Final Results

RNS Number : 9652I

Boot(Henry) PLC

23 March 2010

 



HENRY BOOT PLC

Land promotion, property development & investment, construction and plant hire

PRELIMINARY STATEMENT OF RESULTS FOR THE YEAR ENDED 31 DECEMBER 2009

HIGHLIGHTS

·	Trading profits of £11.5m (2008: £44.0m)
·	Property impairments and revaluation deficit of £22.4m (2008: deficit £22.4m)
·	Result before tax: loss £11.9m (2008: profit £19.3m)
·	Earnings per share: loss 5.7p (2008: earnings 10.8p)
·	Second interim dividend of 1.25p, giving a total for the year of 2.5p (2008: 5.0p)
·	Net asset value per share decreased by 8% to 135p (2008: 146p)
·	Debt reduced to £32.1m (2008: £49.3m)
·	Further reduction in gearing to 18% (2008: 26%)

Commenting on the results, Chairman, John Reis, said:

"Our strategic focus during this recessionary period has been to preserve our asset values and reduce our debt."

"I am pleased to report a further solid set of results for the year ended 31 December 2009, particularly given the difficult market conditions in the UK property market during the period. The first half of 2009 was characterised by decreasing investment yields, however, the second half has seen some stabilisation, with yields even firming up slightly towards the end of the year."

"We continue to operate through our UK-wide network of offices, creating future land, planning and development opportunities in a cost effective way and as prudent cash management allows. The construction and property investment income streams provide steady profits and cashflows, which underpin our performance, despite the reduction in the more cyclical development and land profits."

"Whilst the general economic background and the property market, in particular, remains tough, I believe that the market is beginning to recover from its low point. I also believe, however, that the recovery will be patchy and relatively long drawn out. Therefore, our prudent strategy is the correct one until we can see clear evidence of a sustained recovery."

"We retain significant headroom in our three year debt facilities and this, along with the support of our long term banking partners, will allow us to gear up again as the recovery takes hold, using the potential we already have in our portfolio to generate healthy shareholder returns once again."

For further information, please contact:

Henry Boot PLC

Jamie Boot, Group Managing Director

John Sutcliffe, Group Finance Director

Tel: [phone]

www.henryboot.co.uk

Evolution Securities Limited

Joanne Lake, Corporate Finance

Tel: [phone]

Adam Lloyd, Corporate Broking

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Citigate Dewe Rogerson

Fiona Tooley

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Mobile: [phone]

Chairman's statement

I am pleased to report a further solid set of results for the year ended 31 December 2009, particularly given the difficult market conditions in the UK property market during the period.

The first half of 2009 was characterised by decreasing investment yields, however, the second half has seen some stabilisation, with yields even firming up slightly towards the end of the year. Commercial property development remains difficult; the combination of construction, tenant and valuation risk means that it is still very hard to generate development profits. However, on the positive side, we completed all of the developments in progress at the beginning of the year and a more stable market should allow us to bring other development opportunities forward. We are currently working to bring forward a foodstore development at Warminster in the latter part of 2010. Despite the current depressed market, we continue to identify other opportunities for the longer term and are making good progress with our major town centre redevelopment at Daventry. As anticipated, Hallam Land had a quiet year. Housebuilders had working capital issues to deal with and until recently, were continuing to buy land only very selectively. Towards the end of the year, there were indications that the new build market had started to pick up and we are now finding that housebuilders are beginning to replenish their land banks once again.

Our construction division had another good year as we concluded the Decent Homes programme in Sheffield and continued work on the Rotherham and Doncaster programmes. We recognise that much of the construction division's work is centrally funded by Government and therefore potentially at risk given the likelihood of public spending cuts following the forthcoming General Election. As expected, activity levels at our plant hire business were adversely affected by the contraction in housebuilding but we cut our capital expenditure accordingly, downsized the fleet size and generated over £2m in cash from the business during the year. Road Link A69 continued to perform in line with expectations and previous years.

We continue to operate through our UK-wide network of offices, creating future land, planning and development opportunities in a cost effective way and as prudent cash management allows. The construction and property investment income streams provide steady profits and cashflows, which underpin our performance, despite the reduction in the more cyclical development and land profits. Our strategic focus during this recessionary period has been to preserve our asset values and reduce our debt. We have made further progress during 2009 on debt reduction from £49.3m at the start of the year to £32.1m at the end and despite the largest property valuation adjustment for many years, our net asset value (NAV) of 135p per share at December 2009 is only marginally below the 139p achieved at the top of the cycle in December 2007.

Results

Turnover was £116.5m (2008: £193.7m) arising from fewer land transactions and weaker construction division and development activity during the period. Gross trading profit decreased to £11.5m (2008: £44.0m), largely because the contribution from land trading activities this year was, as expected, significantly less than that in 2008. The loss before tax was £11.9m (2008: profit £19.3m) after the revaluation deficit of £22.4m (2008 combined investment and assets in course of construction revaluation deficit £22.4m). Property disposal profits were £0.9m (2008: £0.5m), attributable to a number of small disposals. Basic earnings per share decreased to a loss of 5.7p (2008: earnings 10.8p). Total net assets decreased 7% to £176.2m (2008: £190.1m), representing 135p per share (2008: 146p). As we planned, gearing again reduced by a third, for the second year in a row, as the cash generated from investment property rentals and development sales, less that used for the completion of the current development programme, was used to reduce debt. Gearing at the year end stood at 18% based on net debt of £32.1m (2008: gearing 26%, net debt £49.3m).

Dividends

As stated in our half year results, the market continues to be difficult. I believe we have managed the downward phase of this recessionary cycle well. It now remains to be seen how long it will be before the recovery phase takes hold. As previously notified, the directors felt it unlikely that the recovery would be strong enough in 2009 to recommend a final dividend in excess of 1.25p (2008: 3.75p). As announced, the directors decided that 1.25p should be paid as a second interim dividend on 31 March 2010 in place of a final dividend payment which would normally have been paid in May 2010. This gives a total dividend for the year of 2.5p (2008: 5.0p).

Employees

On behalf of my fellow directors, I express my thanks to all our employees who have worked tremendously hard to achieve a creditable result in very difficult markets. Regrettably, the tough trading conditions have also meant that we have had to make a number of people redundant during the year.

BOARD CHANGE

After an exceptional 55 years of sterling service with the Group, my fellow director, Douglas Greaves, will retire in June 2010 and, on behalf of the board, I wish him a long, happy and well deserved retirement. After his retirement, the board will then consist of myself as non-executive chairman, independent non-executive directors, John Brown and Michael Gunston, and executive directors, Jamie Boot and John Sutcliffe.

Strategy

We continue to invest for the long term in land promotion, property investment and development, with our performance underpinned by the recurring profit and cashflows generated by our construction, PFI and plant hire activities. We stated last year that we aimed to release capital by completing developments in progress and disposing of certain assets in the portfolio to reduce net debt. We have been successful in this aim and whilst other sales are planned, we are now comfortable with our debt levels going forward. We will continue to invest in securing planning consents on our greenfield land portfolio to enable us to supply the recovering housebuilding market and where commercial development is capable of creating a viable long term investment. We therefore continue to retain a strong portfolio of opportunities which we will bring forward as markets improve and when we are comfortable that the expected returns are commensurate with the risks associated with these activities.

Outlook

Whilst the general economic background and the property market, in particular, remains tough, I believe that the market is beginning to recover from its low point. I also believe, however, that the recovery will be patchy and relatively long drawn out. Therefore, the prudent strategy outlined above is the correct one until we can see clear evidence of a sustained recovery. We retain significant headroom in our three year debt facilities and this, along with the support of our long term banking partners, will allow us to gear up again as the recovery takes hold, using the potential we already have in our portfolio to generate healthy shareholder returns once again.

John S Reis

23 March 2010

BUSINESS REVIEW

OPERATIONS REVIEW

Our long term aim remains the value enhancement of land through development, planning promotion and construction. Throughout the period under review, all sectors of our business have been affected by the recession so well publicised and resulting from the banking crisis from September 2007 onwards.

The property market continues to suffer from a lack of liquidity, at an individual level in the mortgage market where high deposit levels continue to be the norm, through to institutional grade investments where lower loan to value covenants reduce the scope to raise debt against the value of property. Coupled with this are the property holdings that the banks have taken "on balance sheet" which will have to be dealt with. This means that most traditional funders to the UK property market are seeking to reduce their exposure to the market rather than increase it.

In many cases development returns on cost are below market yields and therefore we are very cautious of committing to development on the sites we hold. However, there are signs that, selectively, the market is recovering in certain areas which may allow profitable development to take place in 2010 and beyond.

Our land planning and promotion business, Hallam Land, is a very long term operation with planning consents taking between five and twenty years to achieve. 2009 proved to be a very difficult year as housebuilders de-stocked land as the demand for new housing declined quickly. The outlook appears to be a little better with almost all major housebuilders who have reported indicating that they are looking to replenish their land banks at current market prices in anticipation of a growing market from now onwards.

The construction division, with its performance underpinned by the solid recurring revenues from our PFI project, Road Link A69, performed very well, helped by a large provision release of £8.2m arising from the settlement of the Office of Fair Trading (OFT) investigation into cover pricing which concluded at the end of the year. The current uncertainty as to the scale of cutbacks in capital spending by Central Government arising from the need to reduce the budget deficit is the major future concern in this business. Plant hire had a very difficult year but we curtailed all but essential capital expenditure and downsized the hire fleet during the year so that the business was cash generative, despite making a small operating loss.

Our key focus at Group level over this very difficult two years has been to retain as much of the NAV created in the period up to the end of 2007 as possible and to reduce our borrowings. NAV at December 2009 is about £6.0m, 3% lower, and debt has been reduced from £70.9m (39% gearing) to £32.1m (18% gearing) during the period, overall a creditable performance.

The second half of 2009 showed some stability in investment property and land values. It is hoped that the downward valuation phase is over, though we believe any recovery will be slow and patchy. It will be the focussed management teams who can work the opportunities available to them who will generate cash and profit over the next few years and we believe we have the team and opportunities to do that.

PROPERTY

Property values during the early months of 2009 continued the decline seen in the last quarter of 2008. The second half of 2009 saw a measure of recovery resulting in a write back of some of the investment property valuation losses reported at the half-year stage.

It is no surprise that the falls in property asset values have pushed a considerable number of developers into difficulties, as it has lenders to the industry. As always, someone's problem is someone else's opportunity and we are finding that opportunities are becoming available as the problems resulting from the collapse in values begin to be resolved. In certain circumstances, in exchange for providing human and financial resource, we will be able to unlock opportunities which should allow us to create future value with modest financial exposure.

Investments

During the year a number of properties were sold. These included two group occupied properties in London, retail units in York and Bromborough, a large distribution warehouse in Stoke-on-Trent occupied by the Co-op, land for an Asda supermarket in South Shields, land with planning permission for a Tesco in Worksop and a variety of industrial and office units on our large schemes at Hull and Markham Vale near Chesterfield. Future disposals will be considered in the light of market conditions and our stated objective of reducing gearing or recycling capital into profitable future property development.

On the lettings front, our efforts during the year were targeted towards securing tenants on commercial terms for the empty space in our completed developments. We met with some success, but retailers remain cautious with regard to acquiring new space and are demanding expensive packages to enter into leases. Whilst the letting market remains difficult, on the whole where we concluded rent reviews during the year we have not seen rental values fall.

Our largest retail investment at Ayr in Scotland saw the major part of the asset devaluation as yields moved out. We achieved further lettings during the year and have sufficient ongoing retailer interest to suggest we can expect further lettings during 2010; filling the vacancies will have a positive effect on the investment value. We also found it difficult to improve the office letting position at our mixed use scheme in Bromley and once again we aim to improve the position in 2010. On a more positive note, our major mixed use scheme at The Axis, Nottingham, a converted department store, is fully let and is now producing annual rental income of almost £1.8m.

We completed three developments in the year which were brought into valuation at the year end. The first 50,000 sq ft of our 100,000 sq ft retail warehouse scheme at Rotherham was built and fully occupied by B & Q during 2009. The infrastructure for the rest of the scheme has been put in place and we are marketing the remainder of the site to prospective tenants but the second phase of the scheme will not be built out until profitable pre-lets are secured. Secondly, Sandlands Court, Mansfield, a small 10 unit, mixed use, district centre scheme was completed with all units either let or sold. In both cases, the construction contracts were undertaken successfully by Henry Boot Construction. Finally, in Port Talbot we completed a 23,000 sq ft retail scheme of 4 units and terms have now been agreed to let the final unit.

Our fashion based retail scheme with A1 retail consent at South Shields continues to perform well. During the year values were enhanced by the completion of the adjacent Asda supermarket which has now commenced trading and completes the wider scheme. Our retail investment scheme in Falkirk which was purchased with the intention of it being part of a much larger redevelopment scheme is being held pending a recovery in the market. We have not, at this stage, negotiated a satisfactory development agreement with surrounding landowners and the local authority to enable this scheme to progress.

It has been very encouraging to see the footfall at the port waiting facility at Saltwood, Kent  double during the year. However, it has to grow quite a way yet to reach an acceptable level to attract the high quality retailers we aspire to. This was helped by us reaching agreement with a number of national coach operators for them to use the service area as their UK hub for European travel. In addition, we are in discussion regarding an extension to the car park to provide facilities for HGV drivers which we hope will, over time, significantly increase the utilisation of the facility.

We own a 70,000 sq ft town centre retail investment with plans for redevelopment at Beeston, Nottingham. A scheme has been agreed with Broxtowe Borough Council and solicitors are working on formalising the arrangements. Beeston is a prosperous area and we have strong interest from retailers wishing to take space in the new scheme. Our remaining interest on the Clifton Moor development at York, an 18,000 sq ft retail unit, remains unlet. Whilst we have occupier interest from retailers who have existing lease commitments, we are not yet close to securing a letting with them.

Developments in Progress

In many cases market yields are higher than the return on cost of a development and this, coupled with additional tenant and construction risk, means we have not actively progressed many of the development opportunities available to us. There are some indications that the recent stabilisation and initial recovery in valuations may allow certain prime developments, with a substantial pre-let line up of good quality tenants, to progress. However, we remain very cautious and will focus on those developments where we have already invested in site values or those which are demonstrably commercially viable in today's market. That said, we have progressed certain sites during the year which we now believe should provide a profitable outcome on completion. Planning permission was granted in late 2009 in respect of our food retail scheme at Warminster. It is envisaged that construction will commence during 2010 to relocate the existing occupier, with the construction of a supermarket and three associated retail units of some 26,500 sq ft commencing during 2011.

Markham Vale, our 200 acre business park at Junction 29A on the M1, continues to attract interest even in the current market and contracts have been exchanged which will see a number of design and build schemes undertaken during 2010. We also speculatively developed a 51,000 sq ft terrace of eight industrial units, with about half either sold or let by the end of 2009, and we expect to be able to report on more lettings as 2010 progresses. The position is similar at Priory Park, Hull, where we completed the letting of our 30,000 sq ft Bridge View office development on satisfactory terms. We are now working on the final 15 acres of this site where we will either sell sites, undertake bespoke design and build packages or, in a limited way, build out small industrial and office units speculatively. During 2010 we aim to improve the planning status of this site and

recommence development as market conditions improve.

Future Development Opportunities

Under our development agreement with Daventry District Council we are planning two retail schemes, a 100,000 sq ft town centre redevelopment and a 140,000 sq ft edge of town retail park anchored by a major food retailer. A planning application for both schemes, which are anticipated to have a gross value of approximately £50m, will be submitted in 2010. Provided there are no delays in the planning and pre-letting processes, it is hoped we will commence the construction phase in 2011.

Planning permission has been granted for our 200,000 sq ft open A1 retail scheme in Tamworth town centre and matters will be progressed during 2010 with potential tenants who have expressed strong interest. In the meantime, we have concluded the site assembly and intend to demolish the existing buildings and derive a temporary income from its use as a car park pending redevelopment.

As regards our retail scheme at Rochdale, we intend to await an improvement in market conditions whilst attempting to improve the planning status to include food retailing on the site. We are in discussion with a variety of potential end users regarding the former Court House building on Deansgate, Manchester. We expect to finalise our development plans in 2010 which will enable a detailed planning application to be submitted. We believe this remains a strong development site and should allow us to create over 30,000 sq ft of mixed use space for a variety of uses depending on which tenant line up we decide on. At Weston-super-Mare, the dated retail unit which we purchased three years ago is occupied on a temporary basis and will be retained until such times as redevelopment becomes viable.

Revisions to our 160,000 sq ft town centre retail scheme in Burnley have been finalised, making the scheme more readily deliverable in the current market. Our two schemes in Bodmin are currently on hold pending a market recovery, although alternative development solutions are being investigated which may allow us to commence earlier than we had thought if they successfully achieve our desired return.

We retain various other sites where we have tenant interest but will not commence development without acceptable pre-lets or plot sales. These include Longwell Green in Bristol, where we have a 20,000 sq ft small office unit scheme; Malvern, where we plan to develop a trade park, car showroom or hotel; Cumbernauld, where we own a seven acre employment site with planning consent for 83,000 sq ft of industrial accommodation and at both Maidenhead and Richmond where we have office development opportunities and have improved the planning status so that as the market improves, the viability of these schemes will return sooner than otherwise expected.

LAND

Hallam Land Management, our land business, faced a very difficult market throughout the latter part of 2008 and during 2009. Its success is closely aligned to that of UK housebuilders, most of which have been restructuring their businesses to reflect recent market demand levels for housing, which are significantly below the levels prevailing up to the end of 2007. They seem to have been reasonably successful in this and there does not appear to be a significant overhang of unsold, completed property.  However, their landbanks are largely in equilibrium with current level of sales. Therefore, whilst we see a more stable market for greenfield land with planning consent, we do not anticipate a strong recovery in land pricing until housing production moves towards 150,000 units per annum.

Buying evidence seems to suggest that land for traditional residential development, as opposed to city centre apartments, is more highly sought after. Hallam Land has always concentrated on this market for greenfield land and is ideally placed to help meet the demand. Indeed, the five sites we marketed in 2009 received considerable interest and sales were concluded in all cases, although pricing was well below peak levels and payment was on a deferred basis. These sales included our first wind farm site at High Haswell, County Durham. Despite depressed sales values, we have included onward sales overage clauses so that should the quantity or pricing of houses on the finished site exceed the base expectation, we partially benefit from that uplift in value. There were indications that land prices stabilised during the summer of 2009 and as housebuilders re-entered the market towards the end of the year, prices began to recover.

As we consistently forecast, our trading performance was significantly reduced on the record year in 2008, with revenue of £10.2m (2008: £74.7m) and a trading loss of £3.1m (2008: profit £35.5m). At 31 December 2009 we held interests in 7,933 acres (2008: 7,635 acres) with 1,679 acres owned (2008: 1,679 acres), 4,117 acres optioned (2008: 3,982 acres) and 2,137 acres under agency agreements (2008: 1,974 acres). The inventory value of these assets was £51.3m (2008: £53.9m) and we have 119 sites (2008: 130) in progress with a geographical bias towards the south and west of England and Scotland.

We continue to invest in our site portfolio and across our holdings achieved new allocations in Local Plans for almost 4,000 dwellings and secured planning consents for 2,775 dwellings, most still subject to Section 106 agreements or judicial reviews. We consciously took a number of sites through to planning application stage which on the whole proved to be rewarding. However, three sites taken to appeal following an initial planning refusal were not successful. The net write downs taken in the year through trading profit associated with these sites were £4.6m. Overall, we are pleased with this early submission approach and we hope to see enhanced returns in the longer term from this decision.

After a relatively quiet year in 2009, we expect trading levels to begin to pick up from 2010 onwards as a result of prospective or achieved planning consents. However, we remain cautious that the market could be influenced by any changes to the Government's housing and planning policy adopted after the forthcoming General Election. We believe the need for new housing is indisputable but increasing housing provision will require strong planning policies and the availability of affordable mortgage funding to be achieved.

Of our 119 schemes, we have selected some of the sites that we hope to bring to the market over the next three years for further comment.

Exeter - we have a 30% holding alongside three large housebuilders in this major urban extension to Exeter at Cranbrook. This site already benefits from a minded-to-grant planning permission and will eventually include up to 7,500 houses, employment and office sites and a retail development to support the housing and employment uses. We are in discussion with landowners, government agencies, local authorities and our three partner builders in order to bring this complex scheme forward and there are many issues to be resolved. Some 20% of our stock carrying value for land is tied up in this project and we remain confident that we will be bringing it forward in order to commence land sales within the next three years.

Bridgwater - we have received a minded-to-grant planning consent subject to a Section 106 Agreement, along with an adjacent landholding, for 2,000 dwellings and 750,000 sq ft of industrial development. We are in advanced detailed negotiations with Wm. Morrison Supermarkets for a regional distribution hub on the site and, whilst there are complex matters to be dealt with, we expect the first residential land sales to occur in the next three years.

Biddenham - here we have a significant land value tied up with a minded to grant planning consent for over 1,000 residential units. This is a very complex site and we have to conclude negotiations with the local authority, Network Rail and adjacent landowners. It is likely that the infrastructure expenditure will qualify for grant funding and provided all the parties can be brought together, it is possible for land sales to commence in the next three years and continue for some years after that.

Worcester - we propose to market this optioned site, with planning permission for some 250 units, during the early part of 2010. The balance of the site, along with adjacent land holdings, is zoned for up to 3,500 dwellings and it is hoped that a joint application on the combined holdings will be submitted in 2010.

Buckingham - we were successful in obtaining a planning permission for 700 units and 2.5 hectares of employment land on this optioned site. The judicial review period has now passed with no challenge and, whilst there are issues to be dealt with before the site is marketed, interest in it is good and it is hoped that part of the site will be marketed in 2010.

Kettering - we hold a small proportion of the land on a site which has a minded-to-grant planning permission for up to 5,500 dwellings, subject to concluding and signing a Section 106 Agreement. However, our land is likely to be some of the first to be developed and it is possible that staged sales may be achieved over the next two years.

In addition to these larger sites, we have others which should be marketable over the next two years. These include the sale of a ground rent portfolio at Oxclose in Sheffield, a social housing site for 55 units in Chesterfield, a small site for 14 units in Stafford, the first phase of a site in St Albans, 75 units at Tillicoultry and 33 units at Bishopbriggs, both in Scotland. In addition, we will receive additional payments for sites at Dewsbury, Chudleigh and Mansfield where land sales concluded in 2009 were staged and it is anticipated that we will receive initial overage payments on sites already sold at Stotfold and Melksham as housing development commences.

In addition to the above, which are currently the most likely sites to be marketed first, the following sites have either had a planning application submitted or we intend to submit an application in the next two years.

Mansfield - this jointly owned site with an overage to the original owner is intended for mixed residential and employment uses. The application should be submitted in 2010.

Chatteris - a planning application for 1,000 units is expected to be submitted in 2010.

Irthlingborough - the site has an allocation for 600 units and we anticipate submitting a planning application in 2010.

Chellaston - a planning application for a development of accommodation for the elderly is expected to be submitted in 2010. We have already received acceptable, outline sale terms for the site if this application is successful.

Bolsover - an application for 250 units has been submitted. If we are successful in the application, it is possible that this owned site will be marketed in late 2010 or 2011.

Market Harborough - we hope to submit an application for 1,100 units on a 50% owned site in 2010. If successful, we would expect the first land sales to take place in 2012 at the earliest.

Marston Moretaine - we own a 64 acre site with a development overage of 50% to the original landowner. We have initial allocations for 125 residential units and 17 acres of industrial development, with a further 320 residential units in reserve. We hope to submit a planning application to reflect the current allocation in 2010 and, if successful, land sales are expected to commence in 2012.

Bob Brown, the founder Managing Director of Hallam Land, retired at the end of 2009 after 20 years at the helm. He made a massive contribution to Hallam Land's development and success and we all wish him well in his retirement. He has been succeeded by Keran Power who has worked for Hallam Land for 20 years, 18 of which have been as a director.

CONSTRUCTION

Henry Boot Construction (UK) has performed well during 2009 beating both targeted activity and profit levels. This was achieved in an increasingly competitive market place and, with a healthy forward order book, the Company is well placed to further consolidate its position within the construction sector in 2010. We continue to assess the risk profile of opportunities and carefully select the type of contracts and clients. Activity during the year focussed on key partnering, framework and negotiated contracts, predominantly in Decent Homes, education, health and the Prison Alliance Framework. Our strategy moving forward is to continue to target public sector funded construction projects in social housing, health, security and education sectors, supplemented by suitable private sector construction opportunities in hotel and leisure, commercial, industrial and retail.

We continue to work alongside partner contractors on major Decent Homes schemes for, Sheffield City Council on the largest project of its type in the country which is being managed by Sheffield Homes; Rotherham Metropolitan Borough Council on a 22,500 homes programme being administered by 2010 Rotherham; 22,000 homes for St Leger Homes on behalf of Doncaster Metropolitan Borough Council and on a 6,000 homes programme for Eastland Homes in Manchester. We refurbished over 3,000 properties in the year and since 2006 have now completed over 10,000 properties under these programmes. 2009 also saw an increase in the refurbishment of non-traditional constructed houses and we secured work for both Barnsley Metropolitan Borough Council and Rotherham Metropolitan Borough Council. Work in this sector will continue in coming years, together with a targeted growth in public sector new build housing and environmental improvements to housing estates.

Our Preferred Alliance Contractor Agreement with the National Offenders Management Service has seen a large number of upgrade and refurbishment contracts within secure establishments, including a major £11m contract at HM Prison Leeds, and a programme of security improvements at Category A prisons. A number of projects are expected to come to market during 2010 which should provide good opportunities to retain a strong presence in this sector.

The education sector has seen continued consolidation during the year with facilities either being constructed or completed under partnering framework agreements with Cheshire County Council, Lancashire County Council, Derby City Council and Rotherham Metropolitan Borough Council. Further refurbishment work was also completed for Sheffield Hallam University. A number of school extension and modernisation projects have been carried out for North East Lincolnshire Council and with Rotherham Metropolitan Borough Council through our involvement in the Rotherham Construction Partnership. We also completed a 60-bed residential care home at Dinnington for Rotherham Metropolitan Borough Council under this arrangement which received the Chartered Institute of Building regional award for projects over £5m.

Our strength and experience within the retail and commercial sectors continues to grow with the completion of a B&Q store at Northfields Retail Park, Rotherham, and a training facility and offices at Doncaster Robin Hood Airport for Directions Finningley CIC. In addition, we have recently been appointed to the Sheffield Teaching Hospitals framework and have been awarded our first construction project at the Northern General Hospital which will be completed during 2010. Our general works division continued to work with its longstanding customer base on civil engineering contracts in the industrial and water sectors.  This was once again augmented by an increasing level of business in small building work contracts in various sectors. 

ROAD LINK A69

Road Link A69 traded in line with expectations throughout the year and continues to be very cash generative as the initial road investment depreciates. We see this activity as a core element of our business portfolio and remain confident it will continue to reward us with a regular, growing return on our investment through the remainder of the concession period.

HGV traffic volumes using the A69 reduced in 2009 but income levels remained unaffected as, for some years now, HGV traffic has exceeded the contract threshold producing no income on the excess numbers. Passenger vehicle numbers were up in the year although we benefit from this at a lower rate than HGVs. The reimbursement rate used by the Highways Agency is calculated on a 'weighted' version of the price adjustment formula used to calculate cost movements in civil engineering works. This year, as the oil price and construction costs have declined, we witnessed a marginal reduction in our concession income rates. Looking forward, recent increases in the oil price and more stable construction prices are likely to result in some improvement in the position. The bad weather experienced at the end of 2009 and early 2010 will undoubtedly reduce traffic volumes and income but we have a fixed price gritting contract on the route which takes on the bad weather risk and therefore we will not face any additional costs.

During the year agreement was reached with the Highways Agency regarding payment for the future maintenance of the improvement works completed by them within the last 5 years. This, together with the introduction of a new 'Routine and Winter Services Code', will result in us receiving additional income during the balance of the concession period running to 2026.

PLANT HIRE

In common with other plant hire businesses, Banner Plant faced a severely declining market as construction and housebuilding activity was cut. In these circumstances the targets for 2009 were to reduce costs wherever possible, begin to realign the size of the hire fleet to current demand levels by accelerated disposals, reduce capital expenditure, generate cash and achieve a positive return.

Despite the 23% fall in turnover, a market downturn that was more severe than predicted which lead to a small trading loss, all other targets were achieved. Total operating costs were cut by £2.0m (18%), including a 20% reduction in employee numbers. Capital purchases on fleet items were cut from £4.4m in 2008 to just £0.4m, whilst disposals at original cost totalled £4.3m reducing the fleet size by 13%.

These actions realigned the business to the current market conditions and generated £3.6m cash helping reduce unit borrowings to £4.2m, the lowest level since mid 1999. We remain cautious moving into 2010. The accommodation, powered access and compressed air departments are much less dependent on the construction industry and traded well in the year. 2010 will continue to see stringent cost control and limited capital expenditure for specific demand, with the aim of improving the trading result and generating cash once again.

FINANCIAL REVIEW

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

Revenue for the year was significantly lower at £116.5m (2008: £193.7m) as a result of reduced land sales and construction division revenues. This gave rise to a trading profit of £11.5m (2008: £44.0m), however, revaluation deficits on our investment properties and assets in the course of construction resulted in a loss before tax of £11.9m (2008: profit £19.3m). The total property revaluation deficit, including properties under construction, for both years, was £22.4m (2008: £22.4m) and largely arose in the first half of the year. On a like-for-like basis the value of the investment portfolio recovered slightly in the second half, which resulted in a deficit of £19.4m compared to the 30 June 2009 figure of £23.6m. In view of this fall in investment values, we revalued five sites held for development down by £3.0m to reflect current market conditions. Realised profits on the sale of investment properties and properties under construction were £0.9m (2008: £0.5m).  Administrative and pension expenses were 12% higher at £16.5m (2008: £14.7m) as IAS 19 pension costs and liability management costs totalling £2.4m were taken in the year. We anticipate the underlying cost base will be lower next year than in either 2008 or 2009 as we actively control our costs and take the full year benefit from reduced headcount and overhead costs resulting from exercises already undertaken in 2009.

The segmental result analysis shows that land development produced a loss of £3.1m (2008: profit £35.5m) and property development and investment activities showed a loss of £16.3m (2008: loss £17.3m). Construction division profits were higher at £16.8m (2008: £9.4m) after the release of provisions of £8.2m in connection with the OFT investigation which were no longer required. Central costs were higher at £7.5m (2008: £5.5m) after higher IAS19 and liability management project pension costs.

Basic earnings per share were a loss of 5.7p (2008: earnings 10.8p). As referred to at the half-year, the total dividend payable for the year is reduced to 2.5p (2008: 5.0p), with the second interim of 1.25p payable on 31 March 2010 rather than in May 2010. 

Financing and Gearing

As anticipated, net interest costs fell to £1.8m (2008: £2.8m) as we reduced our overall debt levels and benefited from lower average interest rates during the year. Interest cover, expressed as the ratio of profit from operations (excluding the valuation movement on investment properties and disposal profits) to interest, was six times (2008: 15 times). Interest expenses are likely to reduce further in 2010 as low base rates continue and we anticipate a further modest reduction in debt levels during the year. No interest incurred in either 2009 or the previous year has been capitalised into the cost of developments in progress. It is unlikely that anything other than a small proportion of interest costs will be capitalised into investments in 2010.

The land sales achieved in the year, partially offset by the continued investment in our investment property portfolio, saw borrowings fall by 35% to £32.1m (2008: £49.3m). Gearing on net assets of £176.2m fell by 33% to 18% (2008: net assets £190.1m, gearing 26%). All borrowings continue to be from facilities linked to floating rates or short‑term fixed commitments. Included in debtors are over £4m of negotiable instruments which could be discounted if we chose to. During the year, we agreed 3 year committed bank facilities totalling £94m with our three banking partners which is the same overall level as the pre-existing annual facilities. In the current uncertain market, we feel this longer term facility is more appropriate and throughout the period we operated comfortably within our facility covenants and continue to do so.  

Tax

The tax credit for the year is £5.9m (2008: charge £3.7m) after the significant change in net profit between the years. Taxation on profit for the year is £1.3m (2008: £12.5m) and benefits from the release of a provision which was not taxable and the capital allowances claimed on the completion of several investment properties. The tax credit was £7.0m (2008: £0.9m) and arose largely from the revaluation deficit and change in IAS19 pension deficit. Deferred tax has been calculated at 28%, being the rate expected to be applicable at the date the actual tax will arise.

CONSOLIDATED STATEMENT OF CASH FLOWS

The aim during the year was to further reduce debt levels whilst at the same time completing the opening development work in progress. We were successful in this aim and net cash increased by £17.2m during the year which, alongside the £21.7m cash generated in 2008, resulted in Group debt levels falling from £70.9m at the start of 2008 to £32.1m at the end of 2009. We feel much more comfortable with current debt levels and though we plan certain other investment property sales in 2010, these will only be undertaken on acceptable terms. As noted earlier, it is likely property development investment will be modest in 2010 and therefore, if the sales take place, a further reduction in debt may be anticipated.  Net cash inflow from operating activities reduced to £11.1m (2008: £57.2m) after significantly reduced land sales, which in turn reduced inventories and profits. However, these impacts were offset by a £2.0m reduction in interest outflows and lower taxation payments of £1.4m (2008: £13.1m), primarily arising from lower payments on account of taxable profits in 2009 and capital allowances offsetting against payments on account for 2008 profits. These operating cash inflows were augmented by a £14.4m inflow (2008: £27.6m outflow) from investing activities. Cash outflows from asset purchases, largely the completion of developments in progress at the beginning of the year, were reduced to £11.3m (2008: £40.8m). However, property and asset disposals increased to £25.6m, compared to £13.2m in 2008. Dividends paid, including those to minorities, totalled £8.2m (2008: £8.0m).

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

The Consolidated Statement of Financial Position has a rather different look to it this year as assets in the course of construction have been incorporated within investment property as required by IAS 40.  Of the total investment property value of £172.3m, the market value of investment property is £121.3m after the adjustment for tenant incentives (2008: £126.3m) and the value of investment property under construction within investment property was £51.0m (2008: £79.5m) as we completed Saltwood, Port Talbot and the B&Q store at Rotherham and included these for the first time as investment properties. Disposals from investment properties were largely retail units at York and Bromborough and, from investment property in the course of construction, a 186,000 sq ft warehouse and distribution unit at Stoke-on-Trent was the key disposal.

The disclosure of the 2007 Balance Sheet is required by IAS 1 because IFRIC 12 required the restatement of that opening balance to reflect the inclusion of the assets within Road Link A69 of £11.5m at 1 January 2008 as an intangible asset.  This requirement arose because the underlying road asset reverts to the Highways Agency at the end of the concession period. Property, plant and equipment now comprises Group occupied buildings valued at £7.0m (2008: £9.0m), with the reduction due to the disposal of two Group occupied properties in London and plant and vehicles with a net book value of £8.8m (2008: £11.8m). In total, non-current assets have reduced to £216.1m (2008: £253.0m) with the main variances arising from investment property disposals of £20.9m and revaluation losses of £22.4m.

Within current assets, inventories of £55.4m (2008: £59.0m) were lower due to the partial completion of the Priory Park development site and reduced land holdings where we wrote down land by £6.1m to reflect planning costs incurred where the  application or appeal was either turned down or the chances of success are deemed to be negligible. This was offset by a write back of £1.5m where we unexpectedly achieved a consent.  Trade and other receivables at £25.1m (2008: £27.2m) reflect slightly lower levels of activity.

Current liabilities have reduced by 19% to £90.0m (2008: £111.7m) as the current portion of debt fell to £31.2m (2008: £45.5m) and provisions fell to £4.0m (2008: £11.1m) as amounts previously held within the construction division for the costs of the OFT investigation were released. Net current liabilities therefore fell to £5.1m (2008: £22.9m). Non-current liabilities also fell to £34.7m (2008: £40.1m) after reductions in deferred tax and trade payables were offset by an increase in pension liabilities.

Net assets were £176.2m (2008: £190.1m) as the retained loss of £7.4m and dividends paid of £6.5m reduced retained reserves.

Pension scheme

The annual IAS 19 valuation of the defined benefit pension scheme showed the scheme deficit increasing slightly to £25.7m (2008: £22.6m) at the year end. The deferred tax asset associated with this was £7.2m from £6.3m in 2008. Adding back this net deficit of £18.3m (2008: £16.9m) to net assets, the 2009 deficit equates to 9.5% of equity shareholders' funds (2008: 7.9%). The deficit rose due to a decrease in long-term corporate bond yields, offset by an increase in the value of the scheme's assets, as these began to recover after the unprecedented turmoil in the financial markets. The Scheme Actuary will be performing the triennial valuation as at 1 January 2010 and we anticipate that the results of this will be available later in the year. The previous triennial valuation, performed at 1 January 2007, showed a deficit of £8.8m. Current mortality assumptions and the differential in yields between gilts and corporate bonds indicate that this deficit will have grown at the time the valuation takes place. On receipt of the 2007 triennial valuation, the Company agreed a recovery plan with the scheme trustees which included the provision of an 'on demand' letter of credit for £7.0m and additional annual contributions of £0.7m. The defined benefit scheme is closed to new entrants and new employees are offered a defined contribution scheme. In our defined benefit scheme each 0.1% change in the assumed differential between long-term investment returns and inflation affects the scheme deficit by about £3.0m. The directors have evaluated a programme of liability management plans, some of which are in progress now and others we hope to implement later in 2010, with the aim of reducing the total liabilities our closed defined benefit scheme faces.

Consolidated statement of comprehensive income

for the year ended 31 December 2009

	2009	2008
	£'000	£'000
Revenue	116,524	193,679
Cost of sales	(88,625)	(134,992)
Gross profit	27,899	58,687
Other income	29	31
Administrative expenses	(12,858)	(12,518)
Pension expenses	(3,611)	(2,211)
	11,459	43,989
Decrease in fair value of investment properties	(22,381)	(19,592)
Impairment of properties under construction	-	(2,812)
Profit on sale of investment properties	878	530
(Loss) profit from operations	(10,044)	22,115
Investment income	803	585
Finance costs	(2,651)	(3,427)
(Loss) profit before tax	(11,892)	19,273
Tax	5,926	(3,671)
(Loss) profit for the year from continuing operations	(5,966)	15,602

Other comprehensive income:

Revaluation of Group occupied property		(44)	(490)
Deferred tax on property revaluations		80	107
Tax on realised surplus		391	-
Actuarial loss on defined benefit pension scheme		(1,595)	(182)
Deferred tax on actuarial loss		447	51
Movement in fair value of cash flow hedge		65	(69)
Other comprehensive income for the year		(656)	(583)
Total comprehensive income for the year		(6,622)	15,019
(Loss) profit for the year attributable to:
Equity holders of the Parent Company		(7,389)	13,861
Minority interest		1,423	1,741
		(5,966)	15,602
Basic earnings per ordinary share		(5.7)p	10.8p
Diluted earnings per ordinary share		(5.7)p	10.6p
Dividend		2.5p	5.0p
Total comprehensive income attributable to:
Equity holders of the Parent Company		(8,070)	13,278
Minority interest		1,448	1,741
		(6,622)	15,019

Consolidated statement of financial position

at 31 December 2009

	2009	2008	2007
		Restated	Restated
	£'000	£'000	£'000
ASSETS
Non-current assets
Intangible assets	12,684	13,671	14,920
Property, plant and equipment	16,203	100,732	143,409
Investment property	172,290	126,279	81,458
Trade and other receivables	3,743	5,344	-
Deferred tax assets	11,131	7,006	8,709
	216,051	253,032	248,496
Current assets
Inventories	55,433	59,011	83,403
Trade and other receivables	25,071	27,229	28,809
Cash and cash equivalents	4,305	2,579	2,326
	84,809	88,819	114,538
LIABILITIES
Current liabilities
Trade and other payables	51,971	51,885	55,259
Current tax liability	2,820	3,285	11,886
Borrowings	31,163	45,463	55,702
Provisions	4,004	11,057	11,291
	89,958	111,690	134,138
NET CURRENT (LIABILITIES) ASSETS	(5,149)	(22,871)	(19,600)
Non-current liabilities
Trade and other payables	3,734	7,233	-
Borrowings	5,231	6,394	17,556
Employee benefits	25,732	22,636	22,454
Deferred tax liabilities	5	3,778	6,523
Provisions	-	20	144
	34,702	40,061	46,677
NET ASSETS	176,200	190,100	182,219
EQUITY
Share capital	13,424	13,424	13,424
Revaluation reserve	3,349	4,438	4,809
Retained earnings	156,200	168,868	160,759
Other reserves	2,599	2,577	2,623
Cost of shares held by ESOP trust	(602)	(764)	(1,033)
Equity attributable to equity holders of the Parent Company	174,970	188,543	180,582
Minority interests	1,230	1,557	1,637
Total equity	176,200	190,100	182,219

Consolidated statement of changes in equity

for the year ended 31 December 2009

	2009	2008
	£'000	£'000
(Loss) profit for the year	(7,389)	13,861
Equity dividends	(6,464)	(6,448)
Revaluation of Group occupied property	(44)	(490)
Deferred tax on property revaluations	80	107
Tax on realised surplus	391	-
Actuarial loss on defined benefit pension scheme	(1,595)	(182)
Deferred tax on actuarial loss	447	51
Movement in fair value of cash flow hedge	40	(69)
Share-based payments	162	269
Arising on employee share schemes	799	862
Movement in equity	(13,573)	7,961
Equity at 31 December 2008	188,543	180,582
Equity at 31 December 2009	174,970	188,543

Consolidated statement of cash flows

for the year ended 31 December 2009

		2009	2008
		£'000	£'000
Cash flows from operating activities
(Loss) profit from operations		(10,044)	22,115
Adjustments for non-cash items:
Depreciation of property, plant and equipment		3,327	3,982
Property impairment		106	2,862
Goodwill impairment		203	204
Amortisation of PFI asset		1,098	1,085
Share-based payment expense		799	862
Pension scheme charge		1,474	-
Revaluation decrease in investment properties		22,381	19,592
Movements in fair value of cash flow hedge		65	(307)
Gain on disposal of property, plant and equipment		(1,516)	(354)
Gain on disposal of investment properties		(878)	(500)
Operating cash flows before movements in working capital		17,015	49,541
Decrease in inventories		3,953	23,750
Decrease (increase) in receivables		4,158	(3,495)
(Decrease) increase in payables		(11,255)	4,119
Cash generated from operations		13,871	73,915
Interest received		472	585
Interest paid		(1,855)	(4,110)
Tax		(1,425)	(13,156)
Net cash from operating activities		11,063	57,234
Cash flows from investing activities
Purchase of intangible assets		(314)	(40)
Purchase of property, plant and equipment		(779)	(38,647)
Purchase of investment property		(10,159)	(2,101)
Proceeds on disposal of property, plant and equipment		3,844	7,445
Proceeds on disposal of investment properties		21,773	5,729
		14,365	(27,614)
Cash flows from financing activities
Dividends paid	- ordinary shares	(6,443)	(6,431)
	- minorities	(1,775)	(1,514)
	- preference	(21)	(21)
		(8,239)	(7,966)
Net increase in cash and cash equivalents		17,189	21,654
Opening net debt		(49,278)	(70,932)
Closing net debt		(32,089)	(49,278)

NOTES

1.	Business and Geographical Segments

		2009				2008
			Inter-				Inter-
		External	segment			External	segment
		sales	sales	Total		sales	sales	Total
	Revenue	£'000	£'000	£'000		£'000	£'000	£'000
	Property investment and development	28,386	309	28,695		21,338	346	21,684
	Land development	10,183	-	10,183		74,692	140	74,832
	Construction	77,955	6,982	84,937		97,649	2,459	100,108
	Group overheads and other	-	574	574		-	628	628
		116,524	7,865	124,389		193,679	3,573	197,252
	Eliminations	-	(7,865)	(7,865)		-	(3,573)	(3,573)
		116,524	-	116,524		193,679	-	193,679

		2009	2008
	Result	£'000	£'000
	Property investment and development	(16,317)	(17,345)
	Land development	(3,149)	35,478
	Construction	16,847	9,388
	Group overheads and other	(7,460)	(5,460)
	Segment result	(10,079)	22,061
	Eliminations	35	54
	Operating (loss) profit	(10,044)	22,115
	Investment income	803	585
	Finance costs	(2,651)	(3,427)
	(Loss) profit before tax	(11,892)	19,273
	Tax	5,926	(3,671)
	(Loss) profit for the year	(5,966)	15,602

2.

Dividends

		2009	2008
		£'000	£'000
	Amounts recognised as distributions to equity holders in year:
	Preference dividend on cumulative preference shares	21	21
	Final dividend for the year ended 31 December 2008 of 3.75p per share (2007: 3.75p)	4,831	4,823
	Interim dividend for the year ended 31 December 2009 of 1.25p per share (2008: 1.25p)	1,612	1,608
		6,464	6,452

	A second interim dividend for the year ended 31 December 2009 of 1.25p per share is to be paid on 31 March 2010. The total estimated amount of the second interim dividend is £1,612,000 which has not been included as a liability in these Financial Statements. The directors do not propose a final dividend for the year ended 31 December 2009 (2008: 3.75p), thus making a total dividend for the year of 2.5p (2008: 5.0p). Notice has been received from Moore Street Securities Limited waiving its right as corporate trustee for the Employee Share Ownership Plan (ESOP) to receive all dividends in respect of this and the previous financial year except for a nominal amount.
3.	The comparative figures for the year ended 31 December 2008 have been extracted from the Company's statutory accounts which received an unqualified Auditors' report and did not contain a statement under Section 498(2) or (3) of the Companies Act 2006. Statutory accounts for the year ended 31 December 2008 have been delivered, and those for the year ended 31 December 2009 will be delivered, to the Registrar of Companies.
4.	The Preliminary Statement was approved by the Board of Directors on 22 March 2010 and authorised for issue.
5.	The Annual Report 2009 is to be published and sent to shareholders by no later than Tuesday 27 April 2010. Copies will be available from The Company Secretary, Henry Boot PLC, Banner Cross Hall, Ecclesall Road South, Sheffield, S11 9PD and on the Company's website www.henryboot.co.uk.
6.	The financial information has been prepared using accounting policies and methods of computation consistent with those adopted by the Group in its financial statements for the year ended 31 December 2008, except for as described below. The following standards and interpretations are mandatory for the first time for the financial year ending 31 December 2009: IFRIC 12 (Issued 2006) 'Service Concession Arrangements' 1 January 2008 IFRIC 13 (Issued 2007) 'Customer Loyalty Programmes' 1 July 2008 IFRIC 15 (Issued 2008) 'Agreements for Construction of Real Estate' 1 January 2009 IFRS 7 (Amended) 'Improving Disclosures about Financial Instruments' 1 January 2009 IFRS 8 (Issued 2006) 'Operating Segments' 1 January 2009 IAS 1 (Revised) 'Presentation of Financial Statements' 1 January 2009 IFRS 1 (Amended) and 'Cost of an Investment in a Subsidiary, Jointly Controlled Entity 1 January 2009 IAS 27 (Amended) or Associate' IAS 23 (Revised) 'Borrowing Costs' 1 January 2009 IAS 32 and IAS 1 'Puttable Financial Instruments and Obligations Arising on 1 January 2009 (Amended) Liquidation' IAS 39 (Amended) 'Reclassification of Financial Assets: Effective Date and Transition' 1 July 2008 IAS 39 (Amended) and 'Reclassification of Financial Instruments' 1 July 2009 IFRS 7 (Amended) IAS 40 (Amended) 'Investment Property' 1 January 2009 The adoption of these standards and interpretations has not had a significant impact on the Group. The principal effects of these changes are as follows: Following the adoption of IFRIC 12 'Service Concession Arrangements' our PFI asset has been retrospectively reclassified as an intangible asset. The following restatements have been made: restatement of £11,528,000 from Property, plant and equipment to Intangible assets at 1 January 2008. restatement of £10,483,000 from Property, plant and equipment to Intangible assets at 31 December 2008. The restatement has no impact on the Statement of Comprehensive Income or Net Assets. Following the adoption of IAS 40 (Revised) our Properties under construction, previously accounted for under IAS 16, have been prospectively reclassified as Investment property and will be measured at fair value. The following adjustment has been made: transfer of £79,503,000 from Property, plant and equipment to Investment property at 1 January 2009. The reclassification has no impact on the Statement of Comprehensive Income or Net Assets. Following the adoption of IAS 23 (Revised) 'Borrowing Costs' the Group is now required to capitalise borrowing costs relating to the acquisition, construction or production of a qualifying asset (one that takes a substantial period of time to get ready for use or sale) as part of the cost of that asset. The revised standard is applied prospectively from 1 January 2009. The Group has chosen not to capitalise borrowing costs on all qualifying assets which are measured at fair value. The Revision to IAS 1 'Presentation of Financial Statements' gives companies the option to continue presenting a 'traditional' Income Statement complemented by a second statement, the Statement of Comprehensive Income, or to present a single statement, also named Statement of Comprehensive Income, that includes both elements. The Group has taken the option of presenting a single statement. The revised standard also prohibits the presentation of changes in equity, requiring 'non-owner changes in equity' to be presented separately from owner changes in equity in the Statement of Comprehensive Income. As a result, the Group presents all non-owner changes in equity in the Consolidated Statement of Comprehensive Income. This revision impacts presentation aspects only and has no impact on the Statement of Comprehensive Income or Net Assets.
7.	The Annual General Meeting of the Company is to be held at Baldwins Omega, Brincliffe Hill, Off Psalter Lane, Sheffield, S11 9DF on Friday 28 May 2010 commencing at 12 noon.

 

END

 

 

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