Interim Results
Filtronic PLC
21 January 2002
FILTRONIC PLC
INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 NOVEMBER 2001
Increased market share in both core businesses;
Strong position in 3G mobile infrastructure systems, shipments begun;
Strong cash performance, £20m generated;
Newton Aycliffe agreements successfully concluded;
Change in accounting treatment of revenue recognition at Newton Aycliffe;
Very Positive Outlook
Filtronic plc ('Filtronic'), a leading global designer and manufacturer of
customised microwave electronic subsystems, announces its Interim Results for
the six months ended 30 November 2001. Its technology and engineering can be
applied to several business sectors in both the commercial and defence areas.
Filtronic has 17 worldwide manufacturing sites, 7 in the UK (North East England,
Yorkshire, Midlands, Scotland), 6 in the US, 2 in Finland, 1 in both China and
Australia, plus a sales office in Japan.
Filtronic is the world's leading independent supplier of transmit/receive
modules for mobile communications base stations and supplies several of the
world's leading OEM's. It is also the world's leading supplier of cellular
handset antennas.
Commenting on the Interim Results, Professor David Rhodes, Executive Chairman,
said: 'The Board is pleased with the progress made by the company since last
year end.'
Profit and Loss Highlights
* Group sales of £146.0m (2000: £147.6m)
* Group operating profit before goodwill amortisation and impairment and share
compensation costs £6.1m (2000: £6.3m)
* Sales, operating profit figures do not benefit from agreements signed 30
November 2001 with BAE SYSTEMS and M /A-COM for Newton Aycliffe facility
* Loss on ordinary activities before tax £4.5m (2000: £2.5m)
* Loss per share 8.05p (2000: 4.38p) both on undiluted and diluted basis
* Maintained dividend per share of 0.90p (2000: 0.90p) payable 1 April 2002
Balance Sheet Highlights
* Cash generation was £20m, after all Newton Aycliffe costs
* Cash balance of £11.6m
* Short term borrowings eliminated
* Gearing reduced
Operational Highlights
* Increased market share and programme position with major OEM customers for
wireless infrastructure products
* Margins in largest business, wireless infrastructure, improved
* Prospects for further growth enhanced by introduction of base station power
amplifier products
* Market share increased in handset antennas, unit shipments up by over 20%
* Future of Newton Aycliffe now underpinned with agreements successfully
completed
* Cash fee for grant of sole licence and provision of certain intellectual
property to BAE SYSTEMS being paid in its entirety in second half of
current financial year
* Auditors advise that revenue recognition must be accounted for over extended
time frame
* Method of accounting for revenue recognition at Newton Aycliffe has no
impact on Group cash flow or trading operations
* Market expectations for Group operating profit would have been exceeded but
for method of accounting for revenue recognition
Business segmental analysis Operating profit
Sales before goodwill amortisation
and impairment and share
compensation
Six months ended 30 November 2001 2000 2001 2000
£m £m £m £m
Wireless infrastructure 99.6 103.9 14.0 13.2
Cellular handset products 23.6 23.2 5.3 3.9
Electronic warfare 13.7 11.4 (2.0) (0.1)
Broadband access 8.0 4.1 (1.0) (1.5)
Inter segment (2.7) (0.1) - -
Central costs - - (2.4) (1.8)
Excluding Compound semiconductors 142.2 142.5 13.9 13.7
Compound semiconductors 3.8 5.1 (7.8) (7.4)
146.0 147.6 6.1 6.3
Commenting in his Statement to shareholders, Professor David Rhodes, Executive
Chairman, said:
'In summary, the Board is pleased with the progress made by the company since
last year end. Filtronic has increased its market share in its two major
businesses to become the clear world market leader, secured a strong position at
the heart of 3G mobile infrastructure system supplies and successfully concluded
the two Newton Aycliffe agreements. Further, the company has eliminated its
short term borrowings, reduced its gearing and begun to build cash reserves. The
Board remains convinced that the company's strategy of acquiring control over
and investing in the key technologies for future communications systems will
provide the best opportunity for sustained shareholder value in the medium and
longer term.'
Enquiries:
Professor David Rhodes, Executive Chairman, Filtronic plc Mob: 07850 827280
John Samuel, Finance Director, Filtronic plc Mob: 07860 614145
Christopher Snowden, Director, Filtronic plc Tel: 01274 530622
Peter Binns/Paul Vann/Carole Butcher/Paul McManus, Binns & Co Tel: 020 7786 9600
Executive Chairman's Statement
Interim financial results
Sales and operating profit
Sales for the six months ended 30 November 2001 were £146.0m (2000 £147.6m) and
operating profit before goodwill amortisation and impairment and share
compensation costs was £6.1m (2000 £6.3m).
Change in expected accounting treatment of revenue recognition at Newton
Aycliffe
The sales and operating profit figures above do not benefit from the agreements
signed on 30 November 2001 with BAE SYSTEMS Avionics Limited ('BAE SYSTEMS') and
M/A-COM Inc. ('M/A-COM') in respect of Newton Aycliffe.
In both the 2001 Annual Report which was issued on 30 July 2001 and the Trading
Update which was issued on 3 December 2001, I made the following statement
regarding the two agreements with BAE SYSTEMS and M/A-COM: 'The combined effect
of these two agreements will be to improve the cash flow and reduce the losses
of the Newton Aycliffe operation significantly such that Newton Aycliffe's
impact on the financial results of the group as a whole for the year ending 31
May 2002 is likely to be immaterial'.
The cash fee, which is in respect of the grant of a sole and irrevocable licence
and the provision of certain intellectual property to BAE SYSTEMS, is being paid
in its entirety in the second half of this financial year and is such that the
statement above with regard to cash flow is unchanged. However, the nature of
the BAE SYSTEMS agreement is such that our auditors have advised that the
revenue recognition must be accounted for over an extended timeframe rather than
wholly in the current financial year. As we are now unable to account for the
initial revenue from this agreement in the anticipated manner, the effect is
that the costs of running Newton Aycliffe will now have a material effect on the
profit and loss account of the group for the year ending 31 May 2002. These
running costs remain at approximately £1m per month.
In respect of these interim results, market expectations for operating profit
before goodwill were approximately £9.6m. This was after accounting for losses
of about £2m for Newton Aycliffe, representing two months' running costs. By
being unable to recognize any part of the BAE SYSTEMS fee in this accounting
period, the effect is to charge an additional four months' running costs (£4m)
to the profit and loss account. With this being taken into account, market
estimates for operating profit before goodwill would have been of the order of
£5.6m.
This method of accounting for the revenue recognition at Newton Aycliffe has no
impact whatsoever on the cash flow or trading operations of the company.
Other profit and loss account items
After charging goodwill amortisation of £2.7m, share compensation costs of
£1.0m, net interest payable of £6.7m and a net currency exchange loss of £0.2m,
the loss before taxation was £4.5m (2000 £2.5m loss). After taxation charges of
£1.4m relating to our Finnish operations, the loss was £5.9m (2000 £3.2m loss).
The basic loss per share is 8.05p (2000 4.38p loss) and these figures are
unchanged on a diluted basis.
Dividend
The Board is maintaining an interim dividend of 0.9p (2000 0.9p) per share
payable on 1 April 2002 to shareholders on the register at 1 March 2002.
Finance
Cash generation in the six months 30 November 2001 was £20m. This is after all
of the Newton Aycliffe running costs. There was no cash received in the first
half of the financial year as a result of the two Newton Aycliffe agreements nor
were any government grants received in the period.
At 30 November 2001, Filtronic had a cash balance of £11.2m and was not using
any of its £31m bank overdraft facility.
Borrowings totalled £117m at the half year point, comprising £116m ($170m) of
10% Senior Notes due 1 December 2005, net of £3m of deferred debt issue costs,
and £1m of other long term debt.
Operations
The segmental analysis of the business is as follows:
Operating profit
Sales before goodwill
amortisation and
impairment and share
compensation
Six months ended 30 November 2001 2000 2001 2000
£m £m £m £m
Wireless infrastructure 99.6 103.9 14.0 13.2
Cellular handset products 23.6 23.2 5.3 3.9
Electronic warfare 13.7 11.4 (2.0) (0.1)
Broadband access 8.0 4.1 (1.0) (1.5)
Inter segment (2.7) (0.1) - -
Central costs - - (2.4) (1.8)
Excluding Compound semiconductors 142.2 142.5 13.9 13.7
Compound semiconductors 3.8 5.1 (7.8) (7.4)
146.0 147.6 6.1 6.3
Our major business continues to be the supply of transmit/receive modules for
mobile communications base stations where we supply several of the world's
leading Original Equipment Manufacturers and where we are acknowledged as the
world's leading independent supplier of such equipment. Throughout 2001, global
demand for 2G and 2.5G equipment was weaker than in 2000. Nevertheless,
Filtronic maintained business levels in these difficult trading conditions by
increasing market share and programme position with our major customers.
In the Cellular Handset Products business, sales levels were maintained even
though there was a decline in year on year worldwide manufacture of cellular
handsets. In unit terms, Filtronic's sales of handset antennas grew by over 20%
as our market share increased and we are acknowledged as the world's leading
supplier. Demand for ceramic diplexers for US TDMA mobile handsets continued at
higher levels than expected and margins improved as a result.
Although sales levels in the Electronic Warfare business improved compared to
last year, margins were disappointing. Losses were incurred as technical
problems on certain products in our UK business continued for longer than
expected. Additionally, our US Electronic Warfare business has had to provide
for a £0.5m doubtful debt.
The Broadband Access business, which mainly supplies millimetre wave
transceivers for point-to-point interconnections between mobile base stations,
continued to increase sales and reduce losses.
Central costs increased as we applied significantly more resources to the
development of power amplifiers for the 3G mobile base station market.
All of the sales for the Compound Semiconductor business segment arose from our
facility at Santa Clara, California. This low level of activity, which is
largely as a result of the depressed optical communications market, resulted in
losses of £1.7m there.
Outlook
Initial shipments of 3G WCDMA equipment, comprising both transmit/receive
modules and tower top amplifiers, for a major OEM customer in Europe began in
the last quarter of 2001. Requirements for these products are expected to
increase throughout 2002 so that operator forecasts for 3G system availability
in the last quarter of 2002 can be achieved. In the short term, the Wireless
Infrastructure business is expected to continue to outperform the market,
independent of 3G deployment. Prospects for further growth in 3G systems with
our existing products remain very strong. We expect to enhance these prospects
with the introduction of our power amplifier products for 3G systems in due
course.
As expected, sales of ceramic diplexers for US TDMA handsets have now reduced to
minimal levels. As a result short term growth in the Cellular Handset Products
business segment will be difficult to achieve, although the strength of our
handset antennas business should at least compensate for the reduced level of
demand for ceramic diplexers.
Shipments of the first products on the European Fighter Aircraft programme began
in December and orders totalling more than £15m have now been booked. The
related shipments will take place over the next five years. The Electronic
Warfare business is expected to return to profitability in the second half of
the current financial year.
The Broadband Access business segment continues to make progress but
profitability is not expected until low cost monolithic microwave integrated
circuit design solutions can be brought into production volumes using the Newton
Aycliffe facility. This is not expected to occur until next financial year.
Having underpinned the future of the Newton Aycliffe site by concluding the
agreements with M/A-COM and BAE SYSTEMS, progress can now be made towards
achieving the main purpose of Newton Aycliffe, that is the production of high
quality compound semiconductor devices for integration into Filtronic's own
higher added value end products. Independently, levels of business arising from
the M/A-COM agreement are expected to grow steadily throughout 2002 and beyond
such that revenues from this strategic alliance should be sufficient to meet the
running costs of Newton Aycliffe on a month to month basis by the end of next
financial year. Trading conditions for the merchant compound semiconductor
business at Santa Clara are expected to improve in the second half of the
financial year. Together with the impact of recently implemented cost and
overhead reductions, this should lead to an improved trading performance from
that location.
Summary
In summary, the Board is pleased with the progress made by the company since
last year end. Filtronic has increased its market share in its two major
businesses to become the clear world market leader, secured a strong position at
the heart of 3G mobile infrastructure system supplies and successfully concluded
the two Newton Aycliffe agreements. Further, the company has eliminated its
short term borrowings, reduced its gearing and begun to build cash reserves. The
Board remains convinced that the company's strategy of acquiring control over
and investing in the key technologies for future communications systems will
provide the best opportunity for sustained shareholder value in the medium and
longer term.
Professor J D Rhodes CBE FRS FREng
Executive Chairman
21 January 2002
CONSOLIDATED PROFIT AND LOSS ACCOUNT
Unaudited 6 months Ended 30 November 2001
Excluding Compound Compound
Semiconductors Semiconductors Total
note £000 £000 £000
Sales 1, 2 142,196 3,792 145,988
Operating profit/(loss) before goodwill
amortisation and impairment and share
compensation 1, 2 13,922 (7,850) 6,072
Goodwill amortisation (1,930) (740) (2,670)
Exceptional goodwill impairment - - -
Share compensation (1,033) - (1,033)
Operating profit/(loss) 1, 2 10,959 (8,590) 2,369
Net interest payable (6,656)
Net financing currency exchange loss (236)
(6,892)
Loss on ordinary activities before taxation (4,523)
Taxation (1,414)
Loss on ordinary activities after taxation (5,937)
Dividends (666)
Deficit for the period (6,603)
Adjusted loss per share
Undiluted 3 (2.71)p
Diluted 3 (2.71)p
Loss per share
Undiluted 3 (8.05)p
Diluted 3 (8.05)p
Dividend per share 0.90p
CONSOLIDATED PROFIT AND LOSS ACCOUNT
Restated
Unaudited 6 months Ended 30 November 2000
Excluding
Compound Compound
Semiconductors Semiconductors Total
note £000 £000 £000
Sales 1, 2 142,484 5,101 14,585
Operating profit/(loss) before goodwill
amortisation and impairment and share
compensation 1, 2 13,777 (7,438) 6,339
Goodwill amortisation (1,485) (760) (2,245)
Exceptional goodwill impairment - - -
Share compensation (764) - (764)
Operating profit/(loss) 1, 2 11,528 (8,198) 3,330
Net interest payable (5,781)
Net financing currency exchange loss (72)
(5,853)
Loss on ordinary activities before taxation (2,523)
Taxation (647)
Loss on ordinary activities after taxation (3,170)
Dividends (668)
Deficit for the period (3,838)
Adjusted loss per share
Undiluted 3 (0.12)p
Diluted 3 (0.12)p
Loss per share
Undiluted 3 (4.38)p
Diluted 3 (4.38)p
Dividend per share 0.90p
CONSOLIDATED PROFIT AND LOSS ACCOUNT
Audited Year Ended 31 May 2001
Excluding
Compound Compound
Semiconductors Semiconductors Total
note £000 £000 £000
Sales 1, 2 286,201 11,233 297,434
Operating profit/(loss) before goodwill
amortisation and impairment and share
compensation 1, 2 27,154 (14,930) 12,224
Goodwill amortisation (3,368) (1,516) (4,884)
Exceptional goodwill impairment - (14,078) (14,078)
Share compensation (2,293) - (2,293)
Operating profit/(loss) 1, 2 21,493 (30,524) (9,031)
Net interest payable (12,531)
Net financing currency exchange gain 355
(12,196)
Loss on ordinary activities before taxation (21,227)
Taxation (1,564)
Loss on ordinary activities after taxation (22,791)
Dividends (1,994)
Deficit for the period (24,785)
Adjusted loss per share
Undiluted 3 (2.56)p
Diluted 3 (2.56)p
Loss per share
Undiluted 3 (31.24)p
Diluted 3 (31.24)p
Dividend per share 2.70p
CONSOLIDATED BALANCE SHEET
Restated
Unaudited Unaudited Audited
30 November 30 November 31 May
2001 2000 2001
£000 £000 £000
Fixed assets
Intangible assets 53,021 72,388 54,673
Tangible assets 121,716 126,178 126,302
174,737 198,566 180,975
Current assets
Stocks 42,789 54,284 51,274
Debtors 69,082 60,316 66,771
Cash 11,176 12,623 5,589
123,047 127,223 123,634
Creditors: amounts falling due within one year
Borrowings 139 9,812 14,430
Other creditors 41,652 45,306 41,094
41,791 55,118 55,524
Net current assets 81,256 72,105 68,110
Total assets less current liabilities 255,993 270,671 249,085
Creditors: amounts falling due after one year
Borrowings 116,994 117,013 117,083
Deferred income 11,480 1,629 1,515
Net assets 127,519 152,029 130,487
Capital and reserves
Called up share capital 7,388 7,340 7,365
Share premium account 135,444 132,829 132,932
Shares to be issued 6,145 6,087 7,616
Revaluation reserve 106 106 106
Profit and loss account (21,564) 5,667 (17,532)
Equity shareholders' funds 127,519 152,029 130,487
STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES
Restated
Unaudited Unaudited Audited
6 months 6 months Year
Ended Ended Ended
30 November 30 November 31 May
2001 2000 2001
£000 £000 £000
Loss on ordinary activities after taxation (5,937) (3,170) (22,791)
Currency exchange movement arising on consolidation 2,224 5,553 3,047
Currency exchange movement on loan 347 (6,186) (5,932)
Total recognised gains and losses (3,366) (3,803) (25,676)
RECONCILIATION OF SHAREHOLDERS' FUNDS
Restated
Unaudited Unaudited Audited
6 months 6 months Year
Ended Ended Ended
30 November 30 November 31 May
2001 2000 2001
£000 £000 £000
Loss on ordinary activities after taxation (5,937) (3,170) (22,791)
Dividends (666) (668) (1,994)
Deficit for the period (6,603) (3,838) (24,785)
Currency exchange movement arising on consolidation 2,224 5,553 3,047
Currency exchange movement on loan 347 (6,186) (5,932)
Issue of shares 2,535 4,864 4,992
Shares to be issued
- shares issued (2,504) - -
- acquisition contingent consideration - 5,323 5,323
- share compensation 1,033 764 2,293
Movement in shareholders' funds (2,968) 6,480 (15,062)
Opening shareholders' funds 130,487 145,549 145,549
Closing shareholders' funds 127,519 152,029 130,487
CONSOLIDATED CASH FLOW STATEMENT
Unaudited Unaudited Audited
6 months 6 months Year
Ended Ended Ended
30 November 30 November 31 May
2001 2000 2001
note £000 £000 £000
Net cash flow from operating activities A 33,744 2,509 7,522
Returns on investment and servicing of
finance
Net interest and finance costs paid (6,235) (5,360) (11,689)
Tax paid (961) (3,190) (3,091)
Capital expenditure
Purchase of tangible fixed assets (5,550) (31,026) (40,982)
Sale of tangible fixed assets 486 106 171
Government grants received - 480 480
Net cash flow from capital expenditure 5,064 (30,440) (40,331)
Acquisitions
Acquisition costs - (32) (118)
Net cash acquired with subsidiary - 14 14
Net cash flow from acquisitions - (18) (104)
Equity dividends paid (1,326) (1,303) (1,964)
Net cash flow before financing 20,158 (37,802) (49,657)
Financing
Issue of shares 31 1,717 1,844
Capital element of finance lease payments - (111) (147)
Loans repaid (132) (439) (567)
Net cash flow from financing (101) 1,167 1,130
Increase/(decrease) in cash B 20,057 (36,635) (48,527)
NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT
A Reconciliation of operating profit/(loss) to net cash flow from operating
activities
Restated
Unaudited Unaudited Audited
6 Months 6 Months Year
Ended Ended Ended
30 November 30 November 31 May
2001 2000 2001
£000 £000 £000
Operating profit/(loss) 2,369 3,330 (9,031)
Goodwill amortisation 2,670 2,245 4,884
Exceptional goodwill impairment - - 14,078
Share compensation 1,033 764 2,293
Depreciation 10,493 7,711 16,759
Loss/(profit) on sale of tangible fixed assets 167 (45) (70)
Government grants released (35) (53) (167)
Movement in stocks 8,743 (13,484) (10,642)
Movement in debtors 8,203 2,582 (4,307)
Movement in creditors 110 (541) (6,275)
Net cash flow from operating activities 33,744 2,509 7,522
B Reconciliation of net cash flow to movement in net debt
Unaudited Unaudited Audited
6 Months 6 Months Year
Ended Ended Ended
30 November 30 November 31 May
2001 2000 2001
£000 £000 £000
Increase/(decrease) in cash 20,057 (36,635) (48,527)
Cash flow from debt 132 439 567
Cash flow from finance leases - 111 147
Change in net debt resulting from
cash flows 20,189 (36,085) (47,813)
Loan acquired with subsidiary - (300) (300)
Debt issue costs amortisation (421) (421) (842)
Currency exchange movement 199 (6,089) (5,662)
Movement in net debt in the period 19,967 (42,895) (54,617)
Opening net debt (125,924) (71,307) (71,307)
Closing net debt (105,957) (114,202) (125,924)
NOTES TO THE INTERIM FINANCIAL INFORMATION
1 Geographical segment analysis
Restated
Unaudited Unaudited Audited
6 Months 6 Months Year
Ended Ended Ended
30 November 30 November 31 May
2001 2000 2001
£000 £000 £000
Sales
United Kingdom 59,576 57,046 114,030
Finland 32,433 30,159 54,223
United States of America 50,201 61,129 118,946
Australia 7,221 4,237 17,774
China 6,264 5,559 12,448
Inter segment (9,707) (10,545) (19,987)
145,988 147,585 297,434
Operating profit/(loss) before goodwill amortisation
and impairment and share compensation
United Kingdom 730 1,297 1,961
Finland 4,891 3,290 3,915
United States of America 244 3,524 6,209
Australia 588 (540) 2,315
China 2,015 590 1,649
Central costs (2,396) (1,822) (3,825)
6,072 6,339 12,224
Operating profit/(loss)
United Kingdom 730 1,297 1,961
Finland 3,961 2,380 2,147
United States of America (2,529) 1,425 (13,278)
Australia 588 (540) 2,315
China 2,015 590 1,649
Central Costs (2,396) (1,822) (3,825)
2,369 3,330 (9,031)
NOTES TO THE INTERIM FINANCIAL INFORMATION
2 Business segment analysis
Restated
Unaudited Unaudited Audited
6 Months 6 Months Year
Ended Ended Ended
30 November 30 November 31 May
2001 2000 2001
£000 £000 £000
Sales
Wireless infrastructure 99,541 103,895 207,777
Cellular handset products 23,632 23,156 42,174
Electronic warfare 13,745 11,424 25,728
Broadband access 7,997 4,146 11,273
Inter segment (2,719) (137) (751)
Excluding compound semiconductors 142,196 142,484 286,201
Compound semiconductors 3,792 5,101 11,233
145,988 147,585 297,434
Operating profit/(loss) before goodwill amortisation
and impairment and share compensation
Wireless infrastructure 14,003 13,280 27,212
Cellular handset products 5,303 3,927 6,979
Electronic warfare (1,998) (125) (443)
Broadband access (990) (1,483) (2,769)
Central costs (2,396) (1,822) (3,825)
Excluding compound semiconductors 13,922 13,777 27,154
Compound semiconductors (7,850) (7,438) (14,930)
6,072 6,339 12,224
Operating profit/(loss)
Wireless infrastructure 14,003 13,280 27,212
Cellular handset products 4,373 3,017 5,211
Electronic warfare (2,123) (252) (698)
Broadband access (2,898) (2,695) (6,407)
Central costs (2,396) (1,822) (3,825)
Excluding compound semiconductors 10,959 11,528 21,493
Compound semiconductors (8,590) (8,198) (30,524)
2,369 3,330 (9,031)
NOTES TO THE INTERIM FINANCIAL INFORMATION
3 Loss per share
Restated
Unaudited Unaudited Audited
6 Months 6 Months Year
Ended Ended Ended
30 November 30 November 31 May
2001 2000 2001
Adjusted loss per share (2.71)p (0.12)p (2.56)p
Effect of adjusted items net of taxation (5.34)p (4.26)p (28.68)p
Basic loss per share (8.05)p (4.38)p (31.24)p
Adjusted diluted loss per share (2.71)p (0.12)p (2.56)p
Effect of adjusted items net of taxation (5.34)p (4.26)p (28.68)p
Diluted loss per share (8.05)p (4.38)p (31.24)p
£000 £000 £000
Adjusted loss (1,998) (89) (1,871)
Goodwill amortisation (2,670) (2,245) (4,884)
Exceptional goodwill impairment - - (14,078)
Share compensation (1,033) (764) (2,293)
Net financing currency exchange (loss)/gain (236) (72) 335
Loss on ordinary activities after taxation (5,937) (3,170) (22,791)
Weighted average number of shares 73,760,593 72,411,415 72,962,735
Dilution effect of share options - - -
Dilution effect of contingently issuable shares - - -
Diluted weighted average number of shares
73,760,593 72,411,415 72,962,735
4 Restatement of comparative period ended 30 November 2000
The interim financial information for the comparative period ended 30
November 2000 has been restated. The impact is to increase the loss on
ordinary activities before and after taxation for the period ended 30
November 2000 by £1,035,000. At 30 November 2000, the intangible assets
balance is reduced by £5,481,000, and the shares to be issued reserve is
reduced by £4,194,000. The accounting treatment adopted in the restatement
is consistent with that adopted in the audited financial statements for the
year ended 31 May 2001, whereby an element of the previously reported
purchase consideration in respect of the acquisition of Sigtek, Inc. has
now been treated as share compensation expense.
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