Interim Results
Gleeson(M J)Group PLC
29 February 2008
Friday 29 February 2008
M J GLEESON GROUP PLC - INTERIM ANNOUNCEMENT
Gleeson (GLE.L), which is in its first full year as a housing regeneration and
strategic land specialist, announces its results for the half year to 31
December 2007, a time of extremely challenging market conditions for the
housebuilding industry, mainly in consequence of the reduced availability of
mortgage finance. However, there is still significant buying interest in well
designed and competetively priced houses and the Board remains convinced that,
in the medium to long-term, the housebuilding market and in particular the
regeneration sector will provide the Group wih attractive opportunities for growth.
Financial Highlights
•In what is traditionally much the weaker half in terms of financial results,
the loss before tax was unchanged at £0.3m on continuing revenue of £48.9m
(2006/07: £78.9m).
•Period end net cash totalled £27.9m (30 June 2007: £38.0m; 31 December
2006: £18.7m).
•Period end shareholders' funds totalled £179.4m (30 June 2007: £183.3m;
31 December 2006: £178.7m), which equates to net assets per share of 344p.
•An interim dividend per share of 2.0p (2006/07: 1.9p), up 5.3%, is
declared.
Commercial Highlights
•Gleeson Regeneration & Homes and Gleeson Strategic Land reported a combined
operating loss of £0.7m (2006/07: £0.5m). Gleeson Strategic Land recorded
no material land transactions during the period, as was the case in the comparable
period.
•Powerminster Gleeson Services reported an operating profit of £0.4m (2006/07: £0.1m).
•Gleeson Capital Solutions reported an operating profit of £0.7m (2006/07: £1.6m).
The prior period included a profit of £1.5m in relation to the disposal of one
non-core (i.e. non-housing) PFI investment.
Prospects
With regard to Group prospects, Dermot Gleeson, Chairman, stated, 'The Group
remains on target to achieve a financial outcome for the full year materially in
line with market estimates. However, this could become increasingly difficult to
deliver, unless conditions in the housebuilding and commercial property markets
show at least some improvement in the near future'.
Enquiries
M J Gleeson Group plc 01252-360 300
Paul Wallwork (GCEO)
Chris Holt (GCFO)
Bankside Consultants
Charles Ponsonby 020-7367 8851
CHAIRMAN'S STATEMENT
Market and Business Overview
Following the completion of the transformation programme announced in March
2006, the Group is now in its first full year as a housing regeneration and
strategic land specialist.
The market conditions faced by the housebuilding industry in the period under
review were extremely challenging, mainly in consequence of the reduced
availability of mortgage finance. However, there is still significant buying interest
in well designed and competetively priced houses and the Board remains convinced
that, in the medium to long-term, the housebuilding market and in particular the
regeneration sector will provide the Group with attractive opportunities for growth,
resulting from both underlying demand and the strong commitment of the main political
parties to meeting housing need.
The weakening of the market had a particularly marked impact on Gleeson
Regeneration & Homes' operations in Merseyside and the North West. Both these
trading regions have significant exposure to regeneration schemes where
potential customers have experienced difficulties in obtaining mortgage finance,
whether for outright purchase or for buy-to-let. This risk was identified within
the Report and Accounts for the year ended 30 June 2007. In these circumstances,
the Board is satisfied that the right priority has been given to minimising work
in progress and cash outflows.
Problems in the financial markets have also had an impact on the run-off of
Gleeson Properties. However, despite a reduction in the number of parties
interested in acquiring small scale commercial schemes, the Board remains
hopeful that the business unit's remaining developments will be substantially
sold, as originally anticipated, by December 2008. Since the period end, the
Group's two remaining investment properties, both in Sheffield, have been sold.
The Group's clear strategic focus, which is underpinned by a strong financial
base, is enabling it successfully to pursue a recruitment policy designed to
bring additional first class talent into its ranks. Against this background, the
Group is well positioned to start the process of re-balancing its land bank
between short, medium and long-term holdings and to place greater emphasis
on the transfer of strategic land into Gleeson Regeneration & Homes, for
development by the Group.
The Preliminary Announcement of 26 October 2007 stated that, in the light of the
uncertainty in the housebuilding market, the Board had decided to defer taking a
decision about any return of capital until it had the opportunity to evaluate
thoroughly the implications of the changes in the market that were still
unfolding. In the four months that have elapsed, the housebuilding market has
weakened and its direction remains uncertain. Accordingly, the Board has further
deferred taking a decision about any return.
Results
The first half of the year is traditionally much the weaker of the two in terms of
financial results. The key financial results for the six months to 31 December 2007,
along with comparables, are set out below:
Unaudited Unaudited Audited
31 December 31 December 30 June
2007 2006 2007
£m £m £m
Group revenue - continuing operations 48.9 78.9 194.3
==== ==== =====
Operating (loss)/profit
- continuing operations:
Gleeson Regeneration & Homes and
Gleeson Strategic Land (0.7) (0.5) 4.1
Gleeson Capital Solutions 0.7 1.6 1.6
Powerminster Gleeson Services 0.4 0.1 0.7
Group overheads (3.1) (3.6) (5.3)
----- ----- -----
Ongoing businesses (2.7) (2.4) 1.1
Gleeson Commercial Property Development 0.3 1.7 4.6
Gleeson Construction Services - - -
----- ----- -----
Group operating (loss)/profit (2.4) (0.7) 5.7
Net finance income 2.1 0.4 2.5
----- ----- -----
(Loss)/profit before tax (0.3) (0.3) 8.2
Tax - (0.2) (0.8)
----- ----- ------
(Loss)/profit after tax (0.3) (0.5) 7.4
===== ===== ======
Net cash 27.9 18.7 38.0
Shareholders' funds 179.4 178.7 183.3
Net assets per share 344p 345p 351p
(Loss)/earnings per share
- continuing operations (0.52)p (0.90)p 14.34p
Operational Review
Gleeson Regeneration & Homes and Gleeson Strategic Land
An operating loss of £0.7m (2006/07: £0.5m) was recorded for the period under
review. Gleeson Regeneration & Homes recorded units for revenue purposes
totalling 224 (2006/07: 328) at an average selling price of £145,000 (2006/07:
£197,000). Of these, 178 (2006/07: 210) were from the northern trading regions
of Merseyside, the North West and Yorkshire. The balance of 46 (2006/07: 118)
were from the southern trading region. The decrease in the North is
predominantly a result of the market conditions noted previously. The decrease
in the South primarily reflects a substantial and deliberate rundown of work in
progress in the comparable period last year. The focus during the period has
been to ensure that the build programme for private developments is aligned to
the reduced level of consumer demand and to continue to build to contract for
Housing Associations.
Gleeson Strategic Land recorded no material land transactions during the period
under review, as was the case in the comparable period. At 31 December 2007, the
Group had 3,479 acres (30 June 2007: 3,064 acres) held under 67 (30 June 2007:
65) option and development agreements.
Gleeson Capital Solutions
An operating profit of £0.7m (2006/07: £1.6m) was recorded for the period under
review. The prior period included a profit of £1.5m in relation to the disposal
of one non-core (i.e. non- housing) PFI investment. The period under review
includes the benefits of the financial close on Cheshire Extra Care Homes.
The business remains prominent within its targeted market place and is currently
working on a further PFI investment opportunity, Leeds Independent Living, that
is expected to deliver long-term equity returns to this business unit as well to
provide Powerminster Gleeson Services with a long-term facilities management
contract. The Group is preferred bidder on this project and is working towards a
financial close within the current financial year.
At 31 December 2007, the business held investments in three core PFI projects
and two non-core PFI projects.
Powerminster Gleeson Services
An operating profit of £0.4m (2006/07: £0.1m) was recorded for the period under
review. The business continues to grow from both the retention of key customer
contracts and the winning of new work.
During the period under review, good progress has been made in expanding the
business development team, thus providing a platform for further growth.
Group Overheads
Costs for the period under review totalled £3.1m (2006/07: £3.6m). The Group
continues to account centrally for both direct corporate costs, such as the
Board, Group Operations Director, Company Secretariat and Group Finance, and
business unit support services, such as Human Resources (including payroll) and
Information Technology. Management of legacy issues still requires a material
amount of time and resource.
Gleeson Commercial Property Development
Although the results of this business are included within operating profit, it
is in run-off, as announced in March 2007. Only one commercial property
development project has been commenced since January 2006 and none since the
decision was taken to exit this business.
Operating profit of £0.3m (2006/07: £1.7m) was recorded for the period under
review. The nine development projects and two land parcels still held at 31
December 2007 had an aggregate net book value of £21.8m.
The Group announced in March 2006 that it would be discontinuing its investment
property activity. During the period, one small investment property was disposed
of for a profit of £0.1m (2006/07: two properties, with a combined profit of £2.2m).
The last two investment properties which remained within the investment property
portfolio at 31 December 2007 were disposed of in February 2008. The £0.9m profit
on these transactions will be reflected in the full year results.
Gleeson Construction Services
The Group sold certain contracts, assets and liabilities of Gleeson Building
Contracting Division to Gleeson Building Limited (now re-named GB Building
Solutions Limited) in August 2005. Any financial results arising from contracts,
assets and liabilities retained by the Group are recorded within operating
profit. No such operating profit or loss was recorded in the period under review
(2006/07: £nil).
Balance Sheet and Cash Flow
Total shareholders' equity of £179.4m was slightly lower than the 30 June 2007
figure of £183.3m, primarily due to the payment of the previous year's final
dividend of £3.8m.
The Group's net cash balance at 31 December 2007 was £27.9m, a decrease of
£10.1m in the period. Operating activities consumed £8.7m, of which £1.6m were
net tax payments. Investing activities realised £2.3m, whilst financing
activities consumed £3.7m.
Board Changes
The Board was pleased to announce, on 3 December 2007, the appointment as a
non-executive Director of Colin Dearlove, formerly Group Finance Director of
Barratt Developments plc. Colin replaces Eric Stobart, who retired from the
Board on 31 January 2008. The Board would like to take this opportunity to
record their appreciation of Eric's unique and immensely valuable contribution
to the Group over a nine year period.
Dividends
The Board has declared an interim dividend per share of 2.0p (2006/07: 1.9p), up
5.3%, which will be paid on 11 April 2008 to shareholders on the register at the
close of business on 14 March 2008, with an ex-dividend date of 12 March 2008.
Risks and Uncertainties
The principal risks and uncertainties that have been identified as being capable
of affecting the Group's performance in the second half are set out below:
Employment security, interest rates and mortgage availability
These factors are the key determinants of house buyers' confidence. Against a
background in which employment prospects remain broadly stable and interest
rates have recently been reduced, the availability of mortgage finance will be
the main driver of the Group's financial performance in the second half of the
financial year. The Group continues to build in a controlled manner, principally
for sale on private developments, but it is also builds social and affordable
housing stock on a pre-agreed contract basis for Housing Associations, thereby
reducing its exposure to demand risk.
Demand for land with planning consent
The Group derives profit from the sale to other developers of land which it is
able to acquire through the exercise of option agreements when and if it
succeeds in obtaining appropriate planning consents. It is always difficult to
predict with any precision the date by which options are likely to become
exercisable. Moreover, there is inevitably some uncertainty in current
circumstances about the appetite of developers for acquiring new sites. The
Group will only exercise options over land when it believes that, by doing so,
shareholder value will be maximised, either by selling the land concerned in the
open market or by transferring it to Gleeson Regeneration & Homes.
Demand for commercial property
The Group is currently engaged in running off its commercial property
development portfolio. Demand for small scale commercial properties has been
significantly affected by the reduced availability and greater cost of finance
and by a lack of confidence in values. When the Group is able to let completed
development properties, rather than to sell them at an unacceptable price, it will
retain them, benefiting from the rental income until the property investment
market improves.
Prospects
The Group remains on target to achieve a financial outcome for the full year
materially in line with market estimates. However, this could become
increasingly difficult to deliver, unless conditions in the housebuilding and
commercial property markets show at least some improvement in the near future.
Dermot Gleeson
Chairman
Consolidated Income Statement
for the six months to 31 December 2007
Unaudited Unaudited Audited
Six months to Six months to Year to
31 December 2007 31 December 2006 30 June 2007
£000 £000 £000
Continuing operations
Revenue 48,908 78,909 194,252
Cost of sales (41,111) (71,979) (171,069)
---------- ---------- ----------
Gross profit 7,797 6,930 23,183
Administrative expenses (10,691) (12,133) (22,760)
Profit on sale of investments
in PFI projects - 1,489 2,281
Profit on sale of investment
and owner occupied properties 224 2,486 3,274
Valuation gains on
investment properties 26 18 50
Share of profit/(loss)
of joint ventures 213 500 (327)
---------- ---------- ----------
Operating (loss)/profit (2,431) (710) 5,701
Financial income 2,360 1,245 4,028
Financial expenses (244) (810) (1,462)
---------- ---------- ----------
(Loss)/profit before tax (315) (275) 8,267
Tax 42 (190) (830)
---------- ---------- ----------
(Loss)/profit for the period
from continuing operations (273) (465) 7,437
Discontinued operations
Profit for the period from
discontinued operations and
gain on sale of discontinued
operations (net of tax) - 21,607 22,521
---------- ---------- ----------
(Loss)/profit for the period
attributable to equity holders
of the parent company (273) 21,142 29,958
========== ========== ==========
(Loss)/earnings per share
attributable to equity
holders of parent company
Basic (0.52) 40.81 57.76
Diluted (0.52) 40.10 56.83
(Loss)/earnings per share
from continuing operations
Basic (0.52) (0.90) 14.34
Diluted (0.52) (0.90) 14.11
Consolidated Balance Sheet
as at 31 December 2007
Unaudited Unaudited Audited
31 December 31 December 30 June
2007 2006 2007
£000 £000 £000
Non-current assets
Property, plant and
equipment 2,535 3,106 2,413
Investment property 5,600 4,997 5,454
Investments in joint
ventures 3,043 2,269 2,830
Loans and other
investments 21,786 9,797 22,419
Trade and other
receivables 9,950 - 9,469
Deferred tax assets 3,215 5,180 3,219
----------- ----------- --------
46,129 25,349 45,804
----------- ----------- --------
Current assets
Inventories 91,201 108,990 81,882
Trade and other
receivables 72,658 117,290 91,587
UK corporation tax 353 - -
Cash and cash
equivalents 27,858 18,701 38,042
Assets reclassified as
held for sale 2,680 5,240 2,739
----------- ----------- --------
194,750 250,221 214,250
----------- ----------- --------
Total assets 240,879 275,570 260,054
----------- ----------- --------
Current liabilities
Trade and other
payables (61,437) (93,567) (75,460)
UK corporation tax - (3,309) (1,272)
----------- ----------- --------
Total liabilities (61,437) (96,876) (76,732)
----------- ----------- --------
----------- ----------- --------
Net assets 179,442 178,694 183,322
=========== =========== ========
Equity
Called up share
capital 1,045 1,039 1,044
Share premium account 5,608 5,033 5,465
Capital redemption
reserve 120 120 120
Revaluation reserve 657 629 638
Retained earnings 172,012 171,873 176,055
----------- ----------- --------
Total equity
attributable to equity
holders of the parent 179,442 178,694 183,322
=========== =========== ========
Consolidated Cash Flow Statement
for the six months to 31 December 2007
Unaudited Unaudited Audited
Six months to Six months to Year to
31 December 31 December 30 June
2007 2006 2007
£000 £000 £000
Operating activites
(Loss)/profit before tax
from continuing operations (315) (275) 8,267
Loss before tax from
discontinued operations - (4,066) (4,216)
---------- ---------- ----------
(315) (4,341) 4,051
Depreciation of property,
plant and equipment 316 370 1,090
Share-based payments 216 739 1,111
Profit on sale of investment
and owner occupied properties (224) (2,486) (3,274)
Loss on sale of other property,
plant and equipment 20 - 129
Profit on sale of investments
in PFI projects - (1,489) (2,281)
Loss on disposal of investments in
joint ventures - - 301
Valuation gains on investment
properties (26) (18) (50)
Share of (profit)/loss of joint
ventures (net of tax) (213) (500) 327
New ground rents capitalised (5) - (286)
Financial income (2,360) (1,395) (4,028)
Financial expenses 244 810 1,462
---------- ---------- ----------
Operating cash flows before
movements in working capital (2,347) (8,310) (1,448)
(Increase)/decrease in inventories (9,319) 23,152 49,187
Decrease/(increase) in receivables 18,790 (13,684) (11,285)
(Decrease)/increase in payables (14,104) 5,189 (14,174)
---------- ---------- ----------
Cash (utilised in)/generated from
operating activities (6,980) 6,347 22,280
Tax received 695 207 3,548
Tax paid (2,313) - (2,567)
Interest paid (97) (940) (1,310)
---------- ---------- ----------
Net cash flows from operating activities (8,695) 5,614 21,951
Investing activities
Proceeds from disposal of net
assets held for sale 105 - -
Proceeds from disposal of subsidiary
undertakings, net of cash disposed - 4,069 4,016
Proceeds from disposal of investments
in joint ventures - - 71
Proceeds from disposal of assets and
liabilities - Engineering Division - 13,400 15,900
Proceeds from disposal of investment
and owner occupied properties 208 8,140 15,882
Proceeds from disposal of other
property, plant and equipment 131 - 43
Proceeds from disposal of investments
in PFI projects - 2,600 4,442
Interest received 1,569 426 1,779
Purchase of property, plant and equipment (733) (201) (542)
Net decrease/(increase) in loans to joint
ventures and other investments 1,011 (1,760) (6,885)
---------- ---------- ----------
Net cash flows from investing activities 2,291 26,674 34,706
Financing activities
Proceeds from issue of shares 144 1,066 1,503
Purchase of own shares (115) - (900)
Dividends paid (3,809) - (4,565)
---------- ---------- ----------
Net cash flows from financing activities (3,780) 1,066 (3,962)
Net(decrease)/increase in cash
and cash equivalents (10,184) 33,354 52,695
Cash and cash equivalents at
beginning of period 38,042 (14,653) (14,653)
---------- ---------- ----------
Cash and cash equivalents at
end of period 27,858 18,701 38,042
========== ========== =========
Consolidated Statement of Recognised Income and Expenses
for the six months to 31 December 2007
Unaudited Unaudited Audited
Six months to Six months to Year to
31 December 31 December 30 June
2007 2006 2007
£000 £000 £000
(Loss)/profit for the period
attributable to equity holders
of the parent company (273) 21,142 29,958
--------- -------- --------
Revaluation of owner-occupied property (19) - -
Deferred tax on owner-occupied property (43) (8) -
--------- -------- --------
Net expense recognised
directly in equity (62) (8) -
--------- -------- --------
Total recognised (expense)/income for
the period attributable to equity
holders of the parent company (335) 21,134 29,958
========= ======== ========
NOTES TO THE FINANCIAL STATEMENTS
1. Basis of preparation
The consolidated Interim Report of the Group for the six months ended 31 December 2007 has been prepared in
accordance with the IAS 34 'Interim Financial Reporting' and International Financial Reporting Standards ('IFRS')
as adopted for use in the European Union ('EU') and in accordance with the Disclosure and Transparency Rules of the
Financial Services Authority.
The Interim Report does not include all the information and disclosures required in annual financial statements, and
should be read in conjunction with the Group's annual financial statements for the year ended 30 June 2007.
The financial information contained in this Interim Report does not constitute statutory accounts as defined in
section 240 of the Companies Act 1985. The financial information contained in this Interim Report has been neither
audited nor reviewed by the auditors.
The comparative figures for the year ended 30 June 2007 have been extracted from the 2007 annual financial statement,
prepared in accordance with IFRS, as adopted for use in the EU and as applied in accordance with the provision of the
Companies Act 1985, which 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.
This Interim Report was approved for issue by the Board of Directors on 28 February 2008.
2. Accounting policies
The accounting policies adopted are consistent with those of the annual financial statements for the year ended 30
June 2007, as described in those financial statements.
Changes to accounting standards and interpretations and their likely impact on the Group's future accounting policies
are set out below:
IFRS 7 'Financial instruments: disclosures' is effective for accounting periods beginning on or after 1 January 2007,
and will therefore be applicable for the year ending 30 June 2008, and IFRS 8 'Operating segments',
effective for accounting periods beginning on or after 1 January 2009, will be applicable in the year ending June 2010.
These amendments to disclosure requirements will have no effect on the Group's reported results. The Group does not
consider that any other standards or interpretations issued by the IASB, but not yet applicable, will have a
significant impact on the Group's results.
3. Responsibility statement
The Directors confirm that this consolidated Interim Report has been prepared in accordance with IAS34 and that the
Chairman's Statment herein includes a fair review of the information required by DTR 4.2.7R (indication of important
events during the first six months and description of principal risks and uncertainties for the remaining six months
of the year) and DTR 4.2.8R (disclosure of related party transactions and changes therein).
4. Segmental Analysis
Unaudited Unaudited Audited
Six months to Six months to Year to
31 December 31 December 30 June
2007 2006 2007
£000 £000 £000
Revenue
Continuing activities:
------------------------
Regeneration & Homes and Strategic Land 33,751 67,627 156,991
Capital Solutions 854 103 679
Services 9,734 8,989 17,483
Property 3,040 2,190 16,290
Construction Services 1,529 - 2,809
--------- --------- ---------
48,908 78,909 194,252
--------- --------- ---------
Discontinued activities:
--------------------------
Construction Services 6,874 49,012 59,982
--------- --------- ---------
Total revenue 55,782 127,921 254,234
========= ========= =========
(Loss)/profit on activities
Regeneration & Homes and Strategic Land (712) (501) 4,072
Capital Solutions 722 1,566 1,649
Services 429 154 722
Property 270 1,656 4,612
Construction Services - - -
--------- --------- ---------
709 2,875 11,055
Group overhead (3,140) (3,585) (5,354)
Finance income 2,360 1,245 4,028
Finance costs (244) (810) (1,462)
--------- --------- ---------
Loss before tax (315) (275) 8,267
Tax 42 (190) (830)
--------- --------- ---------
(Loss) / profit for the period from continuing operations (273) (465) 7,437
Profit for the period from discontinued operations - 21,607 22,521
and gain on sale of discontinued operations (net of
tax)
--------- --------- ---------
(Loss) / profit for the period attributable to equity (273) 21,142 29,958
holders of the parent company ========= ========= =========
5. Discontinued operations
In October 2006 the Group disposed of certain assets and liabilities of the Engineering Division to Black & Veatch
Limited. 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 at that date. The trading activities for assets and liabilities that were not
sold to Black & Veatch Limited are accounted for as discontinued operations.
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 the retained contracts
of the Building Division, are accounted for as continuing operations during the period.
Unaudited Unaudited Audited
Six months to 31 Six months to 31 Year to 30
December 2007 December 2006 June 2007
£000 £000 £000 £000 £000 £000
Revenue 6,874 49,012 59,982
Cost of sales (6,941) (50,641) (62,244)
------- ------- -------
Gross loss (67) (1,629) (2,262)
Administrative expenses 67 (2,587) (1,954)
------- ------- -------
Operating loss - (4,216) (4,216)
Gain on disposal of discontinued operations - 31,250 31,250
Financial income - 150 -
------- ------- -------
Profit before tax - 27,184 27,034
Tax
Tax on discontinued operations
for the period - - -
Tax on gain on disposal of
discontinued operations - (5,577) (4,513)
------- ------- -------
- (5,577) (4,513)
Profit for the period from
discontinued operations ------- ------- ------
- 21,607 22,521
======= ======= ======
6. Earnings per share
From continuing and discountinued operations
The calculation of the basic and diluted earnings per share is based on the following data:
Earnings Unaudited Unaudited Audited
Six months to Six months to Year to
31 December 31 December 30 June
2007 2006 2007
£000 £000 £000
Earnings for the purposes of basic earnings per share,
being net profit attributable to equity holders of the
parent
(Loss)/profit from
continuing operations (273) (465) 7,437
Profit from discontinued
operations - 21,607 22,521
---------- -------- --------
Earnings for the purposes
of basic and diluted
earnings per share (273) 21,142 29,958
========== ======== ========
Number of shares
2007 2006 2007
No. 000 No. 000 No. 000
Weighted average number of ordinary shares for the purposes of
basic earnings
per share 52,171 51,809 51,865
Effect of dilutive potential ordinary shares:
Share options 220 910 853
---------- -------- --------
Weighted average number of ordinary shares for the purposes of
diluted earnings per share 52,391 52,719 52,718
========= ======== ========
From continuing operations
2007 2006 2007
p p p
Basic (0.52) (0.90) 14.34
========= ======== ========
Diluted (0.52) (0.90) 14.11
========= ======== ========
From discontinued operations
2007 2006 2007
p p p
Basic 0.00 41.71 43.42
========= ======== ========
Diluted 0.00 40.99 42.72
========= ======== ========
From continuing and discontinued operations
2007 2006 2007
p p p
Basic (0.52) 40.81 57.76
========= ======== ========
Diluted (0.52) 40.10 56.83
========= ======== ========
7. Related Party Transactions
During the period the Group provided goods and services to related parties totalling
£1.3m (six months to 31 December 2006: £11.0m; 12 months to 30 June 2007: £22.9m).
The amounts owed by related parties at 31 December 2007 totalled £33.2m (31 December
2006: £31.5m; 30 June 2007: £38.8m).
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