Interim Results - 6 Months to 31 December 1999

Benchmark Group PLC 25 February 2000 INTERIM ANNOUNCEMENT For the Six Months Ended 31 December 1999 Benchmark Group PLC, ('Benchmark'), the specialist central London property investment and development company, announces interim results for the six months ended 31 December 1999 - a period of further progress for the Group. Financial Highlights * Net rental income of £9.7m (1998 : £10.5m) * Profit before tax up 25% to £10.0m (1998: £8.0m) * Earnings per share up 21.4% to 6.8p (1998: 5.6p) * Net asset value per share (based on interim valuation) rose 10.5% to 299.0p (270.5p at 30 June 1999) * 6.2% uplift on independent revaluation of investment property portfolio as at 31 December 1999 * Net gearing of 61% as at 31 December 1999 (1998: 52.5%) * Interim dividend increased by 5.7% to 1.85p net per share (1998: 1.75p) Property Highlights * £102m of properties acquired in the West End of London during the period. These include Buchanan House in St James's and the Golden Square Estate in Soho. * During the period, property disposals totalling £92.9m (including sales at The Panoramic but excluding the Kensington High Street joint venture sale) were realised at a net profit of £4.8m giving a surplus of 5.5% over book value, or £13.4m over historic cost. * Disposal of the leasehold interest in 99/121 Kensington High Street and 1 Derry Street and the freehold of 25 Kensington Square, W8 to a joint venture with Deutsche Bank AG in which Benchmark holds a 50.1% interest. The £83m sale resulted in a net profit over book value of £1.9m, or £12.9m over historic cost on the 49.9% part disposal. * Principal residential development, The Panoramic, Pimlico, SW1, where only one of 90 apartments remains to be sold. * Selected by The Crown Estate to acquire and develop Novello House on Wardour Street in Soho, to provide 70,000 sq ft of offices and 7,500 sq ft of other space. * 59,000 sq ft of offices at Stirling Square, Carlton Gardens, St James's leased, of which KKR has taken 23,000 sq ft in total on the fourth and fifth floors at a rent of £65 per sq ft and BAE Systems has leased 36,000 sq ft at an overall rental equivalent of £55 per sq ft. 36,000 sq ft of offices remain to be let. Of the six residential units, contracts exchanged for the sale of two at an average price in excess of £1,100 per sq ft. * 33 Glasshouse Street, W1, 25,000 sq ft let to tenants Sony Music, NewMedia SPARK and Ukinvest.com at rental levels of around £38 per sq ft, with lease terms of between 10 to 15 years. * Acquisition for £38m of Buchanan House, 3 St James's Square, SW1, 52,000 sq ft of offices let on an overriding lease with 14- years unexpired to Diageo plc who are no longer in occupation; sub-let to a number of tenants. * Acquisition of the Golden Square Estate, W1, for £22.5m comprising 65,000 sq ft of net commercial accommodation. * As a result of the acquisition by Quintain Estates & Development PLC of the entire share capital in Chesterfield PLC, a portfolio of West End properties was acquired from Quintain, some of which subsequently have been sold to Shaftesbury PLC, achieving an attractive net profit. * Independent interim revaluation of investment property portfolio. Tan Sri Quek Leng Chan, Chairman of Benchmark said: '2000 has begun against the background of a strong London property market. We will continue actively to lease our vacant property, buy and sell properties and seek further new opportunities. Prospects for the Company remain favourable.' Nigel Kempner, Chief Executive of Benchmark said: 'Values continue to increase in the West End. Our developments are leasing up well and there are plenty of continuing opportunities within our own portfolio and from new situations.' For further information contact: Nigel Kempner Jeremy Carey/Karen Roberts Chief Executive Tavistock Communications Benchmark Group PLC Tel: 0171 600 2888 Tel: 0171 287 6881 Chairman's Statement I am pleased to report that Benchmark Group PLC has continued its good progress. During the first half of the current financial year, against the background of the continued strength in all property sectors in the West End of London where 89% by value of our investment property portfolio is located the Company's development programme and its investment property portfolio have performed well. NET ASSET VALUE In line with best practice, and a growing trend in the quoted property sector, our freehold and leasehold investment properties were revalued as at 31 December 1999 by External Valuers, DTZ Debenham Tie Leung Limited, Chartered Surveyors. The revaluation showed a net increase of £31.6m representing a 6.2% uplift on the investment properties still held at 31 December 1999. This excludes The Panoramic, 15 Grosvenor Street and the residential element of Stirling Square. The commercial element of Stirling Square was revalued as an investment property for the first time. Consequently, the net asset value per share at 31 December 1999 rose to 299.0p (1998: 247.3p) compared with 270.5p at 30 June 1999, which represents an increase of 10.5%. RESULTS Pre-tax profits for the six months to 31 December 1999 were £10.0m (1998: £8.0m) representing an increase of 25% over the same period last year and reflecting a £6.6m profit on property sales achieved during the period. Earnings per share were 6.8p (1998: 5.6p) representing an increase of 21.4% over the same period last year. Net rental income for the period reduced from £10.5m to £9.7m, principally due to a reduction in income resulting from the net effect of acquisitions and disposals and letting fees incurred in respect of completed developments. The net rental income on an annualised basis at the date of this report is now £28.7m per annum compared with £23.4m per annum at 17 September 1999, the date of my last statement. Our net borrowings at 31 December 1999 were £220.9m representing net gearing of 61%, compared with 54% at 30 June 1999. DIVIDEND An interim dividend of 1.85p (1998: 1.75p) has been declared and will be paid on 30 March 2000 to shareholders on the register at 10 March 2000. This represents an increase of 5.7% over the interim dividend last year. ACQUISITIONS AND DISPOSALS During the six-month period we spent £102m on the acquisition of properties in the West End of London. During the same period, we have again been active in improving our properties and making disposals from our portfolio, realising total sales of £92.9m at a net profit of £4.8m. This gives a surplus of 5.5% over book value or £13.4m over historic cost. In addition, we sold our long leasehold interest in 99/121 Kensington High Street and 1 Derry Street and the freehold of 25 Kensington Square, W8, to a new company (121 KHS Limited) in which we hold a 50.1% interest and Deutsche Bank AG the remainder. The properties were sold for £83m and the disposal resulted in a net profit of £1.9m compared with book value or £12.9m over historic cost on the 49.9% part disposal. DEVELOPMENT Our development at Stirling Square, 5 Carlton Gardens in the heart of St James's has now been completed and, of the 95,000 sq ft offices on seven levels, 59,000 sq ft have been let. The fifth floor comprising 9,000 sq ft was pre-let to Kohlberg Kravis Roberts & Co Ltd ('KKR') in the spring of 1999 at a rent of £65 per sq ft. KKR have subsequently leased the fourth floor, comprising a further 13,930 sq ft on similar rental terms. In addition, BAE Systems have taken offices totalling 36,000 sq ft on part of the ground floor, and the whole of the lower ground and first floors, at an overall rental equivalent of £55 per sq ft. All the leases are for 20 years with five-yearly upwards only rent reviews on tenants' full repairing and insuring terms. 36,000 sq ft of offices remain to be let. Of the six residential apartments, contracts have been exchanged for the sale of two at an average price in excess of £1,100 per sq ft. There is strong interest in all the remaining residential and commercial space in the development. We are pleased to announce that, after a selection process, we have recently been chosen by The Crown Estate to develop Novello House, a landmark building on Wardour Street at the heart of Soho, and we are currently documenting the acquisition and development agreement. This will be a development which will commence in April 2000 to provide 70,000 sq ft of offices and 7,500 sq ft of other space and is an exciting addition to our development programme. At our development at 33 Glasshouse Street, off Regent Street, we have now let the entire 25,000 sq ft of offices at rental levels of around £38 per sq ft with lease terms of between 10 to 15 years. The tenants are Sony Music, NewMedia SPARK and Ukinvest.com. This has been a successful development for us and demonstrates the current strength of the Soho office market. In August 1999 we acquired the freehold interest in a virtual island site on the south side of Golden Square off Regent Street for £22.5m. Subject to receiving satisfactory planning consent, we are shortly to commence a refurbishment to provide 10,000 sq ft of new offices on Lower James Street and a further refurbishment to provide 14,000 sq ft of offices and retail space at the junction of Lower James Street and Golden Square. In the next few months we will be submitting a planning application for a major office development on the remainder of the site to comprise 41,000 sq ft of offices and 16,000 sq ft of retail and restaurant space. Our holdings in the Motcomb Street area of Belgravia are getting ever closer to becoming a redevelopment scheme, subject to listed building consent. We hope to start the improvement works for the traffic environment in May 2000. The south side of the Halkin Arcade is now under our control so that we can provide the space required by Waitrose for their Food Hall when the planning issues have been resolved. Meanwhile, several new retail tenants have come to the area as a result of our proposals, thus significantly increasing the retail rental values. Our proposals to re- structure our leases and extend our ownership with the Grosvenor Estate are now being documented by solicitors. At our principal residential development of 90 units at The Panoramic in Pimlico, we have now only one 3-bedroom apartment on the seventeenth floor remaining for sale. INVESTMENT In September 1999 we acquired the freehold of Buchanan House, 3 St James's Square comprising 52,000 sq ft of offices let on an overriding lease with 14 years unexpired to Diageo plc, who are no longer in occupation but have sub-let to a number of tenants. This provides an interesting opportunity for active management within the property. At our building at 164 New Bond Street and 11/14 Grafton Street, in December 1999 we acquired the 52% long leasehold interest, held by the Prudential Assurance Company, for £13.75m. We now own 100% of the long leasehold interest in the entire block held on a lease from the City Corporation with 1,926 years unexpired at a nominal ground rent. The building comprises 22,000 sq ft of office, retail and residential accommodation. CORPORATE During the first half of 1999, culminating in August, we were involved in the acquisition by Quintain Estates and Development PLC of the entire share capital in Chesterfield PLC. We acquired a portfolio of properties, a large proportion of which, together with a Soho property that we already owned, we sold to Shaftesbury PLC achieving an attractive net profit. OUTLOOK 2000 has begun against the background of a strong London property market. We will continue actively to lease our vacant property, buy and sell properties and seek further new opportunities. Prospects for the Company remain favourable. This has been a satisfactory half-year and my thanks go to the executive team for their hard and successful work. Tan Sri Quek Leng Chan Chairman 25 February 2000 Consolidated Profit and Loss Account Six months ended 31 December 1999 Six months to Six months to Year to 31 Dec 99 31 Dec 98 30 Jun 99 (unaudited) (unaudited) (audited) Note £'000 £'000 £'000 GROSS RENTAL INCOME 11,814 12,300 23,221 Ground rents (681) (673) (1,361) Irrecoverable property costs (1,195) (911) (1,967) Amortisation of leasehold properties (216) (195) (390) ----- ----- ----- NET RENTAL INCOME 9,722 10,521 19,503 Net operating loss from serviced offices (588) - - Profit on disposal of trading properties 2 2,504 1,074 2,491 Administration expenses (1,536) (1,206) (3,346) ----- ----- ----- OPERATING PROFIT 10,102 10,389 18,648 Profit on disposal of investment properties 2 4,140 563 1,603 ----- ----- ----- PROFIT ON ORDINARY ACTIVITIES BEFORE INTEREST 14,242 10,952 20,251 Interest receivable 3 107 218 345 Interest payable and similar charges 4 (4,355) (3,214) (5,458) ----- ----- ----- PROFIT ON ORDINARY ACTIVITIES BEFORE TAXATION 9,994 7,956 15,138 Taxation 5 (1,840) (1,161) (1,974) ----- ----- ----- PROFIT ON ORDINARY ACTIVITIES AFTER TAXATION 8,154 6,795 13,164 Minority interests 73 - - ----- ----- ----- PROFIT FOR THE FINANCIAL PERIOD 8,227 6,795 13,164 Dividends 6 (2,230) (2,110) (4,521) ----- ----- ----- RETAINED PROFIT FOR THE PERIOD 5,997 4,685 8,643 ----- ----- ----- EARNINGS PER SHARE EXCLUDING NET PROFITS ON DISPOSAL OF TRADING AND INVESTMENT PROPERTIES 7 2.8p 4.6p 8.2p ----- ----- ----- EARNINGS PER SHARE - BASIC 7 6.8p 5.6p 10.9p - DILUTED 7 6.7p 5.6p 10.9p ----- ----- ---- Consolidated Balance Sheet As at 31 December 1999 As at As at As at 31 Dec 99 31 Dec 98 30 Jun 99 (unaudited) (unaudited) (audited) Note £'000 £'000 £'000 FIXED ASSETS Tangible assets Investment and development properties 8 585,282 432,790 495,821 Other tangible assets 2,451 187 1,564 Investments - associated company 3,048 3,048 3,048 ----- ----- ----- 590,781 436,025 500,433 ----- ----- ----- CURRENT ASSETS Trading properties 7,656 28,596 9,321 Debtors 9 10,443 8,241 8,235 Investments 750 - 750 Cash at bank and in hand 1,977 2,738 282 ----- ----- ----- 20,826 39,575 18,588 CREDITORS - AMOUNTS FALLING DUE WITHIN ONE YEAR (22,914) (17,936) (19,267) ----- ----- ----- NET CURRENT (LIABILITIES)/ASSETS (2,088) 21,639 (679) ----- ----- ----- TOTAL ASSETS LESS CURRENT LIABILITIES 588,693 457,664 499,754 CREDITORS - AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR (173,610) (110,048) (123,713) CONVERTIBLE UNSECURED LOAN STOCK (49,237) (49,172) (49,210) PROVISIONS FOR LIABILITIES 10 (3,669) (357) (705) AND CHARGES ----- ----- ----- NET ASSETS 362,177 298,087 326,126 ----- ----- ----- CAPITAL AND RESERVES Called up share capital 60,280 60,280 60,280 Share premium account 11 149,737 149,737 149,737 Revaluation reserve 11 95,781 61,533 83,693 Other reserves 11 51 51 51 Profit and loss account 11 54,573 26,486 32,365 ----- ----- ----- SHAREHOLDERS' FUNDS 360,422 298,087 326,126 Minority interests 1,755 - - ----- ----- ----- TOTAL CAPITAL EMPLOYED 362,177 298,087 326,126 ----- ----- ----- NET ASSETS PER SHARE 7 299.0p 247.3p 270.5p Group Statement of Total Recognised Gains and Losses Six months ended 31 December 1999 Six months to Six months to Year to 31 Dec 99 31 Dec 98 30 Jun 99 (unaudited) (unaudited) (audited) £'000 £'000 £'000 Profit for the financial period 8,227 6,795 13,164 Share of surplus arising on revaluation of investment properties 29,812 - 24,081 Revaluation surplus arising from part disposal of investment property 1,870 - - Tax on realisation of revaluation surpluses on investment property disposals (3,383) - - ----- ----- ----- Total recognised gains and losses 36,526 6,795 37,245 for the period ----- ----- ----- Note of Historical Cost Profits and Losses Six months ended 31 December 1999 Six months to Six months to Year to 31 Dec 99 31 Dec 98 30 Jun 99 (unaudited) (unaudited) (audited) £'000 £'000 £'000 Profit on ordinary activities before taxation 9,994 7,956 15,138 Realisation of property revaluation surpluses in prior periods 19,594 4,523 6,444 ----- ----- ----- Historical cost profit on ordinary activities before taxation 29,588 12,479 21,582 ----- ----- ----- Historical cost profit retained after tax and dividends 25,518 9,208 15,087 ----- ----- ----- Reconciliation of Movements in Shareholders' Funds Six months ended 31 December 1999 Six months to Six months to Year to 31 Dec 99 31 Dec 98 30 Jun 99 (unaudited) (unaudited) (audited) £'000 £'000 £'000 Total recognised gains and losses for the period 36,526 6,795 37,245 Dividends (2,230) (2,110) (4,521) ----- ----- ----- Increase in total capital employed 34,296 4,685 32,724 Opening shareholders' funds 326,126 293,402 293,402 ----- ----- ----- Closing shareholders' funds 360,422 298,087 326,126 ----- ----- ----- Consolidated Cash Flow Statement Six months ended 31 December 1999 Six months to Six months to Year to 31 Dec 99 31 Dec 98 30 Jun 99 (unaudited) (unaudited) (audited) Note £'000 £'000 £'000 OPERATING ACTIVITIES Net cash inflow before sales of and additions to trading properties 8,952 5,250 12,676 Net cash inflow from sales of and additions to trading properties 4,169 24,032 44,724 ----- ----- ----- NET CASH INFLOW FROM OPERATING ACTIVITIES 12(a) 13,121 29,282 57,400 ----- ----- ----- RETURNS ON INVESTMENTS AND SERVICING OF FINANCE Interest received 115 210 361 Interest paid (5,681) (5,922) (11,480) ----- ----- ----- NET CASH OUTFLOW FOR RETURNS ON INVESTMENTS AND SERVICING OF FINANCE (5,566) (5,712) (11,119) ----- ----- ----- TAXATION Corporation tax paid (12) (497) (4,379) ----- ----- ----- CAPITAL EXPENDITURE Acquisition of investment properties (119,164) (37,588) (92,498) Disposals and other capital receipts 70,019 26,069 46,288 Purchase of other fixed assets (1,003) (7) (1,407) ----- ----- ----- NET CASH OUTFLOW FOR CAPITAL EXPENDITURE (50,148) (11,526) (47,617) ----- ----- ----- EQUITY DIVIDENDS PAID (2,411) (2,230) (4,340) ----- ----- ----- CASH (OUTFLOW)/INFLOW BEFORE USE OF LIQUID RESOURCES AND FINANCING (45,016) 9,317 (10,055) ----- ----- ----- MANAGEMENT OF LIQUID RESOURCES Decrease in cash deposit held as security - 2,700 2,700 ----- ----- ----- FINANCING Increase/(decrease) in debt 12(b) 46,711 (10,449) 6,467 ----- ----- ----- INCREASE/(DECREASE) IN CASH IN THE PERIOD 12(b) 1,695 1,568 (888) ----- ----- ----- Notes to the Accounts 1 ABRIDGED ACCOUNTS The results for the six months ended 31 December 1999 do not constitute full statutory accounts within the meaning of Section 240 of the Companies Act 1985. The figures for the year to 30 June 1999 are based on the audited accounts for that year which have been reported on, without qualification, by the auditors and have been delivered to the Registrar of Companies. 2 PROFIT ON DISPOSAL OF TRADING AND INVESTMENT PROPERTIES The profit on disposal of trading and investment properties for the period ended 31 December 1999 comprises: Trading Investment properties properties Total £'000 £'000 £'000 Aggregate consideration 21,500 71,369 92,869 Less: sales costs (39) (1,391) (1,430) ----- ----- ----- Net proceeds 21,461 69,978 91,439 Less: historical cost of properties (18,957) (59,119) (78,076) ----- ----- ----- Historical cost profit 2,504 10,859 13,363 Less: revaluation surpluses in prior periods - (8,582) (8,582) ----- ----- ----- 2,504 2,277 4,781 ----- ----- ----- Historical cost profit arising from partial sale of property - 12,875 12,875 Less: revaluation surpluses in prior periods - (11,012) (11,012) ----- ----- ----- - 1,863 1,863 ----- ----- ----- 2,504 4,140 6,644 ----- ----- ----- 3 INTEREST RECEIVABLE Six months to Six months to Year to 31 Dec 99 31 Dec 98 30 Jun 99 (unaudited) (unaudited) (audited) £'000 £'000 £'000 Loan notes - related company 63 42 84 Bank deposits 12 34 88 Deposits held as security against loans - 77 77 Other 32 65 96 ----- ----- ----- 107 218 345 ----- ----- ----- 4 INTEREST PAYABLE AND SIMILAR CHARGES Six months to Six months to Year to 31 Dec 99 31 Dec 98 30 Jun 99 (unaudited) (unaudited) (audited) £'000 £'000 £'000 Amounts payable on bank loans and overdrafts: Not wholly repayable within five years 2,116 3,741 2,039 Wholly repayable within five years 3,641 1,016 6,950 5.75% Convertible Unsecured Loan Stock 2013 1,479 1,410 2,836 Less: interest capitalised (2,881) (2,953) (6,367) ----- ----- ----- 4,355 3,214 5,458 ----- ----- ----- 5 TAXATION The effective rate of taxation of 18% reflects the benefits of brought forward losses and capital allowances claimed. 6 DIVIDENDS The interim dividend of 1.85p (1998 interim: 1.75p) net per share is payable on 30 March 2000 to shareholders on the register at 10 March 2000. Dividends are calculated on 120,559,542 (1998 interim: 120,559,542) Ordinary shares in issue. 7 EARNINGS/NET ASSETS PER SHARE The weighted average number of shares in issue during the period was 120,559,542 (1998: 120,559,542) and the earnings attributable to Ordinary shares was £8,227,000 (1998: £6,795,000). The earnings on ordinary activities excluding net profits on disposal of trading and investment properties comprises net rental income less administration expenses less net interest payable and attributable taxation and amounted to £3,332,000 (1998: £5,491,000). The number of shares in issue at 31 December 1999 was 120,559,542 (1998: 120,559,542) and the net assets attributable to shareholders at 31 December 1999 was £360,422,000 (1998: £298,087,000). Diluted earnings per share have been calculated for all periods adopting the method set out in Financial Reporting Standard 14 - Earnings per Share. In calculating diluted earnings per share, earnings have been adjusted to £9,242,000 to add back the post-tax interest cost of the 5.75% Convertible Unsecured Loan Stock 2013 ('CULS') and the weighted average number of shares has been increased to 137,041,041 to take into account conversion of the CULS and the exercise of share options. 8 FIXED ASSETS - TANGIBLE ASSETS The freehold and leasehold investment properties are stated on the basis of their open market values as at 31 December 1999. The valuation was carried out by DTZ Debenham Tie Leung Limited, Chartered Surveyors ('DTZ'), acting as External Valuers and in accordance with the Appraisal and Valuation Manual of the Royal Institution of Chartered Surveyors. The open market values are contained in the DTZ report dated 14 February 2000. Additions and disposals are recognised upon unconditional exchange of contracts provided that completion takes place within a 30 day period thereafter. 9 DEBTORS Included within debtors at 31 December 1999 and 1998 is an amount of £1,650,000 relating to deferred consideration secured by a bank guarantee. 10 PROVISIONS FOR LIABILITIES AND CHARGES Provisions for liabilities and charges comprise deferred tax in respect of short term timing differences. 11 RESERVES Share Revaluation Other Profit premium reserve reserves and loss Total £'000 £'000 £'000 account £'000 £'000 As at 1 July 1999 149,737 83,693 51 32,365 265,846 Share of surplus arising on revaluation of - 29,812 - - 29,812 investment properties Revaluation surplus arising from part disposal of investment property - 1,870 - - 1,870 Revaluation surpluses realised on investment property disposals - (19,594) - 19,594 - Tax on realisation of revaluation surpluses on investment property disposals - - - (3,383) (3,383) Retained profit for the period - - - 5,997 5,997 ----- ----- ----- ----- ----- As at 31 December 1999 149,737 95,781 51 54,573 300,142 ----- ----- ----- ----- ----- 12 NOTES TO THE CONSOLIDATED CASHFLOW STATEMENT (a) Reconciliation of operating profit to operating cash flows Six months to Six months to Year to 31 Dec 99 31 Dec 98 30 Jun 99 (unaudited) (unaudited) (audited) £'000 £'000 £'000 Operating profit 10,102 10,392 18,648 Depreciation 116 17 40 Profit on sale of trading properties (2,504) (1,074) (2,491) Amortisation of leasehold properties 216 195 390 Increase in debtors (2,208) (1,212) (1,705) Increase in investments - - (750) Increase/(decrease) in creditors 3,230 (3,068) (1,456) ----- ----- ----- Net cash inflow before sales of and additions to trading properties 8,952 5,250 12,676 Net cash inflow from sales of and additions to trading properties 4,169 24,032 44,724 ----- ----- ----- Net cash inflow from operating activities 13,121 29,282 57,400 ----- ----- ----- (b) Reconciliation of net cash flow to movement in net debt Six months to Six months to Year to 31 Dec 99 31 Dec 98 30 Jun 99 (unaudited) (unaudited) (audited) £'000 £'000 £'000 Increase/(decrease) in cash in the period 1,695 1,568 (888) Decrease in cash held as security against loans - (2,700) (2,700) Cash (inflow)/outflow from (increase)/decrease in debt (46,711) 10,449 (6,467) ----- ----- ----- Movement in net debt (45,016) 9,317 (10,055) Net debt at start of period (175,854) (165,799) (165,799) ----- ----- ----- Net debt at end of period (220,870) (156,482) (175,854) ----- ----- ----- (c) Analysis of net debt As at As at 31 Dec 99 Cashflow 30 Jun 99 (unaudited) (unaudited) (audited) £'000 £'000 £'000 Cash at bank and in hand 1,977 1,695 282 Debt due within one year - 3,213 (3,213) Debt due after more than one year (222,847) (49,924) (172,923) ----- ----- ----- Net debt (220,870) (45,016) (175,854) ----- ----- ----- 13 REPORT CIRCULATION The interim report will be sent to shareholders by 7 March 2000 and is available for inspection at the Company's Registered Office at 25 Sackville Street, London, W1X 1DA.
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