Interim Results
Gleeson(M J)Group PLC
30 March 2007
Friday 30 March 2007
M J GLEESON GROUP PLC - INTERIM ANNOUNCEMENT
Gleeson (GLE.L) announces its results for the half year to 31 December 2006,
which are those of a group in the implementation phase of the Strategic Review
announced in March 2006.
The result for continuing operations for the period is in line with Board
expectations, reflecting that the profit contribution from Homes, Regeneration &
Strategic Land will, as usual, be second half loaded.
FINANCIAL HIGHLIGHTS (prior period restated to classify the Engineering Division
as a discontinued operation)
•Revenue increased by 18.2% to £78.9m (2005/06: £66.8m).
•Net profit attributable to shareholders totalled £21.1m (2005/06: loss of
£3.1m) equating to basic earnings per share of 40.8p (2005/06: loss of
6.0p), after a profit from discontinued operations of £21.6m (2005/06:
£1.9m).
•The loss from continuing operations, net of tax, reduced to £0.5m (2005/
06: £5.0m), which equates to a basic loss per share of 0.9p (2005/06: 9.8p).
•Net assets per share increased to 345p from 303p at 30 June 2006 and 287p
at 31 December 2005.
•Net cash at 31 December 2006 of £18.7m compared with net debt of £14.7m
at 30 June 2006 and £102.3m at 31 December 2005.
•An interim dividend per share of 1.9p (2005/06: 1.6p), up 18.8%, has been
declared.
COMMERCIAL HIGHLIGHTS
•Homes, Regeneration & Strategic Land made an operating loss of £0.5m
(2005/06: £1.2m) on revenue of £67.6m (2005/06: £46.6m). 328 (2005/06: 245)
units were sold at an average selling price of £198,000 (2005/06: £177,000).
•The Group was active at five regeneration sites, all of them in the North
of England. Five further regeneration sites are expected to be active in the
year to 30 June 2008, one of which, importantly, will be in the South of
England, being Ashford in Kent.
•As budgeted, no strategic land sales were effected in the period under
review. Several substantial strategic land sales are at advanced stages of
negotiation and are forecasted to complete in the second half of the
financial year. However, the Board will not erode shareholder value in order
to achieve short term targets.
•In the period, Strategic Land entered into five option agreements over
616 acres of land, bringing the total number of options to 65 covering 3,108
acres.
•Property Investment and Commercial Property Development made an operating
profit of £1.7m (2005/06: £1.8m) on revenue of £2.2m (2005/06: £1.2m).
Gleeson has now decided to exit the commercial property development market
along with the previously announced exit from property investment,
reflecting the Board's belief that this market has probably peaked and that
Gleeson's cash resources will be better invested in housing regeneration,
the Group's principal focus.
•The continuing elements of Construction Services made an operating profit
of £1.7m (2005/06: loss of £1.2m) on revenue of £9.1m (2005/06: £19.0m),
whilst the discontinued portion of Construction Services, namely the
Engineering Division (the majority of whose assets was sold in October),
reported a net result for the period and gain on sale after tax of £21.6m
(2005/06: £1.9m).
Dermot Gleeson, Chairman, stated: 'Market expectations for the year to 30 June
2007 remain attainable, but to achieve this will require several substantial
transactions to fall into the current year, as scheduled.'
Enquiries:
M J Gleeson Group plc 01252-360 300
Paul Wallwork (Group Chief Executive)
Chris Holt (Interim Finance Director)
Bankside Consultants Limited
Charles Ponsonby 020-7367 8851
INTERIM STATEMENT
The Financial Statements for the half year to 31 December 2006 are those of a
group in the implementation phase of the Strategic Review announced in March
2006.
The result for continuing operations for the period is in line with Board
expectations, reflecting that the profit contribution from Homes, Regeneration &
Strategic Land, will, as usual, be second half loaded.
During the period, the Board was very pleased to announce the sale of the
majority of the assets of its Engineering Division, a specialist in construction
for the water industry. The results of this sale are more fully described under
Construction Services (discontinued) below.
FINANCIAL REVIEW
In the half year to 31 December 2006, the Group made an after tax profit on
continuing and discontinued operations of £21.1m (2005/06: loss of £3.1m). On
continuing operations, on revenue of £78.9m (2005/06: £66.8m), the operating
loss was £0.7m (2005/06: £3.6m) and the pre-tax loss amounted to £0.3m (2005/06:
£5.1m). The after tax loss for the period totalled £0.5m (2005/06: £5.0m). This
equates to a basic loss per share of 0.9p (2005/06: loss of 9.8p). Prior period
figures are restated to classify the Engineering Division as a discontinued
operation. After tax profit for the period from discontinued operations was
£21.6m (2005/06: £1.9m). Basic earnings per share on continuing and discontinued
operations totalled 40.8p (2005/06: loss of 6.0p).
Equity, net assets per share and net cash / (debt) at 31 December 2006, 30 June
2006 and 31 December 2005 were:
31 Dec 2006 30 June 2006 31 Dec 2005
Equity £178.7m £156.2m £147.9m
Net assets per 345p 303p 287p
share
Net cash/(debt) £18.7m £(14.7m) £(102.3m)
INTERIM DIVIDEND
The Board has declared an interim dividend per share of 1.9p (2005/06: 1.6p), up
18.8%, which will be paid on 11 May 2007 to shareholders on the register at
close of business on 13 April 2007, with an ex-dividend date of 11 April 2007.
OPERATING REVIEW
Homes, Regeneration & Strategic Land
Homes, Regeneration & Strategic Land made an operating loss of £0.5m (2005/06:
£1.2m) on revenue of £67.6m (2005/06: £46.6m).
In the period, 328 (2005/06: 245) units were sold at an average
selling price of £198,000 (2005/06: £177,000). Of these, 210 (2005/06: 120) were
sold by Homes and Regeneration North at an average selling price of £134,000 and
118 (2005/06: 125) units were sold by Homes and Regeneration South at an average
selling price of £313,000 (2005/2006: £225,000).
In the period, the Group was active at five regeneration sites, all of them in
the North of England. They were:
•Grove Village in East Manchester, a £103m eight year programme and the
first substantial local authority housing PFI, in partnership with Harvest
Housing and Nationwide Building Society. The Group is in the fourth year of
the programme;
•Beswick in East Manchester, an £80m eight year programme where the Group
is in the third year of the programme;
•Norfolk Park, Sheffield, a £38m seven year programme where the Group is
in the fifth year of the programme;
•Clevedon Street, Liverpool, a £10m two year programme where the Group is
in the final year of the programme; and
•Northumberland Street, Liverpool, a £7m two year programme where the
Group is in the first year of the programme.
Both Clevedon Street and Northumberland Street are part of the Liverpool Inner
Core overarching agreement where the Group is the preferred developer for the
whole of the City Centre South Zone which potentially involves the development
of 1,000 acres in a programme extending to 2017.
In the period, as budgeted, no strategic land sales were completed.
Property
Property (Investment and Commercial Property Development) made an operating
profit of £1.7m (2005/06: £1.8m) on revenue of £2.2m (2005/06: £1.2m).
The period included the sale of an investment property at Immingham and the
Group's former Head Office, Haredon House at North Cheam, for aggregate proceeds
of £7.6m and a profit of £2.2m. The proceeds of the Head Office sale (£4.5m)
were received in March 2007 and are therefore not reflected as cash in the
balance sheet at 31 December 2006. These are one-off profits arising from the
Group's decision to exit property investment announced in March 2006. The
balance of the result, being a £0.5m loss, is made up of commercial property
disposals, net of overheads of running both commercial property development and
the exit from property investment.
Construction Services (continuing)
The continuing elements of Construction Services, comprising Gleeson Capital
Solutions, Gleeson Services and the retained contracts of Gleeson Building
Contracting Division, made an operating profit of £1.7m (2005/06: loss of £1.2m)
on revenue of £9.1m (2005/06: £19.0m).
In the period, one of the Group's four remaining non-core PFI investments,
Salisbury Hospital, was sold, for proceeds of £2.6m and a profit of £1.5m.
Gleeson Services was formed at the start of the period to focus the Group's
activities in housing modernisation and service maintenance under one
strengthened management team. Gleeson Services incorporates Powerminster
Building Services and Propertycare by Powerminster, which together offer a fully
integrated social housing refurbishment service.
In the period, there was no Income Statement impact relating to the retained
contracts of Gleeson Building Contracting Division.
Construction Services (discontinued)
The discontinued portion of Construction Services, namely the Engineering
Division, reported a net result for the period and gain on sale after tax of
£21.6m (2005/06: £1.9m).
In October 2006, Gleeson disposed of certain assets and liabilities of its
Engineering Division to Black & Veatch Corporation, a US-based global
engineering and consulting construction company, for a cash consideration for
goodwill of £36.0m and a pre-tax profit of £31.3m.
The sold assets and liabilities were transferred to Black and Veatch Corporation
at book value. The Engineering Division recorded a £4.0m loss for the period,
reflecting higher overheads as a result of a longer than anticipated sale
process and the requirement to make certain contract provisions on sold and
retained contracts.
BOARD CHANGES
During the period, the following Board changes took place, as stated in the
Preliminary Announcement of 27 October 2006. Paul Wallwork became Interim Group
Chief Executive in July 2006 and Edwin Lawrie, who remains as Company Secretary,
was appointed an Interim Executive Director in August 2006. Ross Ancell was
appointed a Non-Executive Director in October 2006 and Terry Morgan was
appointed a Non-Executive Director in November 2006. Malcolm Selsdon retired in
July 2006 and John McKenna in October 2006; both were Non-Executive Directors.
Subsequent to the period end, in January 2007, Paul Wallwork was appointed Group
Chief Executive, following the outcome of a competitive selection process
involving external consultants. Paul joined the Group as Finance Director in
January 2006.
STRATEGY
On 31 March 2006, Gleeson announced that it had decided to concentrate on, and
substantially increase its involvement in, three related areas: housing
regeneration, strategic land trading and commercial property development.
Gleeson has now decided to exit the commercial property development market. This
reflects the Board's belief that this market has probably peaked and that
Gleeson's cash resources will be better invested in housing regeneration, the
Group's principal focus.
Once the cash settlements associated with the sale of the Engineering Division
are completed, and the sale of the two remaining non-core PFI investments, the
Sheffield Schools investment having been sold in March 2007, and the last two
investment properties has been achieved, the Group will have delivered upon the
Strategic Review announced in March 2006.
To reflect the Group's smaller size and its now decentralised structure, the
number of employees in the Head Office, which since January 2007 has been
situated at Fleet in Hampshire, has been much reduced.
PROSPECTS
Homes, Regeneration & Strategic Land
In addition to the five active regeneration sites, five further regeneration
sites are expected by the Board to be active in the year to 30 June 2008. These
are:
•the Stanhope Estate in Ashford, Kent, a local authority housing PFI in
partnership with Moat Housing Group and Nationwide Building Society. This is
a £50m five year new build housing programme for Homes and Regeneration
South with a £23m 30 year facilities management contract for Gleeson
Services. Financial closure is scheduled to take place in the current
financial year;
•Cheshire Care Homes, a £65m capital value programme sponsored by Gleeson
Capital Solutions in partnership with Harvest Housing and Nationwide
Building Society where the Group is intending to secure a £27m 30 year
facilities management contract for Gleeson Services;
•North Huyton on Merseyside, potentially an £86m ten year programme, where
the Group is one of a preferred consortium of developers for a major
regeneration scheme for a proposed total of c 1,450 houses;
•Gorton Monastery in East Manchester, a £14m three year programme
involving the provision of c 70 houses adjacent to the famous listed
Monastery building; and
•St Mary's, Oldham, a £27m four year programme involving the provision of
c 190 houses in partnership with English Partnerships.
Strategic land trading involves a relatively small number of substantial
transactions whose timing and therefore profit is difficult to predict
accurately. In this context, several substantial transactions are in advanced
stages of negotiation and are forecast to complete in the second half of the
financial year. However, the Board will not erode shareholder value in order to
achieve short term targets. In the period, Strategic Land entered into five
option agreements over 616 acres of land, bringing the total number of options
to 65 covering 3,108 acres.
Construction Services
The Group's continuing Construction Services businesses are expected to continue
to grow and seek long term maintenance and refurbishment contracts working
alongside the Group's regeneration businesses.
The result for the full year will include the sale in March 2007 of the non-core
PFI investment in Sheffield Schools, for proceeds of £1.4m and a profit of
£0.4m.
Cash Generation
The Group generated cash in the period of £33.4m and closed the period with a
net cash balance of £18.7m. This cash generation will continue as asset sales
are completed. The Group is undertaking a review, in advance of the financial
year end, to determine what level of cash is appropriate to retain within the
Group to finance the Group's activities going forward. Any surplus cash will be
returned to shareholders.
Overall
Market expectations for the year to 30 June 2007 remain attainable, but to
achieve this will require several substantial transactions to fall into the
current year, as scheduled.
Dermot Gleeson
Chairman
CONSOLIDATED INCOME STATEMENT
for the six months to 31 December 2006
Unaudited
Unaudited Six months
Six months to to 31 Year to
31 December December 30 June
2006 2005 2006
£000 £000 £000
Restated Restated
Continuing operations
Revenue 78,909 66,785 188,958
Cost of sales (71,979) (58,043) (177,721)
Gross profit 6,930 8,742 11,237
Staff costs (6,901) (7,678) (17,352)
Other expenses (5,232) (4,131) (10,095)
Profit on sale of investments in PFI 1,489 - 784
projects
Profit on sale of investment and 2,486 - 6,641
owner- occupied properties
Valuation gains on investment 18 - 585
properties
Share of profit/(loss) of joint 500 (518) (110)
ventures
Operating loss (710) (3,585) (8,310)
Financial income 1,245 527 2,380
Financial expenses (810) (2,091) (6,260)
Loss before tax (275) (5,149) (12,190)
Tax (190) 150 402
Loss for the period from continuing (465) (4,999) (11,788)
operations
Discontinued operations
Profit for the period from 21,607 1,949 21,440
discontinued operations and gain on
sale of discontinued operations (net
of tax)
Profit/(loss) for the period 21,142 (3,050) 9,652
attributable to equity holders of
the parent company
Earnings/(loss) per share
Continuing and discontinued
operations
Basic 40.81p (5.99)p 18.88p
Diluted 40.10p (5.99)p 18.68p
Continuing operations
Basic and diluted (0.90)p (9.81)p (23.02)p
CONSOLIDATED BALANCE SHEET
as at 31 December 2006
Unaudited Unaudited Audited
31 December 31 December 30 June
2006 2005 2006
£000 £000 £000
Non-current assets
Property, plant and equipment 3,106 11,826 4,825
Investment property 4,997 37,503 5,010
Goodwill - 4,794 -
Investments in joint ventures and 2,269 1,362 1,890
associates
Loans and other investments 9,797 11,308 7,393
Inventories 29,816 62,377 30,238
Trade and other receivables - - 549
Deferred tax assets 5,180 5,173 4,849
55,165 134,343 54,754
Current assets
Inventories 79,174 112,687 103,957
Trade and other receivables 117,290 140,973 100,729
UK corporation tax - - 3,502
Cash and cash equivalents 18,701 63 53
Assets reclassified as held for 5,240 12,672 16,453
sale
220,405 266,395 224,694
Total assets 275,570 400,738 279,448
Current liabilities
Bank overdrafts - (102,339) (14,706)
Trade and other payables (93,567) (136,574) (108,430)
UK corporation tax (3,309) (5,582) -
Liabilities directly associated - (8,364) (97)
with assets reclassified as held
for sale
Total liabilities (96,876) (252,859) (123,233)
Net assets 178,694 147,879 156,215
Equity
Called up share capital 1,039 1,029 1,032
Share premium account 5,033 3,762 3,974
Capital redemption reserve 120 120 120
Revaluation reserve 629 3,158 2,742
Retained earnings 171,873 139,810 148,347
Total equity attributable to equity 178,694 147,879 156,215
holders of the parent company
CONSOLIDATED CASH FLOW STATEMENT
for the six months to 31 December 2006
Unaudited Unaudited
Six months Six months Year to
to 31 to 30 June
December 31 December 2006
2006 2005
£000 £000 £000
Restated Restated
Operating activities
Loss before tax (275) (5,149 (12,190)
Depreciation of property, plant and 370 1,673 2,902
equipment
Profit on sale of investment and (2,486) (6,641)
owner-occupied properties
Profit on sale of other property, plant and - (3,649) (3,791)
equipment
Profit on sale of investments in PFI (1,489) - (784)
projects
(Loss)/profit on discontinued operations (4,216) 1,949 10,376
Valuation gains on investment properties (18) - (585)
Share of (profit)/loss of joint ventures (500) 518 110
(net of tax)
Financial income (1,245) (527) (2,380)
Financial expenses 810 2,091 6,260
Operating cash flows before movements in (9,049) (3,094) (6,723)
working capital
Decrease in inventories 23,152 2,583 43,000
Increase in receivables (12,945) (25,795) (2,891)
Increase/(decrease) in payables 5,189 (1,784) 15,377)
Cash generated from/(used in) operating 6,347 (28,090) 18,009
activities
Tax received/(paid) 207 (607) 188
Interest paid (940) (3,148) (7,293)
Net cash flows from operating activities 5,614 31,845) 10,904
Investing activities
Disposal of net assets held for sale 8,140 (14,678) (15,898)
Proceeds of disposal of net assets net of 13,400 - -
cash disposed
Disposal proceeds of subsidiary 4,069 - 19,195
undertakings net of cash disposed
Interest received 426 738 1,635
Purchase of property, plant and equipment (201) (3,122) (6,846)
Proceeds on sale of investment and - 1,865 34,397
owner-occupied properties
Proceeds on sale of other property, plant - 8,225 10,267
and equipment
Proceeds on disposal of investments in PFI 2,600 737 757
projects
Increase in loans and other investments (2,937) (3,177) (5,700)
Disposal or repayment of loans and other 1,177 - 1,289
investments
Net cash flows from/(used in) investing 26,674 (9,412) 39,096
activities
Financing activities
Proceeds from issue of shares 1,066 - 215
Purchase of own shares - (270) -
Dividends paid - - (4,119)
Net cash generated from/(used in) financing 1,066 (270) (3,904)
activities
Net increase/(decrease) in cash and cash 33,354 (41,527) 46,096
equivalents
Cash and cash equivalents at beginning of (14,653) (60,749) (60,749)
period
Cash and cash equivalents at end of period 18,701 (102,276) (14,653)
CONSOLIDATED STATEMENT OF RECOGNISED INCOME AND EXPENSES
for the six months to 31 December 2006
Unaudited Unaudited Audited
Six months Six months Year to
to 31 to 31 30 June
December December 2006
2006 2005
£000 £000 £000
Profit/(loss) for the period 21,142 (3,050) 9,652
attributable to equity holders of the
parent company
Revaluation of owner-occupied property - (204) (355)
Deferred tax on owner-occupied property (8) 54 2
Net expense recognised directly in (8) (150) (353)
equity
Total recognised income/(expense) for 21,134 (3,200) 9,299
the period
attributable to equity holders of the
parent company
NOTES TO THE FINANCIAL STATEMENTS
1 Basis of preparation
The consolidated interim financial statements of the Group have been prepared in
accordance with the recognition and measurement criteria of IFRS and the
disclosure requirements of the Listing Rules using accounting policies set out
in the Group's 30 June 2006 statutory accounts.
The financial information contained in this Interim Report does not constitute
statutory accounts as defined in section 240 of the Companies Act 1985. No
statutory accounts for the period have been delivered to the Registrar of
Companies. The financial information contained in this Interim Report has been
neither audited nor reviewed by the auditors.
The statutory accounts for the year ended 30 June 2006 have been filed with the
Registrar of Companies. The Auditors' Report on these accounts was unqualified
and did not contain a statement under section 237(2) or 237(3) of the Companies
Act 1985. The comparative results for the six months to 31 December 2005 and the
year to 30 June 2006 have been restated due to the disposal of the Engineering
Division in October 2006, which is now classified as discontinued operations, in
accordance with IFRS 5 'Non-current assets held for sale and discontinued
operations.'
This Interim Financial Report was approved for issue by the Board of Directors
on 29 March 2007.
2. Segmental Analysis Unaudited Unaudited
Six months Six months Year to
to 31 to 30 June
December 31 December 2006
2006 2005 £000
£000 £000
Restated Restated
Revenue
Continuing activities:
Homes, Regeneration & Strategic Land 67,627 46,557 138,413
Property 2,190 1,224 2,896
Construction Services 9,092 19,004 47,649
78,909 66,785 188,958
Discontinued activities:
Construction Services 49,012 122,607 249,627
Total revenue 127,921 189,382 438,585
(Loss)/profit on activities
Homes, Regeneration & Strategic Land (501) (1,189) (11,673)
Property 1,656 1,806 11,310
Construction Services 1,720 (1,248) (2,132)
2,875 (631) (2,495)
Group activities (3,585) (2,954) (5,815)
Finance income 1,245 527 2,380
Finance costs (810) (2,091) (6,260)
Loss before tax (275) (5,149) (12,190)
Tax (190) 150 402
Loss for the period from continuing (465) (4,999)
operations (11,788)
Profit for the period from 21,607 1,949 21,440
discontinued operations and gain on
sale of discontinued operations (net
of tax)
Profit / (loss) for the period 21,142 (3,050) 9,652
attributable to equity holders of the
parent company
3. Discontinued operations
In October 2006, the Group disposed of certain assets and liabilities of the
Engineering Division to Black & Veatch. Assets and liabilities relating to this
operation were not classified as held for sale as at 30 June 2006 as they did
not qualify for such treatment as these assets were not held for sale at that
date.
In June 2006, the Group disposed of Concrete Repairs Limited. Assets and
liabilities relating to Concrete Repairs were not classified as assets held for
sale as at 30 June 2005 or 31 December 2005 as they did not qualify for such
treatment as these assets were not held for sale at those dates.
In March 2006, the Group disposed of Gleeson MCL Limited. Assets and liabilities
relating to Gleeson MCL were classified as assets held for sale as at 31
December 2005 in accordance with IFRS 5; however, they were not classified as
held for sale as at 30 June 2005 as they did not qualify for such treatment as
these assets were not held for sale at that date.
Certain assets and liabilities of the Building Contracting Division were
classified as held for sale at 30 June 2005 under IFRS 5; these assets and
liabilities were sold on 1 August 2005. The trading activities of these assets
and liabilities prior to the sale date, together with the retained contracts of
the Building Division, were accounted for as continuing operations during the
year.
Unaudited Unaudited
Six months to 31 Six months to 31 Year to
December December 30 June
2006 2005 2006
£000 £000 £000 £000 £000 £000
Revenue 49,012 122,607 249,627
Cost of sales (50,641) (113,758) (226,140)
Gross (loss)/profit (1,629) 8,849 23,487
Staff costs (1,883) (3,574) (6,168)
Other expenses (704) (3,342) (6,943)
Operating (loss)/profit (4,216) 1,933 10,376
Gain on disposal of discontinued 31,250 - 12,320
operations
Financial income 150 236 203
Profit before tax 27,184 2,169 22,899
Tax
Tax on discontinued operations for
the period - (220) (1,459)
Tax on gain on disposal of
discontinued operations (5,577) - -
(5,577) (220) (1,459)
Profit for the period from 21,607 1,949 21,440
discontinued operations
The post-tax gain on discontinued operations was
determined as follows:
3. Discontinued operations (continued)
£000 £000
Consideration received:
Cash 36,000
Less net assets disposed:
Property, plant and equipment 650
Trade and other receivables 15,812
Cash and bank 12,212
Trade and other payables (28,669)
Provisions (1,197)
(1,192)
Pre-tax gain on disposal of discontinued 34,808
operations
Provision for onerous leases and management (2,484)
fees
Cost of disposal (1,074)
31,250
Tax (5,577)
25,673
The net cash inflow comprises:
Cash received 27,900
Cash payments, see below (14,500)
13,400
The total proceeds for the sale of Engineering Division were £36.0m of which,
£27.9m was received upon completion of the transaction and the remaining £8.1m
will become payable upon the completion of certain conditions, which are
expected to be fulfilled prior to 30 June 2007. The disposal resulted in a cash
transfer of £14.5m to Black & Veatch to reduce to zero the estimated negative
net assets of the Engineering Division at completion, subject to any completion
account adjustments.
4. Earnings per share
From continuing and discontinued operations
The calculation of the basic and diluted earnings per share is based on the
following data:
Earnings/(loss)
Unaudited Unaudited
Six months Six months Year
to 31 to 31 to 30
December December June
2006 2005 2006
£000 £000 £000
Restated Restated
Earnings/(loss) for the purposes of basic
earnings/(loss) per share, being net profit/(loss)
attributable to equity holders of
the parent
Loss from continuing operations (465) (4,999) (11,788)
Profit from discontinued 21,607 1,949 21,440
operations
Earnings/(loss) for the purposes 21,142 (3,050) 9,652
of basic and diluted earnings per
share
Number of shares
No. 000 No. 000 No. 000
Weighted average number of 51,809 50,947 51,173
ordinary shares
for the purposes of basic earnings
/(loss) per share
Effect of dilutive potential
ordinary shares:
Share options 910 382 555
Weighted average number of 52,719 51,329 51,728
ordinary
shares for the purposes of diluted
earnings/(loss) per share
The denominators used are the
same as those detailed above
for both basic and diluted
earnings per share from
continuing and discontinued
operations.
From continuing and discontinued operations
Basic 40.81p (5.99)p 18.88p
Diluted 40.10p (5.99)p 18.68p
From continuing
operations
Basic and diluted (0.90)p (9.81)p (23.02)p
From discontinued operations
Basic 41.70p 3.83p 41.90p
Diluted 40.99p 3.80p 41.45p
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