Annual General Meeting. 3. Earnings per share is calculated on the following average number of shares. 2001 2000 159,333,780 172,279,139 Following approval at an EGM on 10 October 2000, on 23 October 2000 the Company made a bonus issue of 170,173,194 million redeemable 'B' shares with a nominal value of £30.6 million out of the share premium account. In accordance with the terms of the issue, 154,794,431 million of the 18p shares, with a nominal value of £27.9 million, were redeemed on 23 October 2000. Further redemptions can be made at the shareholders' option on 23 April 2001 and at the Company's option on any date after 23 April 2001 until 23 October 2002. Also on 23 October 2000, there was a five for six share consolidation of the 170,173,194 50p ordinary shares resulting in an issued share capital of 141,810,995 60p ordinary shares. Since the cash repaid to shareholders, in connection with the redemption, was equivalent to the fair value of the shares consolidated, under the provision of FRS14, there is no requirement to restate the earnings per share in respect of the prior year. 4. The Board has recommended a final dividend of 1.55p per share which, subject to shareholders' approval, will be paid on 10 August 2001 to those on the register at the close of business on 13 July 2001. 5. The Annual General Meeting will be held on 24 July 2001 at The Berkeley Hotel, Wilton Place, Knightsbridge, London SW1X 7RL 6. Copies of the 2001 Report and Financial Statements will be sent to shareholders on or before 2 July 2001 and will be available from the registered office of the Company, Badminton Court, Church Street, Amersham, Bucks HP7 0DD.

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