Final Results
Headlam Group PLC
14 March 2005
14 March 2005
Preliminary Results for the Year Ended 31 December 2004
Headlam Group plc ('Headlam'), the UK's leading floorcoverings distributor,
announces its final results for the year ended 31 December 2004.
Financial highlights
2004 2003 Change
Turnover £464.8m £412.3m +12.7%
Operating profit before goodwill amortisation £39.3m £33.5m +17.3%
Profit before taxation £38.3m £32.6m +17.6%
Adjusted earnings per share 32.0p 27.3p +17.2%
Dividend per share 16.25p 13.85p +17.3%
Key points
• UK turnover increased by 9.2% on a like for like basis
• Operating profit before goodwill amortisation improved by 17.3%
• Strong cash flow from operations up 27.7% to £46.0 million
• Continued investment in freehold facilities
• Final dividend increased by 19.5% from 10.25p to 12.25p
Tony Brewer, Headlam's Group Chief Executive, said:
'The group is clearly focused on continuing to develop its floorcovering
distribution activities, both through organic growth and careful acquisition of
appropriate businesses.
Our businesses in the UK and Continental Europe have made a solid start to 2005,
in line with our internal objectives and we therefore look forward to another
year of growth.'
Enquiries:
Headlam Group plc
Tony Brewer, Group Chief Executive Tel: 01675 433000
Stephen Wilson, Group Finance Director
Chairman's Statement
It is pleasing to report that the turnover and profitability achieved by the
group during 2004 represents another record performance.
Turnover from the group's activities was £464.8 million, an increase of 12.7% on
last year, and profit before tax increased by 17.6% to £38.3 million.
Earnings and dividend
Adjusted earnings per share increased by 17.2% from 27.3p to 32.0p. The board is
recommending a final dividend of 12.25p per share, an increase of 19.5% on last
year. This increases the total dividend for the year by 17.3% from 13.85p to
16.25p. If approved, the final dividend will be paid on 4 July 2005 to
shareholders on the register at 10 June 2005.
Operations
We have continued with our strategy of businesses operating autonomously to
maximise market presence. We now have 47 businesses operating from 21
distribution centres in the UK and whilst enjoying this individuality, all the
businesses operate to a clearly defined strategy and comply with precise
reporting procedures.
These businesses have clearly focused market objectives across a broad range of
floorcovering products and are supported by comprehensive stockholdings. This
ensures that we have strong long-term relationships with the leading
floorcovering manufacturers and most importantly, offer the independent
floorcovering retailer and contractor a huge breadth of product, including the
latest trends and innovations.
During the year, the group invested £8.5 million on the construction of a new
purpose built freehold distribution centre in Tamworth and extensions to two
existing centres in Thatcham and Stockport. These projects will complete during
2005 at a further cost of £6.1 million. The group's policy of continued
investment, provides additional capacity and improvement in operating efficiency
enabling our businesses to develop and expand their services from cost effective
facilities.
Employees
The key feature of our autonomous structure is the experience and floorcovering
knowledge of the managers of the individual business activities. They along with
the loyal staff in the 21 distribution centres throughout the UK and the three
businesses in Continental Europe are the key to the success and future of the
group. We thank all our employees for their endeavour and support.
Outlook
The first 10 weeks of 2005 have shown a positive trend throughout our business
operations in the UK and Continental Europe.
The continual focus on working with suppliers to deliver our customers' needs
through the latest floorcovering products leaves us well placed to achieve
another successful year.
Chief Executive's Review
2004 proved to be a particularly strong year for our UK businesses, with sales
growing by 9.2% on a like for like basis. Positive trading throughout our
geographic locations and across our various business sectors, in conjunction
with an increase in each floorcovering product category, contributed to this
success.
Our businesses in Continental Europe continued their improvement and achieved
further growth in sales and profit in 2004.
Market presence
Following the acquisition of National Carpets and Kingsmead Carpets in 2004 and
more recently, Clarendon Carpets in January 2005, we now have 47 businesses
operating from 21 distribution centres in the UK. The experienced management of
these individual businesses work with the world's leading floorcovering
manufacturers in order to maintain a constant flow of new qualities and a
continual enlargement of their product portfolio.
The market presence of these businesses is promoted through 282 employed
external sales people, working in teams dedicated to each individual business.
These sales teams ensure that our customers, the independent floorcovering
retailer and contractor, remain competitive and are continually supplied with
the latest product innovations. As part of our programme of ongoing business
development, we placed over 720,000 point of sale items during the year with our
customers, whose active accounts now number 33,990.
The introduction of IPAQ hand-held computers to support our sales teams has
proved particularly successful. This has enhanced both their efficiency and the
service they are able to offer to their customers. Furthermore, our
business-to-business website continues to grow in popularity, with now 3,131
registered users. This facility enables our customers to access stock files and
place orders 24 hours a day, seven days a week. These activities further
demonstrate our strong support to the UK independent floorcovering retailer and
contractor.
Product
The introduction of 2,265 new carpet products during the year contributed to the
8.3% sales growth of this product sector and we launched 465 new residential
vinyl products achieving a particularly positive year with sales growth of
16.4%. Our growth in laminate and wood products continued and sales of our
carpet underlay category also increased. The commercial sector also enjoyed a
positive performance, with sales improving by 8.4%.
Acquisitions
During 2004 we acquired the business of National Carpets, which establishes a
base and the opportunity to further develop business in the UK DIY sector. The
acquisition of Kingsmead Carpets in the autumn of 2004 enlarged our presence in
high quality woollen products and the acquisition in early 2005 of Clarendon
Carpets, further complemented our presence in this premium sector.
We continue to evaluate potential acquisitions that enhance our market presence
and can be relocated into our existing facilities.
UK operations
The UK businesses are defined into four specific sectors; regional multi
product, national multi product, residential specialist and commercial
specialist.
Our 27 regional multi product businesses were able to grow their sales by 8.0%
and now account for 71% of our UK business. They market and distribute a
combination of manufacturers' brands and own label product in the residential
sector. In the commercial sector, we operate principally with the leading
manufacturers' brands.
Mercado, the national multi product distribution business benefited from its
first full year operating from our new distribution centre in Leeds and
increased sales by 15.2%. This business now accounts for 15% of our UK turnover.
The eleven residential specialist businesses, established over the last three
years and concentrating principally on the sale of higher quality carpets, more
than doubled their business and now account for 9% of UK turnover. The
businesses operating in this sector have enlarged our target market in an area
that has not historically been supplied by the traditional floorcovering
distributor.
Sales in our five specialist commercial businesses were stable during the year
and we look forward to this collection of businesses taking advantage of the new
distribution centre in Tamworth that will be operational in April 2005.
Whilst encouraging the autonomy of these individual businesses to maximise their
relationship with suppliers and customers, subsequently enlarging their market
presence, they also enjoy the benefit of a common IT platform streamlining their
operations and deriving optimum efficiency, whilst complying with strict
financial procedures.
Investments
We have during 2004 and into 2005, continued to improve the infrastructure of
our UK operations. The extension at Florco located in Thatcham is now fully
operational giving the two businesses operating from this facility 40% extra
capacity enabling further development in the south of England.
Similarly, the extension at Hadfields in Stockport, creating an extra 50%
capacity, is reaching completion and this will allow the three businesses
operating from this facility to further increase their market presence in the
north of England.
Our new 158,000 square feet freehold distribution centre at Tamworth will be
operational in April 2005 and will allow the five businesses currently operating
from leasehold premises in Tamworth to significantly enlarge their market
opportunities. In addition, we will move a number of businesses from our
Coleshill facility to Tamworth during the course of this year, releasing further
capacity for the retained businesses in Coleshill.
We have exchanged contracts and subject to planning permission, we will complete
the purchase of five acres of land in Leeds. This will allow us to re-house the
Wilkies business and it is intended that this new site will be operational in
the spring of 2006.
It is our intention to continue investment in the infrastructure of the business
and re-house other operations within the group in order to increase efficiency
and capacity and further enhance our market position.
Continental Europe
Our Continental European businesses in France, Switzerland and the Netherlands,
maintained their positive performance and it is particularly pleasing to achieve
an 11.6% increase in operating profit. We look forward to these businesses
continuing to increase market share and subsequently improve their profit
performance during the course of this year.
Outlook
The group is clearly focused on continuing to develop its floorcovering
distribution activities, both through organic growth and careful acquisition of
appropriate businesses.
Our businesses in the UK and Continental Europe have made a solid start to 2005,
in line with our internal objectives and we therefore look forward to another
year of growth.
Financial review
Trading performance
Group turnover during the year increased by 12.7% from £412.3 million to £464.8
million. Turnover from continuing operations contributed £450.6 million,
increasing by 9.3% on the previous year, with National Carpets, acquired during
April 2004, and Kingsmead, acquired during September 2004, adding a further
£14.2 million.
Turnover from the UK businesses accounted for 85.1% of group turnover with the
balance generated in Continental Europe.
Group operating profit, before goodwill amortisation, increased by 17.3% from
£33.5 million to £39.3 million. Operating profit from continuing operations,
before goodwill amortisation, increased by 16.4% to £39.0 million and the two
acquisitions contributed £0.3 million.
Operating profit, before goodwill amortisation, from the UK businesses amounted
to 95.6% of the group's operating profit with the balance arising in Continental
Europe.
Currency translation and transactions do not significantly affect the group's
trading performance.
Interest and taxation
Net interest payable reduced to £59,000, compared with £86,000 for 2003, due to
strong operating cash flows during the final quarter of the year.
The effective rate of taxation reduced to 31.2% compared with 32.1% for the
previous year giving rise to a charge of £12.0 million. The rate is a reflection
of the group's current mix of business. It is anticipated that the effective tax
rate will remain at this year's level for the foreseeable future.
Cash flows and net funds
Net cash flow from operating activities
Net cash inflow from operating activities increased to £46.0 million during 2004
compared with £36.0 million in 2003. The additional £10.0 million cash inflow
was principally derived from an increase in operating profit of £5.7 million and
a positive contribution from the movement in working capital amounting to £3.5
million.
Capital expenditure
Net expenditure during 2004 amounted to £14.1 million compared with £17.0
million for the previous year. As already mentioned in the Chairman's Statement
and Chief Executive's Review, £8.5 million was invested on the new facility in
Tamworth and extensions to the existing facilities in Thatcham and Stockport.
During the year, the group acquired the MCD Glasgow facility for £2.7 million
and the facility in Swansea for £0.7 million. Both properties were formerly
occupied on a short lease basis. Investment in replacement and maintenance
expenditure amounted to £1.8 million.
Forecast gross expenditure for 2005, including £1.4 million for maintenance, is
expected to be approximately £10.6 million. Included within this amount is £4.7
million that will be incurred on completing the Tamworth facility and £1.4
million to finalise the two extensions. Subject to planning, it is anticipated
that £3.3 million will be invested on Wilkies facility during 2005. The
investment in 2005 reflects the board's continuing commitment to relocating
operations to new facilities or extending existing facilities where there are
sound operational and financial reasons to support the investment.
The businesses operate from 21 principal distribution centres in the UK, two
main centres in France and one centre each in the Netherlands and Switzerland.
At 31 December 2004, the group held a freehold or long leasehold interest in 16
of the 21 centres in the UK with the remaining centres occupied on a short
lease. The centres in France and Switzerland are freehold and the Dutch centre
is a short lease.
Property valuation
The group's freehold and long leasehold land property portfolio, excluding
properties that are in the course of construction, were valued in accordance
with FRS 15 as at 31 December 2004. The resultant revaluation surplus of £3.7
million has been included in tangible fixed assets and the revaluation reserve.
The properties were valued on an existing use basis.
Acquisitions
The group acquired National Carpets on 30 April 2004 for a consideration of
£4.037 million of which £3.047 million was paid on completion with the balance,
£0.6 million, to be paid in two equal amounts twelve and twenty four months
after completion. The business operates autonomously from its distribution
centre in Rochdale.
On 17 September 2004, the group acquired the business of Kingsmead Carpets for a
cash consideration of £0.35 million. The business was subsequently relocated to
the distribution centre located at Coleshill where it continues to operate
autonomously.
On 27 January 2005, the group acquired the intellectual property rights of
Clarendon Carpets for £20,000. This business now operates from Coleshill.
Net funds
The net cash inflow for the year, before financing, amounted to £4.2 million.
The net cash inflow from financing, £1.1 million, being the cash received from
the issue of shares to current and former employees under share options schemes
less the outflows relating to the repayment of debt and hire purchase, gave rise
to an increase in cash balances of £5.4 million. The group's net funds increased
from £28.6 million to £35.6 million.
Capital and treasury
Shareholder returns and dividends
Adjusted earnings per share for the year, calculated on profit after taxation
but before goodwill amortisation, increased by 17.2% from 27.3p to 32.0p.
The board is proposing a final dividend of 12.25p bringing the total dividend
for the year to 16.25p representing an increase of 17.3% over 2003. The increase
in dividend is consistent with the board's policy of increasing dividends in
line with earnings growth. Dividend cover remains at 1.9.
Total shareholder return, being the increase in the share price plus reinvested
dividends, has increased by 37.8% during the last five years compared to the
FTSE Mid 250 average of 29.4%. Over the last three years, it has increased by
77.0% compared with the FTSE Mid 250 average of 29.7% and during the last year,
28.9% compared with the FTSE Mid 250 average of 23.4%.
Treasury management
Financial instruments
The group's financial instruments, other than derivatives, comprise cash,
borrowings and various items that arise directly from its operations such as
trade debtors and trade creditors. The main purpose of these financial
instruments is to raise finance for and support the group's trading operations.
Derivative transactions relate to forward foreign currency contracts used to
manage the currency risks arising from the group's selling and buying
activities.
The main risks arising from the group's financial instruments are interest rate
risk, liquidity risk and foreign currency risk although in the context of the
group's overall trading position, none of these risks would significantly affect
the results.
The board reviews and agrees policies for managing each of these risks and these
policies have remained unchanged throughout the year. Furthermore, trading in
financial instruments is not permitted.
Interest rate risk
The group is exposed to interest rate fluctuations on its borrowings and cash
deposits. It borrows principally in sterling, euros and Swiss francs at both
fixed and floating interest rates and places cash on deposit in sterling and
euros at floating rates. During the year, with the exception of a fixed interest
term facility amounting to £0.7 million denominated in Swiss francs, the group
maintained its policy of borrowing at floating rates.
Liquidity risk
The board's liquidity policy ensures that sufficient facilities are available to
fund the group's trading and investment requirements. These facilities remain
uncommitted however, because the group's strong cash flow and average neutral
net funding mean that flexible facilities are more cost effective.
Foreign currency risk
The group is exposed to movements in currency exchange rates arising from
transaction currency cash flows and the translation of the results and net
assets of overseas subsidiary operations. These exposures however, have not had
a significant affect on the results and financial position of the group overall.
At 31 December 2004, 11.0% of the group's operating net assets related to
overseas subsidiary operations. Given their size, no arrangements are in place
to hedge the net assets and cash flows of these operations other than the
natural hedging arising from local borrowings.
International Financial Reporting Standards
From 1 January 2005, the group will prepare its consolidated financial
statements in accordance with International Financial Reporting Standards
('IFRS'). The group has undertaken a conversion project to identify and evaluate
the implications of IFRS on the consolidated financial statements and to assess
the system and process changes required.
The accounting policies which are likely to be impacted by IFRS are summarised
as follows:
Goodwill - annual amortisation will be replaced by an impairment review and
intangible assets arising on acquisitions occurring after 31 March 2004 will be
separately valued.
Pensions - the deficit on the defined benefit pension scheme will be recognised
on the balance sheet net of deferred taxation. Accordingly, the annual results
will not bear the cost of funding of historical deficits.
Freehold property - an option exists to state property at its current revalued
amount or to restate to its original cost less accumulated depreciation.
The IFRS conversion project has identified that the transition to the new
reporting requirements can be achieved with minimal amendment to existing
systems and processes. The first financial information to be reported by the
group in accordance with IFRS will be included in the half year statement
covering the six months to 30 June 2005.
Consolidated profit and loss account
for the year ended 31 December 2004
2004 2003
£'000 £'000
Turnover
Continuing operations 450,558 412,295
Acquisitions 14,231 -
-------- --------
464,789 412,295
Cost of sales (323,924) (289,315)
-------- --------
Gross profit 140,865 122,980
Net operating expenses (102,465) (90,301)
-------- --------
Operating profit
Continuing operations 38,184 32,679
Acquisitions 216 -
-------- --------
38,400 32,679
-------- --------
Operating profit before goodwill amortisation 39,318 33,514
Goodwill amortisation (918) (835)
-------- --------
Profit on ordinary activities before interest 38,400 32,679
Net interest payable and other similar items (59) (86)
-------- --------
Profit on ordinary activities before taxation 38,341 32,593
Taxation on profit on ordinary activities (11,975) (10,464)
-------- --------
Profit for the financial period 26,366 22,129
Dividends paid and proposed on equity shares (14,095) (11,657)
-------- --------
Retained profit for the financial period 12,271 10,472
======== ========
Earnings per share
Basic 30.9p 26.3p
======== ========
Diluted 30.6p 25.9p
======== ========
Adjusted 32.0p 27.3p
======== ========
Consolidated balance sheet
At 31 December 2004
2004 2003
£'000 £'000
Fixed assets
Intangible assets 13,964 13,210
Tangible assets 75,256 64,236
-------- --------
89,220 77,446
-------- --------
Current assets
Stocks 79,692 73,889
-------- --------
Debtors: amounts falling due within one year 88,400 72,419
Debtors: amounts falling due after more than one year 1,500 1,500
-------- --------
Total debtors 89,900 73,919
Cash at bank and in hand 37,747 32,336
-------- --------
207,339 180,144
Creditors: amounts falling due within one year (168,502) (147,378)
-------- --------
Net current assets 38,837 32,766
-------- --------
Total assets less current liabilities 128,057 110,212
Creditors: amounts falling due after more than one
year (738) (1,175)
Provisions for liabilities and charges (451) (777)
-------- --------
Net assets 126,868 108,260
======== ========
Capital and reserves
Called up share capital 4,306 4,213
Share premium account 51,731 49,061
Revaluation reserve 6,615 2,844
Profit and loss account 64,216 52,142
-------- --------
Equity shareholders' funds 126,868 108,260
======== ========
Consolidated cash flow statement
for the year ended 31 December 2004
2004 2003
£'000 £'000
Net cash inflow from operating activities 46,022 36,046
Returns on investments and servicing of finance (38) (105)
Taxation (12,082) (8,750)
Capital expenditure (14,092) (16,952)
Acquisitions (3,779) (1,189)
Equity dividends paid (11,795) (10,550)
-------- --------
Cash inflow/(outflow) before financing 4,236 (1,500)
-------- --------
Financing
Issue of equity share capital 2,763 166
Repayment of amounts borrowed (1,121) (591)
Capital element of finance leases and similar hire
purchase contract payments (498) (935)
-------- --------
Cash inflow/(outflow) from financing 1,144 (1,360)
-------- --------
Increase/(decrease) in cash in the year 5,380 (2,860)
======== ========
Reconciliation of net cash flow to movements in net cash
2004 2003
£'000 £'000
Increase/(decrease) in cash in period 5,380 (2,860)
Cash outflow from reduction in debt 1,619 1,526
-------- --------
Change in debt resulting from cash flows 6,999 (1,334)
Translation difference (10) 75
-------- --------
Movement in net cash in the year 6,989 (1,259)
Net cash at 1 January 28,616 29,875
-------- --------
Net cash at 31 December 35,605 28,616
======== ========
Consolidated statement of total recognised gains and losses
for the year ended 31 December 2004
2004 2003
£'000 £'000
Profit for the financial year 26,366 22,129
Currency translation differences on foreign currency net
investments (including taxation charge of £406,000) (256) 212
Surplus arising on revaluation of fixed assets 3,830 -
-------- --------
Total recognised gains and losses for the financial year 29,940 22,341
======== ========
Note of consolidated historical cost profits and losses
for the year ended 31 December 2004
2004 2003
£'000 £'000
Reported profit on ordinary activities before taxation 38,341 32,593
Difference between an historical cost depreciation charge
and the actual depreciation charge calculated on the
revalued amount 59 59
Realisation of property revaluation gains - 1,139
-------- --------
Historical cost profit on ordinary activities before
taxation 38,400 33,791
-------- --------
Historical cost profit for the year retained after taxation
and dividends 12,330 11,630
======== ========
Reconciliation of movements in consolidated shareholders' funds
for the year ended 31 December 2004
2004 2003
£'000 £'000
Profit for the financial year 26,366 22,129
Dividends on equity shares (14,095) (11,657)
-------- --------
Retained profit for the financial year 12,271 10,472
Equity share capital issued 2,763 166
Other recognised gains relating to the year 3,574 212
-------- --------
Net addition to shareholders' funds 18,608 10,850
Shareholders' funds at 1 January 108,260 97,410
-------- --------
Shareholders' funds at 31 December 126,868 108,260
======== ========
Segmental analysis
Turnover Profit before Operating net
interest and assets
taxation
2004 2003 2004 2003 2004 2003
£'000 £'000 £'000 £'000 £'000 £'000
By activity
Floorcoverings
Continuing
operations 450,558 412,295 40,258 34,464 114,214 99,653
Acquisitions 14,231 - 300 - 251 -
-------- -------- -------- -------- -------- --------
464,789 412,295 40,558 34,464 114,465 99,653
======== ======== ======== ========
Central
operations (1,240) (950)
Less: goodwill
amortisation (918) (835)
-------- --------
38,400 32,679
======== ========
By origin
UK 395,696 345,300 37,599 31,974 101,851 87,949
Continental
Europe 69,093 66,995 1,719 1,540 12,614 11,704
-------- -------- -------- -------- -------- --------
464,789 412,295 39,318 33,514 114,465 99,653
======== ======== ======== ========
Less: goodwill
amortisation (918) (835)
-------- --------
38,400 32,679
======== ========
Earnings per share
The calculation of earnings per share is based on the average number of ordinary
shares in issue during the year of 85,352,589 (2003: 84,203,287). The weighted
average number of ordinary shares used for the diluted earnings per share
calculation is 86,149,753 (2003: 85,572,233). The calculation of profit for the
financial year used for the adjusted earnings per share is shown below.
2004 2003
£'000 £'000
Operating profit before goodwill amortisation 39,318 33,514
Net interest payable (59) (86)
-------- --------
Profit on ordinary activities before taxation 39,259 33,428
Taxation on profit on ordinary activities (11,975) (10,464)
-------- --------
Adjusted profit for the financial year 27,284 22,964
======== ========
Reconciliation of group operating profit to net cash inflow from operating
activities
2004 2003
£'000 £'000
Profit on ordinary activities before interest 38,400 32,679
Depreciation of tangible fixed assets 3,536 2,947
Goodwill amortisation 918 835
Loss/(profit) on sale of fixed tangible assets 11 (26)
Movement in stocks (3,753) (5,619)
Movement in debtors (8,121) (3,667)
Movement in creditors 15,031 8,897
-------- --------
Net cash inflow from operating activities 46,022 36,046
======== ========
Gross cash flows
2004 2003
£'000 £'000
Returns on investments and servicing of finance
Bank interest received 1,055 881
Bank and loan interest (1,004) (864)
Interest payable on finance leases and similar hire
purchase contracts (89) (122)
-------- --------
(38) (105)
======== ========
Capital expenditure
Purchase of tangible fixed assets (14,374) (22,886)
Sale of tangible fixed assets 131 406
Sale of assets held for resale 151 5,528
-------- --------
(14,092) (16,952)
======== ========
Acquisitions
Net cash outflow from purchase of businesses (3,848) (522)
Net cash/(overdraft) acquired with businesses 69 (667)
-------- --------
(3,779) (1,189)
======== ========
Financing
Issue of ordinary share capital 2,763 166
Repayment of amounts borrowed (1,121) (591)
Capital element of finance leases and similar hire
purchase contract payments (498) (935)
-------- --------
1,144 (1,360)
======== ========
Analysis of changes in net funds
At Cash Translation At
1 January flows differences 31 December
2004 2004
£'000 £'000 £'000 £'000
Cash at bank and in hand 32,336 5,430 (19) 37,747
Bank overdraft (217) (50) (12) (279)
-------- -------- -------- --------
32,119 5,380 (31) 37,468
Debt due within one year (1,829) 1,121 21 (687)
Finance leases and similar hire
purchase contracts (1,674) 498 - (1,176)
-------- -------- -------- --------
28,616 6,999 (10) 35,605
======== ======== ======== ========
The financial information set out in the financial statements and notes above
does not constitute the Company's statutory accounts for the years ended 31
December 2004 or 2003. The financial information for 2003 is derived from the
statutory accounts for 2003 which have been delivered to the registrar of
companies. The auditors have reported on the 2003 accounts; their report was
unqualified and did not contain a statement under section 237 (2) or (3) of the
Companies Act 1985.
The statutory accounts for 2004 will be finalised on the basis of the financial
information presented by the directors in this preliminary announcement and will
be delivered to the registrar of companies following the company's annual
general meeting.
The financial statements for the year ended 31 December 2004 will be posted to
shareholders during April 2005.
This information is provided by RNS
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