Interim Results
Speedy Hire PLC
23 November 2005
23 November 2005
SPEEDY HIRE Plc
INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2005
Speedy Hire is the number one provider of tool and equipment hire services in
the UK.
FINANCIAL HIGHLIGHTS
Unaudited Unaudited %
2005 2004 Change
Group Revenue £120.0m £98.9m +21.3
Group Operating Profit £16.5m £13.4m +23.1
Group Operating Profit Before Amortisation and Impairments £17.3m £13.7m +26.3
Group Profit Before Taxation £13.0m £11.2m +16.1
Group Profit Before Amortisation, Impairments and Before Taxation £13.9m £11.5m +20.9
Earnings Per Share 22.2p 18.7p +18.7
Earnings Per Share 1 (with underlying tax rate 2) 23.6p 19.8p +19.2
Proposed Dividends Per Share 4.9p 4.3p +14.0
Gearing 64.8% 82.2% -
1 Before amortisation
2 Estimated effective tax rate 27.5% (2004: 29.3%) and underlying tax rate 27.5%
(2004: 27.2%)
• Strong growth in turnover, operating profit and earnings per share.
• Strong and stable operating margins and return on capital.
• Strong financial position aided by new banking facilities and placing.
• Markets remain buoyant and stable.
• Business is in excellent shape.
Outlook
'Our strategy has ensured that we maintain a diverse range of customers, an
increasingly broad range of quality equipment and a national geographical spread
with no reliance on one region or product. Our customer surveys show very high
levels of satisfaction generating a good level of repeat business which is a
tribute to our outstanding people. This powerful combination will ensure that
Speedy Hire maintains its market leading position.
Speedy Hire is in excellent shape. Subject to there being no significant change
in the economic outlook, we are confident of reporting further progress.'
David Wallis - Chairman
For further information:
Speedy Hire Plc Hudson Sandler
Steve Corcoran (Chief Executive) Nick Lyon / James Benjamin
Neil O'Brien (Group Finance Director) Tel: 020 7796 4133
Wednesday only: 020 7796 4133
Thursday onwards: 01942 720000
There will be a meeting for analysts at 9.30am on Wednesday 23 November at the
offices of Hudson Sandler, 29 Cloth Fair, London EC1A 7NN
High resolution photographs will be available to media from 11.00am at
www.vismedia.co.uk
SPEEDY HIRE Plc
Interim Results for the six months ended 30 September 2005
We are pleased to report another six months of excellent progress for Speedy
Hire. Our strategy of hiring an unrivalled range of quality tools and equipment
to our customers, backed up with excellent service has enabled the Group to
continue to grow strongly, with a mixture of Greenfield expansion, like-for-like
turnover increase and bolt-on acquisitions. These have combined to further
increase Speedy Hire's market share.
Financial Performance
Group turnover for the six months to 30 September was £120.0 million (2004:
£98.9 million) an increase of 21.3%, while operating profit before amortisation
and impairment was £17.3 million (2004: £13.7 million) an increase of 26%. Our
operating margin remains strong and stable at 14.4% pre goodwill (2004: 13.9%)
despite some cost pressure on fuel and energy. Profit before tax rose by 16.1%
to £13.0 million (2004: £11.2 million) and underlying earnings per share were
23.6 pence a 19.2% increase on the same period last year.
Capital expenditure in the half-year was £37.5 million, which we believe results
in the Group maintaining the best, most comprehensive and most modern fleet in
the market, a key competitive advantage. A further £14.6 million has been
invested in acquisitions. These have enhanced our national network and position
us better to achieve market leadership in all sectors in which we operate.
Return on capital for the half year was 17.4% (2004: 16.3%), significantly ahead
of the cost of our capital.
Net debt at 30 September was £84.3 million (2004: £81.9 million) producing a
gearing figure of 64.8% (2004: 82.2%). Interest payments were covered 4.8 times
(2004: 6.1 times) by operating profit. In August, we negotiated a five year
£150 million revolving credit facility with our syndicate of banks and in
September raised £14.8 million, after costs, by way of a Placing of 2.13 million
shares at 710p, the then prevailing mid-market price.
The interest charge for the six months includes the accelerated amortisation of
£405,000 of banking fees relating to the 2003 facility and costs associated with
fair value adjustments on financial instruments accounted for under
International Financial Standards. Adjusting for these items, interest cover
for the six months was 5.5 times.
This very strong financial position allows us to continue with our business
development and acquisition programmes and ensures that we are able to take
advantage of the growth opportunities which are available to us.
The Board intends to pay an interim dividend of 4.9 pence per share (2004: 4.3
pps) an increase of 14%. The interim dividend will be paid on 27 January 2006
to those shareholders on the register as at 6 January 2006.
The results for the six months to September and the comparative periods are
prepared under International Financial Reporting Standards ('IFRS'). To help
understand the impact of the transition, an appendix is included within this
report which reconciles the results previously reported under UK GAAP to those
reported under IFRS.
Business Review
For the first time we are reporting the results of the Tools and Equipment
divisions separately.
The Tools division provides national coverage through its four regional
operating companies, and comprises 226 locations, which enable it to effectively
service both local and national markets. During the period 10 Greenfield depots
were added. Shortly after the end of the period, we acquired the four depots of
Delyn Tool Hire, expanding our presence into North Wales. In the six months to
30 September, the division generated £71.4 million of turnover (2004: £61.2
million) and £10.4 million operating profit (2004: £8.9 million). Like-for-like
growth in turnover was 9%, which once again significantly outperforms the
market.
The continued drive for improved working conditions and a safer working
environment bring ever increasing opportunities for hire. This year two
specific pieces of legislation were introduced that are having a dramatic impact
on working practices and therefore the equipment used; the Working at Height
directive and most recently the Hand Arm Vibration directive. These two acts
demand the use of safer, more capital intensive products which maintain the
momentum to outsource equipment needs.
The newly established Equipment division, consisting of Lifting, Power, Space
and Survey, continues to expand quickly and operates through a smaller number of
depots which service larger contracts for major clients. It is therefore not
meaningful to report like for like performance. In April, we acquired the
accommodation business and certain assets of The Cabin Company Ltd for £6.3
million from Birse plc. A five year trading agreement was set up with the
vendor. This was followed in June with the acquisition of certain plant and
equipment from M J Gleeson plc for a cash consideration of £8.2 million, again
with a five year trading agreement. In October we opened our first depot
dedicated to the hire of pumping equipment, which will operate in a market we
estimate to be worth over £100 million.
Turnover in the six months for the Equipment division amounted to £51.0 million
(2004: £39.1 million), generated by 78 (2004: 76) locations. Operating profit
for the division amounted to £9.6 million (2004: £6.9 million).
The total number of depots now operated by Speedy Hire at the 30 September was
304 and we are delighted to welcome to Speedy all of the new people involved.
As well as managing and growing the existing operations we are continuing to
invest in the Group's future; not only in the quality of the hire fleet, but
also in our people, systems and methods of working and controls. We have more
opportunities to grow the business than ever before as our customers become
larger and more demanding in terms of service.
Speedy Hire is at the forefront of an industry which is rapidly consolidating
and we need to ensure that we are in a position to continue to manage the
growth. We currently have in train major projects in Customer Services and
Training, together with a significant investment in IT to develop our supply
chain management, reduce administration and processing costs and improve our
asset management. These are designed to ensure that we remain ahead of our
peers. These projects will undoubtedly place additional demands on the business
and we continue to put in place the appropriate resources and expertise to
deliver them on time and on budget.
Outlook
Central or local government is the principal client for major new works in our
traditional construction markets. These remain, by and large, strong and stable
and have grown steadily and consistently over many years. Our key customers
within that industry continue to report high levels of activity and many report
record order books.
In addition, we continue to win more business in markets new to us, such as oil,
steel, industrial services and specialist manufacturing. Our ability to cross
sell our current range of services enabled us to secure the recent contract
awarded by Fleet Support Limited to manage the entire hire requirements at the
Royal Naval Dockyard in Portsmouth.
Our strategy has ensured that we maintain a diverse range of customers, an
increasingly broad range of quality equipment and a national geographical spread
with no reliance on one region or product. Our customer surveys show very high
levels of satisfaction generating a good level of repeat business which is a
tribute to our outstanding people. This powerful combination will ensure that
Speedy Hire maintains its market leading position.
Speedy Hire is in excellent shape. Subject to there being no significant change
in the economic outlook, we are confident of reporting further progress.
David Wallis Steve Corcoran
Chairman Chief Executive
SPEEDY HIRE Plc
CONSOLIDATED INCOME STATEMENT
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2005
30 September 30 September 31 March
Note 2005 2004 2005
£000 £000 £000
Revenue 2 119,994 98,903 206,476
Analysis of operating profit
- Before amortisation and impairment 17,304 13,739 30,625
- Intangible amortisation and impairment (843) (311) (635)
Operating profit 2 16,461 13,428 29,990
Loss on disposal of operation 2 - - (655)
Profit before financing costs 2 16,461 13,428 29,335
Financing costs 7 (3,425) (2,196) (4,846)
Profit before tax 13,036 11,232 24,489
Income tax 3 (3,588) (3,292) (6,303)
Profit for the period 9,448 7,940 18,186
Attributable to:
Equity holders of the company 9,448 7,940 18,186
Minority interests - - -
9,448 7,940 18,186
Basic earnings per share (pence) 4 22.18 18.68 42.78
Diluted earnings per share (pence) 4 22.05 18.66 42.55
SPEEDY HIRE Plc
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2005
30 September 30 September 31 March
2005 2004 2005
£000 £000 £000
Profit for the period 9,448 7,940 18,186
Dividends (3,401) (2,832) (4,660)
Issue of ordinary shares 14,794 - -
Movement relating to share-based payments 608 222 558
Deferred tax on share-based payments 231 - -
21,680 5,330 14,084
Equity at start of period 108,489 94,405 94,405
Equity at end of period 130,169 99,735 108,489
SPEEDY HIRE Plc
CONSOLIDATED BALANCE SHEET
AS AT 30 SEPTEMBER 2005
30 September 30 September 31 March
Note 2005 2004 2005
£000 £000 £000
Assets
Property, plant and equipment 213,356 183,493 187,929
Intangible assets 5 14,670 8,350 10,666
Total non-current assets 228,026 191,843 198,595
Inventories 5,102 4,298 4,762
Trade and other receivables 75,052 60,323 55,056
Other financial assets - 48 65
Cash and cash equivalents 1,101 1,299 5,894
Assets classified as held for sale - - 1,664
Total current assets 81,255 65,968 67,441
Liabilities
Trade and other payables (67,938) (55,605) (47,389)
Current income tax (7,511) (2,266) (2,588)
Finance lease liabilities (118) (512) (287)
Other financial liabilities (129) (38) (49)
Total current liabilities (75,696) (58,421) (50,313)
Interest-bearing loans and borrowings (85,273) (82,730) (88,660)
Deferred tax liabilities (18,143) (16,925) (18,574)
Total non-current liabilities (103,416) (99,655) (107,234)
Net Assets 2 130,169 99,735 108,489
Equity
Issued capital 6 2,239 2,132 2,132
Share premium 6 47,379 32,692 32,692
Merger reserve 3,660 3,660 3,660
Revaluation reserve 50 50 50
Investment property revaluation reserve 22 122 22
Capital redemption reserve 26 26 26
Retained earnings 76,793 61,053 69,907
Total equity attributable to equity holders 130,169 99,735 108,489
SPEEDY HIRE Plc
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2005
30 September 30 September 31 March
Note 2005 2004 2005
£000 £000 £000
Cash generated from operations 8 35,075 29,414 56,646
Interest paid (2,860) (1,741) (4,758)
Income taxes paid 323 (1,699) (2,694)
Net cash from operating activities 32,538 25,974 49,194
Cash flows from investing activities
Acquisition of businesses (14,577) (14,707) (18,746)
Purchase of property, plant and equipment (37,486) (34,279) (60,512)
Proceeds from sale of business - - 500
Proceeds from sale of property, plant and equipment 7,267 5,052 12,223
Net cash from investing activities (44,796) (43,934) (66,535)
Cash flows from financing activities
Proceeds from the issue of share capital 14,794 - -
New bank loans - 15,631 21,660
Repayment of borrowings (3,807) - -
Payment of finance lease liabilities (169) (461) (686)
Dividends paid (3,353) (2,832) (4,660)
Net cash from financing activities 7,465 12,338 16,314
Net increase/(decrease) in cash and cash equivalents (4,793) (5,622) (1,027)
Cash and cash equivalents at beginning of period 5,894 6,921 6,921
Cash and cash equivalents at end of period 9 1,101 1,299 5,894
NOTES TO THE INTERIM FINANCIAL STATEMENTS
1. Basis of preparation
The consolidated interim financial statements of the Company for the six months
ended 30 September 2005 comprise the Company and its subsidiaries (together
referred to as the 'Group').
The consolidated interim financial statements were authorised for issuance on 21
November 2005.
EU Law (IAS Regulation EC1606/2002) requires that the next annual consolidated
accounts of the group for the year ending 31 March 2006 be prepared in
accordance with International Financial Reporting Standards ('IFRS') as adopted
for use in the EU ('adopted IFRS'). Details of how the group's results and
financial position are impacted by the change to IFRS are set out in the Group's
IFRS restatement report which was issued on 3 October 2005.
The comparative figures for the year ended 31 March 2005 are not the statutory
accounts for that financial year. Those accounts, which were prepared under UK
GAAP, have been reported on by the auditors and delivered to the registrar of
companies. The report of the auditors was unqualified and did not contain
statements under section 237(2) or (3) of the Companies Act 1985.
This interim financial information has been prepared on the basis of the
recognition and measurement requirements of adopted IFRSs that are effective (or
available for early adoption) for the year ending 31 March 2006, the Group's
first annual reporting date at which it is required to use adopted IFRSs. Based
on these adopted IFRSs, the Directors have applied the accounting policies as
set out in the financial statements for the year ended 31 March 2005 as amended
by the Group's IFRS restatement report issued on 3 October 2005 and referred to
above, which they expect to apply when the first annual IFRS financial
statements are prepared.
The IFRSs that will be effective or available for voluntary early adoption in
the annual financial statements for the period ended 31 March 2006 are still
subject to change and subject to the issue of additional interpretation(s) and
therefore cannot be determined with certainty. Speedy continues to review all
of its accounting policies as consensus on the application of IFRS develops.
Accordingly, the accounting policies for the annual period that are relevant to
this interim financial information will be determined only when the first IFRS
financial statements are prepared at 31 March 2006.
The accounting policies have been applied consistently throughout the Group for
purposes of these consolidated interim financial statements.
2. Segmental analysis
Revenue
30 September 30 September 31 March
2005 2004 2005
£000 £000 £000
Class of business
Tool Hire 71,407 61,229 129,078
Equipment Hire 51,002 39,140 80,748
Central - - 8
122,409 100,369 209,834
Intra-group revenue (2,415) (1,466) (3,358)
119,994 98,903 206,476
Profit before financing costs
30 September 30 September 31 March
2005 2004 2005
£000 £000 £000
Class of business
Tool Hire 10,427 8,888 20,457
Equipment Hire 9,579 6,905 14,765
Central (2,702) (2,054) (4,597)
17,304 13,739 30,625
Intangible amortisation and impairment (843) (311) (635)
Loss on disposal of business - - (655)
16,461 13,428 29,335
Net assets / (liabilities)
30 September 30 September 31 March
2005 2004 2005
£000 £000 £000
Class of business
Tool Hire 106,034 90,798 97,433
Equipment Hire 90,317 78,069 77,687
Central 3,438 4,461 5,756
199,789 173,328 180,876
Intangible assets 14,670 8,350 10,666
Net debt (84,290) (81,943) (83,053)
130,169 99,735 108,489
3. Income taxes
Income tax on the profit before taxation for the six months ended 30 September
2005 is based on an effective rate of 27.5%, which has been calculated by
reference to the projected charge for the full year.
4. Earnings per share
The calculation of basic earnings per share for the six months ended 30
September 2005 was based on the profit attributable to ordinary shareholders of
£9,448,000 (six months ended 30 September 2004: £7,940,000) and a weighted
average number of ordinary shares outstanding during the six months ended 30
September 2005 of 42,599,760 (six months ended 30 September 2004: 42,510,914),
calculated as follows:
30 September 30 September 31 March
2005 2004 2005
No. No. No.
Weighted average number of shares in issue
At the beginning of the period 42,510,914 42,510,914 42,510,914
Effect of share issue in the period 88,846 - -
Weighted average number of shares - basic 42,599,760 42,510,914 42,510,914
Diluting effect of options under the Long Term Incentive Plan 188,294 45,109 124,160
Diluting effect of the Save As You Earn share option scheme 68,751 - 106,268
Weighted average number of shares - diluted 42,856,805 42,556,023 42,741,342
30 September 30 September 31 March
2005 2004 2005
Earnings per share (pence)
Basic 22.18 18.68 42.78
Diluted 22.05 18.66 42.55
5. Acquisitions
During the period the Group acquired the business and certain assets of The
Cabin Company Limited ('TCCL'), a wholly owned subsidiary of Birse Group Plc,
for a maximum cash consideration of £6.3 million. The acquisition includes a
five-year exclusive national supply and services agreement for temporary
accommodation with Birse Group.
The Group also acquired the internal plant hire operations of MJ Gleeson Group
plc ('MJG'), for a consideration of £8.2 million in cash. At the same time as
the purchase, the Group entered into a five year exclusive supply agreement with
MJ Gleeson Group plc.
Intangible assets of £4.5m relating to the supply agreements have been
recognised, and are being amortised over the period of the agreements.
6. Capital and reserves
On 14 September 2005 the Group completed a placing of 2,132,315 ordinary shares
at 710p each. The surplus proceeds (after costs) in excess of the shares
nominal value has been credited to the share premium account.
7. Interest-bearing loans and borrowings
The Group completed a re-financing of its banking facilities in August 2005.
Unamortised issue costs (amounting to £260,000) relating to the previous loan
facility agreed in August 2003 have been written off in the period. Costs of
£463,000 relating to the new facility are being amortised over the life of the
agreement. In addition, £145,000 has been charged to financing costs relating
to the change in fair value of financial instruments.
8. Reconciliation of profit before financing costs to net cash generated
from operations
30 September 30 September 31 March
2005 2004 2005
£000 £000 £000
Cash flow from operating activities
Profit before financing costs 16,461 13,428 29,335
Profit on sale of property, plant and equipment (2,096) (2,341) (3,842)
Loss on disposal of business - - 655
Intangible amortisation and impairment 843 311 635
Depreciation 18,442 15,291 31,192
Increase in inventories (340) (333) (834)
Increase in trade and other receivables (19,264) (13,032) (8,816)
Decrease in trade and other payables 20,421 15,832 7,750
Share based payments 608 258 571
Cash generated from operations 35,075 29,414 56,646
9. Analysis of net debt
30 September 30 September 31 March
2005 2004 2005
£000 £000 £000
Cash at bank and in hand 1,101 1,299 5,894
HP and finance lease liabilities (118) (512) (287)
Non-current bank loans (85,273) (82,730) (88,660)
Net debt as at the end of the period (84,290) (81,943) (83,053)
10. IFRS reconciliations
As stated in note 1, these are the Group's first consolidated interim financial
statements for part of the period covered by the first IFRS annual consolidated
financial statements prepared in accordance with IFRSs.
The Group issued an explanation of how the transition from UK GAAP to IFRSs has
affected the Group's financial position, financial performance and cash flows in
the restatement report published on 3 October 2005. A copy of the report can be
found on the Group's website (www.speedyhire.plc.uk). The report contains a
reconciliation of equity as at the date of transition and at 31 March 2005,
together with a reconciliation of profit for the year to 31 March 2005. These
results are accordingly not reproduced in this document.
The analysis set out in the following tables summarises the impact of transition
on the comparative information for the period to 30 September 2004.
Reconciliation of equity - at 30 September 2004
UK GAAP IFRS 2 IFRS 3 IAS 10 IAS 12 IAS 39 IFRS GAAP
£000 £000 £000 £000 £000 £000 £000
Assets
Property, plant and equipment 183,493 - - - - - 183,493
Intangible assets 8,296 - 54 - - - 8,350
Total non-current assets 191,789 - 54 - - - 191,843
Inventories 4,298 - - - - - 4,298
Trade and other receivables 60,323 - - - - - 60,323
Other financial assets - - - - - 48 48
Cash and cash equivalents 1,299 - - - - - 1,299
Total current assets 65,920 - - - - 48 65,968
Liabilities
Trade and other payables (57,442) 9 - - 1,828 - (55,605)
Current income tax (2,266) - - - - - (2,266)
HP and finance leases (512) - - - - - (512)
Other financial liabilities - - - - - (38) (38)
Total current liabilities (60,220) 9 - - 1,828 (38) (58,421)
Interest-bearing loans and
borrowings (82,730) - (82,730)
Deferred tax liabilities (14,764) (5) 38 (2,191) - (3) (16,925)
Total non-current liabilities (97,494) (5) 38 (2,191) - (3) (99,655)
Net Assets 99,995 4 92 (2,191) 1,828 7 99,735
Equity
Issued capital 2,132 - - - - - 2,132
Share premium 32,692 - - - - - 32,692
Reserves 3,858 - - - - - 3,858
Retained earnings 61,313 4 92 (2,191) 1,828 7 61,053
Total equity attributable to
equity holders of the parent
99,995 4 92 (2,191) 1,828 7 99,735
Reconciliation of profit for the period to 30 September 2004
UK GAAP IFRS 2 IFRS 3 IAS 10 IAS 12 IAS 39 IFRS GAAP
£000 £000 £000 £000 £000 £000 £000
Revenue 98,903 - - - - - 98,903
Analysis of operating
profit
Pre-amortisation &
impairment 13,660 79 - - - - 13,739
Amortisation &
impairment (516) - 205 - - - (311)
Operating profit 13,144 79 205 - - - 13,428
Loss on disposal of
business - - - - - - -
Profit before financing
costs 13,144 79 205 - - - 13,428
Financing costs (2,169) - - - - (27) (2,196)
Profit before tax 10,975 79 205 - - (27) 11,232
Income tax expense (2,981) (5) 38 - (352) 8 (3,292)
Profit for the period 7,994 74 243 - (352) (19) 7,940
Attributable to:
Equity holders 7,994 74 243 - (352) (19) 7,940
Explanation of material adjustments to the cash flow statement
There are no material differences between the cash flows presented under IFRSs
and the cash flows presented under previous GAAP.
INDEPENDENT REVIEW REPORT TO SPEEDY HIRE PLC
Introduction
We have been engaged by the company to review the financial information set out
on pages 4 to 13 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.
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 which require that the accounting policies and presentation applied to the
interim figures should be consistent with those applied in preparing the
preceding annual financial statements except where any changes, and the reasons
for them, are disclosed.
As disclosed in note 1 to the financial information, the next annual financial
statements of the Group will be prepared in accordance with IFRSs adopted for
use in the European Union. The accounting policies that have been adopted in
preparing the financial information are consistent with those that the directors
currently intend to use in the next annual financial statements. There is
however a possibility that the Directors may determine that some changes to
these policies are necessary when preparing the full annual financial statements
for the first time in accordance with those IFRSs adopted for use by the
European Union.
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 group 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 2005.
KPMG Audit Plc
Chartered Accountants St James' Square
Manchester
M2 6DS
21 November 2005
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