Interim Results
Cardiff Property PLC
27 April 2007
THE CARDIFF PROPERTY PUBLIC LIMITED COMPANY
AND ITS SUBSIDIARIES
FOR RELEASE 7.00 AM 27 April 2007
THE CARDIFF PROPERTY PLC
(The group, including Campmoss, specialises in property investment and
development in the Thames Valley. The portfolio, valued in excess of £34m, is
primarily located to the west of London, close to Heathrow Airport and in Surrey
and Berkshire.)
INTERIM RESULTS FOR THE SIX MONTHS ENDED 31 MARCH 2007
Highlights:
Six months Six months Year
31 March 31 March 30 September
2007 2006 2006
(Unaudited) (Unaudited) (Audited)
Revenue £'000 433 259 2,442
Property sales £'000 - - 1,927
Net assets per share* pence 1,140 1,006 1,123
Profit before tax £'000 464 452 2,549
Earnings per share pence 23.0 20.7 137.6
Interim/final dividend
per share pence 3.00 2.75 10.05
Gearing % nil nil nil
* Properties not revalued at half year
Richard Wollenberg, Chairman, commented:
'The expected increase in rental growth, supported by tenant demand, whilst
evident in locations such as Central London, The City and Docklands, has not yet
occurred in the Thames Valley M4 corridor although there is widespread optimism
in the market place that this will happen towards the end of 2007.
Increasing interest rates, together with additional supply is likely to prompt a
slow down in the market but the continuing availability of substantial
investment funds should underpin current values'
For further information:
The Cardiff Property plc Richard Wollenberg 01784 437444
Arbuthnot Securities Richard Dunn 020 7012 2000
THE CARDIFF PROPERTY PLC
INTERIM RESULTS FOR THE SIX MONTHS ENDED 31 MARCH 2007
CHAIRMAN'S INTERIM STATEMENT
Dear shareholder
The level of investor demand for income producing commercial property remains
buoyant with capital growth being primarily assisted by a fall in yields;
however, with the upward trend in interest rates, the pace of growth is likely
to slow. Conversely there is little reason to expect a major collapse in either
investment or rental values whilst the economy remains strong.
The expected increase in rental growth, supported by tenant demand, whilst
evident in locations such as Central London, The City and Docklands, has not yet
occurred in the Thames Valley M4 corridor although there is widespread optimism
in the market place that this will happen towards the end of 2007.
Over the past two years, the supply of new high grade office buildings in the
Thames Valley has diminished; however it is noticeable that with the completion
of certain lettings, a number of developers have been encouraged to commence new
speculative office developments. The forecast of higher rentals and an
increasing level of tenant enquiries has further encouraged this aspect and the
commercial property market will receive a major boost if, as anticipated, some
pre-lettings are achieved.
Surrey and Berkshire residential market values have, despite recent negative
comment, remained firm. Purchasers are, however, taking longer to make positive
decisions and continue to be price conscious. In some areas the supply of houses
for sale has diminished quite rapidly as sellers are reluctant to pay the
increasing costs of moving and are unable to find homes to suit their
requirements.
The planning process, particularly in the green belts of Surrey and Berkshire,
remains an extremely arduous and lengthy process, despite local authorities
announcing their intention to increase the number of residential units
available. The continuing reduction in supply of new homes and the availability
of substantial risk capital for investment purposes has resulted in increasing
land values.
Dividend
--------
Your directors have declared the increased interim dividend of 3p per share
(2006: 2.75p) which will be paid on 6 July 2007 to shareholders on the register
on 8 June 2007.
Financial
---------
For the half year ended 31 March 2007, profit before tax amounted to £0.46m
(March 2006: £0.45m; September 2006: £2.55m) which included an after tax
contribution from Campmoss Property Company Limited, our 47.62% jointly
controlled entity, of £0.19m (March 2006: £0.17m; September 2006: £0.96m).
Revenue totalled £0.43m (March 2006: £0.26m; September 2006: £2.44m)
representing gross rental income of £0.24m (March 2006: £0.26m; September 2006:
£0.51m) and sales of development property of £0.19m (March 2006: nil; September
2006: £1.93m). Total gross rental income of Campmoss amounted to £0.94m (March
2006: £0.99m; September 2006: £1.95m). The Campmoss revenue figures are not
included in group revenue under IFRS rules. Profit after tax attributable to
shareholders for the six months amounted to £0.40m (March 2006: £0.37m;
September 2006: £2.43m). Earnings per share were 23.0p (March 2006: 20.7p;
September 2006: 137.6p).
Total assets of the group at 31 March 2007 were £21.04m (March 2006: £19.19m;
September 2006: £20.71m) including the company's share of the net assets of
Campmoss of £8.15m (March 2006: £7.16m; September 2006: £7.96m). Net assets as
at 31 March 2007, including our share of Campmoss, totalled £19.86m (March 2006:
£17.72m; September 2006: £19.56m) equivalent to 1,140p per share (March 2006:
1,006p; September 2006: 1,123p).
The group's property portfolio is valued at the end of the financial year and
therefore the figures for the half year are based on values as at 30 September
2006. Gearing for Cardiff was nil (March 2006: nil; Sep 2006: nil) and for
Campmoss 38% (March 2006: 44%; September 2006: 40%).
The investment and development portfolio
----------------------------------------
The group's property portfolio continues to be primarily located in the M4
corridor, namely to the west of London and close to Heathrow Airport.
Residential activities are focused within the counties of Surrey and Berkshire.
The company's core office, retail and business unit investments are located in
Egham, Maidenhead, Windsor and Cardiff.
At the Maidenhead Enterprise Centre, three business units have now been let with
ongoing discussions taking place for two of the three remaining vacant units.
The development, completed last year, includes six business units totalling
14,000 sq ft.
At the Windsor Business Centre refurbishment works for one of the units has
recently been completed and negotiations with a prospective tenant are currently
in hand.
At Egham one of our remaining new homes has been sold whilst the other is in the
process of being marketed for sale or re-letting.
At the White House, Egham, discussions are taking place with one of the shop
tenants for a potential surrender of the existing lease and subsequent
re-letting to a new occupier.
Campmoss Property Company Limited
---------------------------------
Campmoss continues to experience a high level of activity. Although two
commercial properties developed by the group were sold last year, Campmoss
retains freehold high grade office property at Britannia Wharf, Woking, The
Priory, Burnham, Clivemont House, Maidenhead and business units at Brickfields,
Bracknell. Retail and office properties at Market Street, Bracknell and Tangley
Place, Worplesdon, remain the subject of planning applications where detailed
discussions continue to take place with the relevant local authority.
At Highway House, Maidenhead, planning permission has been granted for a new
high grade headquarters office building totalling 45,000 sq ft. Agents have been
appointed to seek either a pre-letting or freehold sale of the proposed
building. Detailed plans and the development programme are currently being
finalised.
At Datchet Meadows, Slough, planning permission has been granted for a total of
35 residential units, an increase of 11 units over our previously achieved
permission. Development of this prestigious apartment block is expected to
commence shortly.
At Brickfields, Bracknell, two vacant business units have undergone specific
improvement works and are currently being marketed for re-letting.
Shareholders dealing facility
-----------------------------
The share dealing facility provided by the company's registrar Computershare
Investor Services Plc has been extended. Computershare can be contacted on 0870
703 0084.
Outlook
-------
An improvement in the take up of new office space in the M4 corridor is forecast
for the latter part of 2007. This is important to the investment market which
remains strong. Increasing interest rates, together with additional supply, is
likely to prompt a slow down in the market but the continuing availability of
substantial investment funds should underpin current values.
No acquisitions of property were completed in the first half of the year. A
number of potential development projects were appraised but did not meet your
directors' objectives.
During the first half of the year the group achieved two important planning
permissions which will result in a sizeable office and residential development
programme over the next twelve to eighteen months. The successful re-letting of
the group's vacant business and office units, as referred to earlier, are
important to the group and I look forward to reporting on this and further
progress at the end of the financial year.
J Richard Wollenberg
Chairman
26 April 2007
Consolidated Income Statement
FOR THE SIX MONTHS ENDED 31 MARCH 2007
Six months Six months Year
31 March 31 March 30 September
2007 2006 2006
(Unaudited) (Unaudited) (Audited)
£'000 £'000 £'000
Revenue 433 259 2,442
Cost of sales (189) (19) (1,467)
______ ______ ______
Gross profit 244 240 975
Administrative expenses (253) (243) (493)
Other operating income 120 209 337
______ ______ ______
Operating profit before gains on
investment properties and other
investments 111 206 819
Profit on sale of investment
property - - 139
Profit on sale of other investments - - 34
Surplus on revaluation of investment
properties - - 391
______ ______ ______
Operating profit 111 206 1,383
Financing:
Interest receivable and similar
income 161 78 203
Share of results of jointly
controlled entity 192 168 963
______ ______ ______
Profit before taxation 464 452 2,549
Taxation (63) (85) (121)
______ ______ ______
Profit for the period attributable
to equity holders 401 367 2,428
______ ______ ______
Earnings per share on profit for the
period - pence
Basic 23.0 20.7 137.6
Diluted 22.8 20.6 136.4
______ ______ ______
Dividends
Final 2006 paid 7.3p (2005: 6.5p) 127 115 115
Interim 2006 paid 2.75p - - 48
______ ______ ______
127 115 163
______ ______ ______
Final 2006 proposed 7.3p - - 127
Interim 2007 proposed 3p (2006: 52 48 -
2.75p)
______ ______ ______
52 48 127
______ ______ ______
The above results relate entirely to continuing activities. There were no
acquisitions or disposals of businesses during the period.
Consolidated Balance Sheet
AT 31 MARCH 2007
31 March 31 March 30 September
2007 2006 2006
(Unaudited) (Unaudited) (Audited)
£'000 £'000 £'000
Non-current assets
Investment properties 5,738 5,576 5,730
Investment in jointly controlled entity 8,151 7,164 7,959
Property, plant and equipment 3 3 4
Other financial assets 357 393 357
Deferred tax asset 37 112 37
______ ______ _______
Total non-current assets 14,286 13,248 14,087
______ ______ _______
Current assets
Stock and work in progress 992 2,701 1,132
Trade and other receivables 1,545 138 1,497
Cash and cash equivalents 4,219 3,101 3,990
______ ______ _______
Total current assets 6,756 5,940 6,619
______ ______ _______
Total assets 21,042 19,188 20,706
______ ______ _______
Current liabilities
Corporation tax (384) (192) (316)
Trade and other payables (422) (496) (447)
______ ______ ______
Total current liabilities (806) (688) (763)
______ ______ ______
Non-current liabilities
Provisions (115) (270) (115)
Deferred tax liability (266) (515) (272)
______ ______ ______
Total non-current liabilities (381) (785) (387)
______ ______ ______
Total liabilities (1,187) (1,473) (1,150)
______ ______ ______
Net assets 19,855 17,715 19,556
______ ______ ______
Capital and reserves
Called up share capital 348 352 348
Share premium account 4,946 4,946 4,946
Other reserves 2,299 2,295 2,299
Revaluation reserve 4,892 3,990 4,892
Retained earnings 7,370 6,132 7,071
______ ______ ______
Shareholders' funds attributable to 19,855 17,715 19,556
equity holders ______ ______ ______
Net assets per share 1,140p 1,006p 1,123p
______ ______ ______
Consolidated Cash Flow Statement
FOR THE SIX MONTHS ENDED 31 MARCH 2007
Six months Six months Year
31 March 31 March 30 September
2007 2006 2006
(Unaudited) (Unaudited) (Audited)
£'000 £'000 £'000
Cash flows from operating activities
Profit for the period 401 367 2,428
Adjustments for:
Depreciation, amortisation and
impairment 1 1 3
Financial income (161) (78) (203)
Share of profit of jointly controlled
entity (192) (217) (963)
Profit on sale of investment property - - (139)
Profit on sale of other investments - - (34)
Surplus on revaluation of investment
properties - - (391)
Equity settled share-based payment
expenses 25 25 50
Taxation 63 134 121
Decrease in provisions - - (162)
______ ______ ______
Cash flows from operations before
changes in working capital 137 232 710
Decrease in stock 140 - 1,569
(Increase)/decrease in trade and
other receivables (34) 74 (1,283)
(Decrease) in trade and other
payables (27) (170) (212)
______ ______ ______
Cash generated from operations 216 136 784
Tax paid - - (81)
______ ______ ______
Net cash flows from operating
activities 216 136 703
______ ______ ______
Cash flows from investing activities
Interest received 148 85 209
Acquisition of property, investments
and plant and equipment (9) (223) (238)
Proceeds of disposals of property,
investments and plant and equipment 1 - 458
______ ______ ______
Net cash flows from investing
activities 140 (138) 429
______ ______ ______
Cash flows from financing activities
Purchase of own shares - (138) (335)
Dividends paid (127) (115) (163)
______ ______ ______
Net cash flows from financing
activities (127) (253) (498)
______ ______ ______
Net increase/(decrease) in cash and
cash equivalents 229 (255) 634
Cash and cash equivalents at
beginning of period 3,990 3,356 3,356
______ ______ ______
Cash and cash equivalents at end of
period 4,219 3,101 3,990
______ ______ ______
Other Primary Statements
FOR THE SIX MONTHS ENDED 31 MARCH 2007
Consolidated statement of changes in equity
Six months Six months Year
31 March 31 March 30 September
2007 2006 2006
(Unaudited) (Unaudited) (Audited)
£'000 £'000 £'000
Opening shareholders' funds 19,556 17,576 17,576
Own shares purchased - (138) (335)
Fair value of share options
granted 25 25 50
Profit for the period 401 367 2,428
Dividends (127) (115) (163)
______ ______ ______
Closing shareholders' funds 19,855 17,715 19,556
______ ______ ______
Notes to the Financial Statements
FOR THE SIX MONTHS ENDED 31 MARCH 2007
1. International Financial Reporting Standards
The consolidated results for the six months ended 31 March 2007 have been
prepared using applicable International Financial Reporting Standards adopted by
the European Union ('IFRS'), which includes International Accounting Standards
('IAS') and interpretations issued by the International Accounting Standards
Board ('IASB') and its committees, which are expected to be endorsed by the
European Union. The unaudited interim financial information has been prepared in
accordance with the Listing Rules of the Financial Services Authority. The
results, which were approved by the board on 26 April 2007, are prepared by the
group on the same basis as for the year ended 30 September 2006, are unaudited
and do not comprise statutory accounts within the meaning of section 240 of the
Companies Act 1985.
The comparative figures for the financial year ended 30 September 2006 are
extracted from the statutory financial statements for that year which have been
filed with the Registrar of Companies and on which the auditor gave an
unqualified report, without any statement under section 237 (2) or (3) of the
Companies Act 1985.
2. Accounting policies
Basis of preparation
--------------------
The following principal accounting policies have been applied consistently in
dealing with items which are considered material in relation to the group's
financial statements. The financial statements have been prepared on the
historical cost basis except that the following assets and liabilities are
stated at their fair value: financial instruments classified as available for
sale; and investment properties. These accounting policies have been applied
consistently across the group for the purposes of these consolidated financial
statements.
Basis of consolidation
----------------------
The group's financial statements include the financial statements of the company
and its subsidiaries and jointly controlled entity made up to 31 March 2007.
Subsidiary companies are those entities under the control of the company, where
control means the power to govern the financial and operating policies of the
entity so as to obtain benefit from its activities. The results of subsidiary
undertakings acquired or disposed of in the year are included in the
consolidated income statement from the date control is obtained or up to the
date when control is lost. Intra-group transactions are eliminated on
consolidation.
A jointly controlled entity is one in which the group has a long term interest
and over which it exercises joint control. The group's investment in the jointly
controlled entity is accounted for using the equity method, hence the group's
share of the gains and losses of the jointly controlled entity is included in
the consolidated income statement and its interest in the net assets is included
in investments in the consolidated balance sheet.
Goodwill
--------
Goodwill represents amounts arising on acquisition of subsidiaries and jointly
controlled entities. Goodwill represents the difference between the cost of the
acquisition and the fair value of the assets, liabilities and contingent
liabilities acquired. Identifiable assets include intangible assets which can be
sold separately or which arise from legal rights regardless of whether those
rights are separable.
Goodwill is stated at cost less any accumulated impairment losses. Goodwill is
allocated to cash-generating units and is not amortised but is tested annually
at the balance sheet date for impairment. In respect of associates and jointly
controlled entities, the carrying amount of goodwill is included in the carrying
amount of the investment in that associate or jointly controlled entity.
Impairment
The annual impairment review involves comparing the carrying amount to the
estimated recoverable amount (by allocating the goodwill to cash-generating
units) and recognising an impairment loss, if the recoverable amount is lower.
Impairment losses are recognised through the income statement.
Investment properties
---------------------
Investment properties are properties which are held either to earn rental income
or for capital appreciation or both. Investment properties are stated at fair
values which are based on market values.
Design, construction and management expenses together with interest incurred in
respect of investment properties in the course of development are capitalised
until the building is effectively completed and available for letting along with
the costs directly attributable to the initial letting of newly developed
properties. Thereafter they are charged to the income statement. Whilst under
development such properties are classified as assets in the course of
construction and any accumulated revaluation surpluses or deficits are
recognised in the income statement. These properties are revalued at the year
end and surpluses or deficits recognised in the income statement.
An external, independent valuer, having an appropriate recognised professional
qualification and recent experience in the location and category of property
being valued, values the company portfolio each year. The directors of the
jointly controlled entity value its portfolio each year; such valuation takes
into account yields on similar properties in the area, vacant space and covenant
strength.
Property, plant and equipment and depreciation
----------------------------------------------
Property and plant and equipment are stated at cost less accumulated
depreciation and impairment losses.
Provision is made for depreciation on property, plant and equipment so as to
write off their cost less the estimated residual value on a straight line basis
over their expected useful lives as follows:
• motor vehicles - 4 years; and
• fixtures, fittings and equipment - 4 years.
Impairment
----------
The carrying amounts of the group's assets, other than investment properties
measured at fair value, are reviewed at each balance sheet date to determine
whether there is any indication of impairment. If any such indication exists,
the asset's recoverable amount is estimated and an impairment loss recognised
where the recoverable amount is less than the carrying value of the asset.
Stocks and work in progress
---------------------------
Stocks, being properties under development intended for resale, are stated at
the lower of cost, including attributable overheads, and net realisable value.
Revenue
-------
Revenue consists of rental income, earned under operating leases granted, from
properties held for investment purposes, together with the proceeds from the
sale of development properties. Rental income is recognised in the income
statement on a straight-line basis over the total lease period. Payments due on
early terminations of lease agreements are recognised in the income statement
within revenue.
Proceeds from the sale of investment properties are not included in revenue, but
in profit on sale of investment property. The profit or loss on disposal is
calculated with reference to the carrying amount in the balance sheet. Purchases
and sales of investment properties are accounted for when exchanged contracts
become unconditional.
Financial assets
----------------
Investments in equity securities are classified as assets available for sale and
are stated at fair value with any resultant gain or loss being recognised
directly in equity except for any impairment loss. When these investments are
derecognised, the cumulative gain or loss previously recognised directly in
equity is recognised in the income statement.
Trade and other receivables
---------------------------
Trade and other receivables are stated at their historic cost (discounted if
material) less impairment.
Cash and cash equivalents
-------------------------
Cash and cash equivalents comprise cash balances and call deposits. Bank
overdrafts that are repayable on demand and form an integral part of the group's
cash management, are included as a component of cash and cash equivalents for
the purpose only of the statement of cash flows.
Share based payments
--------------------
The share option programme allows group employees to acquire shares of the
parent company; these awards are granted by the parent. The fair value of
options granted is recognised as an employee expense with a corresponding
increase in equity. The fair value is measured at the date of grant and spread
over the period during which the employees become unconditionally entitled to
the options using an option valuation model, taking into account the terms and
conditions upon which options were granted. The amount recognised as an expense
is adjusted to reflect the actual number of share options that vest except where
forfeiture is due only to share prices not achieving the threshold for vesting.
Dividends
---------
Dividends are recognised as a liability in the period in which they are
approved.
Provisions
----------
A provision is recognised in the balance sheet when the group has a present
legal or constructive obligation as a result of a past event and it is probable
that an outflow of economic benefit will be required to settle the obligation.
If the effect is material, provisions are determined by discounting the expected
future cash flows at a pre-tax rate that reflects current market assessments of
the time value of money and, where appropriate, the risks specific to the
liability.
Taxation
--------
Tax on the profit or loss for the year comprises current and deferred tax. Tax
is recognised in the income statement except to the extent that it relates to
items recognised directly in equity, in which case it is recognised in equity.
Current tax is expected tax payable on the taxable income for the year, using
tax rates enacted or substantively enacted at the balance sheet date and any
adjustment to tax payable in respect of previous years.
Deferred tax is provided on temporary differences between the carrying amounts
of assets and liabilities for financial reporting purposes and the amounts used
for taxation purposes. The following temporary differences are not provided for:
the initial recognition of goodwill; the initial recognition of assets or
liabilities that affect neither accounting nor taxable profit other than in a
business combination; and differences relating to investments in subsidiaries to
the extent that they will probably not reverse in the foreseeable future. The
amount of deferred tax provided is based on the expected manner of realisation
or settlement of the carrying amount of assets and liabilities, using tax rates
enacted or substantively enacted at the balance sheet date.
A deferred tax asset is recognised only to the extent that it is probable that
future taxable profits will be available against which the asset can be
utilised.
Adopted IFRS not yet applied
----------------------------
There are a number of new Standards, Amendments to Standards and Interpretations
which are mandatory for the year ending 30 September 2007. In most cases, these
new requirements are not relevant to the group. This is the case for the
Amendments to IAS 39, IAS 21 and IFRS 4, to the new Standard IFRS 6 and to the
new Interpretations IFRIC 5 and IFRIC 6. In accordance with IFRIC 4 'Determining
whether an arrangement contains a lease', the group has reviewed its
arrangements to ascertain whether any of them effectively contain a lease
resulting in the group being a lessor or lessee. No changes to the accounting
treatments of the group's arrangements have been necessary.
The following new Standards and Interpretations have been issued but are not
effective for the year ended 30 September 2007 and have not been adopted early:
• IFRS 7 - financial instruments: disclosure (applicable for years
commencing on or after 1 January 2007); and
• IFRIC 7, IFRIC 8, IFRIC 9 and IFRIC 10.
3. Analysis of revenue and profit before tax
Six months Six months Year
31 March 31 March 30 September
2007 2006 2006
(Unaudited) (Unaudited) (Audited)
£'000 £'000 £'000
Revenue (wholly in the United Kingdom)
Property and other investments being
gross rents receivable 237 259 515
Property development being sale of
development properties 196 - 1,927
______ ______ ______
433 259 2,442
______ ______ ______
Profit before taxation
Property and other investment 413 353 1,886
Property development 51 99 663
______ ______ ______
464 452 2,549
______ ______ ______
4. Taxation
The tax position for the six months is estimated on the basis of the anticipated
tax rates applying for the full year.
5. Dividends
The interim dividend of 3p per share will be paid on 6 July 2007 to shareholders
on the register on 8 June 2007. Under accounting standards this dividend is not
included in the consolidated financial statements for the six months ended 31
March 2007.
6. Earnings per share
Earnings per share has been calculated using the profit after tax for the period
of £401,000 (six months to 31 March 2006: £367,000; year to 30 September 2006:
£2,428,000) and the weighted average number of shares as follows:
Weighted average number of shares
31 March 31 March 30 September
2007 2006 2006
Basic 1,741,080 1,773,234 1,763,962
Adjustment to basic for bonus element
of shares to be issued on exercise
of options 18,114 7,920 16,046
_________ _________ _________
Diluted 1,759,194 1,781,154 1,780,008
_________ _________ _________
Copies of the Interim Report will be posted to shareholders shortly, and will be
available at: www.cardiff-property.com
Directors and Advisers
Directors Auditor
J Richard Wollenberg, KPMG Audit Plc
Chairman and chief executive
David A Whitaker FCA
Finance director Stockbrokers and financial advisers
Nigel D Jamieson BSc, MRICS, FSI, Arbuthnot Securities Limited
Independent non-executive director
Secretary Bankers
David A Whitaker FCA HSBC Bank plc
Non-executive director of wholly owned Solicitors
subsidiary
First Choice Estates plc Charles Russell
Derek M Joseph BCom, FCIS, MSII Morgan Cole
Head office Registrar and transfer office
56 Station Road Computershare Investor Services PLC
Egham PO Box 82
Surrey TW20 9LF The Pavilions
Telephone: 01784 437444 Bridgwater Road
Fax: 01784 439157 Bristol BS99 7NH
E-mail: webmaster@cardiff-property.com Telephone: 0870 702 0001
Web: www.cardiff-property.com Dealing line: 0870 703 0084
Registered office Registered number
Marlborough House 22705
Fitzalan Court
Fitzalan Road
Cardiff CF24 0TE
Financial Calendar
2007 27 April Interim results for 2007 announced
6 June Ex dividend date for interim dividend
8 June Record date for interim dividend
6 July Interim dividend to be paid
30 September End of accounting year
December Final results for 2007 announced
2008 January Annual general meeting
February Final dividend to be paid
This information is provided by RNS
The company news service from the London Stock Exchange