Interim Results
Diploma PLC
10 May 2004
10 May 2004
DIPLOMA PLC
ANNOUNCEMENT OF INTERIM RESULTS
HALF YEAR ENDED 31 MARCH 2004
Unaudited Audited
Half year ended Half year ended Year ended
31 March 2004 31 March 2003 30 Sept 2003
Turnover £48.0m £36.4m £77.1m
Operating profit before exceptional items
and goodwill amortisation £5.5m £4.4m £9.7m
Profit before tax, exceptional items and
goodwill amortisation £6.0m £4.9m £10.6m
Profit before tax, after exceptional items £9.0m £6.9m £12.7m
Adjusted earnings per share 18.1p 15.0p 32.2p
Basic earnings per share 27.0p 23.8p 42.8p
Dividends per share 6.0p 5.0p 15.0p
• Strong sales and profit growth boosted by contributions from Hawco and
Filcon
• Profit before tax, exceptional items and goodwill amortisation up
22.4% to £6.0m from £4.9m; operating margin of 11.5%
• Exceptional profits of £4.0m realised on the sale of Phase 2 of the
Stamford land
• Exceptional operating costs of £0.7m incurred on restructuring the Hawco
business acquired in July 2003
• Earnings per share, after adjusting for exceptional items and goodwill
amortisation, up 21% at 18.1p; basic earnings per share 27.0p
• Interim dividend up by 1.0p to 6.0p
• Recovery in several markets in the second quarter which is continuing into
the second half of the year
Commenting on the Half Year results, Bruce Thompson, Diploma's Chief Executive
said:
'The contribution from the recent acquisitions has been particularly
encouraging. With signs of a recovery in several markets in which we operate,
the Group should make good progress in 2004.'
For further enquiries please contact:
Bruce Thompson, Chief Executive Officer 020 7638 0934
Nigel Lingwood, Group Finance Director 020 7448 4875
Ian Seaton, Bankside Consultants 020 7444 4157
Heather Salmond, Bankside Consultants 020 7444 4148
Diploma PLC 20 Bunhill Row, London, EC1Y 8UD Telephone: 020 7638 0934
Fax: 020 7638 7651
NOTE TO EDITORS:
Diploma PLC is a specialised international distribution group operating in three
sectors:
Life Sciences - supply of Instrumentation, Consumables and Service to the
research laboratories of the major pharmaceutical and biotechnology companies,
universities and research institutions. Principal companies are Anachem in the
UK and a1-envirotech in Germany.
Seals & Components - a next day delivery service for hydraulic seal kits,
gaskets and cylinder components, supplied to repair and maintenance operations
(RMOs) serving a broad range of mobile machinery aftermarkets. Principal
companies are Hercules Bulldog Sealing Products in North America and FPE in the
UK.
Controls & Interconnect - distributors of specialised wiring, connection and
control devices into a range of technically demanding applications. Principal
companies are IS Rayfast, Clarendon and Hawco in the UK and Sommer and Filcon in
Germany. IS Motorsport, based in the UK, also has a start-up operation in the
US.
Within each of these sectors, the Diploma businesses serve industry segments
with long term growth potential and with the opportunity for sustainable
superior margins through the quality of customer service, depth of technical
support and value adding activities.
Further information on Diploma PLC can be found at www.diplomaplc.com
HALF YEAR REVIEW TO 31 MARCH 2004
In the six months to 31 March 2004, the Group generated strong sales and profit
growth boosted by contributions from Hawco and Filcon, acquired in July and
November 2003 respectively. Before the contribution from these new acquisitions,
the Group generated good sales and operating profit growth in the second quarter
after a relatively slow first quarter.
Sales of the continuing businesses increased by 32% to £48.0m (2003: £36.4m) and
profit before amortisation of goodwill, exceptional items and tax increased 22%
to £6.0m (2003: £4.9m).
After goodwill amortisation and exceptional items, profit before tax increased
by 30% to £9.0m (2003: £6.9m). Exceptional profits of £4.0m were realised on the
sale of Phase 2 of the Stamford land, offset partly by £0.7m of restructuring
costs at Hawco and £0.3m of goodwill amortisation.
Adjusted earnings per share, which are stated after excluding exceptional items
and goodwill amortisation, increased 21% to 18.1 pence compared with 15.0 pence
in the prior year. Basic earnings per share were 27.0 pence (2003: 23.8 pence).
The Directors have declared an increased interim dividend of 6.0 pence per share
(2003: 5.0 pence) payable on 15 June 2004 to shareholders on the register on
21 May 2004.
BUSINESS DEVELOPMENT
The Company's strategy is to invest in Specialised Distribution businesses with
the potential for growth and superior margins in the UK, Continental Europe and
North America. Our efforts are concentrated on building substantial businesses
in the three sectors of Life Sciences, Seals & Components and Controls &
Interconnect. This will be achieved by investment in both organic growth and
acquisitions.
LIFE SCIENCES
The Life Sciences businesses, centred on Anachem, saw sales reduced to £12.4m
from £12.8m in the prior year as the final effects of the a1-biotech
rationalisation worked through. However, improved gross margins and reduced
overheads led to a 5% increase in operating profits.
Within Anachem, Consumables and Service continued to make progress as demand for
newly introduced, specialist pipettes increased. The ergonomically advanced
Ultra single channel pipette and the manual and electronic versions of our
multi-channel pipettes progressed well. There were also further contract gains
for both the Pipettecare and Capital Service teams.
Demand for Anachem's Instrumentation products however, remained weak and there
were few signs of a sustained recovery in demand for general chromatography
equipment in the UK.
The Environmental business continued to generate double digit growth. In
Germany, we are pleased with the strong and focused development of the
a1-envirotech business and in the UK, the range of potent powder enclosures
continued to deliver strong sales growth.
SEALS & COMPONENTS
The Seals & Components businesses increased sales by 7% on a constant currency
basis with a 4% reduction in operating profit. Expressed in sterling terms,
sales were 4% lower than the prior year at £12.8m and operating profits 12%
lower.
Hercules Bulldog Sealing Products delivered 7% sales growth in US dollar terms,
the larger part of this growth coming in the second quarter as recovery in the
US market led to double digit growth. Sales were also boosted by stronger
enquiry and order activity in the international business, with US exports
benefiting from the weaker US dollar. In Canada, a new operation was opened in
Edmonton in March 2004 to take advantage of strengthening demand in Alberta and
the Prairie States.
Operating profits were held back in the first quarter by increased overhead
costs due to learning curve effects in using the newly installed IT system.
Overhead costs are now reducing as staff become more experienced in making use
of the increased capacity and capabilities of the system. The real benefits will
be felt in the future as we build on this firm and expandable infrastructure in
the next phase of growth.
FPE grew sales and operating profits by just over 10% in a UK market which again
started slowly but showed improvement in the second quarter. The range of hard
parts introduced last year, effectively cylinders in kit form, had good sales
success in FPE's existing customer base.
CONTROLS & INTERCONNECT
The Controls & Interconnect businesses more than doubled overall sales to £22.8m
compared with £10.3m last year. The newly acquired businesses, Hawco and Filcon,
contributed £11.0m to this sales growth but the other businesses still grew by
15% compared with the prior year. Operating profits also grew strongly, but less
than the growth in sales due to the lower margins currently generated by the
newly acquired businesses.
The core IS Rayfast business grew sales strongly in the areas of military ground
defence and marine systems. Aerospace sales in the UK matched the strong
performance in the first half of last year. Export activity was also positive
and action taken to improve purchasing and control overhead costs, produced a
strong profit result.
The Motorsport activities, IS Motorsport and Clarendon continued to make
progress in a subdued market, increasing both sales and operating profit. These
results were achieved by offering more value added services (e.g. kitting of
parts for engine builders) and by accessing a broader range of customers below
the upper tiers of Motorsport, particularly in the US.
Sommer continued to grow in a difficult German market, benefiting from its
geographic expansion initiatives. Much of Sommer's success came from the
aggressive acquisition of project work in specialist aerospace and satellite
applications, but there were also signs of modest recovery in the background
commercial business. Filcon, which supplies specialist connectors principally to
defence and aerospace customers in Germany, was acquired in November 2003. This
business will work closely with Sommer and plans are already in place to share a
common facility near Munich and to jointly target regions with strong aerospace
or defence customers.
Hawco, acquired in July 2003, is a distributor of a broad range of
instrumentation and devices used in the measurement and control of temperature
and pressure. During the half year, considerable progress has been achieved in
restructuring the business. The senior management team has now been reorganised
under a newly appointed Managing Director, promoted from within Hawco and a new
Finance Director has been appointed. The logistics operations have been
consolidated into the modern Bolton warehouse and a new lease has been signed
for offices near Guildford, Surrey. This will concentrate all southern based
staff into a single office location and allow the company to dispose of one
freehold and two leasehold properties. This restructuring programme has led to
an exceptional cost of £0.7m which has been charged in the half year. The new
structure will give a simpler and more robust platform for growth and should
lead to a progressive improvement in operating margins, moving towards the Group
average over time.
PROPERTY
In December 2003, the Group successfully disposed of a further 7.9 acres of
Stamford land for development purposes, realising £4.1m cash proceeds, after
expenses. The exceptional profit on this disposal was £4.0m, before taxation. In
February of this year, the Group received outline planning permission for
residential development of the 12.8 acre, former brickwork site in Stamford,
known as Phase 3. Further work is now required on this site before it is
marketed for sale for residential purposes. However, in the Directors' opinion,
the market value of this land, with current planning consent, is likely to be
not less than £5.0m, before expenses and tax.
FINANCE
The lower margins earned by the newly acquired businesses have led to a fall in
the Group's overall operating margin in the period to 11.5%. The restructuring
of the activities in these businesses will be completed in the second half of
the year and should provide a firm foundation to improve operating margins.
The results were adversely impacted by the significant depreciation of the US
dollar against sterling during the first half of the year. This depreciation,
partly offset by a small appreciation in the Euro, led to a net reduction in
sales of £1.3m and in operating profits of £0.1m, against the comparable period
last year.
Operating cash flow in the first half of the year was £4.2m compared with £4.4m
in the comparable period last year. The increased trading activity seen in the
second quarter, together with seasonal factors, led to an increase in working
capital of £1.4m. Interest received of £0.5m remained unchanged from last year.
The sale of Phase 2 of the Stamford land contributed £4.1m, after expenses and
£0.4m was invested in tangible fixed assets. The acquisition of Filcon was
completed in November 2003 for £3.6m cash, including expenses. In addition,
£0.5m was advanced to the Diploma Employee Benefit Trust to provide for the
purchase of ordinary shares in the Company in connection with the Group's Long
Term Incentive Plans.
At 31 March 2004 the Group's cash funds had increased by £0.6m to £29.9m.
BOARD
The Board would again like to record its gratitude and appreciation to Chris
Thomas who retired from the Board at the conclusion of the AGM on 7 January
2004. In over thirty years as Chairman and Chief Executive of the Company, and
in recent years as Non-executive Chairman, he led the Company with great wisdom
and energy. Chris was instrumental in growing this Company to its current market
capitalisation in excess of £100m from a base of £0.5m in 1969; this after
returning substantial cash sums to shareholders in various distributions.
CURRENT TRADING
Our businesses have experienced a recovery in several markets in the second
quarter after a slow start to the financial year and this is continuing into the
second half of the year. In addition, the contribution from recent acquisitions
should assist the Group in making good progress in 2004.
Bruce Thompson
Chief Executive Officer
10 May 2004
GROUP PROFIT AND LOSS ACCOUNT
for the Half Year ended 31 March 2004
Unaudited Unaudited Audited
31 March 2004 31 March 2003
Before Goodwill Before Goodwill Year ended
goodwill and goodwill and 30 Sept
and exceptional and exceptional 2003
exceptional items exceptional items
items (note 3) Total items (note 3) Total Total
£m £m £m £m £m £m £m
Turnover (note 2)
Continuing operations 45.7 45.7 36.4 36.4 77.1
Acquisitions 2.3 2.3 - - -
48.0 48.0 36.4 36.4 77.1
Discontinued operations - - 0.6 0.6 0.6
48.0 48.0 37.0 37.0 77.7
Operating profit (note 2,3)
Continuing operations 5.2 (0.9) 4.3 4.4 (0.2) 4.2 8.7
Acquisitions 0.3 (0.1) 0.2 - - - -
5.5 (1.0) 4.5 4.4 (0.2) 4.2 8.7
Discontinued operations - - - - - - -
5.5 (1.0) 4.5 4.4 (0.2) 4.2 8.7
Non-Operating items (note 3)
Continuing operations -
Profit on disposal of fixed assets - 4.0 4.0 - 2.2 2.2 3.1
5.5 3.0 8.5 4.4 2.0 6.4 11.8
Interest income 0.5 - 0.5 0.5 - 0.5 0.9
Profit on ordinary
activities before tax 6.0 3.0 9.0 4.9 2.0 6.9 12.7
Taxation (note 4) (1.9) (1.0) (2.9) (1.5) - (1.5) (2.9)
Profit on ordinary
activities after tax 4.1 2.0 6.1 3.4 2.0 5.4 9.8
Minority interests - - (0.1)
Profit for the financial period 6.1 5.4 9.7
Dividends (note 11) (1.4) (1.1) (3.4)
Retained profit for the period 4.7 4.3 6.3
Earnings per 5p share (note 5)
Basic and diluted earnings 27.0p 23.8p 42.8p
Adjusted earnings 18.1p 15.0p 32.2p
GROUP BALANCE SHEET
as at 31 March 2004
Unaudited Unaudited Audited
31 March 31 March 30 Sept
2004 2003 2003
£m £m £m
Fixed assets
Intangible assets: Goodwill 11.2 4.7 8.2
Tangible assets 8.8 9.7 9.3
20.0 14.4 17.5
Current assets
Stocks 17.0 13.8 16.6
Debtors 17.6 13.3 15.9
Cash and bank deposits 29.9 31.3 30.5
64.5 58.4 63.0
Creditors: Amounts falling due within one year (22.6) (16.5) (22.3)
Net current assets 41.9 41.9 40.7
Total assets less current liabilities 61.9 56.3 58.2
Provisions for liabilities and charges (1.5) (0.5) (0.5)
60.4 55.8 57.7
Capital and reserves
Called up equity share capital 1.1 1.1 1.1
Capital redemption reserve 0.2 0.2 0.2
Profit and loss account 58.5 54.2 55.8
Equity shareholders' funds 59.8 55.5 57.1
Equity minority interests 0.6 0.3 0.6
60.4 55.8 57.7
GROUP CASH FLOW STATEMENT
for the Half Year ended 31 March 2004
Audited
Unaudited Unaudited Year ended
31 March 31 March 30 Sept
2004 2004 2003 2003 2003
£m £m £m £m £m
Net cash inflow from operating activities (note 6) 4.2 4.4 11.1
Returns on investments and servicing of finance
Interest received 0.5 0.5 0.9
Taxation
UK corporation tax paid (1.0) (1.0) (2.0)
Overseas tax paid (0.4) (0.3) (1.1)
(1.4) (1.3) (3.1)
Capital expenditure and financial investment
Purchase of tangible fixed assets (0.4) (0.7) (1.1)
Proceeds from the sale of tangible fixed assets 4.1 2.7 4.2
Purchase of own shares (0.5) - -
3.2 2.0 3.1
Acquisitions and disposals
Acquisition of businesses (3.6) (0.2) (6.1)
Equity dividends paid (2.3) (2.0) (3.2)
Cash inflow before use of liquid resources and 0.6 3.4 2.7
financing
Management of liquid resources
Decrease/(increase) in short term deposits 2.3 (1.2) (2.8)
Financing
Repayment of Loan Notes (1.2) - -
1.7 2.2 (0.1)
Increase/(decrease) in cash in the period (note 7)
STATEMENT OF GROUP TOTAL RECOGNISED GAINS AND LOSSES
for the Half Year ended 31 March 2004
Unaudited Unaudited Audited
Year ended
31 March 31 March 30 Sept
2004 2003 2003
£m £m £m
Profit for the financial period 6.1 5.4 9.7
Currency translation adjustment on foreign currency net investments (1.5) 0.3 (0.1)
Total recognised gains and losses for the period 4.6 5.7 9.6
RECONCILIATION OF MOVEMENTS IN SHAREHOLDERS' FUNDS
for the Half Year ended 31 March 2004
Unaudited Unaudited Audited
Year ended
31 March 31 March 30 Sept
2004 2003 2003
£m £m £m
Profit for the financial period 6.1 5.4 9.7
Dividends (1.4) (1.1) (3.4)
Retained profit for the period 4.7 4.3 6.3
Currency translation adjustment on foreign currency net
investments (1.5) 0.3 (0.1)
Purchase of own shares (0.5) - -
Net increase in shareholders' funds 2.7 4.6 6.2
Equity shareholders' funds at beginning of year 57.1 50.9 50.9
Equity shareholders' funds at end of period 59.8 55.5 57.1
NOTES TO THE FINANCIAL STATEMENTS
for the Half Year ended 31 March 2004
1 ACCOUNTING POLICIES
The interim financial information has been prepared on the basis of the
accounting policies set out in the Group's published accounts for the financial
year ended 30 September 2003.
2 ANALYSIS OF RESULTS
Operating profit* Profit before interest
Turnover and taxation
31 Mar 31 Mar 30 Sept 31 Mar 31 Mar 30 Sept 31 Mar 31 Mar 30 Sept
2004 2003 2003 2004 2003 2003 2004 2003 2003
£m £m £m £m £m £m £m £m £m
By Business Segment
Specialised Distribution 48.0 36.4 77.1 5.5 4.4 9.7 8.5 6.4 11.8
Discontinued operations - 0.6 0.6 - - - - - -
48.0 37.0 77.7 5.5 4.4 9.7 8.5 6.4 11.8
By Geographic Area
United Kingdom 28.8 20.2 43.4 3.3 2.7 6.0 6.4 4.7 8.4
Rest of Europe 7.5 3.8 8.6 1.3 0.6 1.5 1.2 0.6 1.5
North America 11.7 12.4 25.1 0.9 1.1 2.2 0.9 1.1 1.9
Specialised Distribution 48.0 36.4 77.1 5.5 4.4 9.7 8.5 6.4 11.8
Discontinued operations - 0.6 0.6 - - - - - -
48.0 37.0 77.7 5.5 4.4 9.7 8.5 6.4 11.8
Before goodwill amortisation, exceptional items and taxation
Turnover by geographical area is stated by origin which, with the exception of
North America, is not materially different from turnover by destination. In
North America, turnover of £2.2m (out of £11.7m) is to customers based outside
North America.
Included in Specialised Distribution is turnover of £2.3m and operating profit,
before goodwill amortisation, of £0.3m (after goodwill amortisation £0.2m)
relating to the acquisition of Filcon.
3 GOODWILL AND EXCEPTIONAL ITEMS
Goodwill Except. Goodwill Except. Goodwill Except.
amortistn items Total amortistn items Total amortistn items Total
31 Mar 31 Mar 31 Mar 31 Mar 31 Mar 31 Mar 30 Sept 30 Sept 30 Sept
2004 2004 2004 2003 2003 2003 2003 2003 2003
£m £m £m £m £m £m £m £m £m
Operating profit
Continuing operations (a) (0.2) (0.7) (0.9) (0.2) - (0.2) (0.3) (0.7) (1.0)
Acquisitions (0.1) - (0.1) - - - - - -
Non-Operating items
Profit on disposal of
fixed assets (b) - 4.0 4.0 - 2.2 2.2 - 3.1 3.1
(0.3) 3.3 3.0 (0.2) 2.2 2.0 (0.3) 2.4 2.1
Tax (charge)/credit on - (1.0) (1.0) - - - - 0.3 0.3
exceptional items
(0.3) 2.3 2.0 (0.2) 2.2 2.0 (0.3) 2.7 2.4
(a) Costs of £0.7m, of which £0.2m had been spent at 31 March 2004, have been incurred in restructuring the
Hawco business acquired in July 2003. In 2003 exceptional costs comprised £0.4m of aborted acquisition
costs and £0.3m of costs incurred in connection with the implementation of new IT systems in the Seals &
Components' North American businesses.
(b) The profit on disposal of fixed assets arises from the sale of eight acres of land (known as Phase 2) in
Stamford, East Midlands. In 2003 this profit arose on the sale of Phase 1 of land in Stamford and from
the sale of two small freehold properties relating to previously divested businesses.
4 TAXATION
The taxation charge on profit before exceptional items for the six months ended
31 March 2004 of £1.9m (2003: £1.5m) is based on the estimated tax rate for the
full year.
There is a taxation charge associated with the exceptional items of £1.0m, net
(2003: nil).
5 EARNINGS PER ORDINARY SHARE
Basic and diluted earnings per share
Basic and diluted earnings per ordinary share are calculated on the basis of the
weighted average of ordinary shares in issue during the period of 22,619,516
(2003: 22,647,911) and the profit for the financial period, after minority
interests, of £6.1m (2003: £5.4m). There were no potentially dilutive shares.
Adjusted earnings per share
Adjusted earnings per share is shown by reference to earnings before goodwill
amortisation, exceptional items and related tax. The Directors consider that
this gives a clearer indication of the underlying performance of the Group.
Earnings before goodwill amortisation, exceptional items and related tax are
calculated as follows:
31 March 31 March 30 Sept 31 March 31 March 30 Sept
2004 2003 2003 2004 2003 2003
Pence per pence per pence per £m £m £m
share share share
Profit for the financial year, 27.0 23.8 42.8 6.1 5.4 9.7
after minority interests
Goodwill amortisation 1.3 0.9 1.3 0.3 0.2 0.3
Exceptional items, net of tax (10.2) (9.7) (11.9) (2.3) (2.2) (2.7)
Adjusted earnings 18.1 15.0 32.2 4.1 3.4 7.3
6 RECONCILIATION OF OPERATING PROFIT TO NET CASH FLOW FROM OPERATING ACTIVITIES
31 March 31 March 30 Sept
2004 2003 2003
£m £m £m
Operating profit 4.5 4.2 8.7
Depreciation 0.5 0.5 1.1
Amortisation of goodwill 0.3 0.2 0.3
(Increase)/decrease in stocks (0.6) 0.9 0.7
(Increase)/decrease in debtors (1.6) (1.1) 0.1
Increase/(decrease) in creditors 0.8 (0.1) 0.5
Increase in provisions 0.3 (0.1) (0.1)
Costs incurred on business closure - (0.1) (0.2)
Net cash inflow from operating activities 4.2 4.4 11.1
7 RECONCILIATION OF NET CASH FLOWS TO THE MOVEMENT IN NET FUNDS
31 March 31 March 30 Sept
2004 2003 2003
£m £m £m
Increase/(decrease) in cash in the period 1.7 2.2 (0.1)
(Decrease)/increase in short term deposits (2.3) 1.2 2.8
Change in net funds resulting from cash flows (0.6) 3.4 2.7
Decrease/(increase) in debt due within one year 1.2 (0.4) (0.4)
Exchange adjustment - 0.2 0.1
Net funds at start of year 29.3 26.9 26.9
Net funds at end of period 29.9 30.1 29.3
8 ANALYSIS OF NET FUNDS
Other Exchange 31 March
non-cash movement
1 October Cash flow movement 2004
2003
£m £m £m £m £m
Cash at bank and in hand 1.8 1.7 - - 3.5
Money market deposits 28.7 (2.3) - - 26.4
30.5 (0.6) - - 29.9
Guaranteed Unsecured Loan Notes (1.2) 1.2 - - -
2001-2003
Net funds 29.3 0.6 - - 29.9
The Guaranteed Unsecured Loan Notes 2001-2003 ('Notes') were issued as
consideration for the acquisition of Clarendon Engineering Supplies Limited.
The Notes carried interest at 0.95% below LIBOR. All of the outstanding Notes
were redeemed on 24 October 2003 by the Noteholder at par, for cash.
9 ACQUISITIONS
On 17 November 2003, the Group acquired 100% of Filcon Electronic GmbH ('Filcon
'), a supplier of specialist connectors principally into the defence and
aerospace markets in Germany. The initial cash consideration was £3.6m (€5.2m),
including expenses. Further deferred consideration up to a maximum of £0.7m
(€1.0m) will be payable depending on the average annual gross profits achieved
in the 18 month period ending 31 March 2005. At 31 March 2004, provisional
goodwill of £3.9m has been capitalised and is being amortised over 20 years.
This goodwill, together with appropriate fair value adjustments, will be
finalised in the full year accounts.
10 PURCHASE OF OWN SHARES
In January and February 2004, the Diploma Employee Benefit Trust purchased
105,373 ordinary shares in the Company at a cost of £0.5m. These shares were
acquired in connection with potential awards under the Group's Long Term
Incentive Plan and Bonus Share Matching Plan. The purchase of shares has been
treated as a deduction from shareholders' funds in accordance with the
requirements of UITF 38, published in December 2003.
11 DIVIDENDS
The Directors have declared an interim dividend of 6.0p per share (2003: 5.0p)
payable on 15 June 2004 to shareholders on the register on 21 May 2004.
12 EXCHANGE RATES
The following exchange rates have been used to translate the results of the
overseas businesses:
31 March 2004 31 March 2003 30 Sept 2003
US dollar 1.80 1.59 1.61
Euro 1.47 1.52 1.47
13 STATUS OF INTERIM REPORT
The Interim Report, which is unaudited, was approved by the Directors on 10 May
2004. It should be read in conjunction with the 2003 Annual Report, which
contains the most recent audited financial statements.
The financial information contained in this report does not constitute statutory
accounts. The figures for the financial year ended 30 September 2003 have been
extracted from the Group's published accounts for that year which have been
reported on by the Company's auditors and delivered to the Registrar of
Companies. The report of the auditors was unqualified and did not contain a
statement under section 237 (2) or (3) of the Companies Act. The figures for the
half year ended 31 March 2003 were extracted from the 2003 Interim Report which
was unaudited.
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