RM Interim Results

RM PLC 14 May 2007 14th May 2007 RM: Interim Results for the six months to 31 March 2007 RM, the leading supplier of information and communications technology (ICT) to UK education, reports continued good performance in the six months to 31 March 2007. Financial headlines - Profit before tax: £5.6m (2006: £2.0m) - Profit before tax (before amortisation of acquisition related intangibles of £0.1m and exceptional pension credit of £3.5m): £2.2m (2006:£2.0m) - Profit is after expensing BSF bid costs in the period of £1.6m - Revenue: £115.6m (2006: £114.2m) - Dividend per share up 6% to 1.19p (2006: 1.12p) - Net funds less deferred consideration: £21.4m (2006: £21.6m) - Good progress in addressing pension deficit Operational headlines - Committed revenues exceed £300m; a three-fold increase since 2002 - Significant developments in each of our four focus areas: Learning Technologies Assessment and Data Services Education Management Systems Education Resources and Software - Further improvement in customer satisfaction score to 7.51 (2006 full year: 7.41) - BSF success; win rate ahead of target Commenting on the results, Tim Pearson, CEO of RM, said: 'With further project wins in BSF, two major e-Assessment contracts and continued excellent growth in our Education Resources business, we've made great progress developing the business in the first half of 2007. 'As always with RM, the first half results are not necessarily a good indicator of full-year outcome; however, I'm pleased that we've made a good start to the year. For the year as a whole, our expectations are unchanged and we're well positioned to make further progress across the business. 'Education is a national and international priority. The opportunities available to us are extremely exciting and, with an increasingly strong and broad portfolio of businesses, we're uniquely well placed to respond to them.' For further information, please contact: Mike Greig/Phil Hemmings, RM plc 08450 700300 Andrew Fenwick/Mark Antelme/Raphael Mazet, Brunswick 020 7404 5959 A briefing to analysts will take place at 9.30am on Monday 14 May 2007 at the Lincoln Centre, Brunswick, 18 Lincoln's Inn Fields, London, WC2A 3ED. A live audio feed will be available to those analysts and shareholders unable to attend this meeting in person. To access this facility, please dial +44 (0) 1452 541 077. A copy of the presentation will be available at www.rm.com from 8.30am on 14 May 2007. Results RM's business mix continues to improve, with an increasing proportion of the Group's revenues coming from longer term contracts. Committed revenues (order book, deferred revenue and projects at preferred bidder stage) at the end of the period exceeded £300m, a three-fold increase since September 2002. Revenue in the period was £115.6m (2006: £114.2m). Profit before tax was £5.6m (2006: £2.0m); this includes an exceptional credit of £3.5m related to a reduction in the Group's pension deficit. Profit before tax before this exceptional credit and before amortisation of acquisition related intangibles of £0.1m was up 11% to £2.2m (2006: £2.0m). Operating costs (before amortisation of acquisition related intangibles and the exceptional pension credit) were £30.1m (2006: £29.3m) and reflect increased investment in business development and product development across the Group. The cost of bidding for Building Schools for the Future (BSF) projects expensed during the period was £1.6m (2006: £2.0m). Net funds less deferred consideration were £21.4m at the end of the period (2006: £21.6m). Significant cash outflows during the period included: a £2.0m payment to the pension scheme (the first part of a special payment of £3.5m); and a £2.7m investment in a new building for TTS, the Group's specialist education resources business. The interim dividend will increase by 6% to 1.19p per share (2006: 1.12p per share); the dividend is payable on 29 June 2007 to shareholders on the register at 1 June 2007. Business context RM is wholly focused on serving the education market; we provide products and services that help teachers to teach and learners to learn. Our strategy is to grow shareholder returns by developing businesses which build on and reinforce our three competitive advantages: education focus, technical ability and relative scale. The Government's March 2007 Budget confirmed the importance of education in the UK, with real terms growth of 2.5% in public spending on education planned for the next three government years. Education is also a key priority across the world; OECD statistics show that, on average, between 1995 and 2003, education spend increased as a percentage of GDP in the group of 24 countries for which data was available. The education market presents a wide range of opportunities for RM. In each of our four focus areas - Learning Technologies, Assessment and Data Services, Education Management Systems, and Education Resources & Software - we have made good progress in the first half of the year, both in the UK and increasingly in international markets. Learning Technologies BSF - the Government's £45 billion programme to renew all English secondary schools - is the largest single opportunity available to RM. We are ahead of our target of winning 30% of BSF projects: with preferred bidder appointments in Knowsley, Leeds and Lambeth in the first half, we have won five of the fourteen ICT projects awarded so far. These five contracts represent future business worth over £70m in the next seven years. We are currently bidding on a further twelve projects, with bidding for an additional seven projects expected to start in the second half. BSF bid costs expensed in the year as a whole are likely to be £3.5m (2006 full year: £3.8m). Learning Platforms - which provide communication & collaboration, online content delivery and secure access to school information - are a natural evolution of the sophisticated ICT infrastructure software and services we already supply to schools. We are leading the way in this new area with the £37.5m Glow project, a national intranet for all learners in Scotland which we believe to be the largest Learning Platform in the world and which entered phase 2 pilots during the period. Community Connect - the most widely used school network product in the UK - will now be used in all state schools in Northern Ireland. It is being provided for use in primary schools as part of Lot 6 of the C2K programme and was already used in secondary schools as a result of an earlier phase of the C2K programme. Pupils at 20 schools in Newham routinely use RM-supplied computers at home, with encouraging educational results. The experience gained from this project positions us well for the Government's Computers for Pupils programme, which is intended to provide personal access to ICT equipment for the most disadvantaged pupils. In March, we were chosen as preferred supplier of computing devices and connectivity services for the London Computers for Pupils programme, a contract which is likely to be worth approximately £5m. Assessment and Data Services We have made excellent progress in our assessment and data business, securing long-term managed service agreements with two key partners: Cambridge Assessment and the Assessment and Qualifications Alliance (AQA). These two partnerships, along with our work with other exam boards and professional associations, position us as a leader in the provision of e-Assessment services. Our £21m, five-year education process outsourcing contract with Cambridge Assessment confirms us as their on-screen marking partner, providing a complete marking service which includes: scanning and hosting of examination scripts; electronic distribution of exam scripts to individual markers; on-screen marking; electronic return of marks; workflow; and improving control and monitoring of the whole process. The Cambridge Assessment service is built on scoris(R), the third-generation of RM's innovative e-Marking platform, which we are also using to provide services to other exam boards and other organisations (such as professional associations) that provide examinations and assessments. For AQA we are providing a range of computer-based test authoring and delivery services. The agreement will allow AQA to make its GCSE and A Level qualifications increasingly available for students to take 'on-screen' using an Internet-connected computer. The technology used to distribute tests to test centres builds on the work we have done with the QCA on the groundbreaking Key Stage 3 ICT test. Education Management Systems Our IntegrisG2 school management software is now in use in 100 schools and recent authority-wide project wins in Powys and Wakefield will substantially increase the installed base. We introduced IntegrisG2 Finance, a school financial management system developed in partnership with CODA, at BETT 2007 in January and already have a good pipeline for this product. The benefits of a Web-based, centrally-hosted delivery model to Local Authorities are clear: reduced cost & complexity, saved time for teachers & administrators and easier access to better information. In Australia, CAZ Software, which we acquired just under a year ago, has been successfully integrated. There are a range of interesting opportunities for RM in Australia, including state-wide contracts for both education management software and for Learning Platforms. Education Resources and Software The supply of specialist education resources for use in the classroom has been an increasingly important part of our business since we acquired TTS in September 2004. We have expanded the range of products TTS offers, principally by the introduction of new catalogues (most notably addressing special educational needs and sports equipment), but also with the targeted acquisition of MES last year. We have also extended our relationship with Tesco, securing the contract to supply the Tesco Sport for Schools and Clubs scheme which will run in Autumn 2007. TTS' revenues in FY2007 are on course to have grown by more than 80% since it joined the RM Group. There is scope for significant further growth: organically, through acquisition, and internationally. Education software in the UK is a more interesting market than it has been at any time for the last five years, following the suspension of BBC jam in March by the BBC Trust (the regulator of the BBC). It will be some time before it becomes clear what the BBC's future activities in the education area will be. In the meantime, we are reviewing our plans in this area, with the intention of identifying areas for renewed investment. There are also international opportunities for our education software products. We established RM Educational Software Inc. in the US in 2004 and now employ 15 people there selling a range of products including Easiteach, Maths Alive and Podium Podcasting. Revenue doubled year-on-year (albeit from a small base) and we expect this business to move into a profit during the second half. Customer satisfaction Our people's continuing commitment to delivering the highest levels of customer satisfaction is notable. In the first half, the customer satisfaction score - our most important non-financial measure - increased further to 7.51 (2006 full year: 7.41), putting us ahead of our target for the year. We have also received external recognition as the UK's best help desk by receiving the Help Desk Institute's Support Team Excellence Award for 2007. Pensions The deficit on the Group's defined benefit pension scheme decreased by £9.8m in the period (IAS 19 deficit March 2007: £8.9m; September 2006: £18.7m). Management actions accounted for £6.3m of this reduction and included: agreeing with active scheme members a 5% cap on future pensionable salary increases, which reduced the deficit by £3.5m; paying the first £2.0m of a special pension payment of £3.5m; and the continuation of £1.7m pa additional cash contributions. The balance of £3.5m resulted from market-related movements. Further details are provided in note 9 to the Accounts. Outlook Each year we note in our interim results statement that half-year performance is not necessarily a good indicator of the outcome for the year as a whole; schools' purchasing patterns mean that the majority of revenues and profit occurs in the second half of the Group's financial year. Nonetheless, we have made a good start to the year and our expectations for 2007 are unchanged. Our new structure is allowing us to develop newer areas of the business, whilst at the same time retaining focus on the needs of our existing customers. Education Resources & Software and Assessment and Data Services are now significant contributors to the overall success of RM, whilst Education Management Systems has established momentum in a conservative market. For the moment, BSF remains an investment activity with bid costs continuing to reduce reported profit; however, we expect BSF to contribute positively to profit from 2010/11. Education is a national and an international priority and RM is one of a very few companies dedicated to delivering educational improvement. The opportunities available to us are extremely exciting and with an increasingly strong and broad portfolio of businesses, RM is in good shape to respond to them. Consolidated income statement for the half-year ended 31 March 2007 £'000 Notes Half-year ended Half-year Year ended ended 30 31 March 31 March September 2007 2006 2006 2 Before Amortisation of Total amortisation of acquisition acquisition related related intangible intangible assets and assets and exceptional exceptional pension credit pension credit ____________________________________________________________________________________________ Revenue 115,562 - 115,562 114,185 262,310 Cost of sales (84,276) - (84,276) (83,719) (191,177) ____________________________________________________________________________________________ Gross profit 31,286 - 31,286 30,466 71,133 Selling and distribution costs (16,570) - (16,570) (16,159) (33,166) Research and development expenses (8,097) - (8,097) (7,514) (14,918) Administrative expenses (5,436) - (5,436) (5,633) (10,193) Amortisation of acquisition related intangible assets - (119) (119) - (53) Exceptional pension credit 9 - 3,500 3,500 - - ____________________________________________________________________________________________ (30,103) 3,381 (26,722) (29,306) (58,330) ____________________________________________________________________________________________ Profit from operations 1,183 3,381 4,564 1,160 12,803 Investment income 1,007 - 1,007 893 1,876 Finance costs - - - (86) (135) ____________________________________________________________________________________________ Profit before tax 2,190 3,381 5,571 1,967 14,544 Tax 3 (596) (1,014) (1,610) (544) (4,055) ____________________________________________________________________________________________ Profit for the period attributable to equity holders of the parent 1,594 2,367 3,961 1,423 10,489 ____________________________________________________________________________________________ Earnings per ordinary share: 4 Basic 1.7p 2.6p 4.3p 1.6p 11.6p Diluted 1.7p 2.6p 4.3p 1.6p 11.5p Proposed dividend per share: 5 Interim 1.19p 1.12p 1.12p Final - - 4.05p All activities relate to continuing operations. Consolidated statement of recognised income and expense for the half-year ended 31 March 2007 £'000 Note Half-year ended Year ended 31 March 31 March 30 September 2007 2006 2006 _________________________________________________________________________________ Exchange differences on translation of foreign operations 10 21 40 (48) Actuarial gains/(losses) on defined benefit pension scheme 10 3,200 4,211 (3,914) Tax on items taken directly to equity 10 (913) (1,283) 1,287 _________________________________________________________________________________ Net income/(loss) recognised directly in equity 2,308 2,968 (2,675) _________________________________________________________________________________ Profit for the period 3,961 1,423 10,489 _________________________________________________________________________________ Total recognised income and expense for the period attributable to equity holders of the parent 6,269 4,391 7,814 _________________________________________________________________________________ Consolidated balance sheet as at 31 March 2007 £'000 Notes Half-year ended Year ended 31 March 31 March 30 September 2007 2006 2006 ________________________________________________________________________________ Non-current assets Goodwill 22,450 20,771 22,332 Acquisition related intangible assets 1,001 - 1,002 Other intangible assets 2,140 1,478 2,460 Property, plant and equipment 22,119 26,134 22,483 Deferred tax assets 5,076 5,504 7,394 ________________________________________________________________________________ 52,786 53,887 55,671 Current assets Inventories 9,446 9,555 10,815 Trade and other receivables 7 42,474 40,000 51,361 Cash and cash equivalents 22,323 24,503 30,092 ________________________________________________________________________________ 74,243 74,058 92,268 Non-current assets held for sale 1,094 - 1,094 ________________________________________________________________________________ Total assets 128,123 127,945 149,033 ________________________________________________________________________________ Current liabilities Trade and other payables 8 (68,796) (68,964) (78,871) Tax liabilities - (45) (1,416) ________________________________________________________________________________ (68,796) (69,009) (80,287) ________________________________________________________________________________ Net current assets 5,447 5,049 11,981 ________________________________________________________________________________ Non-current liabilities Retirement benefit obligation 9 (8,950) (11,136) (18,707) Deferred tax liabilities (158) - (234) Other payables (3,681) (6,721) (6,793) Provisions (601) (970) (737) ________________________________________________________________________________ (13,390) (18,827) (26,471) ________________________________________________________________________________ Total liabilities (82,186) (87,836) (106,758) ________________________________________________________________________________ ________________________________________________________________________________ Net assets 45,937 40,109 42,275 ________________________________________________________________________________ Equity attributable to equity holders of the parent 10 Share capital 1,851 1,836 1,836 Share premium account 25,297 23,818 23,877 Own shares (855) (654) (954) Capital redemption reserve 94 94 94 Translation reserve 17 84 (4) Retained earnings 19,533 14,931 17,426 ________________________________________________________________________________ Total equity 45,937 40,109 42,275 ________________________________________________________________________________ Consolidated cash flow statement for the half-year ended 31 March 2007 £'000 Notes Half-year ended Year ended 31 March 31 March 30 September 2007 2006 2006 ________________________________________________________________________________ Profit from operations 4,564 1,160 12,803 Adjustments for: Loss/(gain) on derivatives 120 41 (14) Depreciation of property, plant and equipment 4,410 4,348 9,071 Amortisation of acquisition related intangible assets 119 - 53 Amortisation of other intangible assets 520 282 342 (Gain)/loss on disposal of property, plant and equipment (99) 125 77 Decrease in provisions (136) - (233) Share-based payment charge 545 588 803 Pension charge 2,100 885 2,358 Pension contribution (2,631) (1,504) (3,554) Exceptional pension credit (3,500) - - ________________________________________________________________________________ Operating cash flows before movements in working capital 6,012 5,925 21,706 Decrease in inventories 1,369 2,312 1,211 Decrease in receivables 8,395 14,260 3,035 (Decrease)/increase in payables (12,390) (10,712) 585 ________________________________________________________________________________ Cash generated by operations 3,386 11,785 26,537 Additional special pension contribution 9 (2,000) - - Tax paid (1,729) (1,493) (3,110) Income from sale of finance lease debt 397 399 854 Interest paid - (10) (36) ________________________________________________________________________________ Net cash inflow from operating activities 54 10,681 24,245 Investing activities Interest received 515 376 784 Proceeds on disposal of property, plant and equipment 518 425 743 Purchases of property, plant and equipment (4,465) (6,392) (8,903) Purchases of other intangible assets (558) (47) (803) Acquisition of subsidiaries, net of cash acquired - - (2,281) ________________________________________________________________________________ Net cash used in investing activities (3,990) (5,638) (10,460) Financing activities Dividends paid 5 (3,707) (3,399) (4,473) Proceeds from share capital issue, net of share issue costs 927 797 831 Repayment of borrowings assumed in acquisitions - - (322) Purchase of own shares (416) (516) (816) Share buy backs - - (65) Repayment of loan notes and deferred consideration (642) (367) (1,790) ________________________________________________________________________________ Net cash used in financing activities (3,838) (3,485) (6,635) ________________________________________________________________________________ Net (decrease)/increase in cash and cash equivalents (7,774) 1,558 7,150 ________________________________________________________________________________ Cash and cash equivalents at the beginning of period 30,092 22,942 22,942 Effect of foreign exchange rate changes 5 3 - ________________________________________________________________________________ Cash and cash equivalents at the end of period 6 22,323 24,503 30,092 Notes to the interim financial report 1. General information RM plc is a company incorporated in the United Kingdom. The unaudited consolidated interim financial statements as at 31 March 2007 and for the six months then ended comprise those of the Company and its subsidiaries (together referred to as the 'Group'). The information for the year ended 30 September 2006 does not constitute statutory accounts as defined in section 240 of the Companies Act 1985. A copy of the statutory accounts for that year has been delivered to the Registrar of Companies. The auditors' report on those accounts was not qualified and did not contain statements under section 237(2) or (3) of the Companies Act 1985. The consolidated financial statements of the Group as at and for the year ended 30 September 2006 are available upon request from the Company's registered office or at www.rm.com/investors The consolidated interim financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS). The Group has chosen not to apply IAS 34 'Interim Financial Reporting' in the preparation of these consolidated interim financial statements. The accounting policies applied by the Group in the consolidated interim financial statements are the same as those applied by the Group in its consolidated financial statements for the year ended 30 September 2006. The preparation of consolidated interim financial statements requires management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets and liabilities, income and expense. Actual results may differ from these estimates. In preparing these consolidated interim financial statements, the significant judgements made by management in applying the Group's accounting policies and the key sources of estimation uncertainty were the same as those that applied to the consolidated financial statements as at and for the year ended 30 September 2006. This interim report was approved by the Board of Directors on 14 May 2007. 2. Income statement presentation The income statement for the half-year ended 31 March 2007 has been presented in three columns. This presentation is intended to give a better guide to business performance by separately identifying the amortisation charge relating to acquisition related intangible assets and, for the half-year, the exceptional pension credit. The columns extend down the income statement to allow the tax and earnings per share impacts of these transactions to be understood. 3. Tax Corporation tax for the interim period is charged at the expected effective tax rate for the full financial year, based upon profit before acquisition related intangible asset amortisation and the exceptional pension credit and incorporates both current and deferred taxation: £'000 Half-year ended Half-year Year ended ended 31 March 31 March 30 September 2007 2006 2006 Before Amortisation of Total amortisation of acquisition acquisition related related intangible intangible assets and assets and exceptional exceptional pension credit pension credit ________________________________________________________________________________ Profit before tax 2,190 3,381 5,571 1,967 14,597* Tax charge 596 1,014 1,610 (544) (4,055) ________________________________________________________________________________ Effective rate 27.2% 30.0% 28.9% 27.6% 27.8% * before £53,000 amortisation of acquisition related intangibles. 4. Earnings per ordinary share The calculation of the basic and diluted earnings per ordinary share is shown below. As explained in note 2, adjusted diluted earnings per share have also been presented which remove the impact of the exceptional pension credit and also amortisation of acquisition related intangible assets. Half-year ended Half-year ended Year ended 1 March 2007 31 March 2006 30 September 2006 Profit Number Pence Profit Number Pence Profit Number Pence after of per after of per after of per tax shares share tax shares share tax shares share £'000 '000 £'000 '000 £'000 '000 _______________________________________________________________________________________________________________ Basic earnings per ordinary share 3,961 91,747 4.3 1,423 90,820 1.6 10,489 90,755 11.6 Effect of dilutive potential ordinary shares: share options - 518 - - 560 - - 560 (0.1) _______________________________________________________________________________________________________________ Diluted earnings per ordinary share 3,961 92,265 4.3 1,423 91,380 1.6 10,489 91,315 11.5 Exceptional pension credit and amortisation of acquisition related intangible assets (2,367) - (2.6) - - - 53 - - _______________________________________________________________________________________________________________ Diluted earnings per ordinary share adjusted for exceptional pension credit and amortisation of acquisition related intangible assets 1,594 92,265 1.7 1,423 91,380 1.6 10,542 91,315 11.5 5. Dividends Amounts recognised as distributions to equity holders in the period: £'000 Half-year ended Year ended 31 March 31 March 30 September 2007 2006 2006 ________________________________________________________________________________ Interim dividend for the half-year ended 31 March 2006 of 1.12p per share - - 1,022 Final dividend for the year ended 30 September 2006 of 4.05p (2005: 3.80p) per share 3,688 3,399 3,399 ________________________________________________________________________________ 3,688 3,399 4,421 The proposed interim dividend of 1.19p per share was approved by the Board on 11 May 2007. The expected cost of £1,094,000 has not been included as a liability at 31 March 2007. 6. Notes to the cash flow statement Cash and cash equivalents (which are presented as a single class of assets on the face of the balance sheet) comprise cash at bank and other short-term highly liquid investments with a maturity of three months or less. Net funds £'000 Year ended Cash flow Non-cash Half-year ended 30 September movements 31 March 2006 2007 ________________________________________________________________________________ Cash and cash equivalents 30,092 (7,774) 5 22,323 Loan notes (884) - - (884) ________________________________________________________________________________ Net funds 29,208 (7,774) 5 21,439 Deferred consideration (703) 642 - (61) ________________________________________________________________________________ 28,505 (7,132) 5 21,378 7. Trade and other receivables £'000 Half-year ended Year ended 31 March 31 March 30 September 2007 2006 2006 ________________________________________________________________________________ Trade receivables 33,646 29,707 41,863 Long-term contract balances 1,655 5,115 5,490 Other receivables 494 750 725 Prepayments and accrued income 6,679 4,428 3,283 ________________________________________________________________________________ 42,474 40,000 51,361 8. Trade and other payables £'000 Half-year ended Year ended 31 March 31 March 30 September 2007 2006 2006 ________________________________________________________________________________ Trade payables 15,249 16,914 20,544 Other taxation and social security 5,450 5,370 9,682 Other payables - deferred consideration 61 1,000 703 Other payables - other 6,053 3,915 1,624 Accruals 21,535 21,480 24,527 Amounts due from long term contract customers - - 43 Deferred income 19,564 18,353 20,864 Loan notes 884 1,932 884 ________________________________________________________________________________ 68,796 68,964 78,871 9. Pensions As described in the report and accounts for the year ended 30 September 2006, the Group conducted a consultation exercise with active members of the Group's defined benefit pension scheme. Following conclusion of the exercise in January 2007, members voted for the introduction of a 5% cap on pensionable salary inflation which has been implemented from February 2007. The impact of this is a reduction of £3.5m in the pension scheme deficit, which has been reflected as an exceptional credit in the income statement, in line with IAS 19 Employee Benefits. In the half-years ended 31 March 2007 and 2006 the deficit on the Group's defined benefit pension scheme has been rolled forward from the respective prior year end. The roll forward includes actual investment returns for the periods and market derived discount rates on liabilities of 5.40% at 31 March 2007 (5.05% at 31 March 2006 and 30 September 2006) and market derived inflation assumptions. Mortality assumptions have not been updated at the half-years. The roll forward includes the impact of the pensionable salary inflation cap. The latest triennial valuation of the scheme took place as at 31 May 2006 and was used as a basis for the 30 September 2006 and 31 March 2007 IAS 19 valuations. Additionally, the Group paid a special contribution of £2.0m into the pension scheme in March 2007 and has agreed to pay an additional special contribution of £1.5m into the scheme later in calendar year 2007. The £1.5m has not been recorded against the scheme deficit at 31 March 2007. These cash payments are in addition to the Group's current service contributions and £1.7m per annum deficit catch up payments agreed with the scheme's trustees in 2006. Following the above actions and updating to reflect current market conditions, the deficit in the scheme has fallen by £9.75m to £8.95m (September 2006 £18.7m) with the related deferred tax asset also falling. This represents significant progress in stabilising the financial position of the scheme and limiting risk to the Group. 10. Reconciliation of shareholders' equity £'000 Half-year ended Year ended 31 March 30 September 2007 2006 2006 ________________________________________________________________________________ Equity brought forward 42,275 38,248 38,248 Profit for the period 3,961 1,423 10,489 Exchange differences on translation of foreign operations 21 40 (48) Actuarial gains/(losses) on retirement benefit scheme 3,200 4,211 (3,914) Tax (charge)/credit on items taken directly to equity (913) (1,283) 1,287 Share-based payment transactions 545 588 803 Dividends paid (3,688) (3,399) (4,421) Other reserve movements 536 281 (169) ________________________________________________________________________________ Equity carried forward 45,937 40,109 42,275 This information is provided by RNS The company news service from the London Stock Exchange

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