Interim Results
Quintain Estates & Development PLC
03 December 2002
3 December 2002
QUINTAIN ESTATES AND DEVELOPMENT PLC
('Quintain' / 'Company' / 'Group')
Interim Results
For the six months ended 30 September 2002
Highlights:
• Turnover up 9.8% to £30.1m (2001: £27.4m)
• Net asset value per share up 1% to 310p (31.03.02: 307p)
• Profit before tax £7.4m (2001: £8.3m)
• Interim dividend maintained at 2.75p per share (2001: 2.75p)
• Acquisition of Wembley (London) Limited for £48m; second substantial urban
regeneration project in London
• Extensive consultation on Greenwich Peninsula carried out; Meridian Delta
Limited on track to submit planning application by end of 2002
• Appointment of James Hamilton Stubber and John Plender to the Board as
Chief Operating Officer and non-executive director respectively
• £101m of purchases (including the Wembley Complex) and £54m of disposals
within the investment portfolio undertaken during the period
• Gearing at 69% (2001: 83%).
Nigel Ellis, Chairman, commented:
'The last six months have been eventful for Quintain and we continue to make
good progress across all our activities. With strong new management in place
and significant opportunities arising from Special Projects such as Meridian
Delta and Wembley, we look to the future with optimism.'
For further information:
Quintain Estates and Development
020 7495 8968
Adrian Wyatt / Rebecca Worthington
Financial Dynamics
020 7831 3113
Stephanie Highett / Dido Laurimore
FINANCIAL HIGHLIGHTS
For the six months ended 30 September 2002
2002 Annual Change
Turnover £30.1m + 9.8%
Profit before tax £7.4m - 10.9%
Earnings per share 4.4p - 17.0%
Underlying earnings per share 3.1p - 31.1%
Interim dividend 2.75p -
Net asset value per share 310p + 1.0%
===== =====
2002 2001
Purchase of investment properties £101m* £5m
Other capital expenditure £9m £8m
Proceeds from investment property sales £54m £44m
Gearing 69% 83%
===== =====
* Includes acquisition of Wembley Complex for £48m.
CHAIRMAN'S STATEMENT
I am pleased to report that we have had a satisfactory six months, in which we
have made a number of acquisitions - most notably the business of Wembley
(London) Limited - and made progress across our portfolio.
Turnover increased by 9.8% to £30.1m (2001: £27.4m). We have yet to see the
impact of purchases totalling £101m, as most were made at the end of the period
under review. Proceeds from disposals of investment properties during the
period were £54m. Gearing at 69% remains substantially lower than our long run
target. As a result of our decision last year to de-gear, using the proceeds to
repay lower coupon debt so as to ensure that we have the resources for
developing the greater potential of Meridian Delta and Wembley, profit before
tax at £7.4m, earnings per share and underlying earnings per share fell 11%, 17%
and 31% respectively. The interim dividend is maintained at 2.75p per share.
As in previous years, we have not revalued the property portfolio in the interim
accounts. However, based on a representative sample, we are confident the
year-end results will show further progress.
Portfolio review
Purchases totalling £101m, the largest of which was the acquisition of Wembley
Complex for £48m, also included two mixed-use portfolios for £42m. Other
capital expenditure amounted to £9m with the Scunthorpe development accounting
for £8m of this.
All of the developments where we were on site at 31 March 2002 have now reached
practical completion. All the units in the residential block developed in joint
venture with Berkeley Homes in Croydon were sold in the period giving rise to a
profit of £0.8m. We have also achieved a £0.5m profit from the partial sale of
our care village at Silvergrove, Bristol and £1.1m from the sale of a trading
property at Livesey Street, Sheffield. Our 300,000 sq ft high street scheme in
Scunthorpe opened in October. It is now 88% let and tenants include Woolworths,
TJ Hughes, Littlewoods and Hennes & Mauritz.
Planning consent was granted on our Gracechurch Street, London EC3 properties
last year. Since then, the City of London Market has changed considerably and
we now propose to let the vacant property on a short term lease until the market
improves and retain Standard Chartered as our tenant on the adjoining property.
Our office holdings in the City total 4% of the Company's portfolio.
The average unexpired lease length of the UK investment portfolio is 16 years.
As reported at the year-end, in May we signed a land and development agreement
with English Partnerships. Following six months of consultation with the people
of Greenwich and the relevant authorities, Meridian Delta Limited, the vehicle
owned 49% by Quintain and 51% by Lend Lease, expects to submit a planning
application before Christmas which should deliver a unique contribution to
London's regeneration programme. The size and scale of this project makes this
a significant event for the Company. The details must largely remain
confidential until then, save as previously announced that the application will
be for in excess of 12 million sq ft of mixed-use development including perhaps
10,000 homes.
In August 2002, we purchased Wembley (London) Limited for £48m, representing the
second major mixed-use urban regeneration project in London for Quintain and
bringing our interests in areas identified as 'Opportunity Areas' in the Mayor
of London's Draft London Plan published in June 2002 to 234 acres. The
consideration is payable in three tranches, with £16m paid on completion, £18m
due on 1 December 2003 and £14m payable on 1 December 2004. For this, we
acquired 44 acres of land and one million sq ft of buildings, including the
Wembley Arena, Conference Centre and Exhibition Halls. We are currently
preparing a planning application for a landmark mixed-use development on this
site which should be ready for submission towards the end of next year.
As reported at the year-end, in April we formed a limited partnership, Quart,
with Hermes and the Bank of Scotland. Quintain sold an initial tranche of 37
licensed premises into the limited partnership for a consideration of £42.7m and
retained a 12.6% stake. In addition, Quintain holds a further 20 public houses
on its balance sheet. The majority of these were let to Albion Pub Contracts
Limited, which went into liquidation in February 2002. This led to a loss of
rent of £0.5m and operating losses and costs arising from the liquidation of a
similar amount. Active steps are being taken to remedy the position and, to
date, four of these pubs have been accepted into the limited partnership and
three sold with vacant possession.
Voids have fallen in the six months, with unintended voids now standing at 5.1%
of ERV compared with 5.6% at the year-end.
Financial review
Quintain's results for previous years have been restated in line with the
recently introduced UITF Abstract 34 for costs incurred in the period leading to
the Quintain and Lend Lease consortium being awarded preferred bidder status for
the Greenwich Peninsula. The impact of adopting this Abstract has been to
reduce previously reported profits at the pre-tax level by £0.8m with £0.3m
reflected in the first half of last year. The effect on earnings per share for
the six months to 30 September 2001 has been a reduction of 0.1p.
As a result of the acquisition of Chesterfield Properties, Quintain inherited an
outstanding litigation action. We are pleased to report that this has now been
settled out of court, which has given rise to a £0.8m profit to the Company.
This has more than offset the payment to Mike Riley, a former director, of £0.3m
and has accordingly led to a reduction in administration expenses of £0.5m.
Weighted average interest costs have fallen from 6.4% at 31 March 2002 to 6.2%.
Regarding tax, an effective rate of 20% has been assumed based on the
anticipated rate for the full year. The rate for last year has been restated
from 17.5% to 17% to take account of the changes required by UITF 34.
Once again, during the period under review, your Board decided that, with the
share price being so far below net asset value, further shares should be
purchased and, by the half year-end, 1.8m have been bought in and cancelled.
The amount we can buy is limited by the cash requirements of our major projects
such as Meridian Delta and Wembley but, subject to this, and of course to the
usual legal requirements, further purchases will be considered if the share
price continues to remain at levels unacceptably below net asset value per
share.
Management
There have been a number of changes in the Company's Board since the last
year-end. I am delighted to report that James Hamilton Stubber joined us on 14
October 2002 as Chief Operating Officer. James was a National Director of Jones
Lang LaSalle. He will take over responsibility for the investment property
portfolio as well as all the other duties implied by the title. I am also
delighted to report that John Plender, a leading journalist at the Financial
Times, joined us on 23 July 2002 as a non-executive director to fill the vacancy
left by the retirement of John Evans. We will greatly benefit from the depth of
his experience and wide perspective, particularly with regard to investment and
corporate governance issues.
On a sadder note, Mike Riley left by mutual consent on 31 July 2002. In the
short time he was here he achieved much and we wish him well.
Edward Dugdale, who ran the structured finance division which includes the
nursing home portfolio and Quercus, our joint venture with Morley, and was also
responsible for Quart, the pubs limited partnership, decided to resign from the
Board to pursue other interests. We wish him well.
Outlook
The last six months have been eventful for Quintain and we continue to make good
progress across all our activities. With strong new management in place and
significant opportunities arising from Special Projects such as Meridian Delta
and Wembley, we look to the future with optimism.
Nigel Ellis
Chairman
3 December 2002
Quintain Estates and Development PLC
Consolidated profit and loss account
For the six months ended 30 September 2002
Unaudited Unaudited Audited
Six months ended Six months ended Year ended
30 Sept 2002 30 Sept 2001 31 March 2002
Restated Restated
Notes £000 £000 £000
_____ _______ _______ _______
Turnover
Continuing and share of joint ventures 31,383 29,749 55,339
Acquisitions 1,165 - -
_______ _______ _______
32,548 29,749 55,339
Less - share of joint venture turnover (2,477) (2,374) (4,909)
_______ _______ _______
Group turnover 2 30,071 27,375 50,430
Cost of sales 2 (14,080) (4,668) (9,051)
_______ _______ _______
Gross profit 15,991 22,707 41,379
Administrative expenses 3 (4,060) (4,564) (8,548)
_______ _______ _______
Operating profit
Continuing 11,905 18,143 32,831
Acquisitions 26 - -
_______ _______ _______
Group operating profit 11,931 18,143 32,831
Share of operating profit in joint 2,198 1,764 4,280
ventures
Share of operating loss in associates (5) - (44)
Profit (loss) on sale of investment 1,229 (519) 927
properties
Net interest payable (7,983) (11,113) (21,052)
_______ _______ _______
Profit on ordinary activities before 7,370 8,275 16,942
taxation
Tax on profit on ordinary activities 4 (1,474) (1,410) (2,033)
_______ _______ _______
Profit on ordinary activities after 5,896 6,865 14,909
taxation
Minority interests (199) (129) (230)
_______ _______ _______
Profit for the financial period 5,697 6,736 14,679
Dividends 5 (3,499) (3,497) (9,637)
_______ _______ _______
Retained profit for the period 2,198 3,239 5,042
====== ====== ======
Earnings per share 6
Undiluted 4.4p 5.3p 11.5p
====== ====== ======
Diluted 4.4p 5.2p 11.4p
====== ====== ======
Quintain Estates and Development PLC
Unaudited Unaudited Audited
Six months ended Six months ended Year ended
30 Sept 2002 30 Sept 2001 31 March 2002
Restated Restated
Notes £000 £000 £000
_____ _______ _______ _______
Consolidated statement of total
recognised gains and losses
Profit for the financial period 5,697 6,736 14,679
Unrealised surplus on revaluation 1,588 64 36,659
Tax on realisation of revaluation surplus - (413) (1,843)
Currency translation movements (146) 56 (179)
_______ _______ _______
Total recognised gains and losses
relating to the period 7,139 6,443 49,316
Prior year adjustments as set out below (542) - -
_______ _______ _______
Total gains and losses recognised since
last year end 6,597 6,443 49,316
====== ====== ======
Consolidated note of historical cost
profits and losses
Profit on ordinary activities before 7,370 8,275 16,942
taxation
Realisation of revaluation gains of
previous periods 2,812 804 13,397
_______ _______ _______
Historical cost profit on ordinary
activities before taxation 10,182 9,079 30,339
====== ====== ======
Historical cost profit for the period
retained after taxation, minority
interests and dividends 5,010 3,630 16,596
====== ====== ======
Reconciliation of movements in equity
shareholders' funds
Profit for the financial period 5,697 6,736 14,679
Dividends (3,499) (3,497) (9,637)
_______ _______ _______
2,198 3,239 5,042
Other recognised gains and losses
relating to the period 1,442 (293) 34,637
Issue of shares 959 - 2,057
Purchase of own shares (4,190) (1,401) (2,347)
_______ _______ _______
Net addition to equity shareholders' 409 1,545 39,389
funds
Opening shareholders' funds, as restated 394,363 354,974 354,974
_______ _______ _______
Closing shareholders' funds 394,772 356,519 394,363
====== ====== ======
Opening shareholders' funds
As previously reported 394,905 355,207 355,207
Prior year adjustment : UITF 34 1 (542) (233) (233)
_______ _______ _______
As restated 394,363 354,974 354,974
====== ====== ======
Quintain Estates and Development PLC
Consolidated balance sheet
As at 30 September 2002
Unaudited Unaudited Audited
As at As at As at
30 Sept 2002 30 Sept 2001 31 March 2002
Restated Restated
Notes £000 £000 £000
_____ _______ _______ _______
Fixed assets
Investment properties 7 666,458 625,324 608,185
Other fixed assets 397 548 450
Investment in joint ventures
Share of gross assets 60,519 59,263 61,849
Share of gross liabilities (31,027) (32,270) (33,310)
29,492 26,993 28,539
Investment in associates 4,722 1,016 1,149
Other fixed asset investments 266 266 292
________ ________ ________
701,335 654,147 638,615
________ ________ ________
Current assets
Stocks 1,449 4,466 7,656
Debtors 40,505 36,565 20,124
Short term investments 18 18 18
Cash at bank and in hand 13,697 15,609 37,647
________ ________ ________
55,669 56,658 65,445
Creditors: amounts falling due within (77,735) (38,205) (107,896)
one year
________ ________ ________
Net current (liabilities) assets (22,066) 18,453 (42,451)
________ ________ ________
Total assets less current liabilities 679,269 672,600 596,164
Creditors: amounts falling due after
more than one year (274,044) (307,803) (192,500)
Provisions for liabilities and charges (7,837) (6,051) (6,850)
Equity minority interests (2,616) (2,227) (2,451)
________ ________ ________
Net assets 394,772 356,519 394,363
======= ======= =======
Capital and reserves
Called up share capital 9 31,813 31,787 32,098
Share premium account 40,736 38,336 39,950
Other capital reserves 110,553 109,962 110,095
Revaluation reserve 153,966 133,622 155,448
Profit and loss account 57,704 42,812 56,772
________ ________ ________
Equity shareholders' funds 394,772 356,519 394,363
======= ======= =======
Net asset value per share 10
Undiluted 310p 280p 307p
======= ======= =======
Diluted 304p 274p 302p
======= ======= =======
Quintain Estates and Development PLC
Consolidated cash flow statement
For the six months ended 30 September 2002
Unaudited Unaudited Audited
Six months ended Six months ended Year ended
30 Sept 2002 30 Sept 2001 31 March 2002
Notes £000 £000 £000
_____ _______ _______ _______
Net cash flow from operating activities 11a 8,425 8,088 20,403
======= ======= =======
Return on investments and servicing of
finance
Net interest paid (7,411) (11,832) (20,103)
Issue costs of loans (319) (131) (82)
_______ _______ _______
Net cash outflow from returns on
investments and servicing of finance (7,730) (11,963) (20,185)
======= ======= =======
Corporation tax paid - (776) (3,802)
======= ======= =======
Capital expenditure and financial
investment
Purchase of tangible fixed assets (50,914) (13,815) (23,389)
Proceeds from disposal of tangible fixed 50,813 41,134 112,956
assets
Loans to join ventures and associates (2,261) - (317)
_______ _______ _______
Net cash (outflow) inflow from capital
expenditure and financial investment (2,362) 27,319 89,250
======= ======= =======
Acquisitions and disposals
Proceeds from disposal of subsidiary - 18,234 18,873
companies
Purchase of subsidiary companies (27,577) - -
Net cash acquired with subsidiary 956 - -
companies
_______ _______ _______
Net cash (outflow) inflow from
acquisitions and disposals (26,621) 18,234 18,873
======= ====== ======
Equity dividends paid (6,099) (5,116) (8,654)
====== ====== ======
Net cash (outflow) inflow before
management of liquid resources and
financing (34,387) 35,786 95,885
====== ====== ======
Management of liquid resources 18,250 25,838 13,779
====== ====== ======
Financing
Issue of ordinary shares for cash 959 - 2,057
Loan drawdowns 88,337 54,116 71,211
Loan repayments (74,669) (119,406) (175,673)
Purchase of own shares (4,190) (1,401) (2,347)
_______ _______ _______
Net cash inflow (outflow) from financing 10,437 (66,691) (104,752)
====== ====== ======
(Decrease) increase in cash (5,700) (5,067) 4,912
====== ====== ======
Quintain Estates and Development PLC
Notes to the accounts
For the six months ended 30 September 2002
1 Basis of preparation
The half year figures for 2002 and 2001 are unaudited and have been prepared on
the basis of accounting policies adopted in the accounts to 31 March 2002,
except as noted below. The comparative figures for the financial year ended 31
March 2002 are not the Company's statutory accounts for that financial year.
These accounts have been reported on by the Company's auditors and delivered to
the Registrar of Companies. The report of the auditors was unqualified and did
not contain a statement under section 237(2) or (3) of the Companies Act 1985.
Change in accounting policy : Pre-contract costs
In accordance with the Urgent Issues Task Force Abstract 34, expenditure
incurred prior to obtaining preferred bidder status from English Partnerships in
relation to the Millennium Dome and the redevelopment of the rest of the
Greenwich Peninsula has been charged in the profit and loss account. In
adopting this abstract, the results for the six months ended 30 September 2001
and the year ended 31 March 2002 have been restated as set out below. There was
no impact in the current period.
Six months ended Six months ended Year ended
30 Sept 2002 30 Sept 2001 31 March 2002
£000 £000 £000
_______ _______ _______
Increase in cost of sales - (304) (442)
Decrease in tax on profit on ordinary - 91 133
activities
______ ______ ______
Decrease in profit for the financial - (213) (309)
period
Decrease in opening reserves (542) (233) (233)
_______ _______ _______
Decrease in shareholders' funds (542) (446) (542)
====== ====== ======
Decrease in debtors (775) (637) (775)
Decrease in creditors:
amounts falling due within one year 233 191 233
_______ _______ _______
Decrease in net assets (542) (446) (542)
====== ====== ======
2 Turnover and cost of sales
Unaudited Unaudited Audited
Six months ended Six months ended Year ended
30 Sept 2002 30 Sept 2001 31 March 2002
£000 £000 £000
_______ _______ _______
Gross rents receivable 17,440 23,545 45,164
Proceeds from sale of trading properties 11,074 1,363 2,585
Income from leisure operations 876 - -
Other income 681 2,467 2,681
_______ _______ _______
Total turnover 30,071 27,375 50,430
====== ====== ======
Rents payable and other property outgoings 3,981 3,463 7,162
Cost of sale of trading properties 9,427 1,205 1,889
Expenditure on leisure operations 672 - -
_______ _______ _______
Total cost of sales 14,080 4,668 9,051
====== ====== ======
Other income in 2001 included a surrender premium of £1,550,000.
3 Administrative expenses
Unaudited Unaudited Audited
Six months ended Six months ended Year ended
30 Sept 2002 30 Sept 2001 31 March 2002
£000 £000 £000
_______ _______ _______
Directors' remuneration 1,261 1,331 2,071
Staff costs 1,778 1,465 2,531
Legal and other professional fees 263 1,064 2,404
Office costs 528 514 1,115
Depreciation 126 137 273
Profit on disposal of fixed assets - (22) (6)
General expenses 104 75 160
_______ _______ _______
4,060 4,564 8,548
====== ====== ======
Legal and professional fees include a recovery of £754,000 relating to amounts
which have been reflected in the current and earlier periods.
4 Tax on profit on ordinary activities
The effective rate of taxation on profit on ordinary activities of 20% (2001 :
17%) reflects the benefit of available losses, capitalised interest and
permanent timing differences in relation to capital allowances.
5 Dividends
The interim dividend of 2.75p (2001 : 2.75p) per ordinary share is payable on
20 December 2002 to members on the register as at 13 December 2002. A final
dividend of 4.75p in respect of the year to 31 March 2002 was paid during the
period.
6 Earnings per share
Unaudited Unaudited Unaudited Unaudited
Six Six Six Six Audited Audited
months months months months Year Year
ended ended ended ended ended ended
30 30 30 30 31 31
September September September September March March
2002 2002 2001 2001 2002 2002
Basic Based on Basic Based on Basic Based on
underlying underlying underlying
profits profits profits
Restated Restated Restated Restated
£000 £000 £000 £000 £000 £000
_______ _______ _______ _______ _______ _______
Profit for the financial 5,697 5,697 6,736 6,736 14,679 14,679
period
Exceptional items after tax - (528) - (1,550) - -
Profit (loss) on sale of - (1,229) - 519 - (743)
investment
properties after tax
_______ _______ _______ _______ _______ _______
5,697 3,940 6,736 5,705 14,679 13,936
====== ====== ====== ====== ====== ======
Weighted average number
of shares (000) 128,438 127,827 127,808
====== ====== ======
Earnings per share on a diluted basis have been calculated on an adjusted profit
of £5,781,000 (2001 : £6,820,000 restated) and an adjusted weighted number of
shares of 132,146,000 (2001 : 131,776,000).
7 Investment properties
Investment properties are valued annually at the end of each financial year and
are shown in the Balance Sheet as at 30 September 2002 at the previous year end
valuations adjusted for subsequent expenditure and disposals.
8 Borrowings
As at 30 September 2002, J C Rathbone Associates estimated that the fair value
of the Group's financial liabilities exceeded their carrying value by
£13,427,000 (2001 : £5,732,000). As at 31 March 2002, the deficit was
£3,590,000.
9 Called up share capital
Number of shares Nominal value
000 £000
_______ _______
Shares in issue as at 1 April 2002 128,393 32,098
Issue of shares under Staff Share Option Schemes 695 173
Purchase of own shares (1,834) (458)
_______ _______
Shares in issue as at 30 September 2002 127,254 31,813
====== ======
10 Net asset value per share
Net asset value per share on an undiluted basis as at 30 September 2002 has been
based on net assets of £394,772,000
(2001 : £356,519,000 restated) and 127,254,000 (2001 : 127,147,000) ordinary
shares. Net asset value per share on a diluted basis has been calculated on
adjusted net assets of £397,772,000 (2001 : £359,519,000 restated) and
130,962,000 (2001 : 131,096,000) ordinary shares.
11 Notes to the consolidated cash flow statement
Unaudited Unaudited Audited
Six months ended Six months ended Year ended
30 Sept 2002 30 Sept 2001 31 March 2002
Restated Restated
£000 £000 £000
_______ _______ _______
a) Reconciliation of operating profit to
net cash inflow from operating activities
Operating profit 11,931 18,143 32,831
Depreciation charge 567 434 606
Profit on disposal of fixed assets - (22) (6)
Increase in debtors (10,713) (11,360) (1,950)
Increase (decrease) in creditors 575 238 (6,929)
Decrease (increase) in trading stock 6,065 655 (4,149)
_______ _______ _______
8,425 8,088 20,403
====== ====== ======
b) Reconciliation of net cash movement to
net debt
(Decrease) increase in cash during period (5,700) (5,067) 4,912
Cash (inflow) outflow from debt and lease
financing (13,668) 65,062 104,462
Cash inflow from decrease in liquid (18,250) (25,838) (13,779)
resources
_______ _______ _______
Change in net debt resulting from cash (37,618) 34,157 95,595
flows
Costs of issue of non-equity finance 319 (131) 82
Amortisation of issue costs (415) (432) (817)
Other non-cash movements 660 563 591
_______ _______ _______
Movement in net debt during period (37,054) 34,157 95,451
Net debt at beginning of period (231,780) (327,231) (327,231)
_______ _______ _______
Net debt at end of period (268,834) (293,074) (231,780)
====== ====== ======
c) Analysis of net debt
Liquid resources 4,074 10,265 22,324
Cash 9,641 5,362 15,341
Debt due after more than one year (243,945) (308,701) (192,500)
Debt due within one year (38,604) - (76,945)
_______ _______ _______
(268,834) (293,074) (231,780)
====== ====== ======
Independent review report by KPMG Audit Plc to
Quintain Estates and Development PLC
Introduction
We have been instructed by the Company to review the attached financial
information and we have read the other information contained in the interim
report and considered whether it contains any apparent misstatements or material
inconsistencies with the financial information.
Directors' responsibilities
The interim report, including the financial information contained therein, is
the responsibility of, and has been approved by, the directors. The directors
are responsible for preparing the interim report in accordance with the Listing
Rules of the Financial Services Authority which require that the accounting
policies and presentation applied to the interim figures should be consistent
with those applied in preparing the preceding annual accounts except where they
are to be changed in the next annual accounts in which case any changes, and the
reasons for them, are to be disclosed.
Review work performed
We conducted our review in accordance with guidance contained in Bulletin 1999/
4: Review of interim financial information issued by the Auditing Practices
Board for use in the United Kingdom. A review consists principally of making
enquiries of management and applying analytical procedures to the financial
information and underlying financial data and, based thereon, assessing whether
the accounting policies and presentation have been consistently applied unless
otherwise disclosed. A review is substantially less in scope than an audit
performed in accordance with Auditing Standards and therefore provides a lower
level of assurance than an audit. Accordingly we do not express an audit
opinion on the financial information.
Review conclusion
On the basis of our review we are not aware of any material modifications that
should be made to the financial information as presented for the six months
ended 30 September 2002.
KPMG Audit Plc
Chartered Accountants
London
3 December 2002
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