Final Results

Lookers PLC 12 March 2007 12 March 2007 LOOKERS plc PRELIMINARY RESULTS FOR THE YEAR ENDED 31 DECEMBER 2006 The Board of Lookers is delighted to announce its audited preliminary results for the year ended 31 December 2006. Commenting on another record set of results for Lookers, Ken Surgenor, Chief Executive said: 'The continuing success of Lookers is a testament to the effectiveness of the strategy we have been implementing for a number of years. We remain committed to broadening our revenue streams, further developing our close relationships with our manufacturer partners and maximising the performance and efficiencies of our franchises through our decentralised management structure.' Financial Highlights • Strong growth across all areas of the business with turnover up 16 per cent to £1.43 billion (2005: £1.23 billion) • Adjusted* profit from operations up 35 per cent to £36.6m (2005: £27.1m) • Adjusted* operating margin up 18 per cent to 2.6 per cent (2005: 2.2 per cent) • Adjusted* profit before tax up 47 per cent to £26.4m (2005: £18.0m) • Profit on ordinary activities before tax up 30 per cent to £21.4m (2005: £16.4m) • Adjusted* earnings per share up 41 per cent to 10.63p (2005: 7.54p) • Basic earnings per ordinary share up 25 per cent to 8.13p (2005: 6.53p) • Total dividend up 15 per cent to 3.50p (2005: 3.05p) • Strong cash flow from operations of £55.7m against £50.2m last year. * Adjusted pre exceptional items, goodwill impairment and amortisation of intangible assets (see income statement). All per share figures are adjusted for the share split on a 5 for 1 basis Operational Highlights • New car retail sales like for like up 5 per cent against a market down 4 per cent • Used car retail sales like for like up 6 per cent • Added 18 Prestige outlets with key manufacturer partners • New car sales represented only 27 per cent of gross profit in line with strategy to broaden revenue streams • Completion of major aftermarket parts distribution facility in Sheffield An analysts' briefing will be held at the offices of Hudson Sandler at 29 Cloth Fair, London EC1A 7NN at 9.30 a.m. on 12 March 2007. Enquiries: Lookers Telephone: 020 7796 4133 Ken Surgenor, Chief Executive (on Monday 12 March only, and on 0161 291 0043 thereafter) David Dyson, Finance Director Hudson Sandler Telephone: 020 7796 4133 Andrew Hayes/Nick Lyon/Kate Hough 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 Lookers has continued to achieve excellent progress in 2006 resulting in significant growth in profits, earnings and dividends. These results have been achieved both through strong organic growth across our complementary business streams and also through the successful integration of acquisitions across the business. FINANCIAL HIGHLIGHTS AND DIVIDEND The Group has continued to grow both organically and by acquisition across all our businesses. Turnover has advanced by 16 per cent to over £1.4 billion. Adjusted profit before tax at £26.4 million has increased by 47 per cent against £18.0 million last year and is comfortably ahead of our own forecast of £25.1 million announced in April 2006. Strong cash flow from operations of £55.7 million was generated and year end gearing remained flat at 79 per cent despite spending nearly £50 million on acquisitions and investment in new and refurbished facilities. Our new retail and used retail sales continue to outperform the market and have increased by 5 per cent and 6 per cent respectively. Given this very strong performance and our confidence in our future prospects, the Board is recommending a final dividend of 2.2p, making a total dividend for the year of 3.5p, an increase of 15 per cent over last year. CORPORATE DEVELOPMENTS Despite the significant corporate distraction in the early part of 2006, we remained focused on growing the business. During the year we acquired seventeen prestige outlets including Chrysler Dodge and Jeep, Land Rover and Lexus. We were delighted to be awarded a Mercedes Benz franchise market area which we now operate in four locations. We were also awarded the Land Rover franchise for Glasgow North, bringing the total of additional prestige outlets to eighteen. These developments further strengthen the Group's franchise portfolio, particularly in the South East of England. In line with our stated strategy, we continue to develop complementary business streams alongside our franchise business. In January 2006 we launched our third Used Car Supermarket in the South East in Essex. In the second half of 2006 we acquired five acres in a key location in Sheffield to develop a major facility to replace the existing premises which our parts distribution business, FPS, had outgrown. This facility became operational in the last few weeks of December 2006 as planned. We remain ambitious to grow our businesses and will continue to make sound acquisitions and investments which are earnings enhancing and deliver our required level of returns. THE FUTURE Lookers is well positioned to continue to make good progress in today's trading environment. Our markets offer excellent growth prospects and remain fragmented. Due to the broad revenue streams we enjoy, benefiting from strong contributions from both used cars and aftersales as well as new cars, a small downturn forecast in the new car market over 2007 will not detract from our ambitious growth plans. In recent years Lookers has consistently outperformed the new car market and we are confident that this will continue into 2007. January is the key registration month in Northern Ireland and 2007 has seen our Charles Hurst business record its best ever start to the year. Moreover, the number of new vehicles delivered so far in March and the orders still to be delivered by the dealerships on the mainland UK indicates a good performance for March leading to a strong first quarter for the year. I would like to take this opportunity to thank all the team at Lookers for their unstinting support in what was an eventful year. The whole Board recognises that these results could not have been achieved without their hard work and dedication. I would also like to thank our Shareholders for supporting management during this period. As a result, we have been able to deliver excellent returns to our shareholders over the year. As a team, we have delivered an excellent performance which firmly reinforces our position as one of the leading consolidators in the motor retail industry. Fred Maguire retired as Chairman of the Board after more than twenty years with the Group and I wish him well in his retirement. On a personal note I was delighted to be welcomed onto the Board in September 2006, during an exciting period of growth and development for Lookers and look forward to contributing to the Group's future success. Phil White Chairman 12 March 2007 CHIEF EXECUTIVE'S REVIEW I am pleased to report these record results and excellent performance, reflecting the continued implementation of our successful strategy, including the development of complementary business streams, close relationships with manufacturer partners and a de-centralised management structure which delivers superior returns from the franchises we operate. We continue to develop all three channels of our business through investment in existing operations and through selected acquisitions and as a result we now have one of the broadest revenue streams in the industry which enables us to outperform the market against the background of a slightly reduced new car market. This is a proven strategy we have been pursuing for some time to broaden our revenue streams, to open up new growth opportunities whilst reducing our reliance on the new car market. As a result, new car sales represented only 27 per cent of gross profit, with used cars and aftersales representing 20 per cent and 53 per cent respectively. ACQUISITIONS The fragmented nature of the motor retail and parts distribution industry continues to offer us significant opportunities to develop our business and Lookers' proven ability to successfully integrate acquisitions and retain local management remains key to the Group's success. In March 2006 we acquired six Premier Automotive Group ('PAG') dealerships from HR Owen for a consideration of £5.4 million. These comprise two Jaguar, two Land Rover and two Volvo dealerships located in Colchester, Ipswich and Bury St Edmunds. The acquisition was in line with the Group's strategy to expand its existing PAG territory and the business has been successfully integrated and is performing to expectations. In August, we acquired a Chrysler, Jeep and Dodge outlet in Liverpool for a consideration of £1.3 million including the freehold premises. In September we acquired a further 10 dealerships from HR Owen for a total consideration of £20.9 million. The acquisition includes four Mercedes Benz, two Land Rover, two Lexus and two Chrysler, Jeep and Dodge outlets in the South East and has significantly improved our mix of prestige brands and re-introduced Mercedes Benz into our franchise portfolio. The integration of these ten outlets has now been completed and we are delighted that they are performing in line with expectations. FINANCIAL COMMENTARY AND DIVIDEND Turnover has increased to £1.43 billion from £1.23 billion last year, representing growth of 16 per cent. We have continued to drive operating efficiencies and cost reductions across the business whilst both integrating acquisitions and growing organically. Consequently we have achieved an improvement in the adjusted operating margin from 2.2 per cent to 2.6 per cent, an increase of 18 per cent. I am delighted to be able to report a 35 per cent increase in adjusted profit from operations from £27.1 million to £36.6 million. Even more pleasing is the fact that our underlying businesses grew very strongly contributing £8 million of this increase. Profit before exceptionals, impairment of goodwill and amortisation of intangible assets increased by an impressive 47 per cent to £26.4 million (2005: £18.0 million), generating a 41 per cent increase in adjusted earnings per share of 10.63p (2005: 7.54p). Dividend Following last year's excellent performance and reflecting our continued confidence in the Group's prospects, the Board is proposing a final dividend of 2.20p, bringing the total dividend for the year to 3.50p. This 15 per cent increase on 2005 reflects our commitment to a more progressive dividend policy, as outlined previously. Subject to final approval at the Annual General Meeting, the final dividend will be paid on 31 May 2007 to shareholders on the register at 13 April 2007. OPERATING REVIEW Franchised Business We are delighted to have continued to outperform the market across our franchise business. Lookers' new car retail sales were ahead by 5 per cent against a market down 4 per cent. This strong performance reflects a combination of our broad base of manufacturing partners with whom we have close relationships, a wide geographic spread across the United Kingdom and our decentralised management structure which empowers key franchise directors and local management. On the volume side of the business, Vauxhall has had a strong year despite the disruptions from an ongoing refurbishment programme across a number of our Vauxhall outlets. In particular, at St Helens we demolished the existing facility and completely rebuilt it to provide a far better customer experience in our showroom, used car display and service capabilities. We currently have 18 Vauxhall outlets operating across the significant market areas of the North West, Midlands and Northern Ireland. During 2006 we signed a franchise partnership with the Korean value brand Kia, introducing the franchise to the Group under both the Lookers and Charles Hurst brands and opened dealerships in Macclesfield, Stockport and Belfast. Through these dealerships we have recently launched the new Kia 'C sector Cee'd' model, the first Kia model to be built in Europe. This partnership complements our existing portfolio of franchises and we are looking forward to building upon our relationship with Kia Motors in the future. Premier Auto Group ('PAG') has had a good year and we now represent PAG across 25 outlets throughout the significant market areas of the South East, West of Scotland and Northern Ireland. These include the 8 dealerships we acquired during the year from HR Owen which have complemented our PAG franchises in the South East. These dealerships have been successfully integrated and are trading in line with expectations. 2006 has seen a number of developments across our PAG sites. In Scotland we were awarded the Land Rover franchise for Glasgow from 1 July. We redeveloped our existing solus Jaguar site into an excellent facility in Glasgow under the Taggarts brand to also incorporate both Land Rover and Volvo. The redevelopment of the Motherwell site has also been completed on time and according to schedule, resulting in a multi-franchise site accommodating Hyundai, Jaguar, Mazda and Volvo. Toyota and Lexus have performed well during the year with Toyota benefiting from the refurbishment of six of its outlets in 2005, which has generated a higher customer footfall. Charles Hurst has once again had an excellent year. It now includes 26 dealerships representing 18 brands. The Charles Hurst Specialist Car Division continues to go from strength to strength and highlights for the year included the launch of the Bentley Continental GTC, Ferrari 599 GTB and more recently the Masarati Quattroporte automatic. In September 2006 we took the decision to introduce the Charles Hurst brand into England. Two of our London based Land Rover dealerships, acquired from HR Owen in September 2006 have been integrated under the Charles Hurst name. Charles Hurst has been associated with Land Rover since its inception and is unrivalled in terms of heritage and is therefore felt to be a more suitable brand for the London Land Rover dealerships. Used Car Supermarkets Our expansion into the Used Car Supermarket business in 2005 was in line with our stated strategy of broadening our revenue streams by expansion into complementary business areas. A growing number of the vehicles sold by these outlets are sourced from our existing franchise network, vehicles which would otherwise have been traded at auction. In January 2006 we opened our third site in the South East which was a greenfield location. We now have a presence in the South East, South West and the Midlands. In addition, we rationalised all three sites onto a standard platform. The result from our used car supermarkets was below our expectations, however, as the new site matures and the impact of this rationalisation together with the recent strengthening of the management team takes effect, we expect the benefits to flow through from the second quarter of 2007. Parts Distribution Our parts distribution business continues to exceed expectations and has grown both turnover and profits. FPS Distribution ('FPS') has achieved an excellent performance during the year with profit from operations up 11 per cent on last year, despite the disruption in the last quarter of relocating our national distribution centre coupled with dual running costs. We have previously announced the development of an 80,000 square foot footprint purpose built facility in Sheffield to enable the expansion of the distribution side of the business. This facility was completed and became fully operational from December 2006. With a double mezzanine floor it provides 140,000 square foot of storage and is capable of being further expanded to over 200,000 square foot of storage capacity. In October 2006, FPS was awarded the 'UK Supplier of the Year' award at the CAT Awards. This award is testament to the division's excellent performance and I take this opportunity to congratulate the FPS team on yet another successful year. Apec, our braking parts specialist, has also had an excellent year, performing ahead of expectations and we have recently completed a warehouse reorganisation for this part of the business to support further sales growth in 2007. We intend to launch a new range of hydraulic brake parts on to the market in the second quarter of 2007 and this should lay down the platform for additional growth in the second half of 2007, and more significantly in 2008. THE BOARD There have been several changes to the composition of the Board over the last twelve months. In April 2006, Neil Clyne resigned as a non Executive Director after serving six years, following the disposal of GE's entire holding in the Group. In September 2006 Fred Maguire stepped down as Chairman and from the Board and in January 2007, David Blakeman retired as Director and Company Secretary, both of whom had been with the Group for over twenty years. On behalf of my colleagues on the Board, I would like to thank them for their valuable contribution to the Group's growth, particularly in the last few years. Tony Bramall, who has a wealth of motor industry knowledge, was appointed to the Board as a non Executive Director at an extraordinary general meeting in June 2006 and Phil White was appointed Chairman, replacing Fred Maguire, in September 2006. We welcome Phil and Tony to the Board during this exciting period of the next stage of the growth of the Group. OUTLOOK 2007 has started positively. In Northern Ireland, January is a key month for new car registrations and I am delighted to report a strong performance ahead of what was a solid performance in 2006. The critical month of March has started very well with new cars delivered in the first week of March ahead of last year's on a like for like basis. We have a number of acquisition opportunities under review. We intend to use our strong balance sheet and cash flow to make suitable and earnings enhancing acquisitions across all three business areas. Our continuing success is a testament to the effectiveness of our approach and the strategy we have being implementing for a number of years. Going forward we remain committed to broadening our revenue streams, further developing our close relationships with our manufacturer partners and maximising the performance and efficiencies of our franchises through our decentralised management structure and market area strategy. We look forward to the year with confidence. Ken Surgenor Chief Executive 12 March 2007 FINANCE DIRECTOR'S REVIEW 2006 Turnover has increased by 16 per cent from £1.23 billion to £1.43 billion of which well over one third was organic. Gross margin has again been lifted by 70 basis points from 12.2 per cent to 12.9 per cent. Consequently we have seen a significant 35 per cent increase in profit from operations before impairment, amortisation and exceptional items. The net impact of acquisition and disposals on profit from operations was small and the significant increase in profit from operations has come about due to the performance of the underlying businesses. Our full year adjusted operating margin has further increased from 2.2 per cent in 2005 to 2.6 per cent in 2006, an increase of 18 per cent, following a similar level of growth last year. Profit before tax for the year was £21.4 million against £16.4 million, but before impairment, amortisation and exceptional items was £26.4 million, 47 per cent ahead of the £18.0 million reported last year. This has resulted in adjusted earnings per share of 10.63p, an increase of 41 per cent over the previous year. Net exceptional items amount to a charge of £4.1million against £0.7million last year. This all relates to the bid defence costs as other items net out to zero. CASHFLOW AND CAPITAL EXPENDITURE The Group once more enjoyed strong cash flow from operations of £55.7 million and despite spending nearly £50 million on acquisitions and investment in new/ refurbished facilities, our gearing ended the year flat at 79 per cent. We arranged a £200 million facility in September 2006 of which £82 million was utilised at the year end, providing significant headroom for additional expansion. We continue to hedge interest rates to ensure a degree of certainty over the Group's blended borrowing costs. Over the past five years we have increased earnings and dividends at a compound growth rate of 22 per cent and 13 per cent respectively. DIVIDENDS The total dividend of 3.5 pence represents an increase of 15 per cent and is covered 3 times based on adjusted earnings. The Group introduced a scrip dividend option for the first time in respect of the interim dividend payable in November 2004 and has offered this alternative for every dividend payment since. To the end of December 2006, the take up of this option has been particularly successful with approximately 2.7 million of new shares being admitted to the Stock Exchange. PENSION DEFICIT The Group has been actively managing its pension liability. Not only has the Group continued to fund the deficit by contributing an additional £2.1 million per annum which commenced in 2005 but we have also taken active measures to reduce our exposure to this liability. The reported deficit has reduced from £19.2 million to £11.5 million in 2006. David Dyson Finance Director 12 March 2007 The Directors announce the following audited results of the Group for the year ended 31 December 2006. Consolidated Income Statement (Summarised) Year ended Year ended 31 December 31 December 2006 2005 £M £M Revenue 1,426.7 1,231.6 Profit from operations before amortisation and exceptional items 36.6 27.1 Amortisation of intangible assets and impairment of goodwill (0.8) (0.9) Exceptional items (4.1) (2.5) Profit from operations 31.7 23.7 Interest costs - net (10.2) (9.1) Debt issue costs (0.1) - Interest income on VAT refund - 1.8 Profit before tax, amortisation, impairment and exceptional items and 26.4 18.0 debt issue costs (0.8) (0.9) Amortisation of intangible assets and impairment of goodwill (4.1) (0.7) Exceptional items (0.1) - Debt issue costs _____ _____ Profit on ordinary activities before taxation 21.4 16.4 Taxation 6.8 4.8 ______ ______ Profit for the period 14.6 11.6 ===== ===== Basic earnings per ordinary share 8.13p 6.53p ===== ===== Diluted earnings per ordinary share 8.09p 6.52p ===== ===== Adjusted earnings per ordinary share 10.63p 7.54p ===== ===== Dividend per Ordinary share - interim 1.30p 0.95p - final 2.20p 2.10p _____ _____ 3.50p 3.05p ===== ===== Consolidated Balance Sheet (Summarised) 31 December 31 December 2006 2005 £M £M NON CURRENT ASSETS Goodwill 28.6 20.3 Other intangible assets 16.0 16.8 Property, plant & equipment 160.9 137.2 ______ ______ 205.5 174.3 ______ ______ CURRENT ASSETS Inventories 257.9 190.8 Trade and other receivables 82.6 66.8 Cash and cash equivalents 2.9 2.4 ______ ______ 343.4 260.0 ______ ______ TOTAL ASSETS 548.9 434.3 ===== ===== CURRENT LIABILITIES Bank loans and overdrafts 8.4 21.3 Trade and other payables 335.0 240.2 Tax liabilities and short term provisions 4.2 8.5 ______ ______ 347.6 270.0 ===== ===== NET CURRENT LIABILITIES (4.2) (10.0) ______ ______ NON CURRENT LIABILITIES Bank loans and overdrafts 76.5 52.7 Retirement benefit obligations 11.5 19.2 Deferred taxation and long term provisions 9.0 2.2 _____ _____ 97.0 74.1 ===== ===== TOTAL LIABILITIES 444.6 344.1 ===== ===== NET ASSETS AND SHAREHOLDERS FUNDS 104.3 90.2 ===== ===== Net Borrowings 82.0 71.6 ===== ===== Gearing 79% 79% ===== ===== Consolidated Cashflow Statement (Summarised) Year ended Year ended 31 December 31 December 2006 2005 £M £M Cash generated from operations Net profit 14.6 11.6 Adjustments for tax 6.8 4.8 Adjustments for depreciation 5.8 4.7 Profit on disposal of property, plant & equipment (0.1) (0.4) Cost of aborted Vardy takeover - 1.2 Amortisation of intangibles 0.8 0.7 Impairment of goodwill - 0.2 Interest on VAT - (1.8) Interest expense - net 10.2 9.1 Debt issue costs 0.1 - Share based payments charge 0.2 - Changes in working capital (excluding effects of acquisitions and disposal of subsidiaries) Increase in inventories (58.4) (40.1) Decrease in trade and other receivables (15.5) (8.5) Increase in payables 95.0 73.0 Decrease in pensions (3.4) (2.5) Movement in provisions (0.4) (1.8) _____ _____ Cash generated from operations 55.7 50.2 Tax paid (5.5) (4.0) Interest paid (10.8) (8.3) Exceptional interest received on VAT refund - 1.8 ____ ____ Net cash from operating activities 39.4 39.7 Cashflows from investing activities Acquisition of subsidiaries (net of cash acquired) (27.6) (34.6) Purchase of property, plant and equipment (20.3) (19.9) Proceeds from sale of property, plant & equipment 1.3 2.6 Proceeds from sale of business 1.5 1.9 _____ _____ Net cash used by investing activities (45.1) (50.0) Cashflows from financing activities Proceeds from issue of ordinary shares 0.7 0.1 Repayment of loans (70.6) (13.5) New loans 84.7 24.0 Debt issue costs (0.9) - Principal payments under HP agreements (0.1) (0.2) Dividends paid to group shareholders (5.1) (3.5) Net cash from financing activities 8.7 6.9 ===== ===== Increase/(decrease) in cash and cash equivalents 3.0 (3.4) Cash and cash equivalents at the beginning of the period (0.9) 2.5 ____ _____ Cash and cash equivalents at the end of the period (2.1) (0.9) ==== ==== Consolidated Statement of Recognised Income and Expense Year ended Year ended 31 December 31 December 2006 2005 £M £M Actuarial gains/(losses) recognised in post retirement benefit scheme 5.1 (3.1) Taxation thereon (1.5) 0.9 _______ _______ Net gains/(losses) recognised directly in equity 3.6 (2.2) Profit for the financial period 14.6 11.6 _______ _______ Total recognised income and expenses for the period 18.2 9.4 ====== ====== Notes 1. Basis of Preparation The financial information has been prepared under International Financial Reporting Standards (IFRS) issued by the IASB and as adopted by the European Commission (EC) and on the same basis as in 2005. Further information in relation to the Standards adopted by the Group is available on the Group's website www.lookers.co.uk. Whilst the financial information included in this preliminary announcement has been computed in accordance with International Financial Reporting Standards (IFRS's), this announcement does not itself contain sufficient information to comply with IFRS's. The Group expects to publish full financial statements that comply with IFRS's in April 2007. The information for the years ended 31 December 2006 and 2005 does not constitute statutory accounts as defined in section 240 of the Companies Act 1985, but is derived from the 31 December 2006 accounts. A copy of the statutory accounts for 2005 have been delivered to the Register of Companies. The auditors' report on those accounts was unqualified. Those for 2006 will be delivered following the company's annual general meeting which will be convened on 18 May 2007. The auditors have reported on these accounts; their report was unqualified and did not contain any statement under Section 237(2) or (3) of the Companies Act 1985. The 2005 accounts were audited by Price Waterhouse Coopers LLP. 2. Dividends The final dividend proposed at the rate of 2.2p per share (2005 - 2.10p per share) is payable on 31 May 2007 to shareholders on the register at close of business on 13 April 2007. Together with the interim dividend paid 30 November 2006, the total dividend for 2006 is 3.50p (2005 - 3.05p) 3. Exceptional items Year ended Year ended 31 December 31 December 2006 2005 £M £M Bid defence costs/strategic review (4.1) - Loss on termination of businesses (0.5) (1.9) Profit on disposal of properties 0.5 0.4 Aborted acquisition costs - (1.2) Exceptional item - VAT refund - 0.2 ____ ____ Exceptional items included within Operating Profit (4.1) (2.5) Exceptional interest on VAT refund - 1.8 ____ ____ Total exceptional items (4.1) (0.7) ==== ==== 4. Interest costs - net £M £M Bank interest payable 7.2 5.7 Fair value (gains)/losses on interest rate hedges (0.4) 0.4 Bank interest receivable (0.1) (0.1) Hire purchase agreements - 0.1 Interest on consignment vehicles 3.3 2.4 Net interest on pension scheme 0.2 0.6 ____ ____ 10.2 9.1 ==== ==== 5. Earnings per share The calculation of earnings per ordinary share is based on profits on ordinary activities after taxation amounting to £14.6million (2005: £11.6million) and a weighted average of 179,616,603 ordinary shares in issue during the year (2005: 177,617,930). 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 901,994 (2005: 282,565). Adjusted earnings per share is stated before amortisation of intangible assets, impairment of goodwill, loss on disposal/termination of businesses, the profit on disposal of properties, bid defence/strategic review, net gains on curtailments and settlements, business relocation and integration costs, aborted acquisition costs and the exceptional VAT credits and is calculated on profits of £19.1 million for the year (2005: £13.4 million). 31 December 2006 31 December 2005 Earnings Earnings Earnings Earnings £M per share £M per share P P Earnings attributable to ordinary shareholders 14.6 8.13 11.6 6.53 Amortisation of intangible assets and impairment of goodwill 0.8 0.44 0.9 0.51 Exceptional items (net) 4.1 2.28 0.7 0.39 Tax on exceptional items (net) (0.4) (0.22) 0.2 0.11 19.1 10.63 13.4 7.54 6. Property, Plant and Equipment 31 December 31 December 2006 2005 £M £M Freehold property 99.0 87.6 Long leasehold property 38.6 35.1 Short leasehold property 8.5 4.2 Plant and machinery 5.4 4.4 Fixtures, fittings, tools and equipment 9.4 5.9 _____ _____ 160.9 137.2 ===== ===== This information is provided by RNS The company news service from the London Stock Exchange

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