Interim Results

London Stock Exchange Plc 06 November 2003 6 November 2003 LONDON STOCK EXCHANGE plc ANNOUNCEMENT OF RESULTS FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2003 London Stock Exchange plc today reports results for the six months ended 30 September 2003. Highlights: • Turnover in line with same period last year at £119.6 million • Operating profit (before exceptional items and goodwill amortisation) up three per cent to £41.7 million • Earnings per share up four per cent to 11.5 pence per share • Adjusted earnings per share up three per cent to 10.8 pence per share • Interim dividend up eight per cent to 1.4 pence per share Commenting on the six months ended 30 September 2003, Chris Gibson-Smith, Chairman of the Exchange, said: "The Exchange has produced a satisfactory half year performance. In continuing difficult market conditions for the Exchange we have increased earnings and are recommending an eight per cent increase in the interim dividend. Although the outlook continues to be challenging, the Board is confident that the Exchange's performance will remain resilient." Clara Furse, Chief Executive, said: "These first half results demonstrate the ability of the Exchange to deliver an improved performance despite tough conditions in our markets. Cost control has helped to underpin earnings while investment has continued to develop the business, with recent initiatives now starting to contribute to turnover." Further information is available from: London Stock Exchange John Wallace - Media 020 7797 1222 Paul Froud - Investor Relations 020 7797 3322 Ruth Anagnos - Investor Relations 020 7797 3322 Finsbury James Murgatroyd 020 7251 3801 Melanie Gerlis 020 7251 3801 Chairman's statement In a challenging environment, the Exchange continues to make progress. Low levels of new and further issue activity impacted our Issuer Services' business and Information Services was affected by the decline in terminals taking Exchange data. However SETS continues to grow, helping to offset a decline in international bargains. Performance was also supported by contributions from recent business developments and from actions to reduce costs. In the meantime, the Exchange continues to invest in new products and services, and the benefits are already being seen. Our strategy to develop a low cost, scalable and flexible technology infrastructure is producing operational cost savings and laying the framework for the delivery of new products and services more quickly and cost-effectively than before. These developments will add to our existing strengths and build on our enviable market position. Financial results Unless otherwise stated, all figures referenced below are before exceptional items and refer to the six months ended 30 September 2003 and the corresponding period last year. Financial performance in the first six months has been satisfactory. Turnover has held steady at £119.6 million (2002: £119.5 million). Operating costs fell one per cent to £72.4 million (2002: £73.4 million), as savings in IT costs and reductions in other operational expenditure helped to offset cost increases from recent initiatives. This led to a three per cent rise in operating profit before exceptional items and goodwill amortisation to £41.7 million (2002: £40.5 million). Adjusted earnings per share increased three per cent to 10.8 pence per share (2002: 10.5 pence per share). Earnings per share rose to 11.5 pence per share from 11.1 pence per share. For the half year, operating cash flows were £54.8 million, up two per cent (2002: £53.8 million). At 30 September 2003, cash balances were £225.6 million (31 March 2003: £211.0 million) reflecting the cash inflow from operating activities, reduced by the purchase consideration for EDX London (£14.0 million) and capital expenditure (£18.3 million). Issuer Services In a weak IPO market, Issuer Services' revenue decreased four per cent for the half year, from £19.2 million to £18.4 million, contributing 15 per cent of total revenue. Annual fees from companies listed on our markets increased modestly, primarily due to tariff changes for international companies, and accounted for 59 per cent of Issuer Services' turnover (2002: 55 per cent). The number of companies on our markets at 30 September 2003 was 2,692 (2002: 2,849). The number of new issues on the Exchange's markets decreased 27 per cent to 94 (2002: 128). Nonetheless, a total of £10 billion of new capital was raised on the Exchange's markets during the half year and the Exchange accounted for 87 per cent of the IPOs in Western Europe (2002: 77 per cent). AIM, our international market for smaller, growing companies, continued to attract new companies. In May, the new AIM fast track entry service was launched, allowing companies to gain admission to AIM more easily and more cost-effectively using their annual report and accounts as a basis. To date, three international companies have taken advantage of this facility, with more international companies expected to join the market following release of their annual results in 2004. At 30 September 2003, 718 companies were traded on AIM, up five per cent over the same period last year (2002: 686). The Office of Fair Trading (OFT) has been investigating the increases in the Exchange's issuer fees introduced on 1 April 2002. The Exchange is currently negotiating a resolution of this matter with the OFT and expects an outcome shortly. Broker Services Broker Services' turnover for the half year was unchanged at £43.7 million (2002: £43.7 million) and accounted for 37 per cent of total turnover. During the first half of the year, the total number of equity bargains rose five per cent to 27.6 million (2002: 26.4 million), a daily average of 219,000 bargains (2002: 210,000). In the same period, the daily average number of bargains transacted on SETS increased 30 per cent to 126,000 (2002: 97,000) though the average value of a SETS bargain decreased 24 per cent to £22,000 (2002: £29,000). During the half year, over 62 per cent of eligible trades (by value) were executed on the SETS order book, contributing approximately 62 per cent of Broker Services' income for the half year (2002: 55 per cent). The total value of equity bargains for the period decreased 25 per cent to £1.8 trillion (2002: £2.4 trillion), the reduction being attributable in part to a decline in the number of international bargains. The daily average number of international bargains fell to 38,000 (2002: 59,000) while the daily average number of off book bargains increased modestly to 55,000 (2002: 54,000). The Exchange has recently introduced two new trading services. In September, an "iceberg" facility was added to the SETS electronic order book. This service enables large orders to be executed more efficiently, encouraging more orders to be traded on SETS. At the start of November, SETSmm, an extension to the SETS order book, was launched. This new hybrid market adds a further 200 securities capable of electronic trading, supported by liquidity from committed market makers. Last month, the Exchange released details of proposed trading of Dutch securities on SETS. Initial reaction has been positive and implementation plans are being discussed with Dutch market participants. The trading service will be launched at the end of the first calendar quarter 2004. Information Services At £50.2 million (2002: £50.7 million), Information Services was the largest contributor to turnover for the half year, representing 42 per cent of total turnover. During the first half of the year, the number of terminals taking the Exchange's real time market data fell from 94,000 to 90,000 (2002: 100,000). Of those, approximately 81,000 terminals were attributable to professional users, down from 88,000 at the end of the last financial year (2002: 94,000). Proquote, the Exchange's low cost trading system and market data business, has further increased the number of customers using its service. Proquote now has over 1,500 screens, and more than 100 corporate customers. During the period, Proquote also rolled out its new network connection allowing customers to link up to SETS via the internet from any location. RNS, the Exchange's financial communications service, contributed £3.6 million to Information Services' turnover (2002: £3.4 million). RNS continues to hold a significant share of the highly competitive regulatory news distribution market, with 89 companies in the FTSE 100 using RNS to release regulatory announcements. FTSE, the Exchange's joint venture, also performed well. For the six months, the Exchange's share of FTSE turnover was £6.2 million, an increase of 11 per cent over the corresponding period last year (2002: £5.6 million). During the period, the Exchange launched the first stages of the Corporate Data Warehouse, a new technology infrastructure developed to meet the strong market demand for Exchange originated real time and historic data. SEDOL, the Exchange's securities numbering service is on track for launch in an improved form in the first calendar quarter 2004, providing unique identification for securities on a global basis. Users are already entering agreements for the use of this new service. Derivative Services EDX London, our new joint owned equity derivatives business, commenced trading on 30 June 2003 following approval as a Recognised Investment Exchange by the Financial Services Authority. Turnover for the three months to 30 September 2003 was £1.6 million, broadly in line with our expectations, whilst operating costs were slightly higher at £2.0 million, including £0.2 million goodwill amortisation. During the first three months of operations, 3.7 million contracts were traded. Tax Credit During the period we reached agreement with the Inland Revenue on the tax treatment of certain exceptional expenditure incurred in a number of prior years. This is mainly in respect of advisers' fees for corporate activity and resulted in a one-off tax credit of £2.7 million. Interim Dividend The Directors have declared an interim dividend of 1.4 pence per share (2002: 1.3 pence per share) to those shareholders on the register on 5 December 2003, for payment on 5 January 2004. Current trading and prospects As expected, this is proving to be a challenging year. Although various market indices have risen since March, our financial performance is not directly linked to the level of the market and it may therefore take a period of time for benefits to be reflected in our main business areas. At present, we see a continuation of trends, in particular no significant improvement in the IPO market and terminal numbers remain under pressure. However, SETS is expected to underpin performance in our Broker Services division and new services are contributing to the top line. Overall, the Board is confident that performance for the year will remain resilient. Chris Gibson-Smith Chairman 6 November 2003 Consolidated profit and loss account Six months ended 30 September 2003 Six months ended 30 September Year ended 31 March Existing Operations Acquisition Total 2003 2003 2003 2002 2003 Continuing operations Notes £m £m £m £m £m _____________________________________________________________________________________________________________ Turnover Group and share of joint venture 118.0 1.6 119.6 119.5 237.3 Less: share of joint venture's turnover (6.2) - (6.2) (5.6) (11.4) _____________________________________________________________________________________________________________ Net turnover 2 111.8 1.6 113.4 113.9 225.9 Administrative expenses - Operating costs (70.4) (2.0) (72.4) (73.4) (144.3) - Exceptional items 3 - - - 2.3 (11.6) ------------------------------------------------ (70.4) (2.0) (72.4) (71.1) (155.9) Operating profit - Before exceptional 41.9 (0.2) 41.7 40.5 81.7 items and goodwill amortisation - Before exceptional items 41.4 (0.4) 41.0 40.5 81.6 ----------------------------------------------- - After exceptional items 41.4 (0.4) 41.0 42.8 70.0 Share of operating profit of joint venture and income 0.7 0.6 1.1 from other fixed asset investments Net interest receivable 4 3.0 4.0 8.4 ______________________________________________________________________________________________________________ Profit on ordinary activities before taxation 44.7 47.4 79.5 Taxation on profit on ordinary activities 5 (11.2) (15.1) (26.8) _____________________________________________________________________________________________________________ Profit on ordinary activities after taxation 33.5 32.3 52.7 Minority interests 0.1 - - _____________________________________________________________________________________________________________ Profit for the financial period 33.6 32.3 52.7 Dividends (4.1) (3.7) (12.5) Retained profit for the financial period 29.5 28.6 40.2 _____________________________________________________________________________________________________________ Earnings per share 6 11.5p 11.1p 18.1p Diluted earnings per share 6 11.4p 11.0p 17.9p Adjusted earnings per share 6 10.8p 10.5p 20.9p Dividend per share 1.4p 1.3p 4.3p There were no other recognised gains and losses during the period Consolidated balance sheet 30 September 2003 30 September 31 March 2003 2002 2003 Notes £m £m £m ____________________________________________________________________________________________________________ Fixed assets Intangible assets 7 27.3 - 14.1 Tangible assets 137.0 114.9 126.3 ____________________________________________________________________________________________________________ 164.3 114.9 140.4 Investments Investments in joint venture 1.9 1.9 1.5 Other investments 8 7.9 10.8 10.1 ------------------------------- 9.8 12.7 11.6 ____________________________________________________________________________________________________________ 174.1 127.6 152.0 Current assets Debtors 66.7 49.2 64.3 Investments - term deposits 219.0 233.0 207.0 Cash at bank 6.6 4.1 4.0 ------------------------------- 292.3 286.3 275.3 Creditors - amounts falling due within one year 72.4 75.6 64.0 ------------------------------- Net current assets 219.9 210.7 211.3 ____________________________________________________________________________________________________________ Total assets less current liabilities 394.0 338.3 363.3 Creditors - amounts falling due after more than one year 0.5 - - Provisions for liabilities and charges 9 41.8 28.4 41.6 Net assets 351.7 309.9 321.7 ____________________________________________________________________________________________________________ Capital and reserves Called up share capital 14.9 14.9 14.9 Reserves Revaluation reserve 43.0 44.9 44.0 Profit and loss account 293.1 250.1 262.6 ____________________________________________________________________________________________________________ Equity shareholders' funds 351.0 309.9 321.5 Equity minority interest 0.7 - 0.2 Total shareholders' funds 351.7 309.9 321.7 ____________________________________________________________________________________________________________ Consolidated cashflow statement Six months ended 31 March 2003 Six months ended Year ended 30 September 31 March 2003 2002 2003 Notes £m £m £m ____________________________________________________________________________________________________________ Net cash inflow from continuing operations: - Ongoing operating activities 11(i) 54.8 53.8 74.8 - Exceptional items 11(i) - 9.3 10.4 ____________________________________________________________________________________________________________ Net cash inflow from operating activities 54.8 63.1 85.2 Dividends from joint venture 0.7 1.2 1.2 Returns on investments and servicing of finance Interest received 3.2 4.7 9.5 Dividends received 0.1 - - ------------------------------- Net cash inflow from returns on investments and servicing of 3.3 4.7 9.5 finance Taxation Corporation tax paid (8.6) (6.7) (25.2) Capital expenditure and financial investments Payments to acquire tangible fixed assets (18.3) (8.4) (28.1) Receipts from sale of fixed asset investments 1.2 0.6 0.7 ----------------------------------- Net cash outflow from capital expenditure and financial (17.1) (7.8) (27.4) investments Acquisitions Acquisition of subsidiary undertaking (14.0) - (11.8) Net cash acquired with subsidiary undertaking - - 0.5 ----------------------------------- Net cash outflow for acquisition (14.0) - (11.3) Dividends paid (8.8) (7.3) (11.1) _____________________________________________________________________________________________________________ Net cash inflow before use of liquid resources and financing 10.3 47.2 20.9 Management of liquid resources Increase in term deposits 11(ii) (12.0) (47.0) (21.0) Financing Issue of ordinary share capital to minority interest 0.6 - 0.2 Loans received from minority shareholder - due within one year 3.2 - - - due after one year 0.5 - - Increase in cash in the period 11(ii) 2.6 0.2 0.1 _____________________________________________________________________________________________________________ NOTES TO THE FINANCIAL INFORMATION 1. Basis of preparation Basis of accounting and consolidation The interim financial information is prepared in accordance with applicable UK accounting standards under the historical cost convention modified by the revaluation of certain fixed assets. The interim financial information is prepared on the basis of the accounting policies set out in the Group's statutory accounts for the year ended 31 March 2003 and are unaudited. The interim financial information does not constitute statutory financial statements within the meaning of section 240 of the Companies Act 1985. Comparative figures for the year ended 31 March 2003 are an abridged version of the Group's full accounts which carried an unqualified audit report and have been delivered to the Registrar of Companies. 2. Turnover Six months ended Year ended 30 September 31 March 2003 2002 2003 £m £m £m ____________________________________________________________________________________________________________ Continuing operations Issuer Services 18.4 19.2 36.0 Broker Services 43.7 43.7 87.3 Information Services 50.2 50.7 102.2 Derivative Services 1.7 - - Other income 5.6 5.9 11.8 ____________________________________________________________________________________________________________ Gross turnover 119.6 119.5 237.3 Less: share of joint venture's turnover (6.2) (5.6) (11.4) Net turnover 113.4 113.9 225.9 ____________________________________________________________________________________________________________ 3. Exceptional items Six months ended Year Ended 30 September 31 March 2003 2002 2003 £m £m £m ____________________________________________________________________________________________________________ VAT repayment - 9.3 10.4 Provision in respect of leasehold properties - (7.0) (22.0) - 2.3 (11.6) --------------------------------- Taxation effect - (0.7) (3.5) The VAT repayment represents a recovery of VAT paid between 1990 and 2001. Following successful negotiation with Customs and Excise, a retrospective change in the method for calculating VAT recoverable on expenditure was agreed, resulting in this repayment. The increase in provision for leasehold properties was in respect of space to be sublet in new headquarters at Paternoster Square. 4. Net interest receivable Six months ended Year ended 30 September 31 March 2003 2002 2003 £m £m £m ______________________________________________________________________________________________________________ Interest receivable Bank deposit and other interest 3.8 4.4 9.3 Interest payable Interest on discounted provision for leasehold properties (0.8) (0.4) (0.9) Net interest receivable 3.0 4.0 8.4 ______________________________________________________________________________________________________________ 5. Taxation Six months ended Year ended 30 September 31 March 2003 2002 2003 £m £m £m ______________________________________________________________________________________________________________ Current tax: Corporation tax for the period at 30% 13.7 14.3 23.9 Adjustments in respect of previous periods (3.1) - - ---------------------------------- 10.6 14.3 23.9 Deferred taxation 0.4 0.6 2.5 Joint venture 0.2 0.2 0.4 Taxation charge 11.2 15.1 26.8 ______________________________________________________________________________________________________________ In respect of previous periods for corporation tax are for tax assessments now agreed with the Inland Revenue. In particular, the tax treatment of certain exceptional expenditure incurred in prior years in respect of advisers' fees for corporate activity has now been agreed resulting in a tax credit of £2.7m, see note 6. Factors affecting the tax charge for the period The current tax assessed for the period is the same as the standard rate of corporation tax in the UK of 30% (2002: 30%). The variations are explained below: Six months ended Year ended 30 September 31 March 2003 2002 2003 £m £m £m _____________________________________________________________________________________________________________ Profit on ordinary activities before tax 44.7 47.4 79.5 Profit on ordinary activities multiplied by standard rate of corporation 13.4 14.2 23.9 tax in the UK of 30% Expenses disallowed for the purpose of tax provision (primarily professional 0.8 0.6 2.6 fees and depreciation on expenditure not subject to capital allowances) Accounting deduction less than taxation allowances - timing difference (0.5) (0.5) (2.6) Adjustments to tax charge in respect of previous periods (3.1) - - Corporation tax charge 10.6 14.3 23.9 _____________________________________________________________________________________________________________ Factors that may affect future tax charges The disposal of properties at their revalued amount would not give rise to a tax liability. 6. Earnings per share Earnings per share is presented on three bases: earnings per share; diluted earnings per share; and adjusted earnings per share. Earnings per share is in respect of all activities and diluted earnings per share takes into account the dilution effects which would arise on the conversion or vesting of share options and share awards under the Employee Share Ownership Plan (ESOP). Adjusted earnings per share excludes exceptional items and amortisation of goodwill to enable comparison of the underlying earnings of the business with prior periods. Six months ended Year ended 30 September 31 March 2003 2002 2003 £m £m £m ____________________________________________________________________________________________________________ Earnings per share 11.5p 11.1p 18.1p Diluted earnings per share 11.4p 11.0p 17.9p Adjusted earnings per share 10.8p 10.5p 20.9p Profit for the financial period 33.6 32.3 52.7 Adjustments: Exceptional items - (2.3) 11.6 Amortisation of goodwill 0.7 - 0.1 Tax effect of exceptional items and amortisation of (2.8) 0.7 (3.5) goodwill Adjusted profit for the financial period 31.5 30.7 60.9 ____________________________________________________________________________________________________________ Weighted average number of shares - million 292.4 291.8 291.9 Effect of dilutive share options and awards - million 2.6 2.9 3.0 Diluted weighted average number of shares - million 295.0 294.7 294.9 ____________________________________________________________________________________________________________ The weighted average number of shares excludes those held in the ESOP, reducing the weighted average number of shares to 292.4 million (September 2002: 291.8 million; March 2003: 291.9m). The tax effect of exceptional items and amortisation of goodwill for the six months to September 2003 includes an exceptional tax credit of £2.7m in respect of previous periods - see note 5. 7. Intangible assets Goodwill £m ____________________________________________________________________________________________________________ Cost: 1 April 2003 14.2 Additions during the period (see note 12) 13.9 30 September 2003 28.1 ____________________________________________________________________________________________________________ Amortisation: 1 April 2003 0.1 Charge for the period 0.7 30 September 2003 0.8 ____________________________________________________________________________________________________________ Net book value: 30 September 2003 27.3 ____________________________________________________________________________________________________________ 8. Fixed asset investments Other investments include £7.5m (September 2002: £10.4m; March 2003: £9.7m) in respect of shares held in the Company. Shares held in the Company are in a separately administered trust for the purposes of the ESOP. The difference between the purchase price of shares and the exercise price of awards/grants is charged to the profit and loss account over the period of service for which the awards and options are granted. ____________________________________________________________________________________________________________ 9. Provisions for liabilities and charges Property Deferred Total consideration £m £m £m 1 April 2003 38.0 3.6 41.6 Utilised during the year (0.6) - (0.6) Interest on discounted provision 0.8 - 0.8 30 September 2003 38.2 3.6 41.8 ____________________________________________________________________________________________________________ Property The property provision represents the estimated net present value of future costs for lease rentals and dilapidation costs less the expected receipts from sub-letting space which is surplus to business requirements. The leases have between 11 and 25 years to expiry. Deferred consideration Deferred consideration relates to amounts payable to former shareholders of Proquote Ltd, contingent upon Proquote Ltd achieving certain revenue targets. The total deferred consideration has been estimated at £3.6m and can be up to a maximum of £11.0m. 10. Reconciliation of movements in shareholders' funds Six months ended Year ended 30 September 31 March 2003 2002 2003 £m £m £m ____________________________________________________________________________________________________________ Profit for the financial period 33.6 32.3 52.7 Dividends (4.1) (3.7) (12.5) ____________________________________________________________________________________________________________ Net addition to shareholders' funds 29.5 28.6 40.2 Opening equity shareholders' funds 321.5 281.3 281.3 Closing equity shareholders' funds 351.0 309.9 321.5 ____________________________________________________________________________________________________________ 11. Notes to the consolidated cash flow statement Six months ended Year ended 30 September 31 March 2003 2002 2003 £m £m £m _____________________________________________________________________________________________________________ i) Reconciliation of operating profit to net cash inflow from operating activities Operating profit 41.0 42.8 70.0 Depreciation of tangible assets 10.7 9.6 19.0 Amortisation of goodwill 0.7 - 0.1 Profits on disposal of fixed assets (0.1) - - Increase in debtors (2.9) (4.5) (19.2) Increase/(Decrease) in creditors 5.6 8.5 (1.6) Increase in property provision - 7.0 22.0 Provisions utilised during the period (0.6) (0.7) (5.9) Amortisation of own shares 0.4 0.4 0.8 Net cash inflow from operating activities 54.8 63.1 85.2 _____________________________________________________________________________________________________________ Comprising: Ongoing operating activities 54.8 53.8 74.8 Exceptional items (see note 3) - 9.3 10.4 Net cash inflow 54.8 63.1 85.2 _____________________________________________________________________________________________________________ At 30 At 1 April Cash September 2003 Flows 2003 £m £m £m _____________________________________________________________________________________________________________ ii) Analysis of changes in net funds Cash in hand and at bank 4.0 2.6 6.6 Debt due within one year - (3.2) (3.2) Debt due after more than one year - (0.5) (0.5) Current asset investments 207.0 12.0 219.0 Total net funds 211.0 10.9 221.9 _____________________________________________________________________________________________________________ 12. Acquisition EDX London Ltd On 30 June 2003, following approval as a Recognised Investment Exchange by the Financial Services Authority, EDX London Ltd acquired the Scandinavian equity derivatives business of OM London Exchange. The initial consideration was £12.8m with an additional payment of up to £11.2m payable dependent on the business achieving certain revenue targets by 31 December 2005. The book value of the assets acquired and cost of acquisition are set out below; no fair value adjustments were required Fair value at acquisition £m _____________________________________________________________________________________________________________ Fixed assets acquired 0.1 _____________________________________________________________________________________________________________ Purchase consideration: Cash 12.8 Costs of acquisition 1.2 Total 14.0 _____________________________________________________________________________________________________________ Goodwill arising 13.9 _____________________________________________________________________________________________________________ Independent review report to London Stock Exchange plc Introduction We have been instructed by the company to review the financial information set out on pages 4 to 11. We have read the other information contained in the interim report and considered whether it contains any apparent misstatements or material inconsistencies with the financial information. Directors' responsibilities The interim report, including the financial information contained therein, is the responsibility of, and has been approved by the directors. The directors are responsible for preparing the interim report in accordance with the Listing Rules of the Financial Services Authority which require that the accounting policies and presentation applied to the interim figures should be consistent with those applied in preparing the preceding annual accounts except where any changes, and the reasons for them, are disclosed. Review work performed We conducted our review in accordance with guidance contained in Bulletin 1999/4 issued by the Auditing Practices Board for use in the United Kingdom. A review consists principally of making enquiries of management and applying analytical procedures to the financial information and underlying financial data and, based thereon, assessing whether the accounting policies and presentation have been consistently applied unless otherwise disclosed. A review excludes audit procedures such as tests of controls and verification of assets, liabilities and transactions. It is substantially less in scope than an audit performed in accordance with United Kingdom Auditing Standards and therefore provides a lower level of assurance than an audit. Accordingly we do not express an audit opinion on the financial information. This report, including the conclusion, has been prepared for and only for the company for the purpose of the Listing Rules of the Financial Services Authority and for no other purpose. We do not, in producing this report, accept or assume responsibility for any other purpose or to any other person to whom this report is shown or into whose hands it may come save where expressly agreed by our consent in writing. Review conclusion On the basis of our review we are not aware of any material modifications that should be made to the financial information as presented for the six months ended 30 September 2003. PricewaterhouseCoopers LLP Chartered Accountants and Registered Auditors London 6 November 2003 This information is provided by RNS The company news service from the London Stock Exchange FAISDSESF

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