Final Results

Lookers PLC 21 March 2005 21 March 2005 LOOKERS PLC AUDITED PRELIMINARY RESULTS FOR THE YEAR ENDED 31 DECEMBER 2004 Lookers plc, a leading motor retail group with over 100 outlets across the UK, announces another record set of results for the 12 months to 31 December 2004. FINANCIAL HIGHLIGHTS • Turnover up 14% to £1,094 million (2003: £961 million) • Operating profit up 61% to £27.5 million (2003: £17.1 million) • Operating profit pre goodwill amortisation and exceptional items up 20% to £21.5 million (2003: £17.9 million) • Profit before tax up 89% to £26.5 million (2003: £14.0 million) • Profit before tax, goodwill amortisation and exceptional items up 17% to £15.3 million (2003: £13.1 million) • Basic earnings per share at 53.6 pence (2003: 30.1 pence) • Adjusted earnings per share excluding goodwill amortisation and exceptional items at 32.3 pence - an increase of 23% • Total dividend up 10% to 12.1 pence (2003: 11.0 pence) • Gearing reduced from 84% to 67% OPERATIONAL HIGHLIGHTS • FPS Distribution acquired in August 2004, now fully integrated and performing ahead of expectations • Expansion with Volkswagen and Saab • Acquired Bristol Trade Centre in January 2005 - one of the UK's leading used car supermarkets Commenting on the performance of the Group, Ken Surgenor, Chief Executive, said: 'Lookers' increased emphasis on developing our used car offering and aftersales capability, with the recent acquisitions of FPS Distribution and Bristol Trade Centre underpins our overall franchise growth strategy, holding the business in good stead across our entire franchise dealer network. The number of new cars delivered in the first weeks of the crucial month of March has been more encouraging. Several new models are coming on stream this year from the manufacturers we represent. Overall, the Group is in excellent shape. Our commitment to improving the quality of our franchise portfolio and earnings through selective and strategic acquisitions, coupled with a strengthened position in the aftersales market and an increased used car presence, gives us confidence that the Group will continue to make further progress in 2005. An analyst meeting will be held at 9.30am, followed by a press briefing at 11.45am, on the 21 March 2005 at the offices of gcg hudson sandler, 29 Cloth Fair, London EC1A 7NN. Please contact James Hill on 020 7796 4133 for further details or to confirm attendance. Enquiries: Ken Surgenor, Chief Executive ) Telephone: 020 7796 4133 David Dyson, Finance Director ) (on Monday 21 March only) and on 0161 291 0043 (thereafter) Andrew Hayes/ James Hill Telephone: 020 7796 4133 gcg hudson sandler High resolution photographs will be available to media at www.vismedia.co.uk from 12.30pm. CHAIRMAN'S REVIEW I am pleased to report that the Group has continued to achieve excellent progress during 2004, culminating in further growth of profit, earnings and dividends. Financial Highlights and Dividend These results represent a milestone for the business with turnover comfortably breaking through the £1 billion mark for the first time in the Group's history. Profit before tax for the year was £26.5 million, but before tax, goodwill amortisation and exceptional items was £15.3 million, representing an increase of 17 per cent on the prior year. Given the Group's continued strong performance, the Board is recommending a final dividend of 8.1 pence, bringing the total dividend for the year to 12.1 pence, representing a strong financial return for shareholders. Corporate Developments Maintaining and expanding relationships with our preferred manufacturer partners remains a key objective of the Group. During the year we acquired a number of dealerships, including the Volkswagen franchise for Northallerton and Darlington, and Saab in Chester. These outlets complement existing operations in the respective regions. Alongside the continuing development of our franchised car retailing business, the Group's stated strategy is to develop broad revenue streams from all sectors of the automotive industry. With this is mind, and as previously announced at the time of our interim results in August, we entered into the important car parts aftermarket with the acquisition of FPS Distribution. I am pleased to report that this business has been smoothly integrated into the Group and is performing ahead of our expectations. In addition, since the year-end we also announced the acquisition of Bristol Trade Centre, the largest used car supermarket in the South West of England. This acquisition represents the first step for the Group as it develops a strong stand-alone used car presence in England. The Future Looking to the future, industry analysts are forecasting a slight reduction in new car registrations for 2005. Whilst this may be the case, one must not lose sight of the fact that demand for new cars remains healthy and has exceeded 2.4 million units in every year since 2001. We believe we are well placed to prosper this year given our focus on the aftersales market through our 'Customers for Life' programmes and the successful addition to the Group of the UK's leading wholesale distributor of vehicle parts to the distress market, FPS Distribution. Aftersales, an increasingly important component of motor retailing, now accounts for over 50% of the Group's gross profits. Going forward, our strategy for growth involves identifying key expansion opportunities which will improve the quality of our earnings, building on our aftersales capability and significantly strengthening our used car operations. These factors, coupled with an encouraging start to the key month of March, gives us confidence that 2005 will bring further success for the Group. I would like to take this opportunity to thank all my colleagues at Lookers for their effort and commitment this year. Together we have achieved another excellent performance that firmly reinforces our position as one of the UK's leading motor retail groups. Fred Maguire Chairman 21 March 2005 CHIEF EXECUTIVE'S REVIEW Introduction and Trading Environment We currently operate over 100 outlets across the UK, representing 22 manufacturers, which is one of the broadest spreads of franchises in the industry. We are equally committed to the volume and premium ends of the market and have a well-balanced geographic coverage that provides us with a degree of protection from regional economic fluctuations. Underpinning all our operations is our focus on aftersales and a culture geared towards gaining business and keeping customers at all stages of a vehicle's life cycle. The new car market in 2004 got off to a strong start with the first quarter seeing the highest ever recorded new car sales in the UK. Whilst there was a decline in sales to private buyers in the second half of the year, offset somewhat by robust fleet and used car sales, the year finished broadly in line with the previous record year. Lookers continued to outperform the market with new car sales for the year up 4 per cent on a like for like basis, and used car sales also up by the same figure. Although industry analysts expect to see a slight reduction in UK registrations in 2005, we believe Lookers' increased emphasis on developing our used car offering and aftersales capability by the recent acquisitions of FPS Distribution and Bristol Trade Centre underpins our overall franchise growth strategy, holding the business in good stead across our entire franchise dealer network. Financials Turnover for the year increased by 14 per cent to a record level of £1.1 billion, with operating profit before goodwill and exceptionals at £21.5 million, an increase of 20 per cent. Profit before tax including exceptional items was £26.5 million (2003: 14.0 million). Profit before tax, goodwill amortisation and exceptional items was up 17 per cent to £15.3 million (2003: £13.1 million), generating basic earnings per share of 53.6 pence and adjusted earnings per share of 32.3 pence, an increase of 23 per cent. During the year management continued to drive operating efficiencies and cost savings across the business whilst at the same time growing organically and by acquisition. Our operating margin on continuing businesses has improved from 1.9 per cent in 2003 to 2.1 per cent in 2004. Working capital has also been tightly controlled, resulting in a healthy increase in our operating cash flow before non operating exceptional items for the year from £17 million in 2003 to £43 million. Dividend Following another excellent performance for the Group and our confidence in the Group's prospects for this year, the Board is proposing a final dividend of 8.1 pence, bringing the total dividend for the year to 12.1 pence, an increase of 10 per cent on 2003. Subject to final approval at the Annual General Meeting, the final dividend will be paid on 31 May 2005 to shareholders on the register on 8 April 2005. As indicated at the interim results, given the disproportionate level of profit earned in the first half of the year, it is the Board's intention that over a period of time a larger proportion of the dividend will be paid at the interim stage. Acquisitions and Disposals In the second half of the year we acquired two Volkswagen outlets in Northallerton and Darlington. We were particularly pleased to expand our relationship with this successful brand and these two outlets complement our existing Volkswagen operation in Middlesbrough, Teesside. In October 2004 we also completed the acquisition of Chester Saab, our second Saab outlet in the North West. This franchise enjoyed a 39% increase in its market share in 2004 over 2003. The Group is already well established in Chester and the surrounding region with Vauxhall and Renault franchises. Saab has some exciting new product in the pipeline and the introduction of a new diesel engine for the first time for the Saab 9-3 towards the end of 2004 has presented a strong marketing opportunity. All three of the businesses were acquired in the last quarter and incurred a small loss in the period. We will be relocating the Northallerton business to an existing freehold site that is being completely refurbished to the latest VW retail standards. These businesses are all anticipated to contribute positively during 2005. Since the year-end we completed the acquisition of Bristol Trade Centre, a leading used car supermarket for £8.5 million. This move gives Lookers a significant presence in the used car supermarket sector and is in line with the Group's stated strategy of complementing further, its revenue streams in the automotive industry. Bristol Trade Centre is a well established and successful operator, selling over 4000 used cars a year. The acquisition will add around £35 million to the Group's turnover and should be earnings enhancing from the outset. In order to improve both the quality of our franchise portfolio and our earnings, we made a number of disposals during the course of the year. Nissan continues to be over facilitised in the North West and we further rationalised our exposure to this business by exiting our operations in Manchester and Macclesfield just after the half-year. Those businesses incurred an operating loss of approximately £0.9 million. We also announced that we have given two years notice to exit from all four of our MG Rover outlets. Lookers will continue to work with MG Rover during this transitionary period. Exiting from these dealerships has resulted in an exceptional charge of £2.8 million in the year under review. During 2004 these four dealerships together lost £0.7 million at operating profit level. We are confident that working capital released from exiting all the above outlets can be used to provide better level of returns for the Group. FPS Distribution The Group completed the acquisition of FPS Distribution, the leading wholesale distributor of distress vehicle parts to the UK automotive aftermarket, in August 2004. FPS Distribution has 19 outlets nationwide and over 3,800 independent motor factor customers. The acquisition represents an important step in Lookers' strategy of broadening the base of its revenue stream from the automotive industry, and I am pleased to report that this business has been fully integrated into the Group and is performing ahead of our expectations. This business has generated over £1.6 million of operating profits in the period of our ownership. We have identified an opportunity to expand the distribution side of this business, whereby we provide overnight fulfilment of customer stock orders on behalf of the original equipment manufacturers. It is our intention to significantly increase the warehouse capacity of our national distribution centre in Sheffield from 55,000 sq ft to approximately 100,000 sq ft, with further consideration being given to additional depots in strategic locations and to maximise synergies wherever possible throughout the rest of the Group. In addition, through the development of its IT systems, we will significantly improve service by enabling customers to search our stocks and order on-line thus providing the opportunity of enhanced parts stock turn. Operating review - Franchise Developments With the acquisition of FPS, a further 19 parts distribution centres have been added and we now operate a network of approximately 120 vehicle, servicing and parts facilities across the UK. In 2004 new vehicle sales accounted for 35 per cent of gross profit (2003: 38 per cent), used car sales for 15 per cent (2003: 15 per cent) and aftersales for 50 per cent (2003: 47 per cent). We would envisage that during the course of this year the used car and aftersales contribution will trend upwards. Northern Ireland Charles Hurst, our subsidiary in Northern Ireland continues to dominate in that region. Further expansion is anticipated later in 2005 when we open our third Vauxhall facility for that manufacturer in the Province providing them with a presence in Belfast for the first time for five years. We have taken the opportunity on two occasions during the last twelve months to extend our Boucher Road facility. This now encompasses an impressive 20 acres. This region continues to make an important contribution to the Group's turnover and profitability. Vauxhall Lookers is one of the largest partners for Vauxhall in the UK and during 2004 our 14 dealerships returned another strong performance. As we indicated at our interim results in August, we rationalised four Vauxhall businesses in Birmingham, centralising fleet, wholesale parts, rental operations and marketing and administrative functions. This rationalisation programme was completed in the first half as we opened the UK's largest Vauxhall Brand Centre on Star Park, Star City in June 2004. Since opening, this new brand centre has been steadily growing volumes of new and used vehicle sales and also enjoying substantial growth within its aftersales business. We would expect to see the true benefits from this business flow through in the later part of 2005 and beyond. During 2005, as part of the market area, we will open our third facility in Northern Ireland on Boucher Road, Belfast to complement our Lisburn and Portadown operations. Whilst sales, nationally, were marginally down for Vauxhall, Lookers' like for like volumes increased by 11.3 per cent. We have confidence that 2005 will be another strong year for the brand as it introduces the VXR range and new Astra derivatives. Volkswagen In 2003 we were awarded the territory for Blackburn to create an enlarged market area for Blackburn and Burnley. Initially we rented the premises from the previous owner on a short-term lease. In July 2004 we relocated this business to a brand new purpose built facility on the outskirts of Blackburn in a prime location. We now serve the entire Blackburn and Burnley market area, and this re-organisation has led to a much improved performance. We will further develop the market area by building a Bodyshop on a site adjacent to our recently completed Blackburn outlet. This will be operational in the second half of 2005. Across the Group, like for like volumes increased by a very commendable 28.0 per cent. Volkswagen is a key business partner for Lookers and, following the two aforementioned acquisitions in Northallerton and Darlington in the latter half of 2004, we now operate 5 outlets across the UK. Premier Automotive Group ('PAG') PAG has had a particularly strong year. Although the fortunes of the individual brands are somewhat mixed, all these businesses operate in mature market areas. The Volvo businesses acquired in December 2002 returned a particularly pleasing result for the year under review following rationalization and integration carried out in 2003. Another strong performance is anticipated in 2005 with Discovery 3, which came out in November 2004 and the all-new Range Rover Sport and new model Range Rover, due in the first half of 2005. These new Land Rover models, together with a strong order book for the recently introduced Aston Martin DB9 and the V8 Vantage expected later in 2005 give us confidence that PAG's strong performance will continue this year. Renault As we stated at the interim results, in June we opened a new Renault dealership in Newtownards, Co Down. This showcase development has a 10 car showroom, parking for a further 150 cars on display and extensive workshop and aftersales facilities. This business has performed extremely well in the second half of the year, and along with the redeveloped Renault showroom in Boucher Road, Belfast, our Renault customers have access to the very best facilities and service in an area where we currently dominate. Whilst like for like volumes nationally were broadly flat for the year, Lookers achieved an overall increase of 1.9 per cent. Despite this outperformance, margins and profitability were down on the previous year and a strategy is now in place to return this business to its previous level of performance. Toyota/Lexus During 2004 we commenced the rollout of the Toyota retail concept in our depots. Despite the disruption to the business and the increased cost base, we managed to maintain a satisfactory performance from this franchise. In the last quarter of 2003, we acquired our second Lexus franchise in Hadleigh and this achieved a very respectable result in 2004. With the introduction of the new GS300 followed by the Hybrid GXRX 400 and IS250, 2005 should deliver another strong result. Honda Lookers once again significantly outperformed the market increasing like for like volume by 22.9 per cent (market: 11.5 per cent). During the course of the year we carried out a major refurbishment of our Derby facility by extending the showroom, improving the used car display and, more importantly, increasing the site's workshop capacity. A similar exercise will be carried out in Nottingham during 2005. Specialist Cars 2004 saw a much improved performance from our specialist car division. There has been a strong order book for the Bentley Continental and 2005 will see the new Bentley Continental Flying Spur for which we have a very full order book. Maserati introduced the new Quattroporte in 2004 and Ferrari has now released the new 612 and we await the new 430 in April. Platts Harris In January 2004 we rationalised our agricultural business, Platts Harris, by disposing of three of our sites enabling us to reduce investment by approximately £2.5 million, restructured the management team, and reduced working capital whilst improving returns. I am delighted to report that this now fully rationalised business has, under its re-aligned management team, moved from a loss of over £100,000 in 2003 to a profit of just under £200,000 this year. Outlook New car registrations in the first two months of 2005 are down on the previous strong comparable period last year. We have performed slightly ahead of the market, with volumes more in line with those achieved in 2003. However, the number of new cars delivered in the first weeks of the crucial month of March has been more encouraging. Several new models are coming on stream this year from the manufacturers we represent. Although it is prudent to be cautious about the outlook for new car sales this year, we are confident that 2005 will be another good year for the Group. Our strategy for some time has been to develop the aftersales market. With the acquisition of FPS Distribution, we significantly improved our offering and growth potential in this critical market. More recently, the acquisition of our first used car supermarket in England, provides us with additional revenue streams which will ensure that we are less vulnerable to any potential downturn in the new car market. Overall, the Group is in excellent shape. Our commitment to improving the quality of our franchise portfolio and earnings through selective and strategic acquisitions, coupled with a strengthened position in the aftersales market and an increased used car presence, gives us confidence that the Group will continue to make further progress in 2005. Ken Surgenor Chief Executive 21 March 2005 FINANCIAL REVIEW Group Results Turnover of £1.1 billion represents a 14 per cent increase on the previous year. Of this, £33 million is accounted for by acquisitions made during the year under review, from which a contribution of £1.2 million to operating profit was made. Gross margins have reduced slightly from 12.4% to 12.0%. Despite this, our tight control of operating costs has resulted in a 20 per cent increase in operating profit before goodwill amortisation and exceptional items. Profit before interest is stated after charging £3.4 million of non recurring losses (2003: £1.3 million) and a profit on disposal of properties of £0.2 million (2003: £3.1 million). In December 2004, we gave two year's notice to withdraw from the MG Rover franchise in our four locations in England, Northern Ireland and Scotland. We have considered the impact of that decision and made a provision of £2.8 million to cover the costs of the exit from the franchise over the next two years. Net of all costs, the results have benefited from £15.6 million of exceptional VAT and related interest credits. This has significantly strengthened the Balance Sheet. Interest Charges A large proportion of the Group's borrowings are hedged allowing rates to fluctuate between certain acceptable parameters. During 2004, there were a number of rate rises, and this together with the additional funding costs for the FPS Distribution acquisition net of the receipt of the exceptional VAT credits has caused the interest charge before exceptional items to increase from £4.9 million to £6.2 million. Tax The effective tax rate in 2003 benefited from over £3 million of property profits for which rollover relief was available. The equivalent relief this year is available on only £200,000 of property profits and hence there is a more normalised effective rate of tax. Dividends Following the payment of the proposed final dividend, the retained profit for the year is £14.6 million. The anticipated future level of profit retention will ensure a continued strong financial position of your company. Cash Flow and Capital Expenditure I am pleased to report that despite the significant investments made in acquisitions and improving our existing franchise portfolio, our strong operating cash flow of £43 million has enabled us to reduce the gearing from 84 per cent in 2003 to 67 per cent in 2004. In 2005, we will continue to invest with significant capital expenditure planned for our existing businesses. This will be partly offset by the disposal of some of our smaller surplus properties including all those disclosed in the Balance Sheet under the heading 'properties held for resale'. Property Portfolio The Group last formally re-valued its properties in 1999. At 31 December 2004, the net book value of our freehold and long leasehold portfolio stood at £84 million. This is conservatively valued in today's market and gives us the flexibility we believe we need to react to changing market conditions and, where appropriate, relocate our businesses whilst generating profits on disposal and provide the necessary cash for reinvestment. New Regulations The Group has invested in resources to ensure it received the necessary authorisations from the Financial Services Authority to sell insurance products and intends to maintain the necessary level of investment to remain compliant. Preparations continue for the introduction of the International Financial Reporting Standards (IFRS) that will first impact the Group's interim statement for the six months to 30 June 2005. The Group has a transition plan in place to manage the conversion to IFRS. We intend to advise our shareholders on the changes more fully in advance of our half-year statement. David Dyson Finance Director 21 March 2005 The Directors announce the following audited results of the Group for the year ended 31st December 2004 Consolidated Profit and Loss Account (Summarised) Year ended Year ended 31 December 2004 31 December 2003 (Audited) (Audited) £000 £000 Turnover - Continuing brands 1,029,055 923,926 - Acquisitions 33,252 - - Discontinuing brands 31,445 37,519 ________ _______ Total continuing operations 1,093,752 961,445 ________ _______ --- Operating profit before goodwill amortisation 21,477 17,933 Net exceptional items 7,248 - Goodwill amortisation (1,227) (871) Operating profit - Continuing brands 27,048 16,892 - Acquisitions 1,227 - - Discontinuing brands (777) 170 _______ _______ 27,498 17,062 Loss on disposal/termination of businesses (3,425) (1,307) Profit on disposal of properties 231 3,143 _____ _____ Profit before interest and taxation 24,304 18,898 Net interest payable (6,159) (4,873) Interest received on exceptional items 8,400 - ______ _______ Profit on ordinary activities before taxation 26,545 14,025 Taxation (7,701) (3,562) ______ ______ Profit after taxation attributable to shareholders 18,844 10,463 Dividends - ordinary shares (4,275) (3,893) ______ _______ Retained profit 14,569 6,570 ===== ===== Basic earnings per ordinary share 53.6p 30.1p Diluted earnings per ordinary share 53.5p 29.8p Adjusted earnings per ordinary share 32.3p 26.2p Consolidated Balance Sheet (Summarised) 31 December 2004 31 December 2003 (Audited) (Audited) £000 £000 FIXED ASSETS Intangible assets 23,494 10,605 Tangible assets 94,749 92,763 _______ _______ 118,243 103,368 _______ _______ CURRENT ASSETS Properties held for re-sale 1,792 3,511 Stocks 140,410 97,463 Debtors 54,429 41,229 2,514 33 Cash at bank and in hand 199,145 142,236 _______ _______ CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR (184,298) (140,490) ______ ______ NET CURRENT ASSETS 14,847 1,746 ______ ______ TOTAL ASSETS LESS CURRENT LIABILITIES 133,090 105,114 CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR (43,700) (33,103) PROVISIONS FOR LIABILITIES AND CHARGES (3,685) (1,424) ______ ______ EQUITY SHAREHOLDERS' FUNDS 85,705 70,587 ===== ===== NET BORROWINGS 57,823 59,284 ===== ===== GEARING 67% 84% ===== ===== Consolidated Cashflow Statement (Summarised) Year ended Year ended 31 December 2004 31 December (Audited) 2003 (Audited) £000 £000 Net cash inflow before non-operating exceptional items 43,001 16,617 Outflow relating to loss on disposal/termination of businesses (1,586) (2,469) _______ ________ Net cash inflow from operating activities 41,415 14,148 Returns on investments and servicing of finance Interest received on exceptional items 8,400 - Net interest paid (5,660) (4,489) Non equity dividends paid - (286) Taxation paid (2,372) (3,569) Net cash outflow on capital expenditure and financial investments (2,452) (1,390) Net cash outflow on acquisitions and disposals (34,103) (13,429) Equity dividends paid (4,107) (3,600) Net cash inflow from financing 13,516 4,216 ______ _______ INCREASE/(DECREASE) IN CASH 14,637 (8,399) ===== ===== Reconciliation of operating profit to net cash inflow from operating activities before non-operating exceptional items Operating profit 27,498 17,062 Depreciation charges 3,988 3,686 Goodwill amortisation 1,227 871 Profit on sale of fixed assets (170) (21) Increase in stock (24,596) (14,077) Decrease/(increase) in debtors 3,590 (1,832) Increase in creditors 34,214 10,928 Increase in business closure provisions (2,750) - ______ _______ Net cash inflow before non- operating exceptional items 43,001 16,617 ===== ===== Notes 1. Dividends (a) Ordinary shares of 25p An interim dividend of 4.0p per share (2003 - 3.3p per share) was paid on 30 November 2004. The final dividend proposed at the rate of 8.1p per share (2003 - 7.7p per share) is payable on 31 May 2005 to shareholders on the register at close of business on 8 April 2005. 2. Earnings per share The calculation of earnings per ordinary share is based on profits on ordinary activities after taxation amounting to £18,844,000 (2003: £10,463,000 after deducting preference share dividends) and a weighted average of 35,133,817 ordinary shares in issue during the year (2003: 34,777,983 ordinary shares). The diluted earnings per share is based on the weighted average number of shares, after taking account of the dilutive impact of shares under option of 85,266 (2003: 315,256). The diluted earnings per share is 53.5p (2003: 29.8p) Adjusted earnings per share is stated before goodwill amortisation, loss on disposal/termination of businesses, the profit on disposal of properties and the exceptional VAT credit and is calculated on profits of £11,365,000 for the year (2003: £9,106,000). The individual impact on earnings per share of the aforementioned items is set out below:- 31 December 2004 31 December 2003 £000 £000 Profit after taxation 18,844 10,463 Goodwill amortisation 1,227 871 Profit on disposal of properties (231) (3,143) Loss on disposal/termination 3,425 1,307 of businesses Tax credit on loss on disposal/termination of businesses @ 30% (946) (392) Exceptional credit re VAT and interest (15,648) - Tax charge on exceptional VAT credit 4,694 - ______ _____ 11,365 9,106 ===== ===== 3. Financial Information The financial information set out in the preliminary announcement does not constitute the Company's statutory accounts for the year ended 31 December 2004 or the year ended 31 December 2003. The financial information for the year ended 31 December 2003 is derived from the statutory accounts for that year, which have been delivered to the Registrar of Companies. The auditors have reported on the accounts for the year ended 31 December 2004 and 31 December 2003; their reports were unqualified and did not contain a statement under S237 (2) or (3) Companies Act 1985. The statutory accounts for the year ended 31 December 2004 will be delivered to the Registrar of Companies following the Company's Annual General Meeting. This preliminary announcement was approved by the Board on 21 March 2005. This information is provided by RNS The company news service from the London Stock Exchange

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