Interim Results
Braemar Seascope Group PLC
21 November 2003
For immediate release 21 November 2003
Interim Results - 6 months ended 31 August 2003
Braemar Seascope Group plc (the 'Group'), a leading provider of shipping
services, today announced half year results for the six months ended 31 August
2003.
HIGHLIGHTS
•Expansion of shipbroking activities progressing well
•Cory acquisition completed successfully
•Turnover £13.7m (2002: £14.2m)
•Pre-tax profit before goodwill and exceptional items £2.4m (2002: £2.4m)
•Pre-tax profit £1.9m (2002: £2.1m)
•Adjusted EPS before goodwill 8.73p (2002: 8.24p)
•Basic EPS 5.68p (2002: 6.24p)
•Interim dividend 5.00p per share (2002: 5.00p)
Commenting on the results and outlook, Sir Graham Hearne, Chairman, said:
'In the main markets in which we operate activity levels are high. Our broadly
based shipping services business is well placed and we look forward to the
future with optimism.'
'The development of our international offices and the acquisition of Cory
Brothers demonstrates that the Group is making significant progress as it seeks
to deliver its strategy of providing a range of focused, value added shipping
services to its clients.'
For further information, contact:
Braemar Seascope Group plc
Alan Marsh Tel 020 7100 0000
James Kidwell Tel 020 7535 2881
Aquila Financial
Patrick d'Ancona Tel 020 7849 3326
Peter Reilly Tel 020 7849 3319
Charles Stanley & Company Limited
Rupert Dearden Tel 020 7953 2000
Philip Davies Tel 020 7953 2000
Notes to editors:
Through its subsidiaries Braemar Seascope Group plc's services provided
comprise:
Braemar Seascope Specialised shipbroking and consultancy services to
Limited international ship owners and charterers in the sale &
purchase, tanker, offshore, container and dry bulk markets.
www.braemarseascope.com
Cory Brothers Liner and port ship agency services within the UK.
Shipping Agency
Limited
www.cory.co.uk
Wavespec Marine engineering and naval architecture consultants to the
Limited shipping and offshore markets.
www.wavespec.com
INTERIM ANNOUNCEMENT - YEAR ENDED 31 AUGUST 2003
CHAIRMAN'S STATEMENT
Turnover was £13.7m (2002: £14.2m) and pre-tax profits before goodwill
amortisation and exceptional income were £2.4m, unchanged compared with the
first half of 2002. Pre-tax profits were £1.9m (2002: £2.1m). Adjusted earnings
per share were 8.73 pence per share compared with 8.24 pence in 2002 and basic
earnings per share were 5.68 pence per share (2002: 6.24 pence per share). The
half year comparison is significantly affected by the weaker US$ in 2003 which
accounted for a reduction in turnover of some £0.6m on a comparable basis. Last
year the Group's earnings were weighted in favour of the first half and this
year we expect the earnings to be more evenly phased.
The business and assets of Cory Brothers Shipping Agency ('Cory') were acquired
for a cash consideration of £1.5m on 31 July 2003. Cory contributed turnover of
£421k and operating profits of £49k during its one month contribution to the
first half.
It is the Directors' intention to pay an interim dividend of 5.0 pence per share
(Interim 2002: 5.0 pence).
Review of activities
Chartering
Tankers
The performance of tanker chartering in the first half is significantly ahead of
last year with all of the departments showing an improvement.
Predictably, freight rates weakened following the official end of hostilities in
Iraq, as consuming nations used up excess inventories, built up against the
threat of supply interruptions during the war. Since then, rates have fluctuated
quite sharply, but the average earnings for VLCCs during the 2nd and 3rd
calendar quarters have been nearly three times greater than during the same
period in 2002, and so far in the 4th quarter rates have increased further. At
no time this year have we seen rates plumb the same depths as last year, with
the 2003 low point being twice as high as that in 2002.
The influx of newbuilding crude oil tankers has had little or no adverse impact
on freight rates, as the focus, especially in Europe, is on an early phase out
of single hull ships, and record prices on offer from demolition buyers have
provided a welcome exit route for older vessels.
In May 2003 the Group formed Braemar Seascope India Private Limited ('BSIP') as
a joint venture with an Indian partner, with each owning 50%. BSIP operates as a
chartering broker from Delhi concentrating particularly on Indian crude oil
imports which have doubled in volume terms over the last four years. It is
already profitable having established a good share of the market.
The improved performance of our chemicals, gas and small tanker departments is
due to the stronger market in the aftermath of the war in Iraq and from new
longer term contractual business. We expect their full year performance to be
better than last year.
Dry Cargo
The dry bulk market was exceptionally strong throughout the first half mainly
driven by Chinese demand for steel and coking coal. So far there has been no
sign of any weakening in this market and indeed market rates have continued to
rise in recent weeks to record levels. While the dry cargo chartering has
historically been a relatively small part of the Group's overall broking
activities, the full year result is expected to show a substantial improvement
on the previous year in view of the business we have concluded - a trend which
is likely to continue following the recent strengthening of the department.
Offshore
Despite the strong oil price the Offshore market in the first half of the year
has seen a continued over supply of vessels and poor rig utilization which has
kept day rates at relatively low levels. Our team has achieved a greater market
share in the North Sea during this time through a significantly increased volume
of transactions. The overseas markets have also seen lower levels of activity
and rates as the wider availability of ships has led to more competition. The
prospects for the year as a whole remain reasonable with some good project work
deliverable in the second half.
Sale & Purchase
For the first half of the year, the sale and purchase department performed well
on newbuilding business but second hand volume was down compared with last year.
Since the substantial part of newbuilding commission is due on delivery in two
to three years time, actual income levels were well behind last year. We have
increased the newbuilding forward order book by some 50% over last year. The
company has enjoyed significant second hand activity in tankers, dry cargo and
containers since the end of the half and the bulk of this income will be
received in the second half of the year. Our new representative office in
Shanghai, which commenced operations this year, is gaining recognition in the
second hand market which bodes well for the future. Demolition earnings have
held up well in terms of volume and earnings but tonnage supply is reducing
because of the strength of the freight markets.
The Group's container shipbroking activities, held through a 50% joint venture
company, Braemar Container Shipping and Chartering Limited, were enhanced by the
significant expansion of the team. While the first half performance has been
slow, the benefit of their activities is expected to show through in the second
half following the conclusion of several ship sales for delayed delivery.
Wavespec
Wavespec's turnover fell due to a shift in their business mix away from
supplying manpower on a contract basis towards carrying out discrete inspections
or complete engineering projects for clients. This change in emphasis results in
improved profit margins. Over the last month the company has added approximately
US$ 2 million of work to its forward order book. Approximately one third of this
work will be under taken, and completed, within this fiscal year. The remainder
will continue on until December 2005.
Cory Brothers
The initial performance of our new ship agency business, Cory Brothers, has been
pleasing and is in line with internal expectations. The integration of the
business has progressed well and management are focused on developing both the
Liner and the Tramp agency businesses within the UK and Northern Europe. The
highly regarded 'Shiptrak' software which was developed internally and used by
the Tramp agency, is being actively marketed for use by other ship agencies.
Financial
Set out in the table below is a reconciliation of adjusted pre-tax profit to
reported pre-tax profit:
£'000 6 months to 6 months to Year to
31 Aug 2003 31 Aug 2002 28 Feb 2003
Adjusted pre-tax profit 2,407 2,405 4,030
Goodwill amortisation (521) (517) (1,034)
Exceptional income - 250 479
---------- ---------- -----------
Reported pre-tax profit 1,886 2,138 3,475
---------- ---------- -----------
Operating profits before goodwill, exceptionals and share of JVs were £2.7m
(2002: £2.6m) and the operating margin on this basis was 19.5 per cent in 2003
compared with 18.0 per cent in 2002, reflecting reduced operating costs, as the
proportion of low margin business, most notably at Wavespec, was lower in 2003.
The majority of the Company's income is US$ denominated and the average rate of
exchange for conversion of US$ income in the six months to August 2003 was $1.53
/£ (Interim 2002: 1.44/£). The 9 cent weakening of the US$ over the respective
six month periods is responsible for a turnover reduction of approximately £0.6m
on a comparable basis. The impact of the weaker US$ is expected to have a
similar impact in the second half.
The estimated full year tax rate on profits before non-deductible goodwill
amortisation has been applied at the half year. This rate was 38% (Interim 2002:
40%). After goodwill amortisation the estimated tax rate is 49% of pre-tax
profits (Interim 2002: 50%).
Net debt increased to £4.2m at 31 August 2003 from £2.5m at 28 February 2003.
The increase reflected the higher proportion of chartering activities for which
the collection period is normally longer, the payment of the final dividend and
annual bonus relating to the prior year and higher tax payments.
The Company intends to make an offer to the holders of the £3 million unsecured
6 per cent. convertible redeemable loan notes ('Loan Notes') (created in March
2001 at the time of the merger with Braemar Shipbrokers Limited) to extend them
for a further two years with effect from the date when they would have been
redeemed in March 2004. The annual interest cost on £3 million of Loan Notes is
£180,000. An EGM of the Loan Note holders to approve the extension will occur on
15 December 2003. The Board feels that this will give the Company greater
flexibility in its medium term financing.
The business and assets of Cory were acquired for a £1.5m cash consideration
(see note 12). Included within the acquired Cory balance sheet was cash of
£1.6m, the majority of which relates to advance funding by Cory's clients out of
which Cory will make disbursements on the client's behalf.
The Company intends shortly to exercise its option to acquire a 40% interest in
SBQ Pte Ltd for the agreed consideration of 175,000 new ordinary shares. SBQ is
a Singapore based shipbroking business which is focused on the chemicals and gas
chartering markets. Initially the contribution is expected to be broadly neutral
to earnings but SBQ will increase our activities in the very important Far
Eastern shipping markets. We expect the volume of the chemicals business in the
Far East to grow at rate of at least 10% over the next few years.
Pursuant to the exercise of this option, application will be made to the UK
Listing Authority for 175,000 new ordinary shares of 10p each in the capital of
Braemar Seascope Group plc to be admitted to trading on the London Stock
Exchange's market for listed securities.
It is expected that admission will take place and dealings will commence in such
new ordinary shares on 28 November 2003. Following admission of the 175,000
ordinary shares, the issued share capital of the Company will be 17,368,946
ordinary shares of 10p each.
The proposed interim dividend of 5 pence per ordinary share will be paid on 23
December 2003 to shareholders on the register at the close of business on 5
December 2003.
Outlook
The demand for shipping services is dependent on growing seaborne trade which is
linked to the global economic recovery. In particular the American and Chinese
economies will continue to play a leading role in driving both the Wet and the
Dry shipping markets respectively, with both the production and price of oil
being significant contributors to the rate and extent of such growth.
While not as marked as in the dry cargo sector, the growth of the Chinese
economy has been beneficial for tankers, as a result of ever increasing oil
imports, which were up by nearly 30 percent in the first eight months of 2003.
Other Asian economies have also shown encouraging signs of recovery, and
economic growth seems to be on the move again in the United States, which
remains as dependent as ever on imported energy sources.
OPEC seems determined to prevent oil prices falling below $25 per barrel and is
seeking to control its output ceiling to achieve this. It fears a weakening of
price when Iraq increases its level of exports, but so far the re-building of
Iraq's oil industry has taken longer than anticipated and has been hampered by
sabotage to pipelines.
The volatility in Deep Sea freight rates remains a characteristic of the market
despite some of the original ingredients such as the war in Iraq and the strike
in Venezuela, no longer featuring. The volatility appears to be caused by the
trend towards lower global oil inventories resulting in bigger swings in
shipping demand as the requirement for oil 'just-in-time' has become more
important.
The Dry bulk markets remain at very high levels and have continued strongly into
our third quarter with no sign of any weakening.
We are pleased with the start our new overseas ventures have made, and while it
is still too early to make an assessment of prospects, we can be confident that
they will produce an incremental income stream in the coming year.
A higher level of second hand sale & purchase business concluded in recent
months helps to underpin the result for the year and leads us to expect that the
earnings will be more evenly phased than in 2002/3. The strength of the
company's forward order book, particularly in newbuilding, helps to underpin the
prospective income for the next 2-3 years, despite the continuing relative
weakness of the US dollar.
Overall our broadly based shipping services business is well placed and able to
capitalize on the strength of the markets in which we operate and we look
forward to the future with optimism.
BRAEMAR SEASCOPE GROUP plc
CONSOLIDATED PROFIT AND LOSS ACCOUNT
FOR THE SIX MONTHS ENDED 31 AUGUST 2003
6 months to 6 months to Year to
31 Aug 2003 31 Aug 2002 28 Feb 2003
Unaudited Unaudited Audited
£'000 £'000 £'000
Turnover including share of joint
ventures 13,693 14,227 26,919
Less: share of joint ventures (101) - (157)
-------- -------- --------
Group turnover (Note 3) 13,592 14,227 26,762
--------------------------- -------- -------- --------
Net operating expenses before
exceptional income and goodwill
amortisation (10,938) (11,668) (22,402)
Goodwill amortisation (521) (517) (1,034)
Exceptional income (Note 4) - 250 479
--------------------------- -------- --------- --------
Total operating expenses (11,459) (11,935) (22,957)
Group operating profit 2,133 2,292 3,805
Share of joint ventures'
operating (loss)/profit (40) - 18
-------- -------- --------
Operating profit including joint
ventures (Note 3) 2,093 2,292 3,823
Net interest payable and similar
charges (207) (154) (348)
-------- -------- --------
Profit on ordinary activities
before taxation 1,886 2,138 3,475
Taxation on profit on ordinary
activities (Note 5) (913) (1,069) (1,702)
-------- --------- --------
Profit on ordinary activities
after taxation 973 1,069 1,773
Dividends (Note 6) (856) (856) (2,054)
-------- --------- --------
Retained profit/(loss) for the
period 117 213 (281)
Accumulated loss brought forward (6,888) (6,607) (6,607)
--------- ---------- --------
Retained loss carried forward (6,771) (6,394) (6,888)
========= ========== ========
Earnings per ordinary share - pence (Note 7)
- Basic 5.68p 6.24p 10.36p
- Adjusted EPS excluding goodwill 8.73p 8.24p 14.43p
amortisation and exceptional items
- Diluted 5.62p 6.24p 10.34p
BRAEMAR SEASCOPE GROUP plc
CONSOLIDATED BALANCE SHEET
AS AT 31 AUGUST 2003
As at As at As at
31 Aug 2003 31 Aug 2002 28 Feb 2003
Unaudited Unaudited Audited
£'000 £'000 £'000
Fixed assets
Intangible fixed assets: goodwill 19,227 19,150 18,634
Tangible assets 5,007 4,520 4,514
Investments:
Investment in joint ventures:
Share of gross assets 73 - 61
Share of gross liabilities (70) - (48)
---------- ------------ ----------
3 - 13
Other investments 1,186 1,087 1,071
---------- ------------ ---------
1,189 1,087 1,084
---------- ---------- ---------
25,423 24,757 24,232
Current assets
Debtors 9,370 4,885 4,707
Cash at bank and in hand 3,049 2,707 3,255
---------- ---------- --------
12,419 7,592 7,962
Creditors: amounts falling due
within one year (19,497) (9,937) (10,568)
---------- ---------- --------
Net current liabilities (7,078) (2,345) (2,606)
---------- ---------- --------
Total assets less current liabilities 18,345 22,412 21,626
Creditors: amounts falling due
after
more than one year - (3,003) (3,000)
Provisions for liabilities and (428) (1,115) (826)
charges
----------- ----------- ---------
Net assets 17,917 18,294 17,800
=========== =========== =========
Capital and reserves
Called up share capital 1,719 1,719 1,719
Capital redemption reserve 396 396 396
Share premium 4,271 4,271 4,271
Other reserves 18,302 18,302 18,302
Profit and loss account (6,771) (6,394) (6,888)
----------- ----------- ---------
Total equity shareholders' funds 17,917 18,294 17,800
=========== =========== =========
BRAEMAR SEASCOPE GROUP plc
CONSOLIDATED CASH FLOW STATEMENT
FOR THE SIX MONTHS ENDED 31 AUGUST 2003
6 months to 6 months to Year to
31 Aug 2003 31 Aug 2002 28 Feb 2003
Unaudited Unaudited Audited
£'000 £'000 £'000
Net cash inflow from operating
activities 576 489 4,339
Returns on investments and servicing of
finance
Net interest paid excluding finance
leases (205) (149) (351)
Interest element of finance lease
payments (1) (4) (8)
------- -------- ---------
Net cash outflow from returns on
investments and servicing of finance (206) (153) (359)
Taxation
UK Corporation tax paid (750) (149) (1,045)
Capital expenditure and financial
investment
Payments to acquire tangible fixed
assets (65) (40) (93)
Purchase of investments (128) - (45)
-------- -------- --------
Net cash outflow from investing
activities (193) (40) (138)
Acquisitions and disposals
Purchase of subsidiary (1,500) - -
Cash acquired with subsidiary 1,597 - -
Deferred consideration (226) (592) (855)
-------- ------- -------
Net cash outflow from acquisitions (129) (592) (855)
Equity dividends paid (1,198) (1,045) (1,901)
--------- -------- --------
Cash (outflow)/inflow before
financing (1,900) (1,490) 41
Financing
New loan 1,700 1,000 50
Payment of principal under finance
leases (6) (44) (77)
--------- -------- ---------
Financing 1,694 956 (27)
---------- -------- ---------
(Decrease)/increase in cash (206) (534) 14
========== ======== ========
BRAEMAR SEASCOPE GROUP plc
NOTES TO THE ACCOUNTS
FOR THE SIX MONTHS ENDED 31 AUGUST 2003
1 Accounting policies
There have been no changes to the accounting policies set out in the 2003 Annual
Report and Accounts.
2 Financial Information
The interim financial statements are unaudited but have been reviewed by the
auditors and their report is set out on page 12. The comparative figures for the
year ended 28 February 2003 have been extracted from the Group's financial
statements which have been delivered to the Registrar of Companies. The
auditors' report on those statements was unqualified and did not include a
statement under section 237(2) or (3) of the Companies Act 1985.
3 Segmental results
Turnover
6 months to 6 months to Year to
31 Aug 2003 31 Aug 2002 28 Feb 2003
£'000 £'000 £'000
Shipbroking 10,682 11,410 21,189
Technical shipping support 2,489 2,817 5,573
________ _______ _______
13,171 14,227 26,762
Acquisition - ship agency 421 - -
________ _______ _______
13,592 14,227 26,762
Share of joint ventures 101 - 157
________ _______ _______
13,693 14,227 26,919
======== ======= =======
Operating profit £'000 £'000 £'000
Shipbroking 2,506 2,560 4,079
Technical shipping support 99 (1) 281
________ ________ _______
2,605 2,559 4,360
Acquisition - ship agency 49 - -
________ ________ _______
2,654 2,559 4,360
Share of joint ventures (40) - 18
________ _______ _______
2,614 2,559 4,378
Goodwill amortisation (521) (517) (1,034)
Exceptional income - 250 479
________ ________ _______
2,093 2,292 3,823
======== ======== =======
BRAEMAR SEASCOPE GROUP plc
NOTES TO THE ACCOUNTS
FOR THE SIX MONTHS ENDED 31 AUGUST 2003
4 Exceptional income
In the six months to 31 August 2002 there was exceptional income relating to the
successful outcome of litigation (£254k) and in the full year ended 28 February
2003 there was additional exceptional income of £225k in respect of a partial
release of the vacant space provision, making a total for the year of £479k.
5 Taxation
The taxation charge is based on the estimated effective tax rate applicable for
the full
year.
6 Dividends
The interim dividend of 5.00p per Ordinary share (2002: 5.00p) will be paid on
23 December 2003 to shareholders on the register at the close of business on 5
December 2003.
7 Earnings per share
Reconciliation of basic earnings per share to adjusted earnings per share:
2003 2002 2003
Earnings 6 months 6 months Year to
to 31 Aug to 31 Aug 28 Feb
£'000 £'000 £'000
Profit after taxation 973 1,069 1,773
Goodwill amortisation 521 517 1,034
Exceptional (income) - (250) (479)
Related tax charge - 75 143
----------- --------- ----------
Adjusted profit after tax 1,494 1,411 2,471
----------- --------- ----------
Weighted average number of
shares 17,120,436 17,120,436 17,120,436
Basic EPS (pence) 5.68 6.24 10.36
Adjusted EPS (pence) 8.73 8.24 14.43
Diluted EPS £'000 £'000 £'000
Profit after taxation 973 1,069 1,773
Interest on convertible £3m
loan notes 63 - 126
---------- ---------- ----------
Diluted earnings 1,036 1,069 1,899
---------- ---------- ----------
Weighted average number of
shares 17,120,436 17,120,436 17,120,436
Conversion of £3m loan notes 1,250,000 - 1,250,000
Share options 49,988 - -
---------- ---------- ----------
Diluted average number of
shares 18,420,424 17,120,436 18,370,436
---------- ---------- ----------
Diluted EPS (pence) 5.62 6.24 10.34
BRAEMAR SEASCOPE GROUP plc
NOTES TO THE ACCOUNTS
FOR THE SIX MONTHS ENDED 31 AUGUST 2003
8 Reconciliation of operating profit to net cash inflow from operating
activities
2003 2002 2003
31 Aug 31 Aug 28 Feb
£'000 £'000 £'000
Operating profit 2,133 2,292 3,805
Depreciation charge 101 186 229
Goodwill amortisation 521 517 1,034
(Increase)/decrease in debtors (3,581) 850 840
Increase/(decrease) in creditors 1,800 (3,071) (1,071)
Write down of investments - - 60
Loss on write down of fixed assets - - 16
(Decrease) in provisions (398) (285) (574)
-------- ------- --------
Net cash inflow from operations 576 489 4,339
======== ======= ========
The movement in creditors includes a net increase in commissions due to clients
of £0.3m (31 August 2002 reduction £1.6m; 28 February 2003 reduction £0.7m). Net
cash inflow from operating activities eliminating this movement during the
respective periods is £0.3m, £2.1m and £5.1m.
Included within the net cash inflow from operations is a net inflow of £662,000
in respect of Cory Brothers during the one month it formed part of the group.
This mainly represented advance funding from its clients for which it will make
disbursements on their behalf.
9 Reconciliation of net cash flow to movement in net debt
2003 2002 2003
31 Aug 31 Aug 28 Feb
£'000 £'000 £'000
(Decrease)/increase in cash (206) (534) 14
Decrease in finance leases 6 44 77
------- ------- ------
Change in net debt resulting from cash flows (200) (490) 91
Net funds at beginning of period (2,456) (3,060) (3,060)
New bank loan (1,700) (1,000) (50)
Repayment of loan notes 188 375 563
------- ------ ------
Net debt at end of period (4,168) (4,175) (2,456)
======= ====== ======
BRAEMAR SEASCOPE GROUP plc
NOTES TO THE ACCOUNTS
FOR THE SIX MONTHS ENDED 31 AUGUST 2003
10 Reconciliation of movement in shareholders' funds
2003 2002 2003
31 Aug 31 Aug 28 Feb
£'000 £'000 £'000
Profit on ordinary activities after tax 973 1,069 1,773
Dividends (856) (856) (2,054)
-------- -------- -------
Net increase/(decrease) in shareholders' funds 117 213 (281)
Opening shareholders' funds 17,800 18,081 18,081
-------- -------- -------
Closing shareholders' funds 17,917 18,294 17,800
11 Profit and loss account
The negative cumulative profit and loss account balance is the result of a
goodwill write-off, in the amount of £5,599,794, which took place in the
financial year to 31 December 1998 upon the Company's adoption of FRS10.
12 Acquisition of Cory Brothers Shipping Agency
On 30 July 2003 the Group acquired the business and trading assets of Cory
Brothers Shipping Agency for a cash consideration of £1.5m. The net assets
acquired and goodwill arising on the transaction were as follows:
£'000 £'000
Cash consideration 1,500
Transaction costs 127
--------
1,627
Fixed Assets acquired 529
Debtors 1,085
Creditors (2,699)
Cash 1,597
---------
Net tangible assets acquired 512
--------
Goodwill 1,115
========
Goodwill is being amortised over 20 years.
Independent review report to Braemar Seascope Group plc
Introduction
We have been instructed by the company to review the financial information which
comprises a consolidated profit and loss account, consolidated balance sheet,
consolidated cash flow statement and related notes. 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.
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 which require that the accounting
policies and presentation applied to the interim figures should be consistent
with those applied in preparing the preceding annual accounts except where any
changes, and the reasons for them, are disclosed.
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 accounting policies and presentation
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
performed in accordance with United Kingdom Auditing Standards and therefore
provides a lower level of assurance than an audit. Accordingly we do not express
an audit opinion on 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, 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.
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 31 August 2003.
PricewaterhouseCoopers LLP
Chartered Accountants
West London
20 November 2003
Notes:
(a) The maintenance and integrity of the Braemar Seascope Group plc
website is the responsibility of the directors; the work carried out
by the auditors does not involve consideration of these matters and,
accordingly, the auditors accept no responsibility for any changes
that may have occurred to the interim report since it was initially
presented on the website.
(b) Legislation in the United Kingdom governing the preparation and
dissemination of financial information may differ from legislation
in other jurisdictions.
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