Interim Results
Morgan Crucible Co PLC
09 September 2003
9 September 2003
INTERIM ANNOUNCEMENT 2003
2003 2002
Group Turnover £m 442.6 450.4
Operating Profit* £m 21.4 15.7
Underlying PBT** £m 13.8 9.1
Net Debt £m 236.5 295.1
Underlying EPS*** pence 3.4p 2.2p
* Defined as statutory operating profit of 2.2 million (2002: loss £16.5 million) before goodwill amortisation of
£3.9 million (2002: £3.9 million) and operating exceptional charges of £15.3 million (2002: £28.3 million). This
measure of earnings is shown because the Directors consider that it gives a better indication of underlying
performance.
** Defined as statutory loss before tax of £21.0 million (2002: loss £32.8 million) before goodwill amortisation of
£3.9 million (2002: £3.9 million) and corporate and operating exceptional charges of £30.9 million (2002: £38.0
million).
*** Basic underlying loss per share of 9.9p (2002: loss 14.0p) adjusted to exclude the after tax impact of corporate
and operating exceptional items of 13.3p (2002: 16.2p).
• Total turnover £442.6 million (2002: £450.4 million) and turnover from continuing operations £425.8 million (2002:
£429.1 million).
• Underlying operating profit £21.4 million (2002: £15.7 million) and underlying operating profit from continuing
operations ahead by 38% at £20.6 million.
• Underlying EPS of 3.4 pence (2002: 2.2 pence).
• Net debt reduced to £236.5 million (2002: £295.1 million).
• Borrowings refinanced through US$300 million Bank syndicated loan and US$105 million private placement.
• Restructuring and rationalisation programme announced in February 2002 progressing to plan.
• Additional strategic restructuring opportunities identified which generate further annualised cost reductions by
mid 2006 of £35-£50 million for a cash cost of £55-£70 million over this period.
Commenting on the results Chief Executive Officer, Warren Knowlton said:
'The strategic review of the Group conducted over the last six months has
identified substantial opportunities to extend the current restructuring
programme and deliver attractive benefits, which should significantly enhance
shareholder value. There is a clear opportunity to transform the Group and
generate improved performance that will leave the Group in a strong position
when markets recover. This transformation is underway and will reshape the
Group.'
Enquiries
Warren Knowlton, Group Chief Executive 01753 837 302
Nigel Young, Finance Director 01753 837 306
Rupert Younger/Charlotte Hepburne-Scott, Finsbury 020 7251 3801
Interim Statement 2003
Overview
At the time of our preliminary results in March and again at our Annual General
Meeting in June, we stated that we continued to view the immediate future with
caution. However whilst we were not anticipating any significant upturn in
overall customer demand in the short term, our orders had stabilised and trading
had been in line with our expectations. Sales for the first half at £442.6
million were slightly lower than last year although operating profits before
exceptional charges and goodwill increased by 36% to £21.4 million.
Our programme to reduce our borrowings has continued with the disposal in the
first half of six Soft Coatings operations in the USA and our Superconductor
operation in Germany for total proceeds of approximately £32 million. Since the
half year, we have also disposed of our Graflon business for a total
consideration of £6.6 million. In addition our programme of disposals of land
and buildings made surplus as a result of the restructuring programme has
continued with the sale of sites totalling £5.7 million although one of these
disposals, the sale of our Technical Ceramics site in Rugby for £5.1 million,
will not be completed until next year. Net debt at the end of the period was
£236.5 million compared with £295.1 million at this time last year.
Restructuring
The restructuring programme announced in February 2002 is progressing to plan
and the reductions in the operating cost base are being realised. We expect to
generate the previously identified annualised benefits of £33 million by this
time next year compared to the full year in 2001.
A strategic review during the last six months has identified further significant
opportunities to reduce costs and enhance performance. These strategic actions,
the first of which, have already been initiated, focus upon rationalising
operations, reducing structural complexity and eliminating under performance.
These restructuring opportunities are in addition to those announced in early
2002 and will generate improvements to the cost base of between £35 million and
£50 million by mid 2006 for a cash cost of between £55 million and £70 million
over this period. The strategic review also identified non-core activities in
addition to those that we are currently divesting. Proceeds from these
additional disposals, which are currently being evaluated, will be used to
reduce debt as well as contributing to the further restructuring initiatives.
Financial Review
Group underlying operating profit for continuing businesses before goodwill
amortisation and operating exceptionals increased by 38% to £20.6 million
compared with last year (2002: £14.9 million).
Operating exceptional costs in the period were £15.3 million (2002: £28.3
million) and goodwill amortisation was £3.9 million (2002: £3.9 million). The
restructuring programme announced in February 2002 remains on track to generate
the annualised benefits of £33 million by this time next year compared to the
full year in 2001.
Corporate exceptional charges in the first six months were £15.6 million (2002:
£9.7 million) and principally included the loss on the disposal of the
Superconductor operation in Germany and six US Soft Coatings operations.
Net finance charges for the period of £7.6 million (2002: £6.6 million) include
the impact of the Group's debt refinancing during the first quarter which had
the effect of increasing the proportion of longer term debt that carries higher
interest rates.
The tax charge for the first half was £4.1 million (2002: £2.3 million). The
effective rate before all exceptional items and goodwill amortisation was 30%
(2002: 30%).
Underlying earnings per share for the period before goodwill amortisation was
3.4 pence (2002: 2.2 pence).
Net debt at the end of the period was £236.5 million compared with £295.1
million a year earlier and £251.6 million at last year end.
Net cash inflow from operating activities was £8.4 million (2002: £29.7
million). This includes an adverse cash impact of £14.8 million from the
operating exceptional activities (2002: £7.6 million) and a working capital
outflow of £21.5 million (2002: £3.6 million). Programmes are in place to
redress the adverse working capital performance in the second half.
Free cash flow after net capital expenditure of £13.1 million (2002: £17.4
million) was an outflow of £12.6 million (2002: outflow £16.6 million).
Interim Dividend
Although it is the Board's intention to return to a programme of progressive
dividend payments, no dividend has been proposed given the continuing need to
invest in the cost reduction programme and to reduce net debt.
Operating Review
In the operating review all references to operating profit are stated before
goodwill amortisation and operating exceptionals.
Electrical Carbon
The operating profit performance of our industrial and rail traction business
within Electrical Carbon benefited from the impact of restructuring actions and
was ahead of last year despite a slightly lower level of turnover. Turnover
reflected weaker demand in Germany. The replacement and after market sectors
that account for the majority of sales continued to dominate. The performance
meanwhile of the auto and consumer business in the first half felt the impact
from a weaker trading environment in North America, its largest market. This
business did however secure a very healthy level of new programme wins that will
improve its trading performance going forward. Overall the trading performance
of Electrical Carbon was weaker than the first six months of last year with
turnover of £93.8 million (2002: £102.9 million) and operating profit of £5.8
million (2002: £7.6 million).
Magnetics
In the Magnetics business, turnover was £87.9 million compared with £84.3
million for the corresponding period last year. Operating profit improved to
£1.2 million (2002: loss of £1.2 million). The business is beginning to benefit
from restructuring actions that include manufacturing activity being transferred
to lower cost areas, notably Slovakia. The improved trading performance of the
Magnetics business overall was marred by heavy price pressure for permanent
magnets used in disc drive applications, and very weak demand for product
manufactured by our US operation in Kentucky. The loss-making performance of
the US operation led to a decision in mid July to close the operation as part of
our additional programme of restructuring. In future the US market will be
supplied from manufacturing plants in Europe and Asia. In addition the decision
has been made to exit the disc drive market.
Engineered Carbon
The sales of the Engineered Carbon business increased by 6.6% from last year to
£45.0 million (2002: £42.2 million). Increased operating profit over 2002 came
from continued demand for silicon carbide body armour breastplates. The
remaining balance of the business was in line with last year and continued to be
affected by weak demand from OEM customers. Restructuring programmes, started
in 2002, continue to reduce costs and improve operating profit which rose in the
first half to £3.8 million (2002: £2.2 million).
Technical Ceramics
The trading performance of the Technical Ceramics business in the first half
continued to suffer from weak demand from the telecommunications, semiconductor
and aerospace markets, offset in part by increasing demand from the medical
market. The electro ceramics operation that uses the piezo characteristics of
ceramic has not seen a recovery in demand at this stage. During the second half
however, supply will begin of piezo ceramic components that will enable the
major computer disc drive manufacturers to enhance the data storage capability
of their products. The operating result during the period benefited from
restructuring actions to reduce costs and increase efficiency. This helped to
mitigate the impact from weak markets. Sales were £68.4 million (2002: £71.2
million) and operating profit was £1.6 million (2002: £0.5 million).
Insulating Ceramics
The sales of the Insulating Ceramics business were ahead of last year at £130.7
million (2002: £128.5 million) and operating profits were £8.2 million (2002:
£5.8 million). Despite weakness in Germany, demand in both Europe and the
Americas was slightly ahead of last year whilst in the much smaller Asia market
demand was significantly ahead, led by the demand from petrochemical and power
industry applications. The trading performance also reflected the benefits from
the ongoing restructuring actions to rationalise plants, reduce overheads and
increase efficiency. During the first half we began to supply our fibre product
into certain automotive applications that should offer exciting future market
opportunities.
Outlook
Markets have stabilised since this time last year but are not currently showing
signs of improvement and we continue to view the future with caution. Our
strategy remains to improve performance through cost reduction whilst at the
same time focusing upon cash generation. The restructuring programme announced
in 2002 is on track to generate benefits in line with expectation. Net debt has
reduced since last December, principally from disposals, however we are
continuing to focus on strong cash management and a reduction in net debt.
The strategic review of the Group conducted over the last six months has
identified substantial opportunities to extend the current restructuring
programme and deliver attractive benefits, which should significantly enhance
shareholder value. That review has also identified certain non-core activities
that would be candidates for divestment on the right terms. There is a clear
opportunity to transform and reshape the Group and generate sustainable improved
performance that will leave the Group in a strong position when markets recover.
Dr Bruce Farmer CBE Chairman
Warren D Knowlton Group Chief Executive
CONSOLIDATED PROFIT AND LOSS STATEMENT
for the six months ended 4 July 2003 Restated Restated
Unaudited Unaudited
Six months Six months Year
2003 2002 2002
Note £m £m £m
Turnover
Continuing operations 425.8 429.1 839.5
Discontinued operations 16.8 21.3 40.8
Group turnover 2 442.6 450.4 880.3
Operating profit before goodwill amortisation and operating
exceptionals
Continuing operations 20.6 14.9 31.1
Discontinued operations 0.8 0.8 3.0
21.4 15.7 34.1
Operating exceptionals (15.3) (28.3) (57.3)
Operating profit/(loss) before goodwill amortisation 6.1 (12.6) (23.2)
Goodwill amortisation (3.9) (3.9) (7.7)
Operating profit/(loss)
Continuing operations 1.8 (17.0) (33.3)
Discontinued operations 0.4 0.5 2.4
Group operating profit/(loss) 2 2.2 (16.5) (30.9)
Corporate exceptional items 3
Continuing operations
-Disposal of fixed assets (0.2) (0.1) (3.4)
-Loss on sale of operations (3.7) (2.2) (3.0)
Discontinued operations
-Loss on sale of businesses (11.7) (7.4) (8.6)
(15.6) (9.7) (15.0)
(Loss) on ordinary activities before interest and taxation (13.4) (26.2) (45.9)
Net finance charges and similar items (7.6) (6.6) (12.8)
(Loss) on ordinary activities before taxation (21.0) (32.8) (58.7)
Taxation 4 (4.1) (2.3) 0.5
(Loss) on ordinary activities after taxation (25.1) (35.1) (58.2)
Equity minority interest (0.7) (0.2) (1.2)
Net (loss) attributable to The Morgan Crucible Company plc (25.8) (35.3) (59.4)
Preference dividends on non-equity shares (1.1) (1.1) (2.1)
Retained (loss) for the period (26.9) (36.4) (61.5)
Earnings/(loss) per share 5
Underlying earnings per share
- before goodwill amortisation 3.4p 2.2p 5.0p
- after goodwill amortisation 1.7p 0.5p 1.7p
Underlying diluted earnings per share 1.7p 0.5p 1.7p
After all post tax exceptional items:
Basic (loss) per share
- before goodwill amortisation (9.9p) (14.0p) (23.2p)
- after goodwill amortisation (11.6p) (15.7p) (26.5p)
Diluted (loss) per share (11.6p) (15.7p) (26.2p)
STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES
for the six months ended 4 July 2003 Six months Six months Year
2003 2002 2002
£m £m £m
Net (loss) attributable to shareholders (25.8) (35.3) (59.4)
Foreign currency translation 8.2 (7.8) (13.2)
Deficit on revaluation of investments - - (0.3)
Prior year adjustment - Deferred Tax - (21.8) (21.8)
Total recognised gains and losses relating to the period (17.6) (64.9) (94.7)
CONSOLIDATED BALANCE SHEET
as at 4 July 2003
Unaudited Unaudited
Six months Six months Year
2003 2002 2002
Note £m £m £m
Fixed assets
Intangible assets - goodwill 118.3 134.9 130.5
Tangible assets 415.9 460.5 433.6
Investment in associated undertakings and 1.5 1.2 1.2
joint ventures
Other investments 5.8 21.9 6.0
541.5 618.5 571.3
Current assets
Stocks 150.4 173.7 156.6
Debtors - due within one year 204.9 193.8 188.2
- due after one year 25.9 22.9 22.9
Total debtors 230.8 216.7 211.1
Cash at bank and in hand 73.0 66.6 60.5
454.2 457.0 428.2
Current liabilities 6 292.3 291.5 331.5
Net current assets 161.9 165.5 96.7
Total assets less current liabilities 703.4 784.0 668.0
Creditors - amounts falling due after more
than one year
Borrowings 214.6 262.1 177.1
Exchangeable redeemable preference shares 1.6 3.5 1.5
Grants for capital expenditure 1.0 0.9 0.8
217.2 266.5 179.4
Provisions for liabilities and charges 148.1 138.5 138.2
365.3 405.0 317.6
NET ASSETS 338.1 379.0 350.4
Capital and reserves
Called up share capital (including 88.3 88.3 88.3
non-equity interests)
Share premium account 44.4 44.4 44.4
Revaluation reserve 7.4 9.5 7.4
Other reserves 1.4 1.4 1.4
Profit and loss account 186.3 224.9 198.6
327.8 368.5 340.1
Minority interest
Equity 10.2 10.4 10.2
Non-equity 0.1 0.1 0.1
10.3 10.5 10.3
CAPITAL EMPLOYED 338.1 379.0 350.4
MOVEMENT IN SHAREHOLDERS' FUNDS
for the six months ended 4 July 2003
Six months Six months Year
2003 2002 2002
£m £m £m
Net (loss) attributable to shareholders (25.8) (35.3) (59.4)
Deficit on revaluation of investments - - (0.3)
Dividends (1.1) (1.1) (2.1)
(26.9) (36.4) (61.8)
Goodwill written back to profit and loss account from reserves 6.4 2.4 4.8
Foreign currency translation 8.2 (7.8) (13.2)
Net (decrease) to shareholders' funds (12.3) (41.8) (70.2)
Opening shareholders' funds - (originally £432.1m for half year 2002
and full year 2002, before FRS19 adjustment) 340.1 410.3 410.3
Closing shareholders' funds 327.8 368.5 340.1
CONSOLIDATED CASH FLOW STATEMENT
for the six months ended 4 July 2003
Six months Six months Year
Unaudited Unaudited
2003 2002 2002
Note £m £m £m £m £m £m
Net cash inflow from operating activities (a) 8.4 29.7 75.2
Returns on investments and servicing of
finance
Interest received 1.1 1.6 2.7
Interest paid (6.8) (8.6) (16.1)
Preference dividends paid (1.1) (1.0) (2.1)
(6.8) (8.0) (15.5)
Taxation (1.1) (3.7) (10.8)
Capital expenditure and financial investments
Purchase of tangible fixed assets (14.7) (19.0) (35.0)
Proceeds on sale of tangible fixed assets 1.6 1.6 8.4
Purchase of investments (0.6) (0.1) (5.8)
Disposal of investments 0.3 - 20.8
(13.4) (17.5) (11.6)
Acquisitions and disposals
Acquisition of subsidiary undertakings - - (0.1)
Deferred consideration for prior year (0.3) (3.3) (3.4)
acquisitions
Disposal of businesses 26.9 (0.1) (0.7)
26.6 (3.4) (4.2)
Equity dividends paid - (17.2) (17.2)
Cash inflow/(outflow) before use of liquid
resources and financing 13.7 (20.1) 15.9
Management of liquid resources 5.5 4.3 3.4
Financing
Increase in bank loans 244.1 25.5 26.5
Repayment of bank loans (243.1) (8.2) (49.6)
Repurchase of exchangeable redeemable
preference shares - (1.9) (3.9)
1.0 15.4 (27.0)
Net increase/(decrease) in cash 20.2 (0.4) (7.7)
Reconciliation of net cash flow to
movement in net borrowings
Net increase/(decrease) in cash 20.2 (0.4) (7.7)
Cash flow from (increase)/decrease in loans (1.0) (17.3) 23.1
Cash flow from (decrease) in deposits (5.5) (4.3) (3.4)
Cash flow from repurchase of exchangeable
redeemable preference shares - 1.9 3.9
Change in net borrowings resulting from
cash flows 13.7 (20.1) 15.9
Issue of exchangeable redeemable preference
shares - (0.9) (0.9)
Bank loans acquired with acquisitions - - (0.5)
Bank loans reduced with disposals - (0.5) 0.2
Exchange movement 1.4 2.5 9.8
Movement in net borrowings during the period 15.1 (19.0) 24.5
Opening net borrowings (251.6) (276.1) (276.1)
Closing net borrowings (236.5) (295.1) (251.6)
CONSOLIDATED FREE CASH FLOW
for the six months ended 4 July 2003
Six months Six months Year
Unaudited Unaudited
2003 2002 2002
Note £m £m £m
Net cash inflow from operating activities (a) 8.4 29.7 75.2
Net interest paid (5.7) (7.0) (13.4)
Taxation (1.1) (3.7) (10.8)
Net dividends paid (1.1) (18.2) (19.3)
Post dividend cash flow 0.5 0.8 31.7
Net capital expenditure (13.1) (17.4) (26.6)
Free cash flow (12.6) (16.6) 5.1
(a) Reconciliation of operating profit/(loss) to net cash inflow from operating activities
Six
months Six
Contin- Discon- 2003 months Year
uing tinued Total 2002 2002
£m £m £m £m £m
Operating profit/(loss) 1.8 0.4 2.2 (16.5) (30.9)
Depreciation 22.5 0.4 22.9 24.4 46.7
Amortisation of goodwill 3.6 0.3 3.9 3.9 7.7
Loss on sale of plant and machinery - - - 0.4 0.4
Exceptional operating costs 0.6 - 0.6 13.3 17.2
(Increase)/decrease in stocks (6.1) (1.7) (7.8) 4.7 17.6
(Increase)/decrease in debtors (15.9) 2.6 (13.3) 2.4 4.0
Increase/(decrease) in creditors 0.5 (0.9) (0.4) (10.7) (2.9)
Increase/(decrease) in provisions 0.4 (0.1) 0.3 7.8 15.4
Net cash inflow from operating activities 7.4 1.0 8.4 29.7 75.2
NOTES
1. Basis of preparation
The interim financial information, which has been approved by the Board of Directors, has been prepared on a
consistent basis with the accounting policies set out in the Group's 2002 annual report and accounts.
Operating exceptionals are separately disclosed as they are considered material to the statement.
The results and balance sheet for the year 2002 (as restated) are an abridged version of the full accounts
which received an unqualified report by the auditors and have been filed with the Registrar of Companies.
2. Segmental Information
Product group Turnover Operating profit
Six Six Six Six
months months Year months months Year
2003 2002 2002 2003 2002 2002
£m £m £m £m £m £m
Electrical Carbon 93.8 102.9 199.9 5.8 7.6 14.6
Magnetics 87.9 84.3 163.5 1.2 (1.2) (4.3)
Engineered Carbon 45.0 42.2 83.6 3.8 2.2 3.7
Technical Ceramics 68.4 71.2 135.7 1.6 0.5 3.2
Insulating Ceramics 130.7 128.5 256.8 8.2 5.8 13.9
Continuing operations 425.8 429.1 839.5 20.6 14.9 31.1
Discontinued operations 16.8 21.3 40.8 0.8 0.8 3.0
442.6 450.4 880.3 21.4 15.7 34.1
Operating exceptionals (15.3) (28.3) (57.3)
Goodwill amortisation (3.9) (3.9) (7.7)
Group operating profit/(loss) 2.2 (16.5) (30.9)
The sales and operating profit for the remaining coatings operations are now disclosed within Technical
Ceramics.
The discontinued operations in 2003 are Superconductors and the six Coatings operations and in 2002 also
includes Morgan Matroc Barcelona.
The operating exceptionals of £15.3 million comprise, Electrical Carbon £5.2 million, Magnetics £0.7
million, Engineered Carbon £1.3 million, Technical Ceramics £2.9 million and Insulating Ceramics £1.2
million and holding companies £4.0 million.
Geographical area
The analysis shown below is based on the location of the contributing companies:
Turnover Operating profit
Six Six Six Six
months months Year months months Year
2003 2002 2002 2003 2002 2002
£m £m £m £m £m £m
United Kingdom
Sales in the UK 19.9 21.0 41.2
Sales overseas 23.1 22.5 42.6
Total United Kingdom 43.0 43.5 83.8 1.5 2.6 2.2
Rest of Europe 167.5 154.4 300.2 11.1 5.3 10.4
The Americas 163.6 186.7 360.6 2.7 3.7 10.4
Far East and Australasia 45.2 39.4 83.5 4.2 2.7 6.4
Middle East and Africa 6.5 5.1 11.4 1.1 0.6 1.7
425.8 429.1 839.5 20.6 14.9 31.1
Discontinued operations 16.8 21.3 40.8 0.8 0.8 3.0
442.6 450.4 880.3 21.4 15.7 34.1
Operating Exceptionals (15.3) (28.3) (57.3)
Goodwill amortisation (3.9) (3.9) (7.7)
Group operating profit/(loss) 2.2 (16.5) (30.9)
The analysis shown below is based on the location of the customer:
Turnover
Six months Six months Year
2003 2002 2002
£m £m £m
United Kingdom 26.2 27.1 54.2
Rest of Europe 166.7 154.2 294.7
The Americas 159.8 181.0 352.5
Far East and Australasia 62.9 58.5 120.3
Middle East and Africa 10.2 8.3 17.8
425.8 429.1 839.5
Discontinued operations 16.8 21.3 40.8
442.6 450.4 880.3
3. Corporate exceptional items
In 2003, the exceptional loss related mainly to the disposal of the Superconductors operation and the sale
of the six Coatings operations.
On 4 July 2003 contracts were exchanged for the conditional sale of the Technical Ceramics production site
in Rugby for a gross consideration of £5.1 million. The sale is anticipated to complete in the second half
of 2004 at which point in time the profit on disposal will be recognised.
4. Taxation
Six months Six months Year
2003 2002 2002
£m £m £m
United Kingdom taxes (1.7) 0.1 4.5
Overseas taxes 5.8 2.2 (5.0)
Total taxation 4.1 2.3 (0.5)
The total taxation charge for the six months to 4 July 2003 of £4.1 million (2002 : £2.3 million) includes a
tax credit on exceptional items of £Nil (2002 : £0.4 million tax credit).
The interim taxation charge is calculated by applying the Directors' best estimate of the annual tax rate to
the taxable profit for the period.
5. Earnings/(loss) per Ordinary share
Six months Six months Year
a. Basic and underlying earnings/(loss) per share 2003 2002 2002
£m £m £m
(Loss) after tax and minority interest (25.8) (35.3) (59.4)
Preference dividend (1.1) (1.1) (2.1)
Basic (loss) after goodwill amortisation (26.9) (36.4) (61.5)
Goodwill amortisation 3.9 3.9 7.7
Basic (loss) before goodwill amortisation (23.0) (32.5) (53.8)
Adjusted by all post tax exceptional items 30.9 37.6 65.4
Underlying earnings - before goodwill amortisation 7.9 5.1 11.6
- after goodwill amortisation 4.0 1.2 3.9
Weighted average number of Ordinary shares 231,993,647 231,988,242 231,990,704
Underlying earnings per - before goodwill 3.4p 2.2p 5.0p
share amortisation
- after goodwill 1.7p 0.5p 1.7p
amortisation
Basic (loss) per share - before goodwill (9.9p) (14.0p) (23.2p)
amortisation
- after goodwill (11.6p) (15.7p) (26.5p)
amortisation
The Directors have disclosed an underlying earnings per share as, in their opinion, this better reflects the
real performance of the Group and assists comparison with the results of previous periods.
b. Diluted earnings Six months Six months Year
2003 2002 2002
£m £m £m
Basic (loss) (26.9) (36.4) (61.5)
Preference dividend as calculated under FRS14 - - -
Diluted (loss) (26.9) (36.4) (61.5)
Adjusted by all post tax exceptional items 30.9 37.6 65.4
Underlying diluted earnings 4.0 1.2 3.9
Weighted average number of Ordinary shares 231,993,647 231,988,242 231,990,704
Dilutive effect of share option schemes 3,008 - 2,718,929
Weighted average number of diluted shares 231,996,655 231,988,242 234,709,633
Diluted (loss) per share (11.6p) (15.7p) (26.2p)
Underlying diluted earnings per share 1.7p 0.5p 1.7p
6. Current liabilities
Current liabilities include bank loans and overdrafts of £93.3 million (4 July 2002: £96.1 million; 4
January 2003: £133.5 million).
This Interim Statement will be dispatched to all registered holders of Ordinary
shares. Copies of this statement may be obtained from the Secretary at the
Registered Office of the Company, Morgan House, Madeira Walk, Windsor,
Berkshire, SL4 1EP.
This information is provided by RNS
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