Final Results

RNS Number : 6985Z

Driver Group plc

19 January 2011

 



DRV

19 January 2011

DRIVER GROUP PLC

("Driver" or "the Group")

Preliminary Results

For the Year to 30 September 2010

Driver provides specialist commercial & dispute resolution

services to the construction and engineering industries.

	2010 £000	2009 £000	Change
Revenue	16,415	20,539	(20%)
Gross Profit %	23.2%	26.9%	(3.7%)
Underlying* (loss)/profit before tax	(430)	1,279	(1,709)
Exceptional items and share-based payment charge	(379)	(227)	(152)
(Loss)/Profit before tax	(809)	1,052	(1,861)
(Loss)/Profit after tax	(663)	776	(1,439)
Basic (loss)/earnings per share	(2.7p)	3.2p	(5.9p)
Underlying* (loss)/Earnings per share	(1.2p)	4.1p	(5.3p)
Total Dividend per share	Nil	2.0p	(2.0p)
Net borrowings at year end	(459)	(164)	(295)
Access to available funds**	1,653	3,662	(2,009)
Total Equity	6,309	7,140	(11.6%)

Key Points

§ 2010 represented a year of strategic investment in developing new territories and services to re-position the business for 2011 and beyond

§ Results reflect significant downturn in UK market, downturn in Abu Dhabi construction market and reduced expert services work in Oman

§ Strategic investment made in the year to broaden services and develop internationally:

-      Opened office and commenced trading in Africa on four significant projects with substantial international organisations

-      Opened office and commenced trading in Qatar on a number of smaller assignments

-      Acquired a consulting practice in Dubai in November 2009 and increased expert services work in Dubai

-      Recruited team to provide Strategic Project Management services and secured assignment on a major industrial development

-      Recruited a business managing director to develop power and process markets in UK securing two new major clients

§ Continued focus on reducing staff and other operating costs to align with revenues

Steve Driver, Executive Chairman of Driver, commenting on the results said:

"This year has been the biggest challenge in the Group's history as we invested money and energy in developing new territories and services whilst managing the effects of declining construction markets in the UK and Middle East. The net effect is that, although the Group's trading is down 20% and it has made a loss in the year, it is now positioned with new initiatives aimed at providing growth to counter any further decline in our previous traditional construction markets".

*Underlying figures are stated before the share-based payment charge and exceptional items (note 5)

** Available funds include net undrawn bank facilities plus other cash balances

Enquiries:

Driver Group plc		Steve Driver, Executive Chairman		T: 01706 223 999
		Dave Webster, Chief Executive Officer
W H Ireland Limited (Nomad)		John Wakefield		T: 0117 945 3470

CHAIRMAN'S STATEMENT

Introduction

This year has been the biggest challenge in the Group's history as we invested money and energy in developing new territories and services whilst managing the effects of declining construction markets in the UK and Middle East. The net effect is that, although the Group's trading is down 20% and it has made a loss in the year, it is now positioned with new initiatives aimed at providing growth to counter any further decline in our previous traditional construction markets.

Financial results

Revenue over the 12 months to 30 September 2010 reduced by 20% to £16.4m (2009: £20.5m) primarily as a result of a decline in the UK construction market. Underlying* profit before taxation fell by £1.7m to a loss of £0.4m (2009: £1.3m profit). Underlying* loss per share was 1.2 pence (2009: earnings per share 4.1 pence).  Reported loss per share was 2.7 pence (2009: earnings per share 3.2 pence).  The underlying* loss for the year includes the net effect of planned revenue investment in Africa (£0.13m), Qatar (£0.08m) and Power and Process (£0.15m). Excluding the impact of these investments the underlying* loss for the year would be £0.1m.

The Group's net borrowing position at the end of the year stood at £0.5m (2009: net borrowings of £0.2m) with the net cash outflow from operating activities of £0.5m (2009: inflow of £1.0m) being mitigated by the sale of the Group's Edinburgh office which realised proceeds of £0.6m. Net funds available to the Group (including unutilised borrowing facilities) at 30 September 2010 were £1.7m (2009: £3.7m).

Dividend

In view of the trading loss and cash outflow in the year the Board does not propose a final dividend for 2010 (2009: 1.00p per share) and therefore there is no dividend for the year (2009: 2.00p).

Trading overview

The trading environment has been very challenging reflecting the adverse economic conditions affecting the UK construction market and to a lesser extent the Middle East market.

Trading in Europe which accounted for 66% of Group revenue in 2010 was down 28% on 2009 revenues. The international business operated out of the UK predominantly servicing large European clients continued at levels similar to 2009. Whilst new work was secured in the power and process sectors in the UK this was offset by reductions in the general construction sector. UK revenues reduced dramatically in the year from live construction projects and latterly a reduction in expert witness assignments.

In the Middle East trading accounted for 31% of Group revenue in 2010 and was down 9% on 2009. Oman continued to provide good returns albeit at lower levels than 2009 but Abu Dhabi reduced dramatically in the second half of the year into a loss making position as the construction market declined and clients opted to recruit in-house resource. Dubai benefited from expert witness assignments during the middle half of the year and generally had an acceptable underlying level of consultancy work. We opened an office in Qatar and commenced trading on a number of smaller assignments.

We also opened an office in Africa (Johannesburg) and secured four prestigious projects in the year.

Board changes

During the course of the year there have been a number of changes to the Board. On 28 April 2010 Bob Parfitt left the Group following a period of ill health. On 1 August 2010, we were pleased to welcome Damien McDonald to the Board as Group Finance Director taking over the position from Colin White who resigned from the Board on 31 July 2010. On 1 October 2010, we were pleased to welcome Gary Turner to the Board as an additional Non-Executive Director.

The composition of the Board has been under review during the course of the year, and to date, with consideration being given to the current trading performance, the short to medium term strategy given the current market conditions, retirement planning of Non-Executive Directors and the aspirations of current and potential Executive Directors. Various possibilities were considered with the key aim of ensuring that the constitution of the Board reflects these considerations whilst reducing the cost burden on the Group.

Having been involved at executive level in the business for more than 20 years I have taken the decision that it is now time for me to move from the role of Executive Chairman to that of Non-Executive Director and consultant for the Group. Michael Davis is to retire from his role, as planned, and Keith Kirkwood will also step down from the Board. These moves will take effect as of the Annual General Meeting to be held on 1 March 2011 and I would like to thank Michael and Keith for their commitment and contributions to the Group during their time with us.

We are in the process of appointing a Non-Executive Chairman with a proven track record of strong and proactive business leadership which we consider is needed to assist in returning the Group to sustainable profitable growth. This appointment will be announced when terms are concluded which is expected to be 1 March 2011 and I will continue as Executive Chairman until that appointment.

Remuneration for the Non-Executive Chairman is likely to be on a performance basis so as to attract the appropriate level of expertise and so as not to commit the Group to further underlying costs until a return to sustainable profit levels is achieved. This together with the other changes significantly reduces the costs of the Group Board.

Outlook

Last year was a year of strategic investment aimed at broadening the services, sectors and locations of the Group.  We see the coming year as one of consolidation with no intentions to make similar investments. We can see opportunities for growth in Qatar and Africa and in the power and process sector in the UK but do not anticipate this will cover the continued downturn we envisage in the live construction markets of the UK and Middle East. We also see a growing level of enquiry for our expert and litigation support services on large scale international disputes serviced from the UK. We therefore expect this coming year to be one of consolidation with growth from the initiatives put in place last year and tight cost control in the challenging UK and UAE construction markets.

Steve Driver

Executive Chairman

*Underlying figures are stated before the share-based payment charge and exceptional items (note 5)

CHIEF EXECUTIVE'S REPORT

Introduction

In my 2009 report I stated that whilst growth was expected in our expert witness and litigation support services both in the UK and Middle East this would not offset the continued decline in our services to the live construction and engineering sectors. We embarked on a longer term plan, investing £1m to position the Group as a global construction consultancy expanding into Africa, increasing our Middle East operations in Qatar and developing a broader consultancy offering through strategic project management and developing the power and process sector in the UK. Hence the year was to be one of strategic investment seeking growth through new territories whilst managing the effects of a challenging and declining construction market.

In line with the investment plan we have commenced trading in Africa and Qatar and recruited senior staff to establish a strategic project management offering and develop our services in the power and process sector. This action contributed to the Group reporting a loss in the financial year but we are now placed to generate growth in the coming years whereas we would otherwise be in a shrinking and tightening market place until the construction industry in the UK and Middle East comes out of recession.

Primarily as a result of the decline in the UK construction market and to a lesser extent the Middle East market, revenue was down £4.1m in the year or 20% to £16.4m. As a consequence during the course of the year salary reductions and general cost reduction measures were implemented across the businesses and unallocated / corporate expenses (excluding exceptional items and the share based payment charge) have been reduced in the year by £0.3m or 17%.

The business is managed through the three regions in which we trade: Europe, Middle East and Africa.

Europe

This region has seen revenues fall by £4.1m or 28% to £10.8m in the year as a result of a significant decline in the UK construction market that has not been offset by the anticipated increase in expert witness and litigation support services. Profits were down at 7.7% of revenue (2009: 12.6%). Whilst the charge out rates did not come under any undue pressure the mix of staff required by our clients changed as they required greater integration of their staff in lieu of our junior staff. As a consequence of this general downturn, measures were implemented during the course of the year to reduce remuneration and staff numbers to a level appropriate to the volume of work being undertaken and the margins achievable. The investment in a new managing director for our Project Services business did generate new clients and revenues in the power and process sector which partially off-set a reduction in the general construction sector of the business. The International business operating out of the UK primarily providing services to large mainland European clients traded at levels similar to those of 2009.

Middle East

This region has also seen revenues fall by £0.5m or 9% in the year to £5.1m (2009: £5.6m) as a result of a declining construction market in the UAE not being sufficiently offset by increases in expert witness and litigation support services in the region and no material expert witness work in Oman. Profits were also down £0.7m to 5.1% of revenue (2009: 17.4%). Oman is the largest office in the region and its trading was significantly down on 2009 due to the level of expert witness work undertaken in the office being less than in 2009. However the office returned a respectable profit of 17.2% (2009: 34%) on its underlying business. Dubai was also profitable with an acceptable level of trading on consultancy work that was enhanced by expert witness work in the middle half of the year and the acquisition of DGA Associates in November 2009. Abu Dhabi experienced a significant reduction in workload in the second half of the year resulting in a loss overall as the construction market reduced and competition increased due to clients employing more staff in-house and taking advantage of an overload of staff coming to the market from Abu Dhabi and Dubai. The UAE operations will therefore be restructured in the current year. As planned, we invested in the year on opening an office in Qatar which allowed us to secure work on some smaller projects but with a net loss to the business of £0.08m. Trading in Qatar was restricted due to the extended time taken in securing the necessary trading licence until after the year end.

Africa

As part of our strategy to broaden our services and territories we commenced trading in Africa with revenues of £0.5m in the year through assignments on three prestigious projects providing three different services (expert, consultancy and strategic project management). A fourth assignment on an expert services commission was also secured in the year and trading commenced following the year end. Losses in the region of £0.13m materialised as a result of the costs of set up.

Outlook

Last year was a period of strategic investment; this coming year is one of consolidation. The additional services we seek to offer have senior management in place to provide them and we have new offices and licences in place for operations in Africa and Qatar.  There is no intention to make further investments of this nature in the coming year. Last year and first quarter trading for this year provide optimism that these new initiatives will generate growth in these areas this coming year. In Africa we continue to generate a high level of enquiries for work on major infrastructure projects. In Qatar we are now ideally placed, with a secured trading licence, for the high level of construction spend anticipated over the medium term as a result of the World Cup award for 2022. We also see growth coming from the level of enquiry we are experiencing for expert and litigation support services on large international disputes administered out of the UK. These areas of growth are to be set against an expected continued decline in the UK and UAE construction markets.

At the end of the first quarter we have an encouraging level of budgeted revenue allocated on secured assignments and a strong pipeline of outstanding proposals and target projects/clients. Regions with particularly strong secured assignments and pipelines are International (operated out of the UK) and Oman.

We currently have visibility for the first quarter trading and this is in line with management expectations.  However, these expectations show the business will incur losses in the first quarter and the interim results will show a loss for the half year.

The coming year therefore continues to be challenging and one in which we shall strive to maximise growth through the new initiatives put in place last year and the high level of expert witness and litigation support enquiries balanced by tight control of the costs associated with the businesses affected by the live construction markets of the UK and UAE.

Dave Webster

Chief Executive Officer

CONSOLIDATED INCOME STATEMENT

FOR THE YEAR ENDED 30 SEPTEMBER 2010

	Notes	2010 £000	2009(1)      £000
REVENUE	4	16,415	20,539
Cost of Sales		(12,607)	(15,011)
GROSS PROFIT		3,808	5,528
Administrative expenses		(4,736)	(4,605)
Other operating income		135	146
Operating (loss) / profit before share-based payment charge and exceptional items		(414)	1,296
Exceptional items	5	(291)	(168)
Share-based payment charge		(88)	(59)
OPERATING (LOSS) / PROFIT	3	(793)	1,069
Finance income		-	13
Finance costs		(16)	(30)
(LOSS) / PROFIT BEFORE TAXATION		(809)	1,052
Tax credit / (expense)		146	(276)
(LOSS) / PROFIT FOR THE YEAR		(663)	776
Profit / (Loss) attributable to non-controlling interests		4	(5)
(Loss) / Profit attributable to equity shareholders of the parent		(667)	781
		(663)	776
Basic (loss) / earnings per share (pence)	2	(2.7)p	3.2
Diluted (loss) / earnings per share (pence)	2	(2.7)p	3.2

⁽¹⁾  2009 has been restated to reclassify £399,000 of direct staff expense claims from administrative expenses to direct costs as they relate to direct costs associated with fee earners.  This classification is consistent with the current year.

The result for the current and the prior year arises from the Group's continuing operations.

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

FOR THE YEAR ENDED 30 SEPTEMBER 2010

	2010	2009
	£000	£000
(LOSS) / PROFIT FOR THE YEAR	(663)	776
Other comprehensive income:
Exchange differences on translating foreign operations	(15)	(24)
Deferred tax credit on property revaluation	12	9
Other comprehensive income for the year net of tax	(3)	(15)
TOTAL COMPREHENSIVE INCOME FOR THE YEAR	(666)	761
Total comprehensive income attributable to:
Owners of the parent	(670)	766
Non-controlling interest	4	(5)
	(666)	761

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

AT 30 SEPTEMBER 2010

Company Number 3475146

	2010			2009
	£000	£000		£000	£000
NON-CURRENT ASSETS
Goodwill	2,356			2,356
Property, plant and equipment	2,323			3,173
Deferred tax asset	-			52
		4,679			5,581
CURRENT ASSETS
Trade and other receivables	4,014			4,539
Cash and cash equivalents	804			687
Current tax receivable	198			-
		5,016			5,226
TOTAL ASSETS		9,695			10,807
CURRENT LIABLITIES
Borrowings	(15)			(13)
Trade and other payables	(1,866)			(2,391)
Current tax payable	-			(133)
		(1,881)			(2,537)
NON-CURRENT LIABILITIES
Borrowings	(1,248)			(838)
Deferred tax liabilities	(257)			(292)
		(1,505)			(1,130)
TOTAL LIABILITIES		(3,386)			(3,667)
NET ASSETS		6,309			7,140
SHAREHOLDERS' EQUITY
Share capital		106			106
Share premium		2,649			2,649
Merger reserve		1,493			1,493
Translation reserve		(39)			(24)
Capital redemption reserve		18			18
Retained earnings		3,320			4,134
Own shares		(1,242)			(1,242)
TOTAL SHAREHOLDERS' EQUITY		6,305			7,134
NON-CONTROLLING INTEREST		4			6
TOTAL EQUITY		6,309			7,140

CONSOLIDATED CASHFLOW STATEMENT

FOR THE YEAR ENDED 30 SEPTEMBER 2010

	2010 £000		2009      £000
CASH FLOWS FROM OPERATING ACTIVITIES
(Loss) / Profit before taxation
-       Before share-based payment charge and exceptional items	(430)		1,279
-       Exceptional items (note 5)	(291)		(168)
-       Share-based payment charge	(88)		(59)
	(809)		1,052
Adjustments for:
Depreciation	254		216
Exchange adjustments	12		(45)
Impairment loss	122		-
Finance income	-		(13)
Finance costs	16		30
Equity settled share-based payment charge	88		59
OPERATING CASH FLOW BEFORE CHANGES IN WORKING CAPITAL AND PROVISIONS	(317)		1,299
Decrease in trade and other receivables	510		260
(Decrease) / increase in trade and other payables	(525)		11
CASH GENERATED FROM OPERATIONS	(332)		1,570
Tax paid	(156)		(527)
NET CASH (OUTFLOW) / INFLOW FROM OPERATING ACTIVITIES	(488)		1,043
CASH FLOWS FROM INVESTING ACTIVITIES
Interest received	-		13
Acquisition of property, plant and equipment	(126)		(330)
Proceeds from disposal of property	600		-
NET CASH INFLOW / (OUTFLOW) FROM INVESTING ACTIVITIES	474		(317)
CASH FLOWS FROM FINANCING ACTIVITIES
Interest paid	(16)		(30)
Borrowings	412		(368)
Payment of equity dividends	(253)		(740)
NET CASH INFLOW / (OUTFLOW) FROM FINANCING ACTIVITIES	143		(1,138)
Net increase / (decrease) in cash and cash equivalents	129		(412)
Effect of foreign exchange on cash and cash equivalents	(12)		45
Cash and cash equivalents at start of period	687		1,054
CASH AND CASH EQUIVALENTS AT END OF PERIOD	804		687

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 30 SEPTEMBER 2010

	Share capital £'000	Share premium £'000	Merger reserve £'000	Other reserves(1) £'000	Retained earnings £'000	Own shares £'000	Total* £'000	Non-controlling interest £'000	Total Equity £'000
OPENING BALANCE AT 1 OCTOBER 2008	106	2,649	1,493	205	3,838	(1,242)	7,049	11	7,060
Dividends	-	-	-	-	(740)	-	(740)	-	(740)
Share-based payment	-	-	-	-	59	-	59	-	59
Transfer of reserves (2)	-	-	-	(187)	187	-	-	-	-
Profit/(loss) for the year	-	-	-	-	781	-	781	(5)	776
Other comprehensive income for the year	-	-	-	(24)	9	-	(15)	-	(15)
CLOSING BALANCE AT 30 SEPTEMBER 2009	106	2,649	1,493	(6)	4,134	(1,242)	7,134	6	7,140
Dividends	-	-	-	-	(247)	-	(247)	(6)	(253)
Share-based payment	-	-	-	-	88	-	88	-	88
(Loss) / profit for the year	-	-		-	(667)	-	(667)	4	(663)
Other comprehensive income for the year	-	-	-	(15)	12	-	(3)	-	(3)
CLOSING BALANCE AT 30 SEPTEMBER 2010	106	2,649	1,493	(21)	3,320	(1,242)	6,305	4	6,309

*     Total equity attributable to the equity holders of the parent

⁽¹⁾     'Other reserves' combines the translation reserve, capital redemption reserve and other reserves.   

⁽²⁾     The opening balance on the share based payment reserve has been credited to retained earnings.

NOTES

1.        The financial information set out in these Preliminary Results does not constitute the Company's statutory accounts for the year ended 30 September 2010 or the year ended 30 September 2009 but is derived from those accounts.

Statutory accounts for the year ended 30 September 2009 have been delivered to the Registrar of Companies, and those for the year ended 30 September 2010 will be delivered following the Company's Annual General Meeting.  BDO LLP have reported on the 2010 and 2009 accounts.  Their reports were unqualified, did not include references to any matters to which the auditors drew attention by way of emphasis without qualifying their report, and did not contain statements under section 498(2) or 498(3) of the Companies Act 2006.

2.         Earnings per share

Adjusted loss per share before exceptional items and the charge for share-based payments is 1.2p (2009: earnings 4.1p).

The calculation of adjusted loss per share is based on a loss of £288,000 (2009: profit £1,008,000).  The loss after deducting exceptional items and the share-based payment charge is £667,000 (2009: profit £781,000).  The basic and diluted weighted average number of shares in issue for the period was 24,678,771 (2009: 24,678,771).

3.         Segmental analysis

For management purposes, the Group is organised into three operating divisions: Europe, Middle East and Africa.  These divisions are the basis on which the Group is structured and managed, based on its geographic structure.  In each of the divisions the key service provisions are: quantity surveying, planning / programming, quantum and planning experts, dispute avoidance / resolution, litigation support, contract administration, commercial advice / management and strategic project management.

Segment information about these reportable segments is presented below.

Year ended 30 September 2010

			Continuing Operations
	Europe £000	Middle East £000		Africa £000	Eliminations £000		Unallocated(1) £000		Consolidated £000
Total external revenue	10,814	5,083		518	-		-		16,415
Total inter-segment revenue	219	97		-	(316)		-		-
Total revenue	11,033	5,180		518	(316)		-		16,415
Segmental profit / (loss)	889	257		(131)	-		-		1,015
Unallocated corporate expenses(1)	-	-		-	-		(1,429)		(1,429)
Share option charge	-	-		-	-		(88)		(88)
Exceptional items (note 5)	(61)	-		-	-		(230)		(291)
Operating profit / (loss)	828	257		(131)	-		(1,747)		(793)
Finance expense	-	-		-	-		(16)		(16)
Profit / (loss) before taxation	828	257		(131)	-		(1,763)		(809)
Taxation	-	-		-	-		146		146
Profit / (loss) for the year	828	257		(131)	-		(1,617)		(663)
Inter-segment sales are charged at prevailing market rates.
(1)    Unallocated costs represent Directors' remuneration, administration staff, corporate head office costs and expenses associated with AIM.
No client had revenue exceeding 10% of the Group's revenue in the year to 30 September 2010.

Year ended 30 September 2009

			Continuing Operations
	Europe £000	Middle East £000		Africa £000	Eliminations £000		Unallocated £000		Consolidated £000
Total external revenue	14,943	5,596		-	-		-		20,539
Total inter-segment revenue	234	155		-	(389)		-		-
Total revenue	15,177	5,751		-	(389)		-		20,539
Segmental profit	2,044	974		-	-		-		3,018
Unallocated corporate expenses(1)	-	-		-	-		(1,722)		(1,722)
Share option charge	-	-		-	-		(59)		(59)
Exceptional items (note 5)	(168)	-		-	-		-		(168)
Operating profit	1,876	974		-	-		(1,781)		1,069
Finance income	-	-		-	-		13		13
Finance expense	-	-		-	-		(30)		(30)
Profit before taxation	1,876	974		-	-		(1,798)		1,052
Taxation	-	-		-	-		(276)		(276)
Profit for the year	1,876	974		-	-		(2,074)		776
The segmental information for 2009 has been restated to reflect a change in the basis in which information is presented to the chief operating decision maker.  The chief operating decision maker is the Chief Executive Officer.
Inter-segment sales are charged at prevailing market rates.
(1)   Unallocated costs represent Directors' remuneration, administration staff, corporate head office costs and expenses associated with AIM.

In the year to September 2009 revenue from one of the customers of the Driver Consult Middle East segment exceeded 10% of the Group's total revenue with revenue of £2.1m.

4.         Geographical information:

	External revenue by location of customers
	2010 £000	2009 £000
UK	8,872	12,825
UAE	2,572	2,981
Oman	2,359	2,866
South Africa	528	57
Qatar	307	2
Germany	291	372
Nigeria	250	-
Spain	227	-
France	127	594
Canada	118	362
Other Countries	764	480
	16,415	20,539

5.         Exceptional items

	2010 £000		2009 £000
Impairment loss (1)	122		-
Severance costs (2)	169		168
	291		168

⁽¹⁾        During the year the Directors carried out an impairment review in accordance with IAS 36 as a result of specific concerns in relation to the value of one of the Group's fixed assets.  This review identified the need for an impairment charge of £122,000 relating to the Group's Edinburgh freehold property, which has been recognised in the Consolidated Statement of Comprehensive Income.  Subsequent to this review the property was sold for net disposal proceeds of £600,000, with no further loss on disposal arising.  The directors have identified no further evidence of impairment in relation to other Group assets. 

⁽²⁾        Severance costs include redundancy, ex-gratia and other discretionary payments.

6.         Copies of the Annual Report and Financial Statements

The Annual Report and Financial Statements will be sent to shareholders in due course.  Further copies will be available to the public, free of charge at the Company's registered office, 1-3 Norton Folgate, London, E1 6DB and on the Company's website,

www.driver-group.com. 

The Annual General Meeting will be held at Peter House, Oxford Street, Manchester, M1 5AN on Tuesday 1 March 2011 commencing at 3:00pm.

 

END

 

 

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