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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