Interim Results
Redrow PLC
06 March 2007
Tuesday 6 March 2007
Redrow plc
Interim results for the six months to 31 December 2006
• Profit before tax up 1.7% at £54.3m (H1 2005/06: £53.4m)
• Basic earnings per share up 1.3% at 23.8p (H1 2005/06: 23.5p)
• Dividend per share increased by over 80% to 7.8p (H1 2005/06: 4.3p)
reflecting 20% underlying growth and a rebalance of the interim and final
dividend
• Current land bank up 15% in last 12 months representing in excess of
four years supply
• High quality forward land bank maintained with 25,000 plots under control
• Balance sheet remains strong with gearing at 35% (Dec 2005: 24%)
providing capacity for future growth
• Sales in first 9 weeks of second half up 5% with 85% of targeted legal
completions for 2006/07 sold
• On track to deliver target of 500 Debut legal completions for the full
year with further growth in 2007/08
Robert Jones, Chairman of Redrow plc, said:
'The housing market, while stable, remains competitive. Interest rate rises have
not to date had a discernible impact on our sales performance. However, while
the fundamental drivers of growth for our Industry remain sound, the
inefficiency, and increasing complexity of the planning system constrains the
ability to open new outlets.
Against this backdrop, Redrow's strategy is to optimise returns from our
existing land bank which is enhancing in value in the current land market
conditions.'
Enquiries:
Neil Fitzsimmons, Chief Executive Redrow plc
David Arnold, Group Finance Director 01244 520044
Patrick Handley / Nina Coad / Jayne Rosefield Brunswick
0207 404 5959
There will be an analyst and investor meeting at 10.00 GMT. A live audio web
cast and slide presentation of this event will be available at 10.00 GMT on
www.redrowplc.co.uk and www.cantos.com.
You can also dial-in to hear the presentation live at 10.00 GMT on +44 (0) 20
7138 0816.
Playback will be available online through www.redrowplc.co.uk from 14.00( GMT)
or by phone until 19 March on the following dial-in number: +44 (0) 20 7806
1970; passcode 4263770#.
CHAIRMAN'S INTERIM STATEMENT
Introduction
In the last six months we have progressed our strategy to deliver growth in the
medium term. We have continued to develop the strength of our current land bank
to provide a base to grow output of our Signature product. The current land
bank for Signature product increased by 5% in the first half of the financial
year and has increased by over 15% in the last twelve months. We are on track
to deliver our target of 500 Debut legal completions in 2006/07 and have
sufficient planning consents in place to further increase volumes in 2007/08.
Finally, our existing mixed use and regeneration schemes are performing well
with new sites coming on stream and further major projects being progressed
through the pre-development phase will add value in the medium term.
In the six months to December 2006, Redrow made a profit before tax of £54.3m
(H1 2005/06: £53.4m) and earnings per share were 23.8p (H1 2005/06: 23.5p). In
September 2006, the Board proposed to increase the dividend per share in respect
of the financial years to June 2007 and June 2008 by 20% per annum and to
equalise the interim and final dividend by increasing the proportion of dividend
paid at the interim stage. Accordingly, an interim dividend of 7.8p will be
paid to shareholders on 4 May 2007, an increase of over 80% on the 4.3p in 2005/
06.
Financial Performance
In the first half of the financial year, Redrow legally completed 2,214 new
homes, an increase of 7% on the corresponding period last year (H1 2005/06:
2,077). Legal completions of Signature and In the City homes, the Group's core
product offerings, were in line with the previous year at 1,979 (H1 2005/06:
1,972). We also significantly increased completions of Debut homes to 235 as
compared with 105 in the first half of last year as we doubled the number of
Debut outlets delivering legal completions in the period.
Turnover in the Homes operations increased by 6.1% to £359.6m (H1 2005/06:
£338.8m). This primarily reflected the volume growth achieved as the average
selling price in the six months to December 2006 was virtually unchanged at
£162,400 (H1 2005/06: £163,100). This reflected a higher proportion of Debut
homes that increased to just over 10% of total legal completions. The average
selling price of a Signature home increased by 3% to £170,700 (H1 2005/06:
£165,800) with the average size of property being similar to last year. In the
City homes achieved an average selling price of £182,500 (H1 2005/06: £189,500)
which reflected a movement in product mix. Debut had an average selling price of
£78,100 consistent with our objective to deliver an affordable open market
product (H1 2005/06: £77,900).
We have previously indicated that gross margins would decline as the historic
benefit of significant sales price inflation unwound from the existing land
bank. The gross margin in the Homes operations for the period was 22.8% (H1 05/
06: 23.9%) which was virtually unchanged from the second half of last year.
Planned land sales at two of our largest land holdings at Bracknell and Buckshaw
Village have realised value during the period, generating profits on disposal of
£5.2m.
Our constant focus on cost control has limited overhead increases in our Homes
business to just over 3% representing 6.3% of turnover as compared with 6.5% in
the corresponding period last year. As in 2005/06, the anticipated improvement
in overhead recovery in the second half should enable us to deliver operating
margins for the full year in line with our expectations. The operating profit
for Homes in the six months ended December 2006 was £59.3m (H1 2005/06: £59.1m).
Our mixed use activities performed ahead of expectation in the first half to
more than offset our continuing investment in developing Redrow Regeneration
and, as a consequence, these combined operations made an operating profit of
£2.2m in the first half (H1 2005/06: £Nil).
We have increased our investment into land over the last twelve months. In June
2006, we made a significant investment of £59m to secure Cheswick in North
Bristol, a prime mixed use site with outline planning consent for 1,250 plots
and 72,000 sq ft of commercial development which represents an important
opportunity to create value in the medium term. Principally as a result of this
investment, our interest charge increased to £6.9m as compared with £5.3m in the
corresponding period last year, and our return on capital employed was 17.8% (H1
2005/06: 20.4%). Our balance sheet remains strong, with net debt at £189.2m
representing gearing of only 35%, providing us with scope for further investment
in our business.
Land and Planning
We made significant progress in 2005/06 in increasing our current land bank. The
major driver in this increase related to land controlled under contract that
totalled 4,250 plots as at June 2006 compared with only 1,500 plots at June
2005. In the last six months we have further increased our land controlled
under contract to 4,350 plots. This portfolio of sites together with our high
quality forward land bank will provide some excellent development sites in the
coming years.
Our owned land bank with planning at December 2006 was 16,850 plots, nearly 12%
higher than at December 2005. The average plot cost of our Homes' owned land
bank was £33,300 (December 2005: £29,400) reflecting the higher proportion of
our land bank in the South and West of the UK as compared with 12 months ago to
support growth in these areas in the future. Our land bank still retains its
competitiveness within the Industry with a plot cost to selling price ratio of
19.0% (December 2005: 17.3%).
We entered the current financial year well placed in terms of sites owned with
planning which represented a very substantial element of our anticipated output
for 2006/07. However, as we have consistently highlighted, the increasingly
inefficient and complex planning system continues to frustrate both the
Government's and the Industry's objective of increasing the level of new homes
provided annually in the UK. Redrow is not immune to these issues and, during
the first half of the financial year, we experienced delays both in the receipt
of detailed planning consents on a number of sites which had an outline consent
as at June 2006 and also the delivery of planning permissions on sites
controlled under contract. This inevitably affected our sales performance in the
last six months and has also influenced our targeted legal completions in the
current financial year relative to our original expectations.
We remain supportive of the Government's objective to deliver a more efficient
planning system but are concerned that the most recent proposed changes will
lead to further delays as already hard pressed Local Authorities take on board
the increased requirements placed upon them. This has implications for both the
delivery of growth in the short term and the competitiveness of the land market,
especially for sites with planning.
We continue to invest in new strategic forward land as well as promoting
significant sites such as Cranbrook near Exeter, Monkton Heathfield near Taunton
and Upton near Northampton to provide higher margin opportunities for the
future. We are also working jointly with BAE Systems to promote the major
opportunity at Bishopton near Glasgow.
As at December 2006, our forward land bank which is either allocated or which
has a realistic opportunity to secure planning totalled 25,000 plots (December
2005: 21,600 plots). We currently expect in excess of 25% of acquired land in
2006/07 to be delivered through our long term approach to land acquisition and
we retain our policy of providing against all option payments and promotional
costs associated with forward land options.
Sales
The housing market was relatively stable in the six months to December 2006 but
remained competitive in many of the areas in which we operate with the Midlands
and North, in particular, not experiencing the stronger conditions that
delivered house price growth in London and the South East.
During the six months to December 2006 we sold 1,878 homes of our core product
which was 3% ahead of the corresponding period last year. Within this we
increased sales of our Signature product by just under 8%, with sales of In the
City apartments reflecting the stage of developments in progress and a weaker
demand for this product in the market.
Our forward sales for Signature at December 2006 were 1,250 which were over 12%
higher than at December 2005 and represented approaching four months on an
annualised basis. Forward sales of In the City apartments totalled 186
(December 2005: 630) which, together with our first half legal completions,
leaves us on track to deliver approximately 500 legal completions in the current
financial year.
In the first 9 weeks of 2007, we have experienced sales running 5% ahead of the
same period last year for our core product and within this we have experienced a
pick up in sales on our In the City developments. We now have approaching 85%
of our anticipated output of Signature and In the City homes sold for 2006/07
which is at a similar level to last year. The interest rate rise in January 2007
has so far not affected the market as regards sales rates or selling prices
though we remain cautious regarding the impact on the housing market of further
rate rises.
Debut continues to appeal strongly to its target market and in the first half of
the financial year we sold 189 Debut homes as compared with 96 in the
corresponding period last year. With forward sales of 189 homes as at the end
of December 2006, we remain well placed to deliver our target of 500 Debut
completions in 2006/07.
Product and Design
The housebuilding industry faces many new challenges in the coming years as the
Government rightly sets targets to address issues connected with climate change
and sustainability. Redrow is working with other stakeholders to address these
challenges to identify solutions to deliver these goals.
The Industry is also being challenged by both Government and CABE to improve the
quality of design. We are maintaining our focus on developing our core
Signature product range to deliver schemes of high quality urban design that
create a sense of place which can be recognised by our customers and delivered
in a cost efficient manner in terms of construction.
We continue to target improvements in the delivery of customer service. In the
six months to December 2006, our customer surveys showed 80% of customers were
either very satisfied or satisfied with their new Redrow home and 83% of
customers would recommend Redrow.
Mixed Use and Regeneration
Good progress has been made at Matrix Park, part of our mixed use scheme at
Buckshaw Village, Chorley and we disposed of a completed 30,000 sq ft office
building on St David's Park in the first half of the financial year. We have
now commenced the first phase of the mixed use element of our development
adjacent to Lichfield City Station. Interest across our portfolio of mixed use
schemes, including the new scheme at Devonport, Plymouth, remains encouraging.
Redrow Regeneration is making excellent progress on its first operational scheme
at Barking. The first phase delivering 246 new homes, commencing in the summer
of 2007, is on programme and we are making good progress with the planning on
Phase 2. This development has won the prestigious MIPIM Architectural Review
Future Project Award.
We continue to promote the regeneration of Watford Junction and Guildford
railway stations in conjunction with Network Rail. These major complex schemes
necessarily have long timescales in their pre-development phases, however, we
believe schemes such as these offer attractive potential opportunities for the
future and are consistent with our long term approach to the acquisition of
land.
Board and Senior Management Changes
In August 2005, Paul Pedley relinquished his position as Chief Executive and
took on a new role as Executive Deputy Chairman. Paul has been an integral part
of Redrow for 22 years playing an important part in building the business to be
the successful public company it is today. Paul has advised the Board that he
wishes to retire from Redrow on 30 September 2007 in order to allow him to
pursue and develop other interests. I would like to record our appreciation for
the distinguished service and commitment Paul has given to Redrow.
With effect from 1 July 2007, David Campbell-Kelly, who is currently responsible
for our Midlands Region, will succeed Barry Harvey as Northern Regional
Chairman. Barry has been with Redrow for over twelve years and for the last
nine as a director of Redrow plc. The Board wishes to record its thanks to
Barry who has played an important role in leading the continuing success of the
Northern Region and also for his overall contribution to Redrow during his time
with the company.
I would like to take this opportunity to welcome Denise Jagger who was appointed
to the Board on 17 January 2007 as an independent non executive director and we
look forward to her contribution to the continuing success of Redrow in the
coming years.
Prospects
Redrow's long term approach to sourcing land and our high quality forward land
bank, where we are able to add value through the pre-development phase, continue
to be key elements in our land acquisition strategy. However, we have to
recognise that these opportunities are taking longer to promote through the
system before becoming sales outlets. This position appears to be mirrored
across the Industry as the premium for land that can be converted into an outlet
in a relatively short time scale is increasing and this may influence returns in
a low house price inflation environment.
We continue to promote Debut homes but the Government and many Local Authorities
remain focused on providing social housing rather than allowing open market
solutions to flourish. We already have planning consents in place that will
enable us to deliver over 700 Debut homes in 2007/08 towards our target of 800
homes. Disappointingly, new planning guidance appears to exclude low cost open
market housing from the definition of Affordable Housing and, as a consequence,
our ability to achieve our medium term volume ambitions for Debut will depend
upon the response of Local Authorities to this new guidance when considering
future planning applications for Debut schemes. The positive response from
customers across all our Debut sites to date leaves us convinced about the
appeal of the concept as it provides a high quality solution to the major issue
of housing affordability and clearly enables first time buyers to gain a
foothold on the housing ladder.
In our January trading update, we highlighted that planning delays had impacted
upon the number of outlets in the current financial year and our expectations
for outlets in 2007/08. Land is the essential ingredient in the delivery of
sustainable and profitable growth in our Industry. Land is becoming more
expensive to replenish in the prevailing competitive land market and in response
to this we have focused upon delivering an appropriate rate of sale to optimise
returns from our land bank. This strategy will maximise value in the medium term
but will result in reduced operating profit in the short term. Consistent with
this objective we are reducing our volume targets for the Signature product in
the current year by some 5%. However, as we progress our land held under
contract through the planning system we expect to operate from 6% more Signature
outlets in 2007/08.
We are proposing to rationalise our overhead structure to make our operations
more cost efficient and are also reorganising executive responsibilities from 1
July 2007. As a consequence, we anticipate overheads within our Homes
operations will be maintained at 2006/07 levels in 2007/08. We expect this will
deliver a benefit to operating margins of approximately 0.5% through improved
overhead recovery against an increased level of turnover. We will retain the
ability to deliver growth particularly in the South East which is the area
identified by the Government as the primary focus for increased housing numbers.
Summary
Redrow possesses a high quality current and forward land bank from which we can
continue to create value for shareholders in the coming years. The prevailing
land and planning environment only serves to enhance the value of our land
holdings. We have a product range and skill base within our business to
optimise the inherent value that sits within this land bank.
The fundamental drivers of growth for our Industry remain sound against a
backdrop of a difficult planning environment in the short term. Redrow has the
capacity to grow the output of our Signature product in the medium term. We are
also expanding volumes from our Debut brand and are delivering incremental
income from our mixed use and regeneration activities.
Our objective at Redrow is to deliver profitable and sustainable growth. The
strategies we are pursuing in the key aspects of our business support this
objective which we consider will create value for shareholders in the medium
term.
Robert Jones
Chairman
Consolidated Income Statement (Unaudited)
6 months ended 12 months ended
31 December 30 June
2006 2005 2006
Note £m £m £m
Revenue 2 366.2 338.9 770.1
Cost of sales (280.9) (257.4) (592.0)
Gross profit 85.3 81.5 178.1
Administrative expenses (23.6) (22.4) (45.3)
Operating profit before financing costs 2 61.7 59.1 132.8
Financial income 0.3 0.2 0.6
Financial expenses (7.2) (5.5) (12.1)
Net financing costs 2 (6.9) (5.3) (11.5)
Share of loss of joint ventures after
interest and taxation 2 (0.5) (0.4) (0.8)
Profit before tax 2 54.3 53.4 120.5
Income tax expense 2, 3 (16.4) (16.1) (36.4)
Profit for the period 2 37.9 37.3 84.1
Earnings per share
Basic earnings per share 5 23.8p 23.5p 52.9p
Diluted earnings per share 5 23.7p 23.4p 52.7p
Consolidated Statement of Recognised Income and Expense (Unaudited)
6 months ended 12 months ended
31 December 30 June
2006 2005 2006
£m £m £m
Effective portion of changes in fair value of interest rate
cash flow hedges 0.4 0.1 0.6
Deferred tax on change in fair value of interest rate cash
flow hedges (0.1) (0.1) (0.2)
Actuarial losses on defined benefit pension scheme (2.4) (2.0) (2.8)
Deferred tax on actuarial losses taken directly to equity 0.7 0.6 0.8
Net expense recognised directly in equity (1.4) (1.4) (1.6)
Profit for the period 37.9 37.3 84.1
Total recognised income and expense for the period 36.5 35.9 82.5
Reconciliation of Movements in Consolidated Equity (Unaudited)
6 months ended 12 months ended
31 December 30 June
2006 2005 2006
£m £m £m
Profit for the period 37.9 37.3 84.1
Dividends on equity shares (13.9) (11.5) (18.4)
Other recognised income and expense relating to the period
(net) (1.4) (1.4) (1.6)
Shares issued 0.1 0.9 2.1
Movement in LTSIP/SAYE (0.1) (0.6) (4.9)
Net increase in equity 22.6 24.7 61.3
Opening equity 513.8 452.5 452.5
Closing equity 536.4 477.2 513.8
Consolidated Balance Sheet (Unaudited)
As at As at
31 December 30 June
2006 2005 2006
Note £m £m £m
Assets
Intangible assets 0.3 0.2 0.4
Plant, property and equipment 25.7 24.1 23.8
Investments 2.5 2.4 2.4
Deferred tax assets 3.6 8.6 5.0
Derivative financial instruments 0.5 - 0.2
Trade and other receivables 1.4 0.5 0.8
Total non-current assets 34.0 35.8 32.6
Inventories 6 915.0 786.2 849.6
Trade and other receivables 33.2 8.4 25.5
Derivative financial instruments 0.3 - 0.2
Cash and cash equivalents 8 3.6 0.1 24.5
Total current assets 952.1 794.7 899.8
Total assets 986.1 830.5 932.4
Equity
Issued capital 16.0 15.9 16.0
Share premium 56.3 55.1 56.2
Hedge reserve 0.6 (0.1) 0.3
Other reserves 7.9 7.9 7.9
Retained earnings 455.6 398.4 433.4
Total equity 536.4 477.2 513.8
Liabilities
Bank overdrafts and loans 8 177.1 103.9 131.5
Trade and other payables 7 37.3 32.5 41.9
Derivative financial instruments - 0.1 -
Deferred tax liabilities 1.5 1.9 1.6
Retirement benefit obligations 2.6 10.5 8.6
Long-term provisions 4.5 2.2 4.4
Total non-current liabilities 223.0 151.1 188.0
Bank overdrafts and loans 8 15.7 12.3 22.8
Trade and other payables 7 191.6 168.5 185.6
Current income tax liabilities 19.4 21.4 22.2
Total current liabilities 226.7 202.2 230.6
Total liabilities 449.7 353.3 418.6
Total equity and liabilities 986.1 830.5 932.4
Consolidated Cash Flow Statement (Unaudited)
6 months ended 12 months
31 December ended
30 June
2006 2005 2006
Note £m £m £m
Cash flow from operating activities
Operating profit before financing costs 61.7 59.1 132.8
Depreciation 1.1 1.0 2.3
Adjustment for non-cash items (3.5) (2.0) (7.4)
Operating profit before changes in working
capital and provisions 59.3 58.1 127.7
(Increase)/decrease in trade and other
receivables (8.3) 3.8 (13.6)
Increase in inventories (65.4) (25.2) (88.6)
Increase/(decrease) in trade and other payables 1.4 (17.6) 10.2
(Decrease)/increase in retirement benefit
provision and other provisions (5.9) 2.7 3.0
Cash generated from operations (18.9) 21.8 38.7
Interest paid (5.6) (3.9) (8.9)
Tax paid (17.3) (18.5) (34.7)
Net cash from operating activities (41.8) (0.6) (4.9)
Cash flows from investing activities
Acquisition of plant, property and equipment (2.9) (1.0) (2.2)
Interest received 0.1 0.2 0.5
Payments to joint ventures (0.4) (0.2) (0.6)
Net cash from investing activities (3.2) (1.0) (2.3)
Cash flows from financing activities
Increase in bank borrowings 45.5 - 27.5
Purchase of own shares (0.5) (0.6) (2.9)
Dividends paid (13.9) (11.5) (18.4)
Proceeds from issue of share capital 0.1 0.9 2.1
Net cash from financing activities 31.2 (11.2) 8.3
(Decrease)/increase in net cash and cash
equivalents (13.8) (12.8) 1.1
Net cash and cash equivalents at the beginning
of the period 1.7 0.6 0.6
Net cash and cash equivalents at the end
of the period 8 (12.1) (12.2) 1.7
NOTES
1. The interim financial statements have been prepared using the accounting
policies which the Group intend to adopt for the year ending 30 June
2007 and are in accordance with the IFRS that are either adopted by the
European Union and effective, or are expected to be effective at 30 June
2007.
The information for the year ended 30 June 2006 does not constitute
statutory accounts within the meaning of section 240 Companies Act 1985.
A copy of the statutory accounts, prepared under IFRS, which received an
unqualified audit opinion, has been delivered to the Registrar of
Companies.
2a. Segmental information - Income (Unaudited):-
12 months
6 months ended ended
31 December 30 June
2006 2005 2006
£m £m £m
Revenue
Homes 359.6 338.8 765.5
Mixed Use & Regeneration 6.6 0.1 4.6
366.2 338.9 770.1
Gross profit 82.0 81.1 177.8
Overheads (22.7) (22.0) (44.0)
Homes - operating profit 59.3 59.1 133.8
Mixed Use & Regeneration - operating profit 2.2 - 0.7
Framing Solutions - operating loss (0.4) (0.5) (0.8)
61.1 58.6 133.7
Jersey provision - - (2.0)
61.1 58.6 131.7
Add back share of joint venture operating losses 0.6 0.5 1.1
Operating profit before financing costs 61.7 59.1 132.8
Net financing costs (6.9) (5.3) (11.5)
54.8 53.8 121.3
Share of loss of joint ventures after interest and taxation (0.5) (0.4) (0.8)
Profit before tax 54.3 53.4 120.5
Income tax expense (16.4) (16.1) (36.4)
Profit for the period 37.9 37.3 84.1
2b. Segmental information - Balance Sheet (Unaudited):-
As at As at
31 December 30 June
2006 2005 2006
£m £m £m
Segment assets
Homes 955.4 814.3 884.9
Mixed Use & Regeneration 28.4 14.5 23.0
Framing Solutions - share of joint venture 1.8 1.8 1.6
985.6 830.6 909.5
Elimination of inter-segment items (3.1) (0.2) (1.6)
982.5 830.4 907.9
Cash and cash equivalents 3.6 0.1 24.5
Consolidated total assets 986.1 830.5 932.4
Segment liabilities
Homes 254.9 235.5 254.8
Mixed Use & Regeneration 5.1 1.8 11.1
260.0 237.3 265.9
Elimination of inter-segment items (3.1) (0.2) (1.6)
256.9 237.1 264.3
Borrowings 192.8 116.2 154.3
Consolidated total liabilities 449.7 353.3 418.6
Total equity 536.4 477.2 513.8
3. The taxation charge reflects the estimated effective rate for the
full year to 30 June 2007.
4. The final dividend for the year ended 30 June 2006 of 8.7p per share
(2005: 7.2p) was approved by shareholders at the Annual General Meeting on
7 November 2006, paid on 17 November 2006 and a charge of £13.9m (2005:
£11.5m) has been taken to reserves.
The Directors have declared an interim dividend of 7.8p per share (2005:
4.3p) which was approved by the Board on 5 March 2007. This gives an
interim dividend of £12.4m (2005: £6.9m) which will be paid on 4 May 2007 to
shareholders whose names are on the Register of Members at the close of
business on 16 March 2007. The shares will become ex-dividend on 14 March
2007.
In accordance with IAS 10 'Events After The Balance Sheet Date' the interim
dividend has not been included as a liability as at 31 December 2006.
5. The basic earnings per share calculation for the half year ended 31
December 2006 is based on the weighted average number of shares in issue
during the period of 159.4m (2005:159.1m) excluding those held in trust
under the Redrow Long Term Incentive Plan, which are treated as cancelled.
The equivalent weighted average number of shares in issue for the year
ended 30 June 2006 was 159.1m. Diluted earnings per share has been
calculated after adjusting the weighted average number of shares in issue
for all potentially dilutive shares held under unexercised options.
6. Inventories (Unaudited)
As at
31 December
2006 2005
£m £m
Land for development 576.5 453.6
Work in progress 323.8 319.2
Stock of showhomes 14.7 13.4
915.0 786.2
7. Land Creditors (Unaudited)
(included in trade and other payables)
As at
31 December
2006 2005
£m £m
Due within one year 52.9 49.7
Due in more than one year 37.3 32.5
90.2 82.2
8. Analysis of net debt (Unaudited)
As at
31 December
2006 2005
£m £m
Cash and cash equivalents 3.6 0.1
Bank overdrafts and loans
- current liabilities (15.7) (12.3)
(12.1) (12.2)
- non-current liabilities (177.1) (103.9)
(189.2) (116.1)
9. The Registrar is Computershare Investor Services PLC. Shareholder
enquiries should be addressed to the Registrar at the following address:
Registrars Department
PO Box 82
The Pavilions
Bridgwater Road
Bristol
BS99 7NH
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