Interim Results
Restaurant Group PLC
15 September 2004
The Restaurant Group plc
Results for the six months to 30 June 2004
The Restaurant Group plc operates 255 restaurants in leisure parks, airports and
high street sites. Its primary brands are Frankie & Benny's, Chiquito, Caffe
Uno, Garfunkel's and Est Est Est
Highlights*
• Record pre-tax profit, up 40% to £ 9.8m from £7.0m
• Earnings per share up 31% to 3.05 pence
• Dividend increased 10% to 0.825p per share
• Net debt reduced to £18m from £41.3m
• First half like-for-like sales were 3.7% ahead
• Strong start to second half with year to date like-for-like sales now 5%
ahead
• Nine new openings in the first half (six Frankie & Benny's; three
Concessions)
• Exciting pipeline of new openings for 2004 and 2005
* results are stated excluding exceptional items
Commenting on these results, Alan Jackson the Executive Chairman said:
'We have produced another excellent set of results with record profits and
earnings per share. Profits increased across all parts of our business and a
strong start to the second half gives me confidence that we will have another
successful year of progress. Our Executive team changes are now complete and I
am confident in the ability of The Restaurant Group plc to continue to deliver
excellent results.'
15 September 2004
Enquiries:
The Restaurant Group plc
Alan Jackson, Executive Chairman 020 7457 2020 (today)
Andrew Page, Group Managing Director 020 7747 7750 (thereafter)
College Hill
Matthew Smallwood 020 7457 2020
The Restaurant Group plc
Chairman's Statement
Introduction
I am delighted to report record first half profits for your Company which again
demonstrate the success of the strategy put in place in 2002. This is the third
successive year of posting increased profits and during the first six months the
Group has made good progress across each of its three divisions. The Restaurant
Group plc is a much stronger and better balanced business than the one that
existed a few years ago and is well positioned to continue to maximise value for
shareholders. We have a highly profitable estate with excellent opportunities
for future growth in profits and cashflow from both the existing restaurants and
our pipeline of new openings. Our primary objective is to grow shareholder value
and we will continue to do this by adhering to our strategy and delivering a
high quality product and standard of service across our estate.
For the first six months each of our divisions produced growth in terms of
profits and cash generation. Like-for-like sales for the principal trading
brands for the six months to 30 June 2004 were up 3.7%. Leisure Parks enjoyed an
excellent first half with a 17% increase in turnover, 24% increase in EBITDA and
a 26% increase in profit. The EBITDA margin increased from 23.1% to 24.4% and
the profit margin increased from 18.0% to 19.3%. Both Frankie & Benny's and
Chiquito performed strongly and it is pleasing to see Chiquito's results showing
significant improvement as the brand responds to the changes initiated over the
past twelve months by the new management team. These results augur well for the
future and additionally we anticipate further growth will be generated from our
strong pipeline of new units.
Our Concessions business has enjoyed a very encouraging first half,
notwithstanding some disruption associated with the closure and redevelopment of
our airside units at Gatwick airport's north terminal. During the first half,
Concessions' turnover increased by 18%, EBITDA increased by 10.5% and profit
increased by 7.4%. We are delighted that we have been selected to provide a
suite of food and beverage offerings in the new balcony food court at Gatwick's
north terminal. In total, we will be operating five new units on the balcony
site, all of which will open during the second half. This means that we are now
well positioned in all of the key south eastern, high passenger volume,
airports.
Against a fiercely competitive landscape with relatively low barriers to entry
and keen price pressures, we are very pleased to report an increase in profits
in our High Streets division. Notwithstanding a slight reduction in turnover we
have, through an on-going programme of focusing on margins and operational
efficiency, been able to deliver a 10% increase in profit. We will continue to
focus on top and bottom line initiatives and will maintain our High Street
estate to a good standard.
Achieving these results is a testament to the hard work and dedication of the
senior management team and staff.
Results *
During the first six months, the Group has made progress in all key areas.
Turnover increased by 10% to £118.0m (2003: £107.6m), EBITDA increased by 20% to
£18.3m (2003: £15.2m) and profit before tax and exceptional items increased by
almost 40% to £9.8m (2003: £7.0m). Adjusted earnings per share were 31.5% higher
at 3.05p (2003: 2.32p). Cash generation was particularly strong and, whilst we
continued to make significant capital investment in our business, we have
further reduced net debt to £18m.
It is particularly pleasing to be able to report that the 40% increase in profit
befoe tax has principally been generated from four sources, as follows:
• Strong like-for-like growth from the existing estate;
• Consistently strong performances from new restaurants;
• Cost savings resulting from purchasing initiatives and operational
efficiencies; and
• Reduced interest charges
In light of this excellent performance, the Board is declaring an interim
dividend of 0.825p per share (2003: 0.75p), representing an increase of 10%. The
dividend will be paid on 29 October 2004 to shareholders on the register on 24
September 2004 and the shares will be marked ex-dividend on 22 September 2004.
* Results are stated excluding exceptional items
Exceptional Items
Exceptional items amounted to £0.74m net (2003: £0.27m) and reflect an
exceptional write-back of costs associated with the offer for ASK amounting to
£0.36m and an exceptional charge of £1.1m with respect to a loss/provision for
loss in respect of property disposals.
Properties
The group regularly reviews its property portfolio to ensure it is maximising
opportunities in its estate. During the period three units were sold with net
cash proceeds of £2.1m raised. Where restaurant units are underperforming we
initiate and implement specific action programmes. In cases where the
underperformance continues we would normally earmark such units for disposal.
During the first half we sold or earmarked for sale a number of units - all of
these disposals are expected to be value accretive for the Group.
Financing
Following the Extraordinary General Meeting held on 14 January 2004, the Company
placed 19,430,000 shares (representing approximately 10% of the then existing
share capital) on 15 January 2004, at a price of 71p per share which represented
a discount of 1.4% to the closing mid-market price on 17 December 2003 (the last
Dealing Day prior to the announcement of the Placing). The Placing raised
£13.4m net of expenses, further reduced the Group's net debt and will be used to
fund the continued roll-out of the Group's successful branded restaurant
concepts.
Cashflow and Balance Sheet
The Group continues to be strongly cash generative and during the six months to
30 June 2004 the Group increased its operating cash flow to £18.5m (2003:
£14.6m). We are particularly encouraged by the high rate of conversion of profit
into cash. Capital expenditure in the period amounted to £10.2m (2003: £9.9m)
and £0.8m (2003: £1.0m) was absorbed by debt servicing. Net debt was further
reduced to £18.0m at 30 June 2004 (2003: £41.3m) and interest charges were
covered 13 times by operating profit (2003: 6.8 times)
Review of Operations
Leisure Parks
Total turnover: £57.5m Profit: £11.1m Operating margin: 19.3%
Frankie & Benny's
Units: 92 Turnover: £44.7m Like-for-like sales: +6.7%
Frankie & Benny's has enjoyed another good trading period with strong growth in
turnover, EBITDA and profit. During the first six months of 2004 profit
increased by 25%. Excellent like-for-like sales growth has been complemented by
good results from new restaurant openings in 2003 and 2004. During the first
half six new sites opened and we are delighted with the performance of each of
them. Up to 10 further openings are planned for the second half of the year.
Chiquito
Units: 24 Turnover: £12.8m Like-for-like sales: +2.8%
We are particularly pleased with the turnaround in Chiquito's performance.
Like-for-like sales have steadily improved and this improvement accelerated from
the end of the first quarter. The new management team which was installed in
mid-2003 has worked hard to stabilise and rebuild the business. Close attention
to service standards, quality, authenticity and freshness of the offering
combined with a well thought through and carefully executed remodelling and
refurbishment of several units has begun to deliver very good results. We
believe that this revitalised offering and better trained, motivated and
incentivised staff are capable of delivering the Chiquito offering to a wider
customer base. To date, 8 branches have been refreshed with a softer, more
contemporary design and we plan to continue the programme of refurbishments
during the remainder of the year.
The Concession Connection
Units: 30 Total turnover: £21.1m Like-for-like sales: +7.9% Profit: £2.8m
Operating margin: 13.3%
Our Concessions business, principally operating out of UK airports, has seen
good sales growth largely as a result of increasing passenger numbers at the
main UK airports. We continue to bring new catering ideas to airports,
developing quicker and lighter offerings to complement the traditional 'full
service concept'. During the first half we opened three new units, two in
Heathrow and one in Gatwick. Taking into account the two units which closed
during the first half (as the concessions expired) we have seen a net increase
of one unit during the first six months. We have just completed the opening of
five new units at the Gatwick North terminal and these reflect a diverse
offering for travellers, including a juice bar, a sushi offering and a quality
sandwich offering together with the more traditional Garfunkel's restaurant. At
present, we anticipate that we will open a total of eight to ten units in the
second half and that approximately two units will close (as concessions expire).
Part of the future growth of our Concessions business may involve operating
third party branded sites under franchise style arrangements. Currently we have
four such units - two O'Neills bars (a Mitchells & Butler brand), a Yo! Sushi
and an EAT (sandwich offering). The impact of these franchise fees will affect
margins but the incremental impact on profitability and return on investment
justifies this approach to further developing our business.
High Street Restaurants
Total turnover: £39.4m Profit: £5.4m Operating margin: 13.7%
The High Streets division experienced a relatively stable first half with static
like-for-like sales. This division operates in a very competitive area and our
focus on quality of product and service standards continues. We have recently
strengthened the High Streets senior operational management team with the
appointment of an Operations Director with overall responsibility for
Garfunkel's and Caffe Uno.
Garfunkel's
Units: 30 Turnover: £12.0m Like-for-like sales: +4.5%
Celebrating its 25th year, Garfunkel's has continued to deliver strong sales
growth and profit conversion. During the first half, we have benefited from an
increase in the number of tourists and have also trialled a refreshed
Garfunkel's format in two of our London restaurants. Like-for-like sales growth
of 4.5% in the highly competitive High Street trading environment is a
creditable performance.
Caffe Uno
Units: 60 Turnover: £18.9m Like-for-like sales: -0.7%
Caffe Uno operates in the most competitive of our markets, and although the
like-for-like performance saw a marginal decline in the first six months of 2004
we are pleased that the improvements in cost controls have resulted in a much
improved profit.
Est Est Est
Units: 19 Turnover: £8.6m Like-for-like sales: -3.9%
Whilst Est Est Est saw disappointing like-for-like sales, the profit of the
brand remained flat reflecting improved cost control. In May 2004 we placed Est
Est Est under the stewardship of Trish Corzine who has successfully developed
this brand within the airports over recent years. We expect to stabilise and
turnaround the performance of this business.
Non-Core Brands
Total turnover: £0.1m Loss: (£0.7m)
We have continued to pursue a judicious programme of disposing of non-core
units. This has, in several cases, resulted in eliminating loss making (or
marginal) units from the business whilst generating cash via the disposal
proceeds. We have also disposed of a number of non-core units which previously
made a profit contribution - this has the effect of increasing the aggregate
losses from non-core units but does, of course, have significant benefits in
terms of generating cash proceeds for the Group thus saving interest costs. We
will continue to take steps to mitigate the losses in our non-core brands.
Board Changes
Over the past twelve months, our Board has undergone a series of changes as we
have sought to build a team to take the Group forward into an exciting phase of
accelerated development and growth. During 2003 we brought Kevin Bacon and Trish
Corzine onto the Board and in December 2003 Andrew Page, who joined the Group in
June 2001 as Finance Director, was appointed Group Managing Director. In March
this year we appointed Bob Ivell, formerly Chairman of S&N Retail, as
non-executive Director. We recently announced the appointment of Stephen
Critoph, who was previously with the Compass Group, as Finance Director and he
will join us at the end of this month. This means that our executive team is now
complete and I have great confidence in the team's ability to deliver excellent
results.
Future prospects
We have made a splendid start to the year and our current trading pattern
demonstrates a further improvement on the first half with year to date
like-for-like sales currently 5% ahead. We have some very exciting new
restaurant openings coming on stream in the second half and a strong pipeline
thereafter. I have previously described the rigour involved in our assessment of
investment opportunities; the consistently strong performance and sustained high
returns from recent years' openings vindicates this approach. We have an
excellent business operating across three distinct segments, an extremely able
senior management team, strong finances and a robust strategy. This gives me
great confidence in the ability of The Restaurant Group plc to continue to
deliver excellent results and I look forward to reporting further good progress
for the full year.
Alan M. Jackson
Executive Chairman
14 September 2004
THE RESTAURANT GROUP PLC
Segmental Analysis
Six months ended 30 June 2004 (unaudited) Six months ended 30 June 2003 (unaudited)
Turnover EBITDA EBITDA Profit Profit Turnover EBITDA EBITDA Profit Profit
Margin Margin Margin Margin
£'000 £'000 % £'000 % £'000 £'000 % £'000 %
Leisure Parks 57,469 14,017 24.4% 11,108 19.3% 49,041 11,310 23.1% 8,825 18.0%
Concessions 21,128 4,223 20.0% 2,820 13.3% 17,872 3,823 21.4% 2,626 14.7%
High Street Restaurants 39,400 8,329 21.1% 5,388 13.7% 39,979 7,578 19.0% 4,887 12.2%
Principal Trading Brands 117,997 26,569 22.5% 19,316 16.4% 106,892 22,711 21.2% 16,338 15.3%
Non core Brands 39 (617) (1591.1%) (737) (1899.5%) 718 (342) (47.6%) (562) (78.3%)
Total all Brands 118,036 25,952 22.0% 18,579 15.7% 107,610 22,369 20.8% 15,776 14.7%
Pre-opening Costs (320) (0.3%) (320) (0.3%) (255) (0.2%) (255) (0.2%)
Administration (7,302) (6.2%) (7,688) (6.5%) (6,871) (6.4%) (7,311) (6.8%)
EBITDA / Operating Profit 18,330 15.5% 10,571 9.0% 15,243 14.2% 8,210 7.6%
Interest Charges (798) (1,201)
Profit before Taxation and 9,773 7,009
Exceptional Items
Exceptional Items (note 2) (740) (270)
Profit on ordinary activities 9,033 6,739
before Taxation
THE RESTAURANT GROUP PLC
Group Profit and Loss Account
Six months Year ended
ended 30 June 31 December
Six months ended 30 June 2004 2003 2003
(unaudited) (unaudited) (audited)
Before
exceptional Exceptional
items items Total Total Total
Note £'000 £'000 £'000 £'000 £'000
Turnover 118,036 - 118,036 107,610 227,438
Cost of sales:
Excluding pre-opening costs (99,457) - (99,457) (91,834) (190,849)
Pre-opening costs (320) - (320) (255) (403)
(99,777) - (99,777) (92,089) (191,252)
Gross profit 18,259 - 18,259 15,521 36,186
Administrative expenses:
Excluding exceptional items (7,688) - (7,688) (7,311) (14,393)
Exceptional items 2 - 357 357 - (1,630)
(7,688) 357 (7,331) (7,311) (16,023)
Operating profit 10,571 357 10,928 8,210 20,163
Loss and provision for loss on disposal 2 - (1,097) (1,097) (270) (983)
of tangible fixed assets
Net interest payable (798) - (798) (1,201) (2,539)
Profit on ordinary activities before 9,773 (740) 9,033 6,739 16,641
taxation
Tax on profit on ordinary activities 3 (3,302) 182 (3,120) (2,381) (5,606)
Profit on ordinary activities after 6,471 (558) 5,913 4,358 11,035
taxation
Dividends 4 (1,765) - (1,765) (1,457) (7,655)
Retained profit for the period 4,706 (558) 4,148 2,901 3,380
All amounts relate to continuing activities.
Earnings per share 5
Basic earnings per share, in pence 2.79 2.24 5.68
Basic earnings per share, excluding 3.05 2.32 6.66
exceptional items, in pence
Diluted earnings per share, in pence 2.78 2.23 5.64
THE RESTAURANT GROUP PLC
Statement of Total Recognised Gains and Losses
Six months Six months Year ended
ended 30 June ended 30 June 31 December
2004 2003 2003
(unaudited) (unaudited) (audited)
£'000 £'000 £'000
Profit for the period 5,913 4,358 11,035
Currency translation differences on foreign currency (140) 155 204
investments
Total recognised gains and losses relating to the year 5,773 4,513 11,239
Reconciliation of Movements in Shareholders' Funds
Six months Six months Year ended
ended 30 June ended 30 June 31 December
2004 2003 2003
(unaudited) (unaudited) (audited)
£'000 £'000 £'000
Total recognised gains and losses for the period 5,773 4,513 11,239
Dividends (1,765) (1,457) (7,655)
Issue of ordinary shares - Placing on 15 January 2004 13,427 - -
Issue of ordinary shares - exercise of share options 147 - -
Total movements during the period 17,582 3,056 3,584
Shareholders' funds at 1 January 50,144 46,560 46,560
Shareholders' funds at end of period 67,726 49,616 50,144
THE RESTAURANT GROUP PLC
Group Balance Sheet
30 June 30 June 31 December
2004 2003 2003
(unaudited) (unaudited) (audited)
£'000 £'000 £'000
Fixed assets
Tangible assets 146,169 147,529 146,220
Current assets
Stocks 1,991 1,985 2,508
Debtors 18,230 19,101 15,999
Cash at bank and in hand 505 1,994 526
20,726 23,080 19,033
Creditors
Amounts falling due within one year (69,688) (60,901) (62,650)
Net current liabilities (48,962) (37,821) (43,617)
Total assets less current liabilities 97,207 109,708 102,603
Creditors
Amounts falling due after one year (12,000) (43,000) (35,000)
Provisions for liabilities and charges
Property provision (614) (694) (687)
Deferred tax (16,867) (16,398) (16,772)
(17,481) (17,092) (17,459)
Net assets 67,726 49,616 50,144
Capital and reserves
Called up share capital 53,494 48,576 48,576
Share premium account 18,848 10,192 10,192
Profit and loss account (4,616) (9,152) (8,624)
67,726 49,616 50,144
THE RESTAURANT GROUP PLC
Group Statement of Cash Flows
Six months Six months Year ended
ended 30 June ended 30 June 31 December
2004 2003 2003
(unaudited) (unaudited) (audited)
Note £'000 £'000 £'000
Net cash flow from operating activities 1 18,463 14,556 37,955
Returns on investments and servicing of finance
Interest received 63 32 221
Interest paid (878) (1,023) (2,683)
Net cash outflow from returns on
investments and servicing of finance (815) (991) (2,462)
Taxation
Net corporation tax paid (3,042) (464) (3,295)
Capital expenditure
Payments to acquire tangible fixed assets (10,182) (9,875) (20,375)
Receipts from sales of tangible fixed assets 2,118 40 988
Net cash outflow for capital expenditure (8,064) (9,835) (19,387)
Acquisitions and disposals
Net proceeds received from the disposal of - - 427
operations
Net cash inflow from acquisitions and disposals - - 427
Equity dividends paid 4 - - (6,801)
Cash inflow before financing 6 6,542 3,266 6,437
Financing
New loans drawn down 6 - 43,000 43,000
Net proceeds received from issue of shares 6 13,574 - -
Loans repaid 6 (23,000) (45,329) (53,657)
(9,426) (2,329) (10,657)
(Decrease)/ increase in cash in the period 6 (2,884) 937 (4,220)
THE RESTAURANT GROUP PLC
Notes to the Interim Financial Statements
1) Reconciliation of operating profit to net cash inflow from operating
activities
Six months Six months Year ended
ended 30 June ended 30 June 31 December
2004 2003 2003
(unaudited) (unaudited) (audited)
£'000 £'000 £'000
Operating profit 10,928 8,210 20,163
Depreciation 7,759 7,033 14,961
Decrease/ (increase) in stocks 517 281 (242)
(Increase) in debtors (2,231) (5,622) (3,090)
Increase in creditors 1,490 4,654 6,163
Net cash inflow from operating activities 18,463 14,556 37,955
2) Exceptional items
The group has recognised a credit of £357,000 during the six months to 30 June
2004 in respect of accruals not required for professional costs incurred on the
aborted bid for ASK Central plc. A loss and provision for loss on disposal of
fixed assets of £1,097,000 (2003: £270,000) has been charged in the six months
to 30 June 2004 in respect of property disposals.
3) Taxation
The taxation charge has been calculated by reference to the expected effective
corporation tax and deferred tax rates for the full financial year 2004 applied
against the profit before tax for the period to 30 June 2004. The effective tax
charge including deferred tax is estimated to be 34% for the year.
4) Dividends
The Directors have declared an interim dividend of 0.825p (2003: 0.75p) per
share which will be paid on 29 October 2004 to Ordinary Shareholders on the
Register at the close of business on 24 September 2004. On 8 July 2004 the Group
paid the final dividend for 2003 of 2.90p per share, or £6,198,000 in total.
5) Earnings per share
The calculation of basic earnings per share is based on the profit after
taxation for the period and on the weighted average number of ordinary shares in
issue during the period. The weighted average number of ordinary shares at 30
June 2004 was 212,187,568. As at 30 June 2003 and 31 December 2003, the average
weighted number of shares in issue was 194,301,733.
Adjusted basic earnings per share represents the basic earnings per share,
calculated as set out above, as adjusted for the effect on earnings of
exceptional items (including the impact of taxation).
The calculation of diluted earnings per share is based on 212,999,464 shares
(six months ended 30 June 2003: 195,210,838 shares and year ended 31 December
2003: 195,720,500 shares).
6) Reconciliation of changes in cash to the movement in net debt
Six months Six months Year ended
ended 30 June ended 30 June 31 December
2004 2003 2003
(unaudited) (unaudited) (audited)
£'000 £'000 £'000
Net debt at the beginning of the period (38,163) (44,600) (44,600)
Movements during the period:
New loans drawn down - (43,000) (43,000)
Loans repaid 23,000 45,329 53,657
Cash (outflow)/ inflow (2,884) 937 (4,220)
Net debt the end of the period (18,047) (41,334) (38,163)
Analysis of net debt At Cash flow At
31 December movements 30 June
2003 in the period 2004
(audited) (unaudited) (unaudited)
£'000 £'000 £'000
Cash at bank and in hand 526 (21) 505
Bank overdraft (3,689) (2,863) (6,552)
(3,163) (2,884) (6,047)
Bank loan due within one year - - -
Bank loans due after one year (35,000) 23,000 (12,000)
(38,163) 20,116 (18,047)
7) Share Capital
Following the Extraordinary General Meeting held on 14 January 2004, the Company
placed 19,430,000 shares (representing approximately 10% of the then existing
share capital) on 15 January 2004, at a price of 71p per share which represented
a discount of 1.4% to the closing mid-market price on 17 December 2003 (the last
Dealing Day prior to the announcement of the Placing). In addition, since the
2003 year end, the Group issued 242,787 shares in respect of a Save As You Earn
scheme to employees.
Interim Financial Statements
The interim financial statements have been prepared on the basis of the
accounting policies set out in the Group's 2003 statutory accounts.
The interim financial statements were approved by a duly appointed committee of
the Board of Directors on 14 September 2004 and are unaudited. The auditors
have carried out a review and their report is set out below.
The figures for the year ended 31 December 2003 have been extracted from the
statutory accounts which have been filed with the Registrar of Companies. The
auditors' report on the 2003 financial statements was unqualified and did not
contain any statement under section 237 of the Companies Act 1985. The interim
financial statements do not constitute statutory accounts.
Independent Review Report to The Restaurant Group plc
Introduction
We have been instructed by the company to review the financial information for
the six months ended 30 June 2004 on pages 7 to 13. 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.
This report is made solely to the company in accordance with the terms of our
engagement to assist the company in meeting the requirements of the Listing
Rules of the Financial Services Authority. Our review has been undertaken so
that we might state to the company those matters we are required to state to it
in this report and for no other purpose. To the fullest extent permitted by
law, we do not accept or assume responsibility to anyone other than the company
for our review work, for this report, or for the conclusions we have reached.
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 any
changes, and the reasons for them, are disclosed.
Review work performed
We conducted our review in accordance with guidance contained in Bulletin 1999/4
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 excludes audit
procedures such as tests of controls and verification of assets, liabilities and
transactions. It is substantially less in scope than an audit performed in
accordance with United Kingdom 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 June 2004.
BDO Stoy Hayward LLP
London
14 September 2004
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