Interim Results
Bloomsbury Publishing PLC
19 September 2006
19th September 2006
BLOOMSBURY PUBLISHING PLC
Interim Results for the six months to 30 June 2006
• Six months revenue up 6.5% to £37.66m (2005, £35.37m)
• Pre-tax profit increased 3.4% to £4.22m (2005, £4.08m)
• Basic earnings per share increased 2.3% to 4.08p (2005, 3.99p)
• Interim dividend up 10% to 0.66p (2005, 0.60p)
• Investment in future titles excluding reference databases increased
39.4% to £31.24m (31 December 2005, £22.41m), which underpins strong
publishing lists for second half and into 2007
• US and German operations performing well
• Expansion into new areas of publishing within Children's and Adult
divisions
• Trading in line with the Board's expectations. Board remains confident of
a satisfactory outcome for the year.
Commenting on the results and prospects for Bloomsbury, Nigel Newton, Chairman,
said:
'Bloomsbury has made good progress in the first six months of 2006. Our
international businesses are clearly established and performing well. The
benefits of our prior investment in authors and new business initiatives are
coming through as planned.'
'The Group's publishing programme for the second half of the year is one of the
strongest to date and includes books from some of our bestselling authors and
potential bestsellers from new authors. The second half has started well with
trading in line with our expectations, and the Board remains confident of a
satisfactory outcome to the year.'
For further information, please contact:
Tim Spratt/Charles Palmer, Financial Dynamics 020 7831 3113
Sandy Karon, PA to the Chairman, Bloomsbury Publishing Plc 020 7494 6015
CHAIRMAN'S STATEMENT
OVERVIEW
Bloomsbury has made good progress in the first six months of 2006. Bloomsbury
USA has shown very satisfactory growth, driven by continued re-orders for autumn
2005 titles and strong sales of a number of 2006 titles. Berlin Verlag has
performed well compared to the first half of 2005, with top line sales growth
and continued focus on the cost base. In the UK, we had three books recommended
on television by the Richard and Judy Book Club, and the recent acquisition of
Methuen Drama is being successfully integrated.
Revenue for the first six months increased 6.5% to £37.66m (2005, £35.37m).
Gross profit increased 6.4% to £18.71m (2005, £17.58m), with the gross margin
unchanged at 49.7% (2005, 49.7%).
Marketing and distribution costs were 4.9% higher at £6.81m (2005, £6.49m), but
as a percentage of turnover they decreased slightly to 18.1% (2005, 18.3%). The
increase in marketing spend was due to a higher number of lead titles in the
first half publishing programme. The increase in distribution costs was
primarily a function of the increased turnover. Administrative expenses
increased 15.9% to £8.88m (2005, £7.66m), largely due to additional office costs
and increased salary costs as the Group continues to grow its publishing
programme. As a percentage of turnover, administrative expenses increased to
23.6% (2005, 21.7%).
Interest income increased by 83.6% to £1.23m (2005, £0.67m) primarily as a
result of higher average cash balances.
Profit before tax increased 3.4% to £4.22m (2005, £4.08m.). The effective rate
of corporation tax for the six months was 29.4% (2005, 29.8%).
Basic earnings per share increased 2.3% to 4.08 pence (2005, 3.99 pence).
The exchange adjustments recognised in reserves of £1.08m loss (2005, £0.13m
profit) arise from retranslation of foreign subsidiaries' assets and liabilities
and reflect principally the weakening of the dollar against sterling since the
end of 2005 and the increase in the underlying net asset values.
Net cash outflow for the Group for the first six months of the year was £22.4m
(30 June 2005, inflow £4.88m). The cash outflow related primarily to royalties
paid to authors in March. In the first six months of 2006 the Group also paid
corporation tax of £2.28m (2005, £2.62m) and the 2005 final dividend of £2.19m
(2005, nil. The final dividend in respect of 2004 was paid in July 2005). In
addition, £2.35m was paid for the acquisition of Methuen Publishing. Net cash
balances at 30 June decreased 41.8% to £31.12m (31 December 2005, £53.51m). At
30 June 2006 the Group had under contract 1,113 titles (31 December 2005, 1,062)
for future publication with a gross investment excluding reference databases of
£31.24m (31 December 2005, £22.41m). After payment of the initial tranches of
advances to authors, our liability for future cash payments on these contracted
titles at that date was £18.57m (31 December 2005, £12.05m).
INTERIM DIVIDEND
The directors have declared a 10% increase in the interim dividend to 0.66 pence
per share (2005, 0.60 pence per share), which will be paid on 17 November 2006
to shareholders on the register at close of business on 3 November 2006. The
dividend takes account of the profit growth and cash-generating capability of
the Group, as well as the need to retain funds to respond to opportunities for
future expansion and acquisition growth.
OPERATIONAL REVIEW
Children's
In the first half of 2006 we published our first full pre-school list programme.
Sixteen titles were released, and we had strong support from book clubs, special
and international sales channels. We are now working hard to build critical mass
in this area.
The new novel, Small Steps, by the bestselling author of Holes, Louis Sachar,
was published during the first half of this year. Other significant
publications so far this year have been the second in the Septimus Heap series,
Flyte, by Angie Sage and the third in the series of books by Sue Limb, Girl 16.
Both Angie Sage and Sue Limb are writing a series of books featuring the
characters Araminta Spook and Ruby Rogers respectively. The first of these
titles will be published in the second half of this year.
In June, we published the paperback edition of Harry Potter and The Half-Blood
Prince, with copies of the adult and children's paperback editions of this
bestselling book released internationally.
In October, we are publishing the highly anticipated Larklight by Philip Reeve
simultaneously in the UK, Germany and the USA and for which we already have
twelve foreign publishers partnering with us, as well as a substantial confirmed
film deal.
We will also broaden out into the film and TV tie-in market and this autumn will
be publishing four titles tying in with the big cinematic children's release
Open Season. In the second half we are also publishing a series of in-house
originated titles, Mermaid S.O.S., participating in the current successful trend
of long series titles for young female readers.
Adult
The first half of this year got off to a good start with the publication of
Joanna Trollope's new novel, Second Honeymoon, which went to No. 1 in the
hardback bestseller list. We also had three Richard & Judy Book Club selections
in the first half of the year: Moondust by Andrew Smith, Empress Orchid by
Anchee Min and The Highest Tide by Jim Lynch. Sales of the Kite Runner
continued to build and it remains one of our core backlist titles. We also
brought Douglas Coupland to our UK list with his new novel, JPod.
We hired a new editor, Richard Atkinson, who specialises in food, lifestyle and
TV tie-in books. He brought with him the bestselling food writer, Hugh
Fearnley-Whittingstall. He has also made a number of significant TV tie-in
purchases, including the book to accompany David Dimbleby's forthcoming BBC
series on the buildings of Britain and also a book to tie-in with a major TV
series about human anatomy. The appointment of Richard Atkinson and the
purchase of these books mark an important move for Bloomsbury into TV-led
bestsellers.
We have continued to buy major titles for publication this autumn which should
create the strongest publishing list in the Adult division in Bloomsbury's
history. The fiction list includes So Many Ways to Begin, the second novel from
bestselling author Jon McGregor; a major new novel, Restless, from William Boyd
who has just joined Bloomsbury (in the UK, US and Germany).; a collection of
stories from Man Booker Prize winner Margaret Atwood; and a collection of
stories from the author of the bestselling Jonathan Strange & Mr Norrell,
Susanna Clarke. We also have one of America's most distinguished novelists,
Richard Ford, on the list, and a twice Booker shortlisted Irish writer, Patrick
McCabe. Both Jon McGregor's new novel, So Many Ways to Begin, and Nadine
Gordimer's Get a Life have been longlisted for the 2006 Man Booker Prize. Kiran
Desai's shortlisted novel, The Inheritance, will be published by Berlin Verlag.
In non-fiction for the second half of this year, we have autobiographies from
Take That's singer/songwriter Gary Barlow and the boxer Amir Khan; food books by
Hugh Fearnley-Whittingstall and Heston Blumenthal; history from the bestselling
William Dalrymple (author of White Mughals); and, as previously announced, books
by Gordon Brown and David Blunkett. Finally, Ruth Badger, who was one of the
contestants in the successful TV series, The Apprentice, signed with Bloomsbury.
Reference & Electronic Media
On 1 June 2006, A&C Black purchased the prestigious theatre list, Methuen Drama,
with over 700 titles in print and excellent back-list sales. This list includes
works by playwrights such as Caryl Churchill, Willy Russell, Bertold Brecht and
Tennessee Williams, as well as famous theatre practitioners such as Stanislavsky
and Patsy Rodenburg. A&C Black already has a well-established theatre list
which will in future be published under the Methuen Drama imprint, creating the
largest drama list in the UK. A&C Black's sales and marketing team has much
greater reach into bookshops in the UK and internationally as well as to schools
and universities than with Methuen's previous arrangement. We have recently
signed a number of agreements for important new drama titles and expect a
significant increase in sales over the next five years. A&C Black has had
considerable success in acquiring properties to become the dominant players in
its niche markets. It is a strategy that has worked well for the business and we
are continuing to look for similar acquisition opportunities that will continue
to add critical mass.
Other highlights in the first six months include a record year for sales of
Wisden Cricketers' Almanac, for which we act as sales agents, and another
successful collaboration with the RSPB to produce My First Garden Bird Book. In
the second half of the year, we will be publishing the second edition of the
Bloomsbury reference title Business, which will be underpinned by a major
marketing campaign in association with our partners. We also celebrate the
100th anniversary of our bestselling annual reference book The Writers' and
Artists' Yearbook with a nationwide marketing campaign which includes a launch
at the Edinburgh Book Festival.
Major new print and electronic reference database projects are at an advanced
planning stage. These follow the Company's successes with the Encarta World
English Dictionary and the ELT database partnership with Macmillan. Future
database projects may benefit from the surge in online advertising and the
increased use of the internet as a research tool.
International
Bloomsbury USA and Walker Publishing Company, Inc.
Bloomsbury USA sales for the first six months of the year were up 46.3% to
£6.79m (2005, £4.64m). The strong increase in title sales for the period was
driven by a number of factors. Titles published in the autumn of 2005 continued
to sell well in 2006. These included Don't Try This at Home, How to Survive a
Robot Uprising, Man Booker winner The Line of Beauty, Newberry Award winner
Princess Academy and Nanny McPhee. Advance orders on a number of our 2006 titles
were also strong, including The Nasty Bits by Tony Bourdain, Field Notes from a
Catastrophe by Elizabeth Kolbert and with The Highest Tide by Jim Lynch. The
operation made a loss of £0.43m (2005, £0.08m profit) due to continued planned
investment in staff and office and to fund its expansion. It is expected to
make an operating profit for the full year.
Bloomsbury USA moved into mass market publishing with the launch of mass market
editions of Susanna Clarke's Jonathan Strange and Mr Norrell and with Herbie
Brennan's Faerie Wars. Sales are comfortably ahead of budget and the success of
these titles will determine the strategy for future growth of this new revenue
stream.
In June, we appointed Peter Ginna as Publisher of a new imprint. He will
concentrate on developing a list of high profile non-fiction projects to start
in September. In July, Nick Trautwein joined the Bloomsbury Adult editorial team
where he will develop a list of popular titles on sports, politics and current
events. We are looking to appoint a new publisher for our Children's division as
we seek to grow this area of our US business more aggressively.
We are still focusing on reducing the cost base in the US and in May, we signed
a new two-year contract on more favourable terms with our primary US printer
which will result in additional production savings.
We have a very strong list for the autumn including the US edition of Ben
Schott's Almanac, Melissa Fay Greene's There Is No Me Without You and William
Boyd's Restless. Pre-orders are already strong for these titles.
Berlin Verlag
Berlin Verlag continued to show good growth in the first six months of 2006,
with revenues increasing 24.3% to £2.51m (2005, £2.02m).
Particular successes included Der Teppichhandler by the American author Meg
Mullins which was featured on the influential TV show Lesen! in June. Ben
Schott's Sammelsurien continues to perform strongly, and on publication of the
third volume, Schotts Sammelsurium Sport, Spiel und Mussiggang, in the Spring
all three titles appeared together in Der Spiegel bestseller list. The
repositioning of the paperback list with its new cover design style has been
very well received and the performance of this list continues to improve. We are
particularly delighted at the success of Khaled Hosseini's Der Drachenlaufer
(The Kite Runner) where sales are greater than ever and the book appeared in the
paperback bestseller list for the first time in May.
The autumn list highlights include Erbin des Verlorenen Landes by Kiran Desai,
Die Kommende Welt by Dara Horn and Impuls, Robert Frenay's book on bionics.
Bloomsbury Berlin's lead titles are the German edition of Schott's Almanac which
will appear in November, fully reworked for the German market, and Benjamin
Kunkel's Unentschlossen.
Our first Children's non-fiction list launches in October. The two lead titles
on this new list, 101 Dinge and Das 1-2-3 Kinderkochbuch, are both titles shared
with Bloomsbury UK and US, and together with the continuing successes in Germany
of Ben Schott, Khaled Hosseini and Susanna Clarke bear testimony to the
advantages of Bloomsbury's strategy of publishing joint titles globally in order
to maximise benefits to the Group as a whole.
Sales by Berlin Verlag of Bloomsbury's English-language titles into the German
market continue to grow and reach more shops directly rather than through
wholesalers. The paperback edition of Harry Potter and the Half-Blood Prince
performed particularly well.
The benefits of the comprehensive and ongoing review of costs, especially on
production, continue to bear fruit and to help margins.
Outlook
The Group's publishing programme for the second half of the year is one of the
strongest to date, and includes books from some of our bestselling authors and
potential bestsellers from new authors. We continue to build on the success of
our US and German operations and benefits of our strategy of publishing joint
titles globally are coming through as expected. We also continue to move into
new areas of publishing within our divisions. The second half has started well
with trading in line with our expectations. As a result, the Board remains
confident of a satisfactory outcome to the year.
Nigel Newton
Chairman
19 September 2006
CONSOLIDATED INCOME STATEMENT
for the six months ended 30 June 2006
Notes 6 months 6 months Year
ended ended ended
30 June 30 June 31 December
2006 2005 2005
(unaudited) (unaudited) (audited)
£'000 £'000 £'000
Revenue 2 37,659 35,367 109,108
Cost of sales (18,949) (17,789) (53,514)
______ ______ ______
Gross profit 18,710 17,578 55,594
Marketing and distribution costs (6,812) (6,486) (18,107)
Administrative expenses (8,883) (7,656) (18,681)
______ ______ ______
Profit before investment income 2 3,015 3,436 18,806
Investment income 1,232 666 1,392
Finance costs (28) (18) (71)
______ ______ ______
Profit before taxation 4,219 4,084 20,127
Income tax expense (1,241) (1,219) (5,481)
______ ______ ______
Profit for the period 2,978 2,865 14,646
______ ______ ______
Basic earnings per share 3 4.08p 3.99p 20.30p
______ ______ ______
Diluted earnings per share 3 4.01p 3.91p 19.93p
______ ______ ______
CONSOLIDATED STATEMENT OF RECOGNISED INCOME AND EXPENSE
for the six months ended 30 June 2006
6 months 6 months Year
ended ended ended
30 June 30 June 31 December
2006 2005 2005
(unaudited) (unaudited) (audited)
£'000 £'000 £'000
Profit for the period 2,978 2,865 14,646
Exchange adjustments recognised in reserves (1,076) 131 640
______ ______ ______
Total recognised income for the period 1,902 2,996 15,286
______ ______ ______
CONSOLIDATED BALANCE SHEET
at 30 June 2006
30 June 2006 30 June 2005 31 December 2005
(unaudited) (unaudited) (audited)
£'000 £'000 £'000
ASSETS
Non-current assets
Property, plant and equipment 2,613 1,233 1,615
Intangible assets 17,528 15,559 15,511
Deferred tax assets 1,746 772 1,238
______ ______ ______
Total non-current assets 21,887 17,564 18,364
______ ______ ______
Current assets
Inventories 15,876 17,513 15,129
Trade and other receivables 40,742 52,101 48,630
Cash and cash equivalents 31,117 24,242 53,511
______ ______ ______
Total current assets 87,735 93,856 117,270
______ ______ ______
TOTAL ASSETS 109,622 111,420 135,634
______ ______ ______
EQUITY AND LIABILITIES
Equity attributable to equity holders of the
parent
Share capital 913 900 911
Share premium 38,392 36,848 38,123
Capital redemption reserve 20 20 20
Share-based payment reserve 743 298 453
Translation reserve (434) 133 642
Retained earnings 49,423 37,298 48,634
______ ______ ______
Total equity 89,057 75,497 88,783
______ ______ ______
Non-current liabilities
Employee benefits 141 97 130
Other payables 225 337 163
______ ______ ______
Total non-current liabilities 366 434 293
______ ______ ______
Current liabilities
Trade and other payables 18,350 33,750 43,974
Short-term borrowings - 353 -
Current tax payable 1,849 1,386 2,584
______ ______ ______
Total current liabilities 20,199 35,489 46,558
______ ______ ______
Total liabilities 20,565 35,923 46,851
______ ______ ______
TOTAL EQUITY AND LIABILITIES 109,622 111,420 135,634
______ ______ ______
STATEMENT OF CHANGES IN EQUITY
Share Share Capital Share based
capital premium redemption payment
reserve reserve
£'000 £'000 £'000 £'000
Balances at 1 January 2005 894 35,763 20 217
Exchange differences on translating - - - -
foreign operations
Profit for the period - - - 81
Dividends - - - -
Share issues 6 1,085 - -
______ ______ ______ ______
Balances at 30 June 2005 900 36,848 20 298
Exchange differences on translating - - - -
foreign operations
Profit for the period - - - 155
Dividends - - - -
Share issues 11 1,275 - -
______ ______ ______ ______
Balances at 31 December 2005 911 38,123 20 453
Exchange differences on translating - - - -
foreign operations
Profit for the period - - - 290
Dividends - - - -
Share issues 2 269 - -
______ ______ ______ ______
Balances at 30 June 2006 913 38,392 20 743
______ ______ ______ ______
Translation Retained Total
reserve earnings
£'000 £'000 £'000
Balances at 1 January 2005 2 36,206 73,102
Exchange differences on translating 131 - 131
foreign operations
Profit for the period - 2,865 2,946
Dividends - (1,773) (1,773)
Share issues - - 1,091
______ ______ ______
Balances at 30 June 2005 133 37,298 75,497
Exchange differences on translating 509 - 509
foreign operations
Profit for the period - 11,781 11,936
Dividends - (445) (445)
Share issues - - 1,286
______ ______ ______
Balances at 31 December 2005 642 48,634 88,783
Exchange differences on translating (1,076) - (1,076)
foreign operations
Profit for the period - 2,978 3,268
Dividends - (2,189) (2,189)
Share issues - - 271
______ ______ ______
Balances at 30 June 2006 (434) 49,423 89,057
______ ______ ______
CONSOLIDATED CASH FLOW STATEMENT
for the six months ended 30 June 2006
6 months 6 months Year
ended ended ended
30 June 30 June 31 December
2006 2005 2005
(unaudited) (unaudited) (audited)
£'000 £'000 £'000
Cash flows from operating activities
Net profit before tax 4,219 4,084 20,127
Adjustments for:
Depreciation of property, plant and equipment 228 152 400
Amortisation of publishing relationships 18 18 35
Profit on sale of property, plant and equipment (1) (3) (3)
Share-based payment charges 290 81 236
Investment income (1,232) (666) (1,392)
Finance costs 28 18 71
______ ______ ______
3,550 3,684 19,474
Increase in inventories (779) (5,910) (3,442)
Decrease / (increase) in trade and other receivables 6,782 (10,158) (6,353)
(Decrease) / increase in trade and other payables (25,343) 9,631 21,460
______ ______ ______
Cash (used in) / generated from operations (15,790) (2,753) 31,139
Income taxes paid (2,278) (2,618) (5,898)
______ ______ ______
Net cash (outflow) / inflow from operating activities (18,068) (5,371) 25,241
______ ______ ______
Cash flows from investing activities
Purchase of property, plant and equipment (1,226) (607) (1,268)
Proceeds from sale of property, plant and equipment - - 33
Purchase of businesses (2,350) (33) (33)
Interest received 1,232 666 1,392
______ ______ ______
Net cash (used in) / generated from investing activities (2,344) 26 124
______ ______ ______
Cash flows from financing activities
Share options exercised 271 510 1,796
Equity dividends paid (2,189) - (2,218)
Interest paid (28) (18) (118)
Repayment of loans - (26) (445)
______ ______ ______
Net cash (used in) / generated from financing activities (1,946) 466 (985)
______ ______ ______
Net (decrease) / increase in cash and cash equivalents (22,358) (4,879) 24,380
Cash and cash equivalents at beginning of period 53,511 29,120 29,120
Unrealised exchange (loss) / gain on cash and cash equivalents (36) 1 11
______ ______ ______
Cash and cash equivalents at end of period 31,117 24,242 53,511
______ ______ ______
ACCOUNTING POLICIES
The accounting policies used in the preparation of the accounts for the six
months ended 30 June 2006 are consistent with those used in the statutory
accounts for the year ended 31 December 2005.
NOTES TO THE ACCOUNTS
1. Interim accounts
The figures for the six months ended 30 June 2006 do not comprise full accounts.
The financial information included in this document has been approved by the
Directors and prepared on a consistent basis with the accounts for the year
ended 31 December 2005. The statutory accounts for the year ended 31 December
2005, which received an unqualified audit report, have been lodged with the
Registrar of Companies.
2. Segmental analysis
The Group considers that as the main thrust of its growth is to develop its
international publishing strategy, the primary segmental reporting should be
based on geographical segments. The analysis by geographical segment is shown
below.
External revenue 6 months 6 months Year
ended ended ended
30 June 30 June 31 December
2006 2005 2005
(unaudited) (unaudited) (audited)
£'000 £'000 £'000
United Kingdom 28,355 28,708 92,616
North America 6,793 4,638 11,027
Continental Europe 2,511 2,021 5,465
_______ _______ _______
37,659 35,367 109,108
_______ _______ _______
Segment result 6 months 6 months Year
ended ended ended
30 June 30 June 31 December
2006 2005 2005
(unaudited) (unaudited) (audited)
£'000 £'000 £'000
United Kingdom 3,503 3,487 17,856
North America (430) 83 478
Continental Europe 18 (44) 642
_______ _______ _______
3,091 3,526 18,976
Unallocated central costs (76) (90) (170)
_______ _______ _______
Profit before investment income 3,015 3,436 18,806
_______ _______ _______
The revenues for the United Kingdom and North America for the six months ended
30 June 2005 have been restated to show a more accurate comparison with the
current period figures.
3. Earnings per share
The earnings per share for the six months to 30 June 2006 is based on the profit
after taxation of £2,978,000 (2005 - £2,865,000) and on a weighted average
number of Ordinary Shares in issue of 72,918,862 (2005 - 71,878,716). The
earnings per share for the twelve months to 31 December 2005 is based on the
profit after taxation of £14,646,000 and a weighted average number of Ordinary
Shares in issue of 72,134,014. The diluted earnings per share for the six months
to 30 June 2006 has been calculated by reference to a weighted average number of
Ordinary Shares of 74,280,812 (2005 - 73,293,754, year ended 31 December 2005 -
73,493,581) which takes account of share options.
4. Post balance sheet events
The directors have proposed an interim dividend of 0.66 pence per share (2005,
0.60 pence per share), which will be paid on 18 November 2006 to shareholders on
the register at close of business on 3 November 2006. Based on the number of
shares in issue at 30 June 2006, the interim dividend will be £482,000 (2005,
£445,000).
INDEPENDENT REVIEW REPORT TO BLOOMSBURY PUBLISHING PLC
Introduction
We have been instructed by the Company to review the financial information for
the six months ended 30 June 2006 which comprises the income statement,
statement of recognised income and expense, balance sheet, statement of changes
in equity, cash flow statement, accounting policies and related notes set out on
pages 6 to 11. We have read the other information contained in the interim
report and considered whether it contains any apparent misstatements or material
inconsistencies with the financial information.
This report, including the conclusion, has been prepared for and only for the
Company for the purpose of the Listing Rules of the Financial Services Authority
and for no other purpose. We do not, therefore in producing this report, accept
or assume responsibility for any other purpose or to any other person to whom
this report is shown or into whose hands it may come save where expressly agreed
by our prior consent in writing.
Directors' responsibilities
The interim report, including the financial information contained therein, is
the responsibility of, and has been approved by the directors. The directors
are responsible for preparing the interim report in accordance with the Listing
Rules of the Financial Services Authority.
The accounting policies are consistent with those that the directors use in the
annual financial statements.
Review work performed
We conducted our review in accordance with guidance contained in Bulletin 1999/4
issued by the Auditing Practices Board for use in the United Kingdom. A review
consists principally of making enquiries of group management and applying
analytical procedures to the financial information and underlying financial data
and based thereon, assessing whether the disclosed accounting policies have been
consistently applied unless otherwise disclosed. A review excludes audit
procedures such as tests of controls and verification of assets, liabilities and
transactions. It is substantially less in scope than an audit and therefore
provides a lower level of assurance. Accordingly, we do not express an audit
opinion on the financial information.
Review conclusion
On the basis of our review we are not aware of any material modifications that
should be made to the financial information as presented for the six months
ended 30 June 2006.
Baker Tilly
Chartered Accountants
2 Bloomsbury Street
London
WC1B 3ST
19 September 2006
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