Interim Results
Diploma PLC
09 May 2005
DlPLOMA PLC
20 BUNHILL ROW, LONDON EC1Y 8UD
TELEPHONE: +44 (0)20 7638 0934
FACSIMILE: +44 (0)20 76387651
FOR IMMEDIATE RELEASE 9 May 2005
Announcement of Interim Results for Half Year ended 31 March 2005
Unaudited Unaudited Audited
Half year ended 31 Half year ended Year ended
March 2005 31 March 2004 30 Sept 2004
Turnover £55.8m £48.0m £100.5m
Operating profit before exceptional items and
goodwill amortisation £7.5m £5.5m £12.3m
Profit before tax, exceptional items and
goodwill amortisation £7.8m £6.0m £13.1m
Profit before tax, after exceptional items £7.1m £9.0m £15.4m
Adjusted earnings per share 23.5p 18.1p 41.2p
Basic earnings per share 20.4p 27.0p 52.7p
Dividends per share 7.0p 6.0p 17.0p
• Strong sales and profit growth driven by half year contribution from
Somagen, acquired in July 2004, and strengthened trading conditions in the
Group's North American businesses.
• Profit before tax, exceptional items and goodwill amortisation up 30.0% to
£7.8m from £6.0m; operating margin of 13.4% (2004: 12.2%) boosted by new
acquisitions and recovery in Seals margins.
• Earnings per share, after adjusting for exceptional items and goodwill
amortisation, up 30% at 23.5p; basic earnings per share 20.4p. Interim
dividend up by 1.0p to 7.0p.
• Free cash flow of £4.3m; prior half year free cash flow of £6.5m benefited
from sale of Phase 2 of the Stamford land. Cash funds at 31 March 2005
were £19.7m.
Commenting on the results for the period, Bruce Thompson, Diploma's Chief
Executive said:
'Trading in our North American businesses continues to be strong, but our
businesses in the UK and Continental Europe still have to work hard to achieve
growth in sluggish markets. However, with current trading at similar levels
to the first half, the results for the full year are expected to confirm
continued progress in 2005.'
www.diplomaplc.com
REGISTERED IN ENGLAND. NUMBER 3899848.
20 BUNHILL ROW, LONDON EC1Y 8UD.
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
NOTE TO EDITORS:
Diploma PLC is a specialised international distribution group operating in three
sectors:
Life Sciences - Distributors of Instrumentation, Consumables and related
Services to research, development and diagnostic laboratories. Principal
companies are Anachem Group in the UK and Germany, and Somagen in Canada.
Seals- Next day delivery of hydraulic seal kits, gaskets and cylinder
components, for the repair and maintenance of mobile machinery. Principal
companies are Hercules Bulldog Sealing Products in North America and FPE in the
UK.
Controls - Distributors of specialised wiring, connectors and control devices
for a range of technically demanding applications. Principal companies are IS
Group in the UK and US, Sommer and Filcon in Germany and Hawco in the UK.
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 2005
In the six months to 31 March 2005 the Group generated strong growth in sales
and profits. The main drivers for growth were the half year contribution from
Somagen and strengthened trading conditions in the Group's North American
businesses.
Sales increased by 16% to £55.8m (2004: £48.0m) and profit before amortisation
of goodwill, exceptional items and tax increased by 30% to £7.8m (2004: £6.0m).
There were no exceptional items in the half year (2004: £3.3m exceptional
profit, net) and goodwill amortisation increased to £0.7m (2004: £0.3m)
following the acquisition of Somagen. Profit before tax, after goodwill
amortisation and exceptional items, was £7.1m (2004: £9.0m).
Adjusted earnings per share, which are stated after excluding exceptional items
and goodwill amortisation, increased 30% to 23.5 pence compared with 18.1 pence
in the prior year. Basic earnings per share were 20.4 pence (2004: 27.0 pence).
The Directors have declared an increased interim dividend of 7.0 pence per share
(2004: 6.0 pence) payable on 15 June 2005 to shareholders on the register on 20
May 2005.
LIFE SCIENCES
The Life Science businesses increased sales by 43% to £17.7m (2004: £12.4m) and
operating margins increased to 15.8% (2004: 12.9%). A strong performance from
the newly acquired Somagen more than offset weaker trading conditions in the
Anachem businesses.
Somagen has continued to grow strongly since we acquired it in July 2004 and
gave a substantial boost to sales and margins in the first half. There was
sustained demand for Somagen's core diagnostic kits as part of longer term
reagent rental contracts. This was supplemented by increased sales of capital
equipment, with orders released by hospital laboratories to satisfy pent-up
demand. Additional growth was generated from new suppliers within the
Immunology portfolio, as well as from the small bolt-on acquisition of Adaltis
in September 2004. Adaltis has been successfully integrated into Somagen and is
performing well.
Anachem continued to experience difficult trading conditions in its core UK
pharmaceutical and biotechnology markets. The Bioscience consumables business
successfully defended its market leadership position in pipetting products and
service by sustaining a high level of promotional and direct marketing
activities. Pricing pressures constrained revenues for traditional manual
pipettes, but the newer, ergonomically focused manual and electronic pipettes
performed well. The Instrumentation business dug in and held its position after
an extended period of declining sales. New product, software and service
introductions later in 2005 should further bolster Anachem's position, though
the market is unlikely to offer much assistance in the near term.
Progress in the Environmental business was held back in the early part of the
year by delays in customer orders for higher price chemical analysers. However,
stronger order levels for these products were experienced at the end of the
second quarter and positive demand continues for the potent powder containment
enclosures. Success has also been achieved in broadening the geographic scope
of the Environmental business, with sales in Continental Europe now representing
more than 50% of business unit sales.
SEALS
The Seals businesses increased sales in sterling terms by 11% to £14.2m (2004:
£12.8m) and operating margins increased to 9.9% (2004: 7.0%). The major
investments in IT and process improvements, implemented in 2004, have allowed
Hercules Bulldog to take full advantage of the buoyant market conditions in
North America.
Hercules Bulldog delivered 18% sales growth in US dollar terms. The buoyant
market conditions have provided strong demand across the product groups and
across the US and Canada. International export sales have also continued to
benefit from the weaker US dollar. Equally important however in generating the
growth has been the stability of operations with much improved delivery
performance and reduced errors. Investments made in 2004 in capacity and
efficiency improvements have also delivered increased profitability with
operating margins increasing by three percentage points.
The catalogue based Hercules Bulldog businesses in the US and Canada delivered
particularly strong growth. Initiatives included the successful launch of new
catalogues in both countries and the introduction of a new range of compact
hydraulic cylinders sourced from the Far East. In Canada, the Edmonton branch
continued to make excellent progress after its start-up in March 2004. The
internationally focused gasket and seal business based in Reno, Nevada launched
newly developed replacement kits designed to expand the range of mobile
equipment covered by its products and also significantly improved the
availability of finished kits to its larger overseas customers.
Growth in FPE sales slowed in a generally subdued UK market, with activity
levels much reduced at MRO (maintenance and repair operation) customers. A
major new catalogue launch is planned for the second half of the year and FPE is
well placed to benefit from any strengthening in the domestic economy.
CONTROLS
The Controls businesses increased sales by 5% to £23.9m (2004: £22.8m) and
maintained operating margins at 13.8% (2004: 13.2%). This was a creditable
performance when compared with a strong first half in 2004 and with generally
subdued trading levels in the major markets of the UK and Germany.
The IS Group achieved modest growth in slowing market conditions in the UK. The
aerospace sector was flat against the previous year and military/marine was down
due to delays in the build programmes for the Astute submarines and Type 45
destroyers. However, Motorsport generated increased sales reflecting a steady
performance in the UK and continued strong growth in the US. General commercial
sales also increased as the IS Group boosted its marketing activity to smaller
customers.
Sommer/Filcon grew sales by 10% in euro terms after adjusting for a full half
year contribution from Filcon. This growth was achieved, in difficult market
conditions, by continued territorial expansion within Germany and through the
efforts of a larger cross-trained sales team. The Eurofighter Tranche II
project, approved in late 2004, should contribute to connector sales from the
second half of 2005.
Hawco held sales broadly flat against the prior year in a UK market which was
challenging for the OEM customers. Demand was sluggish across the range of
pressure and temperature control devices, though order levels were showing signs
of improvement toward the end of the second quarter. The refrigeration segment
of the business continued to make progress with its portfolio of specialist
controllers for commercial refrigeration equipment.
FINANCE
The Group's operating margin improved to 13.4% from 12.2% in the previous year.
This improvement reflected a combination of higher operating margins in the
recently acquired Somagen business and the recovery in margins achieved by
Hercules Bulldog.
The results were impacted by the continuing depreciation of the US dollar
against sterling during the first half of the year. However a small
appreciation in the euro against sterling limited the impact to a net reduction
of £0.5m in sales and £0.1m in operating profits, against the comparable period
last year.
At Stamford, work has continued to focus on obtaining a Section 106 agreement
with the local authority which will confirm approval for residential development
of the Phase 3 site. Marketing of the site, which comprises some 12 acres of
land, will commence as soon as the Section 106 agreement is finalised. In the
Directors' opinion the market value of Phase 3, with current planning consent,
is likely to be not less than £5.5m, before expenses and tax.
Operating cash flow in the first half of the year was £5.3m compared with £4.2m
in the comparable period last year. A combination of strong trading in North
America, together with a number of seasonal factors, contributed to a £3.0m
increase in working capital, compared with 30 September 2004. The Group's free
cash flow, which is before expenditure on acquisitions and dividends, was £4.3m.
The free cash flow in the comparable period last year was £6.5m, benefiting
from the proceeds on the disposal of Phase 2 of the Stamford land. Interest
received reduced to £0.3m (2004: £0.5m) reflecting the acquisition spend of
£17.3m in 2004.
At 31 March 2005, the Group's cash funds had increased to £19.7m.
The Group continues to make progress with its IFRS Transition Project and
intends to publish IFRS compliant primary financial statements for the year
ending 30 September 2005, concurrent with its results for 2005 under current UK
GAAP.
CURRENT TRADING
Trading activity in our North American businesses continues to be strong, but
our businesses in the UK and Continental Europe still have to work hard to
achieve growth in sluggish markets. However, with current trading at similar
levels to the first half, the results for the full year are expected to confirm
continued progress in 2005.
Bruce Thompson
Chief Executive Officer
9 May 2005
Group Profit and Loss Account
for the Half Year ended 31 March 2005
Unaudited Unaudited Audited
31 March 2005 31 March 2004
Before goodwill Goodwill and Before Goodwill Year end
and exceptional exceptional goodwill and
items items and exceptional 30 Sept
exceptional items 2004
(note 3) Total items (note 3) Total
Note £m £m £m £m £m £m £m
-------------------------------------------------------------------------------------------------------------------
Turnover 2
Continuing operations 55.8 55.8 48.0 48.0 100.5
-------------------------------------------------------------------------------------------------------------------
Operating profit 2,3
Continuing operations 7.5 (0.7) 6.8 5.5 (1.0) 4.5 10.7
-------------------------------------------------------------------------------------------------------------------
Non-Operating Items 3
Continuing operations -
Profit on disposal of fixed - - - - 4.0 4.0 3.9
assets
-------------------------------------------------------------------------------------------------------------------
7.5 (0.7) 6.8 5.5 3.0 8.5 14.6
Interest income 0.3 - 0.3 0.5 - 0.5 0.8
-------------------------------------------------------------------------------------------------------------------
Profit on ordinary activities
before tax 7.8 (0.7) 7.1 6.0 3.0 9.0 15.4
Taxation 4 (2.3) - (2.3) (1.9) (1.0) (2.9) (3.3)
-------------------------------------------------------------------------------------------------------------------
Profit on ordinary activities
after tax 5.5 (0.7) 4.8 4.1 2.0 6.1 12.1
Minority interests (0.2) - (0.2)
-------------------------------------------------------------------------------------------------------------------
Profit for the financial period 4.6 6.1 11.9
Dividends 10 (1.6) (1.4) (3.8)
-------------------------------------------------------------------------------------------------------------------
Retained profit for the year 3.0 4.7 8.1
-------------------------------------------------------------------------------------------------------------------
Earnings per 5p share 5
On basic and diluted earnings 20.4p 27.0p 52.7p
On adjusted earnings 23.5p 18.1p 41.2p
Group Balance Sheet
as at 31 March 2005
Unaudited Unaudited Audited
31 March 31 March 30 Sept
2005 2004 2004
£m £m £m
-------------------------------------------------------------------------------------------------------------
Fixed assets
Intangible assets: Goodwill 22.6 11.2 23.5
Tangible assets 10.1 8.8 10.6
-------------------------------------------------------------------------------------------------------------
32.7 20.0 34.1
-------------------------------------------------------------------------------------------------------------
Current assets
Stocks 20.3 17.0 20.4
Debtors 19.7 17.6 19.3
Cash and bank deposits 19.7 29.9 17.9
-------------------------------------------------------------------------------------------------------------
59.7 64.5 57.6
-------------------------------------------------------------------------------------------------------------
Creditors: Amounts falling due within one year (22.4) (22.6) (24.4)
-------------------------------------------------------------------------------------------------------------
Net current assets 37.3 41.9 33.2
-------------------------------------------------------------------------------------------------------------
Total assets less current liabilities 70.0 61.9 67.3
Provisions for liabilities and charges (1.9) (1.5) (2.0)
-------------------------------------------------------------------------------------------------------------
68.1 60.4 65.3
-------------------------------------------------------------------------------------------------------------
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 65.3 58.5 62.7
-------------------------------------------------------------------------------------------------------------
Equity shareholders' funds 66.6 59.8 64.0
Equity minority interests 1.5 0.6 1.3
-------------------------------------------------------------------------------------------------------------
68.1 60.4 65.3
Group Cash Flow Statement
for the Half Year ended 31 March 2005
Unaudited Unaudited Audited
Year ended 30
31 March 31 March Sept
2005 2005 2004 2004 2004
Note £m £m £m £m £m
-------------------------------------------------------------------------------------------------------------
Net cash inflow from operating activities 6 5.3 4.2 10.7
Returns on investments and servicing of finance
Interest received 0.3 0.5 0.8
Taxation
UK corporation tax paid (0.3) (1.0) (2.5)
Overseas tax paid (0.7) (0.4) (1.4)
-------------------------------------------------------------------------------------------------------------
(1.0) (1.4) (3.9)
Capital expenditure and financial investment
Purchase of tangible fixed assets (0.7) (0.4) (1.5)
Proceeds from the sale of tangible fixed assets 0.4 4.1 4.0
Purchase of own shares - (0.5) (0.5)
-------------------------------------------------------------------------------------------------------------
(0.3) 3.2 2.0
Acquisitions and disposals
Acquisition of businesses - (3.6) (17.3)
Equity dividends paid (2.5) (2.3) (3.6)
-------------------------------------------------------------------------------------------------------------
Cash inflow/(outflow) before use of liquid resources
and financing 1.8 0.6 (11.3)
Management of liquid resources
(Increase)/decrease in short term deposits (1.8) 2.3 14.8
Financing
Redemption of Loan Notes - (1.2) (1.2)
-------------------------------------------------------------------------------------------------------------
Increase in cash in the period 7 - 1.7 2.3
-------------------------------------------------------------------------------------------------------------
Statement of Total Recognised Gains and Losses
for the Half Year ended 31 March 2005
Unaudited Unaudited Audited
Year ended
30 Sept 2004
31 March 31 March
2005 2004
£m £m £m
-------------------------------------------------------------------------------------------------------------
Profit for the financial period 4.6 6.1 11.9
Currency translation adjustments on foreign currency net investments (0.4) (1.5) (0.7)
-------------------------------------------------------------------------------------------------------------
Total recognised gains and losses for the period 4.2 4.6 11.2
-------------------------------------------------------------------------------------------------------------
Reconciliation of Movements in Shareholders' Funds
for the Half Year ended 31 March 2005
Unaudited Unaudited Audited
Year ended
31 March 31 March 30 Sept
2005 2004 2004
£m £m £m
-------------------------------------------------------------------------------------------------------------
Profit for the financial period 4.6 6.1 11.9
Dividends (1.6) (1.4) (3.8)
-------------------------------------------------------------------------------------------------------------
Retained profit for the period 3.0 4.7 8.1
Currency translation adjustments on foreign currency net investments (0.4) (1.5) (0.7)
Purchase of own shares - (0.5) (0.5)
-------------------------------------------------------------------------------------------------------------
Net increase in shareholders' funds 2.6 2.7 6.9
Shareholders' funds at beginning of year 64.0 57.1 57.1
-------------------------------------------------------------------------------------------------------------
Shareholders' funds at end of period 66.6 59.8 64.0
-------------------------------------------------------------------------------------------------------------
Notes to the Financial Statements
for the Half Year ended 31 March 2005
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 2004.
2. ANALYSIS OF RESULTS
Profit before interest
Turnover Operating profit* and taxation
31 Mar 31 Mar 30 Sept 31 Mar 31 Mar 30 Sept 31 Mar 31 Mar 30 Sept
2005 2004 2004 2005 2004 2004 2005 2004 2004
£m £m £m £m £m £m £m £m £m
-------------------------------------------------------------------------------------------------------------------
By Business
Life Sciences 17.7 12.4 26.0 2.8 1.6 3.5 2.4 1.6 3.1
Seals 14.2 12.8 27.4 1.4 0.9 2.4 1.4 0.8 2.3
Controls 23.9 22.8 47.1 3.3 3.0 6.4 3.0 2.1 5.3
-------------------------------------------------------------------------------------------------------------------
55.8 48.0 100.5 7.5 5.5 12.3 6.8 4.5 10.7
Unallocated items:
Profit on sale of properties - - - - 4.0 3.9
-------------------------------------------------------------------------------------------------------------------
55.8 48.0 100.5 7.5 5.5 12.3 6.8 8.5 14.6
By Geographic Area
United Kingdom 27.4 28.8 58.9 3.4 3.9 8.3 3.2 7.0 10.9
Rest of Europe 8.5 7.5 14.6 1.4 1.1 2.0 1.2 1.0 1.8
North America 19.9 11.7 27.0 2.7 0.5 2.0 2.4 0.5 1.9
-------------------------------------------------------------------------------------------------------------------
55.8 48.0 100.5 7.5 5.5 12.3 6.8 8.5 14.6
-------------------------------------------------------------------------------------------------------------------
* 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 £1.8m (out of £19.9m) is to customers based outside
North America.
3. GOODWILL AND EXCEPTIONAL ITEMS
Goodwill Goodwill Goodwill
amorti-sation Except. amorti- Except. amorti- Except.
31 Mar items Total sation items Total sation items Total
2005 31 Mar 31 Mar 31 Mar 31 Mar 31 Mar 30 Sept 30 Sept 30 Sept
2005 2005 2004 2004 2004 2004 2004 2004
£m £m £m £m £m £m £m £m £m
-------------------------------------------------------------------------------------------------------------------
Operating profit
Continuing operations (a) (0.7) - (0.7) (0.3) (0.7) (1.0) (0.8) (0.8) (1.6)
Non-Operating items
Profit on disposal of
fixed assets (b) - - - - 4.0 4.0 - 3.9 3.9
-------------------------------------------------------------------------------------------------------------------
(0.7) - (0.7) (0.3) 3.3 3.0 (0.8) 3.1 2.3
Tax (charge)/credit on
exceptional items - - - - (1.0) (1.0) - 0.3 0.3
-------------------------------------------------------------------------------------------------------------------
(0.7) - (0.7) (0.3) 2.3 2.0 (0.8) 3.4 2.6
-------------------------------------------------------------------------------------------------------------------
(a) In 2004 costs of £0.5m were incurred in restructuring the Control's
business of Hawco, acquired in July 2003. Costs of £0.3m were also
incurred in restructuring the Life Science business of Anachem.
(b) The profit on disposal of fixed assets in 2004 arose from the sale of
eight acres of land (known as Phase 2) in Stamford, East Midlands.
No tax arose on this disposal due to the availability of capital tax
losses.
4. TAXATION
The taxation charge on profit before exceptional items for the six months ended
31 March 2005 of £2.3m (2004: £1.9m) is based on the estimated tax rate for the
full year.
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 number of shares in issue during the period of 22,542,538
(2004: 22,619,516) and the profit for the financial period, after minority
interests, of £4.6m (2004: £6.1m). 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 Mar 31 Mar 30 Sept 31 Mar 31 Mar 30 Sept
2005 2004 2004 2005 2004 2004
pence pence pence
per share per share per share £m £m £m
---------------------------------------------------------------------------------------------------------------
Profit for the financial year, after minority
interests 20.4 27.0 52.7 4.6 6.1 11.9
Goodwill amortisation 3.1 1.3 3.5 0.7 0.3 0.8
Exceptional items, net of tax - (10.2) (15.0) - (2.3) (3.4)
---------------------------------------------------------------------------------------------------------------
Adjusted earnings 23.5 18.1 41.2 5.3 4.1 9.3
---------------------------------------------------------------------------------------------------------------
6. RECONCILIATION OF OPERATING PROFIT TO NET CASH FLOW FROM OPERATING ACTIVITIES
31 March 31 March 30 Sept
2005 2004 2004
£m £m £m
-------------------------------------------------------------------------------------------------------
Operating profit 6.8 4.5 10.7
Depreciation 0.7 0.5 1.2
Amortisation of goodwill 0.7 0.3 0.8
(Increase) in stocks (0.2) (0.6) (2.3)
Decrease/(increase) in debtors 0.2 (1.6) (1.3)
(Decrease)/increase in creditors (3.0) 0.8 1.5
Increase in provisions 0.1 0.3 0.1
-------------------------------------------------------------------------------------------------------
Net cash inflow from operating activities 5.3 4.2 10.7
-------------------------------------------------------------------------------------------------------
7. RECONCILIATION OF NET CASH FLOWS TO THE MOVEMENT IN NET FUNDS
31 March 31 March 30 Sept
2005 2004 2004
£m £m £m
-------------------------------------------------------------------------------------------------------
Increase in cash in the period - 1.7 2.3
Increase/(decrease) in short term deposits 1.8 (2.3) (14.8)
-------------------------------------------------------------------------------------------------------
Change in net funds resulting from cash flows 1.8 (0.6) (12.5)
Decrease in debt due within one year - 1.2 1.2
Exchange adjustment - - (0.1)
Net funds at start of year 17.9 29.3 29.3
-------------------------------------------------------------------------------------------------------
Net funds at end of period 19.7 29.9 17.9
-------------------------------------------------------------------------------------------------------
8. ANALYSIS OF NET FUNDS
1 October Exchange 31 March
2004 Cash flow movement 2005
£m £m £m £m
-------------------------------------------------------------------------------------------------
Cash at bank 4.1 - - 4.1
Short term deposits 13.8 1.8 - 15.6
-------------------------------------------------------------------------------------------------
Net funds 17.9 1.8 - 19.7
-------------------------------------------------------------------------------------------------
9. ACQUISITIONS
In May 2005 deferred consideration of £0.3m (€0.4m) was paid to the vendors of
Filcon Electronic GmbH. No further consideration is payable on this
acquisition. As a result of this payment, excess deferred consideration of
£0.2m has been released and goodwill adjusted accordingly.
10. DIVIDENDS
The Directors have declared an interim dividend of 7.0p per share (2004: 6.0p)
payable on 15 June 2005 to shareholders on the register on 20 May 2005.
11. EXCHANGE RATES
The following exchange rates have been used to translate the results of the
overseas business:
Average Closing
31 31 30 31 31 30
March March Sept March March Sept
2005 2004 2004 2005 2004 2004
-------------------------------------------------------------------------------------------
US Dollar 1.89 1.80 1.81 1.89 1.84 1.81
Canadian Dollar 2.30 2.35 2.34 2.29 2.42 2.29
Euro 1.44 1.47 1.48 1.45 1.50 1.46
-------------------------------------------------------------------------------------------
12. STATUS OF INTERIM REPORT
The Interim Report, which is unaudited, was approved by the Directors on 9 May
2005. It should be read in conjunction with the 2004 Annual Report, which
contains the most recent financial statements.
The financial information contained in this report does not constitute statutory
accounts. The figures for the financial year ended 30 September 2004 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 2004 were extracted from the 2004 Interim Report
which was unaudited.
This information is provided by RNS
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