Interim Results
Fisher (James) & Sons PLC
25 August 2004
James Fisher and Sons plc
('James Fisher' or 'the Company')
Interim Results
James Fisher, the marine services provider, announces Interim Results for the
six months ended 30 June 2004 with a 10% increase in pre tax profits and
continued strong cash flows.
The Marine Support Services Division now accounts for 46% of operating profits
(H1 2003: 39%), making it the Company's largest division.
Financial Highlights
• Pre tax profit up 10% to £6.6m (H1 03: £6.0m)
• Cash flow (adjusted) up 7.1% to £10.6m (H1 03: £9.9m)
• Debt reduced to £37.7m (H1 03: £55.9m); Gearing now 43%
• Proposed Interim dividend up 12% to 2.77p (H1 03: 2.47p)
• Marine Support Services operating profits up 23% to £4.7m (H1 03: £3.9m)
• Successful integration of recent acquisitions
Commenting on the outlook, Chairman, Tim Harris, CBE, said:
'Marine Support Services remain central to our strategy, contributing 46% of
first half operating profits and representing 24% of assets employed. We intend
to continue its expansion both by organic growth, for which we are committing
new resources and by further acquisitions of the type we have made over the last
two years. These acquisitions will relate closely to our existing businesses
and core marine service skills.
In recent years James Fisher has made good progress in transitioning from a
ship-owner to a marine services business. This process is continuing and
although the Cable Ships division's prospects remain challenging, it now
represents a greatly reduced part of James Fisher which is increasingly well
placed to grow profits and returns for shareholders.'
For further information:
James Fisher and Sons plc Binns & Co PR
Tim Harris, Chairman Paul McManus
Angus Buchanan, Chief Executive
Mike Shields, Finance Director Tel: 020 7786 9600
Tel: 020 7338 5808 Mob: 07980 541893
Chairman's Statement
Overview
The Group enjoyed a good first half with pre tax profits up by 10% to £6.6
million but more importantly the operating profit from Marine Support Services
increased by 23% and now represents 46% of overall operating profit, making it
by some way the Company's largest division. The cash flow was again very strong
at £17.9 million (£10.6 million after adjustment for the refinancing of the
Korean newbuilds) and gearing was reduced by £18.1 million to 43% at 30 June
2004 (67% : 31 December 2003).
Dividend
The Board is increasing the interim dividend by 12% to 2.77 pence per ordinary
share (H1 2003 - 2.47 pence per ordinary share) payable on 1 November 2004 to
shareholders on the register on 1 October 2004.
Marine Support Services
Operating profits grew by 23% to £4.7 million (2003 : £3.9 million)
Progress was encouraging for a number of reasons:
i. the acquisitions of James Fisher MIMIC Limited and Scan Tech Air Supply AS
in October 2003 have been integrated efficiently and contributed well; and
ii. we are building a stronger management team, particularly as regards
bidding for new contracts which should position us well for the future; and
iii. growth in operating profit for this division has been strong, in the last
three years producing a 326% increase in profits and the return on capital
achieved is the highest in the Group
Defence Services
James Fisher Rumic Limited, which operates the Royal Navy's Submarine Rescue
Service, performed well in the first half. We were disappointed that we failed
as lead contractor to win the NATO Submarine Service contract which went to
Rolls Royce but expect, as a subcontractor, to provide our specialist services
on this and a number of other interesting submarine related projects. We have
particular skills which are widely recognised and sought after.
AWSR Shipping Limited also had a good first half and we have subsequently
received our first dividend of £1 million and loan repayment of £0.3 million in
August. Our recent acquisition, James Fisher MIMIC Limited, which provides a
condition based monitoring system installed on the majority of Royal Navy
warships, has integrated well. The contribution of £1 million per annum from
RFA Oakleaf will cease from September 2004, but we shall benefit from £3.0
million cash when the Ministry of Defence exercise their purchase option.
Our new Defence Team under Simon Harris and Ben Sharples is generating a great
deal of activity and increasing our visibility with the sector significantly.
Simon will become Managing Director and Ben Project Director of James Fisher
Defence Limited when the company is set up formally in the second half. This
will become the lead company for all the Group's defence related interests.
Scan Tech
Scan Tech is more heavily weighted to the faster growing Norwegian sector (80%
of 2004 first half Scan Tech profit) than the UK (20% of 2004 Scan Tech first
half profit). Scan Tech Air Supply AS which was acquired for £4.8 million in
cash in October 2003, has been integrated smoothly into Scan Tech AS where it
has expanded the compressor product range and is contributing to our
expectations. Although the Norwegian sector experienced a slower start than in
2003, it is now coming through strongly. In the UK sector the HydroDiggers,
although less busy than in the excellent first half of 2003, were more active
than in the second half. We have expanded their territory of operation and in
the second half of 2004 expect work in Australia and possibly West Africa as
well as the North Sea and Mexico. Their effectiveness is proven and we are
marketing them more widely than hitherto.
Specialist Technical Services
The James Fisher Rumic Limited nuclear decommissioning business had a strong
first half and we are seeking to expand it both organically and by 'Operation
Cumbria', which is aimed at adding other related nuclear businesses in the
North. We see British Nuclear Fuels plc as a most important customer close to
our Cumbrian base and are seeking to expand our business relationship with them
and other contractors at the local Sellafield site.
Tankships
The operating profit for the first half was £3.8 million (2003 : £3.9 million).
In many ways, this was a good result as the number of ships has declined from 21
in 2003 to 17 this year. The Prestige incident in November 2002 focused
attention on older tonnage and we have had to phase out our older tankers more
quickly than we anticipated. We have sold four of our smallest vessels over the
last twelve months with an equivalent number to be sold by the end of 2005. In
the same period we have ordered new tonnage with delivery as follows; Cumbrian
Fisher (12,800 dwt) late 2004, Clyde Fisher (12,800 dwt) early 2005, Shannon
Fisher (5,000 dwt) late 2005 and sister vessel Solway Fisher (5,000 dwt) mid
2006 all in the form of ten-year bareboat charters. The latter two vessels
represent the new orders from the Damen Galati Shipyard in Romania which we
announced in April 2004. They have been financed by ten-year bareboat charters
with First Ship Lease Limited. Obviously 2005 and future years will benefit
from the new tonnage, not 2004.
Cable Ships
Oceanic Princess and Oceanic Pearl continue to benefit from the General Dynamics
charters which expire in May 2006 and December 2006 respectively. The decline
in profitability in the first half reflected the weaker dollar. We have
benefited in the first half from a cash settlement of £4 million relating to a
claim dating back to the construction of the vessels. This has been used to
write down their book value. In April we decided to sell Nexus because of her
age, the lack of immediate prospects and to avoid holding costs and to take
advantage of the high scrap value prevailing in the first months of the year.
The net effect of the £4 million cash recovery, the disposal of Nexus and
ongoing depreciation is that the net assets employed of the Cable Ships at 30
June 2004 was £40.8 million against £54.6 million at the equivalent date in
2003.
Near term prospects in the cable market remain bleak. To our knowledge only two
cable vessels were scrapped in the first half making little impact on the supply
side of the business. The limited work available has been taken by the cable
companies for their own vessels.
Outlook
The good first half confirms our strategy of concentrating resources on the
Marine Support Services division because its increased profits more than
compensated for the reduction in profits from Tankships and Cable Ships.
Tankships forms an important part of our marine service capability, producing
excellent cash flows and an improving return on capital. However, its growth
potential is inevitably linked to its market which is relatively mature and in
the second half of 2004 and 2005 we shall not benefit in full from our fleet
renewal programme.
The Cable Ship market is at the bottom of a classic shipping cycle for which it
is difficult to predict the length. Regrettably there has been no improvement
in prospects over the last six months but it is worth noting that Cable Ships
now contribute less than 20% to overall operating profits compared to 45% in the
first half of 2002 and the net assets employed in Cable Ships has been reduced
by £13.8 million over the last year to £40.8 million at 30 June 2004.
Marine Support Services remain central to our strategy, contributing 46% of
first half operating profits and representing 24% of assets employed. We intend
to continue its expansion both by organic growth, for which we are committing
new resources and by further acquisitions of the type we have made over the last
two years. These acquisitions will relate closely to our existing businesses
and core marine service skills.
There has recently been a lot of comment on the effect of the proposed changes
in the structure of defence and nuclear industries. We believe that these
developments will create interesting opportunities for the Marine Services
Division. James Fisher offers the commercial marine skills to support its
customers in meeting their objectives to operate more efficiently.
In recent years James Fisher has made good progress in transitioning from a
ship-owner to a marine services business. This process is continuing and
although the Cable Ships division's prospects remain challenging, it now
represents a greatly reduced part of James Fisher which is increasingly well
placed to grow profits and returns for shareholders.
GROUP PROFIT AND LOSS ACCOUNT
Unaudited Unaudited Audited
Six months to Six months to Year ended
30 June 2004 30 June 2003 31 December 2003
Notes £000 £000 £000
Turnover: group and share of joint venture 43,353 42,937 84,574
less share of joint venture (4,295) (3,423) (7,359)
Group turnover 2 39,058 39,514 77,215
cost of sales (28,916) (30,044) (60,308)
Gross profit before impairment 10,142 9,470 16,907
Impairment of C.S. Nexus - - (4,769)
Gross profit after impairment 10,142 9,470 12,138
Administrative expenses
general (2,542) (2,121) (4,474)
goodwill amortisation (457) (277) (623)
(2,999) (2,398) (5,097)
Group operating profit 7,143 7,072 7,041
Share of operating profit in joint venture 1,930 1,749 3,744
Total operating profit: group and share of joint venture 9,073 8,821 10,785
Loss on sale of ships (52) (588) (1,033)
9,021 8,233 9,752
Net interest payable
Group (1,101) (1,197) (2,237)
Joint Venture (1,320) (1,126) (2,478)
Exchange gain on loan conversion 8 123 343
(2,413) (2,200) (4,372)
Profit on ordinary activities before taxation 6,608 6,033 5,380
Taxation 3 (879) (489) (1,050)
Profit on ordinary activities after taxation 5,729 5,544 4,330
Dividends
Non equity (2) (2) (4)
Equity (1,333) (1,183) (3,250)
(1,335) (1,185) (3,254)
Retained profit for the period/year 4,394 4,359 1,076
All activities relate to continuing operations
pence pence pence
Basic earnings per ordinary share 11.91 11.57 9.04
Diluted earnings per ordinary share 11.58 11.27 8.70
Ordinary dividends paid or payable:
Interim 2.77 2.47 2.47
Final 4.30
GROUP STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES
Unaudited Unaudited Audited
Six months to Six months to Year ended
30 June 2004 30 June 2003 31 December 2003
Notes £000 £000 £000
Profit for the financial period excluding profit of joint 5,146 4,927 3,083
venture
Share of joint ventures' profit for the period 583 617 1,247
Profit on ordinary activities after taxation 5,729 5,544 4,330
Currency translation differences on foreign currency net 578 - 406
investments
Exchange difference on loan (759) - (476)
Total recognised gains and losses relating to the period 5,548 5,544 4,260
GROUP BALANCE SHEET
(Restated) (Restated)
Unaudited Unaudited Audited
30 June 2004 30 June 2003 31 December 2003
Notes £000 £000 £000
Fixed assets
Intangible assets - goodwill 17,009 10,362 17,397
Tangible assets 106,630 123,079 114 455
Investments:
Investments in joint venture:
Share of gross assets 52,154 50,169 52,333
Share of gross liabilities (49,979) (49,208) (50,742)
2,175 961 1,591
Other investments 1,157 1,157 1,157
126,971 135,559 134,600
Current assets
Stocks 1,872 1,040 2,377
Debtors 11,520 12,206 18,895
Cash and short-term deposits 8,410 6,604 5,455
21,802 19,850 26,727
Creditors: amounts falling due
within one year
Trade and other (15,191) (14,272) (16,566)
Bank loans (9,687) (9,182) (9,674)
(24,878) (23,454) (26,240)
Net current (liabilities)/assets (3,076) (3,604) 487
Total assets less current 123,895 131,955 135,087
liabilities
Creditors: amounts falling due
after more than one year
Trade and other - (534) -
Bank loans (36,449) (44,649) (51,633)
(36,449) (45,183) (51,633)
Provisions for liabilities and (261) (448) (200)
charges
Net assets 87,185 86,324 83,254
Capital and reserves
Called up share capital 12,267 12,150 12,211
Non equity - cumulative preference 100 100 100
shares
Share premium account 23,750 23,429 23,558
Profit and loss account 51,068 50,645 47,385
Shareholders' funds 6 87,185 86,324 83,254
GROUP CASH FLOW STATEMENT
Unaudited Unaudited Audited
Six months to Six months to Year ended
30 June 2004 30 June 2003 31 December 2003
Notes £000 £000 £000
Net cash inflow from operating activities 4(a) 11,194 11,990 22,848
Returns on investments and servicing of
finance
Interest received 124 169 341
Interest paid (1,255) (1,351) (2,562)
Preference dividend paid (2) (2) (4)
(1,133) (1,184) (2,225)
Taxation
Corporation tax paid (462) (215) (386)
Overseas tax paid (289) - (314)
(751) (215) (700)
Capital expenditure and financial investment
Purchase less sales of own shares by (530) (94) (75)
ESOP
Purchase of tangible fixed assets (1,463) (594) (2,214)
Refund of payment to acquire tangible 3,851 - -
fixed asset
Sale of tangible fixed assets 1,568 815 2,027
Sale/(purchase) of shipbuilding 7,293 - (7,293)
contracts
10,719 127 (7,555)
Acquisitions and disposals
Cash acquired with subsidiary - 679 888
undertakings
Purchase of subsidiary undertakings (69) (9,222) (17,603)
Loans to joint venture - (944) (944)
Loans from joint venture - 1,970 1,997
(69) (7,517) (15,662)
Equity dividends paid (2,090) (1,796) (2,978)
Cash inflow before management
of liquid resources and financing 17,870 1,405 (6,272)
Management of liquid resources
Increase/(decrease) in short term 345 (1,535) (1,535)
deposit
Financing
Issue of ordinary shares 248 61 251
New secured loans 1,206 7,706 19,898
Repayment of loans (16,377) (7,472) (13,326)
(14,923) 295 6,823
Increase/(decrease) in cash in the period 3,292 165 (984)
GROUP CASH FLOW STATEMENT CONTINUED
Unaudited Unaudited Audited
Six months to Six months to Year ended
30 June 2004 30 June 2003 31 December 2003
Notes £000 £000 £000
Reconciliation of net cash flow to movement in
net debt
Increase/(decrease) in cash in the period 3,292 165 (984)
Cash outflow/(inflow) from decrease/(increase) 15,171 (234) (6,572)
in debt
Cash (inflow)/outflow from (decrease)/increase (345) 1,535 1,535
in liquid resources
Change in net debt resulting from 18,118 1,466 (6,021)
cashflows
Exchange differences 8 123 343
Loans acquired with subsidiary - (748) (2,106)
undertakings
Movement in net debt in the period 18,126 841 (7,784)
Net debt at the beginning of period 4(b) (55,852) (48,068) (48,068)
Net debt at end of period 4(b) (37,726) (47,227) (55,852)
NOTES TO THE INTERIM ACCOUNTS
1. Interim accounts
The group's interim result consolidates the results of the company and its
subsidiary companies made up to 30 June 2004.
The interim financial information has been prepared on the basis of the
accounting policies set out in the group's statutory accounts for the year ended
31 December 2003. Expenses are accrued in accordance with the same principles
used in the preparation of the annual accounts.
The comparative balance sheet at 30 June 2003 and 31 December 2003 have been
restated to reflect the change in accounting policy following the publication of
UITF 38, Accounting for ESOP trusts, which is mandatory for accounting periods
ending on or after 22 June 2004, by the Accounting Standard Board. The effect of
this is to reduce Shareholders Funds at 30 June 2003 by £450,000 and at 31
December 2003 by £357,000.
The financial information contained in this interim statement does not
constitute statutory accounts as defined in section 240 of the Companies Act
1985. The financial information for the full preceding year is based on the
statutory accounts for the financial year ended 31 December 2003. These
accounts, upon which the auditors issued an unqualified opinion, have been
delivered to the Registrar of Companies.
The interim report was approved by the board of directors on 24 August 2004.
2. Segmental analysis
Geographical market supplied:
Marine
Turnover Support services Tankships Cable ships
Six months to Six months to Six months to
30 June 04 30 June 03 30 June 04 30 June 03 30 June 04 30 June 03
£000 £000 £000 £000 £000 £000
Continuing operations
UK & Ireland 8,061 5,711 19,920 22,047 2 132
Continental Europe 4,040 3,218 2,791 2,475 - -
Americas 118 1,009 - - 3,792 4,884
Rest of World 334 38 - - - -
12,553 9,976 22,711 24,522 3,794 5,016
Total Total
Six months to year ended
30 June 04 30 June 03 31 December 03
£000 £000 £000
27,983 27,890 55,799
6,831 5,693 10,648
3,910 5,893 10,656
334 38 112
39,058 39,514 77,215
The group operates from two geographical locations as follows:
United Kingdom &
Ireland Norway Total Total
Six months to Six months to Six months to year
ended
Profit on ordinary activities 30 June 30 June 30 June 30 June 30 June 30 June 31 Dec
before taxation 04 03 04 03 04 03 03
£000 £000 £000 £000 £000 £000 £000
Continuing operations
Ongoing 7,652 7,385 813 685 8,465 8,070 13,955
Impairment of C.S. Nexus - - - - - - (4,769)
Share of operating profit in 1,930 1,749 - - 1,930 1,749 3,744
joint venture
9,582 9,134 813 685 10,395 9,819 12,930
Goodwill amortisation (relates to Marine (457) (277) (623)
Support Services)
Common costs (865) (721) (1,522)
Total operating profit - group and share
of joint venture 9,073 8,821 10,785
Profit on ordinary activities before taxation
Marine
Support services Tankships Cable ships Total Total
Six months to Six months to Six months to Six months to year
ended
30 June 30 June 30 June 30 June 30 June 30 June 30 June 30 June 31 Dec
04 03 04 03 04 03 04 03 03
£000 £000 £000 £000 £000 £000 £000 £000 £000
Continuing
operations
Ongoing 2,804 2,104 3,753 3,868 1,908 2,098 8,465 8,070 13,955
Impairment of - - - - - - - - (4,769)
C.S. Nexus
Share of 1,930 1,749 - - - - 1,930 1,749 3,744
operating profit
in joint venture 4,734 3,853 3,753 3,868 1,908 2,098 10,395 9,819 12,930
Goodwill amortisation (relates to Marine Support Services) (457) (277) (623)
Common costs (865) (721) (1,522)
9,073 8,821 10,785
Loss on sale of ships (52) (588) (1,033)
9,021 8,233 9,752
Net interest payable
Group (1,101) (1,197) (2,237)
Joint Venture (1,320) (1,126) (2,478)
Exchange gain on loan conversion 8 123 343
(2,413) (2,200) (4,372)
Profit on ordinary activities before taxation 6,608 6,033 5,380
Net operating assets
30 June 2004 30 June 2003 31 December 2003
£000 £000 £000
Continuing operations
Marine support services 28,460 16,596 28,201
Group share of joint venture 2,174 935 1,591
Tankships 55,739 63,238 64,170
Cable ships 40,787 54,565 48,067
127,160 135,334 142,029
The net operating assets are reconciled to shareholders' funds as follows:
(Restated) (Restated)
30 June 2004 30 June 2003 31 December 2003
£000 £000 £000
Net operating assets 127,160 135,334 142,029
Fixed asset investments 1,157 1,157 1,157
Net borrowings (37,726) (47,227) (55,852)
Corporation tax (1,317) (1,066) (1,277)
Deferred tax (261) (191) (200)
Deferred consideration (535) (500) (535)
Dividends payable (1,293) (1,183) (2,068)
87,185 86,324 83,254
3. Taxation
The group has entered the UK tonnage tax regime under which its ship owning and
operating activities are based on the net tonnage of vessels operated. Any
income and profits outside the tonnage tax regime are taxed under the normal UK
corporation tax rules.
(a) Tax on profit on ordinary activities
The tax charge is made up as follows:
Six months to Six months to Year ended
30 June 2004 30 June 2003 31 December 2003
£000 £000 £000
Current tax:
UK tonnage tax (18) (14) (36)
UK corporation tax (348) (233) (501)
(366) (247) (537)
Tax underprovided in previous (146) - (88)
years
Foreign tax (279) (192) (353)
Group current tax (791) (439) (978)
Share of joint venture's current (27) (6) (19)
tax
Total current tax (818) (445) (997)
Deferred tax:
Group deferred tax (61) (44) (53)
Tax on profit on ordinary (879) (489 (1,050)
activities
4. Group cash flow statement
(a) Reconciliation of operating profit to net cash inflow from operating
activities
Six months to Six months to Year ended
30 June 2004 30 June 2003 31 December 2003
£000 £000 £000
Group operating profit 7,143 7,072 7,041
Depreciation and refit amortisation 4,110 4,734 9,526
Impairment of fixed asset - - 4,769
Amortisation of goodwill 457 277 623
Reduction/(increase) in stocks 393 206 (439)
(Increase)/decrease in debtors (680) 689 2,247
Decrease in creditors (680) (1,327) (804)
Profit on disposal of tangible fixed (72) (25) (86)
assets
Share based compensation 264 177 277
Increase/(decrease) in provisions 259 187 (306)
Net cash inflow from operating activities 11,194 11,990 22,848
(b) Reconciliation of net debt
1 January 2004 Cash flow Transfer Exchange 30 June 2004
movement
£000 £000 £000 £000 £000
Cash in hand and at bank 3,920 3,292 - 8 7,220
Short term deposits 1,535 (345) - - 1,190
Debt due after 1 year (51,633) - 15,177 7 (36,449)
Debt due within 1 year (9,674) 15,163 (15,177) 1 (9,687)
(61,307) 15,163 - 8 (46,136)
Net debt (55,852) 18,110 - 16 (37,726)
5. Earnings per share
The calculation of basic and diluted earnings per share are based on the
following profits and numbers of shares:
Six months to Six months to Year ended
30 June 2004 30 June 2003 31 December 2003
£000 £000 £000
Profit for the period/year 5,729 5,544 4,330
Preference dividend (2) (2) (4)
5,727 5,542 4,326
Number of Number of Number of
Weighted average number of shares shares shares shares
For basic earnings per share 48,079,850 47,879,575 47,855,653
Exercise of share options 1,385,927 1,316,402 1,850,531
For diluted earnings per share 49,465,777 49,195,977 49,706,184
6. Reconciliation of movements in group shareholders' funds
(Restated) (Restated)
30 June 2004 30 June 2003 31 December 2003
£000 £000 £000
Profit for the financial period/year 5,729 5,544 4,330
Dividends paid and proposed equity (1,335) (1,185) (3,254)
and non-equity shares
Currency translation difference on:
Foreign currency net investments 578 - 406
Exchange difference on loan (759) - (476)
Cost of own shares (530) (450) (357)
Net addition to shareholders' funds 3,683 3,909 649
Arising on share issue 248 61 251
Opening shareholders' funds 83,254 82,354 82,354
Closing shareholders' funds 87,185 86,324 83,254
7. Interim dividend
A dividend for the six months to 30 June 2004 on the preference shares was
declared on 30 June 2004. The interim dividend of 2.77p (2003 2.47p) per 25p
ordinary share is payable on 1 November 2004 to those shareholders on the
register of the company at the close of business on 1 October 2004.
8. Interim Report
The interim report is to be sent to all shareholders on Friday 3 September 2004,
posted first class. Copies of the interim report will also be available from our
registered office at: Fisher House, PO BOX 4, Barrow-in-Furness, Cumbria LA14
1HR.
INDEPENDENT REVIEW REPORT TO
JAMES FISHER AND SONS PUBLIC LIMITED COMPANY
Introduction
We have been instructed by the company to review the financial information for
the six months ended 30 June 2004 which comprises the group's Profit and Loss
Account, Balance Sheet and Cash Flow Statement and the related notes 1 to 8. We
have read the other information contained in the interim report and considered
whether it contains any apparent misstatements or material inconsistencies with
the financial information.
This report is made solely to the company in accordance with guidance contained
in Bulletin 1999/4 'Review of interim financial information' issued by the
Auditing Practices Board. To the fullest extent permitted by law, we do not
accept or assume responsibility to anyone other than the company, for our work,
for this report, or for the conclusions we have formed.
Directors' responsibilities
The interim report, including the financial information contained therein, is
the responsibility of, and has been approved by, the directors. The directors
are responsible for preparing the interim report in accordance with the Listing
Rules of the Financial Services Authority which require that the accounting
policies and presentation applied to the interim figures should be consistent
with those applied in preparing the preceding annual accounts except where any
changes, and the reasons for them are disclosed.
Review work performed
We conducted our review in accordance with guidance contained in Bulletin 1999/4
issued by the Auditing Practices Board. A review consists principally of making
enquiries of group management and applying analytical procedures to the
financial information and underlying financial data and, based thereon,
assessing whether the accounting policies and presentation have been
consistently applied unless otherwise disclosed. A review excludes audit
procedures such as tests of controls and verification of assets, liabilities and
transactions. It is substantially less in scope than an audit performed in
accordance with United Kingdom Auditing Standards and therefore provides a lower
level of assurance than an audit. Accordingly we do not express an audit
opinion on the financial information.
Review conclusion
On the basis of our review we are not aware of any material modifications that
should be made to the financial information as presented for the six months
ended 30 June 2004.
Ernst & Young LLP
Liverpool
25 August 2004
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