Final Results

RNS Number : 3918T

Victrex PLC

06 December 2011

 



6 December 2011

Victrex plc

Final results announcement for the year ended 30 September 2011

Highlights

·           Group revenue up 14% to £215.8m

·           Earnings per share up 31% to 85.3p

·           Cash of £72.3m at 30 September 2011 and no debt

·           Full year dividend per ordinary share up 30% to 32.5p

Chairman Anita Frew commented:

"I am delighted to report another year of strong organic growth at Victrex with record Group revenue and profits and a 30% increase in the annual dividend.

Demand across most of our end user markets continues to be stable. We have seen some softening in parts of our VPS business, particularly in Europe, as customers are cautiously managing inventories ahead of the calendar year end. In our Invibio business we continue to see good growth.

We remain vigilant of the economic uncertainty, particularly in the Eurozone, and the impact this could have on our customers and end users. Whilst it is early in the financial year, assuming demand in our end markets remains resilient we anticipate full year earnings being on track with current market expectations for 2012.

The Group is in an excellent financial position with a healthy balance sheet and strong cash generation. This gives us a strong platform to invest further in our technical leadership, the development of new growth opportunities and to ensure continued security of supply for our customers."

Enquiries

 

Victrex plc
David Hummel, Chief Executive	0203 128 8100 (6 December 2011)
Steve Barrow, Finance Director	01253 897700  (thereafter)
MHP Communications
Nick Denton / Barnaby Fry / Ian Payne	0203 128 8100

A presentation for analysts and investors will be held at 9.30am this morning at the Andaz Hotel, Liverpool Street, EC2M 7QN. A telephone dial in facility will be available for analysts and investors who are unable to attend the presentation, of which details are available from Naomi Lane at MHP on 0203 128 8204. The presentation can be viewed on Victrex's website at www.victrex.com.

 

Victrex plc

Final results statement for the year ended 30 September 2011

I am delighted to report another year of strong organic growth at Victrex with record Group revenue and profits and a 30% increase in the annual dividend.

Group financial results

Group revenue for the year was up 14% to a record of £215.8m (2010: £189.5m) reflecting a strong performance from both of our business units. Sales volume increased by 13% to 2,860 tonnes (2010: 2,535 tonnes) and Invibio^® revenue increased by 12% to £49.7m (2010: £44.2m).

Gross profit increased by 21% to £146.4m (2010: £120.6m), representing a gross margin of 67.8% of turnover (2010: 63.6%). This increase of 4.2 percentage points is largely due to the full year effect of lower fixed costs per tonne as production volumes have increased to meet growing demand. Sales during the first half of 2010 were largely made from inventory produced during 2009 when significantly lower volumes led to higher fixed costs per tonne.

Gross margin in the second half of 2011 of 66.9% was marginally down on the first half of 68.8% reflecting further investment in resources to underpin security of supply for our customers as well as increased raw material input costs.

Sales, marketing and administrative expenses increased by 15% to £52.6m (2010: £45.7m) largely as a result of continued investment in resources and infrastructure to drive and support growth across both business units. Research and development expenditure amounted to £10.5m (2010: £9.5m).

Resulting Group profit before tax was a record of £94.2m, up 26% on 2010 (£74.9m).

Basic earnings per share were up 31% at 85.3p (2010: 65.1p) which also reflects an improvement in the effective tax rate to 24.5% (2010: 28.0%). This is due to a further reduction in the UK corporation tax rate from 28% to 26% with effect from 1 April 2011, together with a UK tax refund following agreement of a number of prior year computations with HM Revenue & Customs. Without the benefit of the tax refund the underlying effective tax rate was 26.4% and the increase in underlying basic earnings per share was 28%.

Cash flow

Cash from operations remained in line with the prior year at £91.2m (2010: £90.9m) with the increased contribution from operating profit being offset by an increase in working capital.

Higher working capital is predominantly due to a strategic investment in raw material and finished product inventory to underpin security of supply and also reflects the higher unit cost associated with the investment in resources and increased raw material prices absorbed in production costs in 2011 as noted above.

Capital expenditure cash payments increased to £9.0m (2010: £4.5m), mainly as a result of investment in Invibio's component production facility, investment in land for future expansion and enhanced technical facilities at our UK site and a software upgrade to the PEEK production plants' control systems.

Taxation paid was £25.7m (2010: £13.7m) reflecting the improvement in trading.

Dividends paid during the year increased to £63.8m (2010: £16.9m) largely as a result of the special dividend of 50.0p per share paid in February 2011 which amounted to £41.6m.

The resulting Group cash balance as at 30 September 2011 was £72.3m with no debt (2010: £77.3m and no debt). The Group has a committed bank facility of £40m, all of which was undrawn as at 30 September 2011. This facility expires in September 2012 and funding options will be considered during the course of the year in the light of medium-term investment requirements.

Proposed dividend

The business remains cash generative, has a strong balance sheet and we remain confident in the growth potential for our business. We are therefore recommending an increase of 30% in the full year dividend, in line with earnings growth. This results in a final dividend of 24.5p (2010: 18.6p) per ordinary share making a total of 32.5p (2010: 25.0p) per ordinary share. Dividend cover is 2.6 times (2010: 2.6 times).

Victrex Polymer Solutions ('VPS')

	2011	2010	Growth
	£m	£m	%
Revenue	166.1	145.3	14%
Gross profit	102.5	80.9	27%
Operating profit	66.8	48.3	38%

Trading

VPS has had another excellent year with record revenue and profits.

Revenue for the year was £166.1m (2010: £145.3m) representing an increase of 14% over 2010. All of our major markets have seen growth during the year and we have had continued success in closing new business.

Gross margin improved to 61.7% for the year (2010: 55.7%) largely reflecting the full year effect of increasing production volumes on the fixed cost per tonne as reported above. Further investment in production and engineering resources has been necessary to ensure security of supply for our customers. This investment together with increases in raw material input costs are reflected in the second half margin of 60.6% (H1: 62.8%).

Sales, marketing and administrative expenses increased by 10% to £35.7m (2010: £32.6m). The increase predominantly reflects continued investment in commercial and technical resources targeted at new application development, improved customer support, new product development and strengthened end user focus.

Resulting operating profit was a record at £66.8m (2010: £48.3m) reflecting an increase of 38% over the prior year.

Major markets

All of our major markets, geographical and industrial, have seen growth during the year with 2011 sales volume setting a new record. Growing end user demand for our products has led to higher manufacturing rates, both at our customers and throughout the supply chain.

Industrial sales volume at 1,144 tonnes was 11% up on 2010 reflecting increased sales into the European industrial machinery sector as business confidence returned and companies started to invest in capital equipment again. The oil and gas industry also showed strong growth with high oil prices and increased demand continuing to drive production and exploration activity.

Transport sales volume was up 10% on 2010 at 741 tonnes driven by the European automotive sector benefiting from increased worldwide demand for luxury cars and further new applications closed in the year. Aerospace volume remained in line with 2010 reflecting the delays in commercial production of the Boeing 787, the platform on which many new applications have been qualified. 

Electronics sales volume at 646 tonnes, showed an increase of 16% over 2010 mainly as a result of renewed investment in semiconductor fabrication facilities in both the USA and Asia. Volume in the consumer electronics sector also grew as we continued to develop new and innovative applications for our products, particularly in Asia and Japan.

Product and market development

We commercialised 539 new VICTREX^® PEEK^TM polymer applications with an estimated mature annualised volume ('MAV') of 309 tonnes compared with 634 commercialised applications with an MAV of 308 tonnes in 2010.

The development pipeline has also strengthened as new opportunities have been generated across all our markets and at the year end contained 3,416 potential developments (2010: 3,267) with an estimated MAV of 2,328 tonnes (2010: 2,271 tonnes) if all of the developments were successfully commercialised.

We continue to see growth opportunities across all our major geographies and industries through further penetration and broader acceptance of existing applications and technologies.

Trends and innovation in our markets continues to broaden the range of opportunities for our products to help our customers and end users overcome their challenges and gain competitive advantage. We have invested in additional resources during the year focused on customers, end users and markets where we see opportunities today, as well as further resources to better understand where future opportunities may emerge.

New product development continues to be a key element of our strategy where existing products cannot meet the needs of our customers and end users. Typically we look to develop our product range by enhancing one or more existing properties to meet specific application requirements. A recent example is the launch of a range of products that provide enhanced ductility.

During the year we also launched VICTREX Pipes^TM responding to growing market demand for superior pipe performance in harsh and demanding environments. The launch follows intensive research, process development, initial market assessment and customer liaison to validate the market opportunity. A number of opportunities are being actively developed with a focus initially on the aerospace and oil and gas markets.

Technical leadership is critical to maximising our customer offering and accelerating business development. During the year we have invested in a new Victrex Japan Technical Center in Tokyo to provide enhanced speed of response, local language support and a deeper understanding of the needs of local markets and customers. In addition, we have begun an expansion of our core and applied technology facilities at our UK Hillhouse site to further enhance our ability to support our customers' needs globally and develop new products and processes. We anticipate opening this new technology centre in summer 2012.

Invibio Biomaterial Solutions ('Invibio')

	2011	2010	Growth
	£m	£m	%
Revenue	49.7	44.2	12%
Gross profit	43.9	39.7	11%
Operating profit	30.3	28.1	8%

Trading

Invibio generated record revenue of £49.7m, an increase of 12% (2010: £44.2m). Gross margins have remained strong and broadly stable at 88.4% (2010: 89.7%).

Sales, marketing and administrative expenses increased by £2.0m to £13.6m, primarily due to targeted investment in resources to drive and support growth.

Resulting operating profit increased by 8% to £30.3m (2010: £28.1m).

The growth in 2011 was primarily driven by continued growth and innovation within the spine market where our position remains strong. Other developing markets such as cranial-maxillo facial ('CMF'), cardiovascular and trauma have also contributed significantly to our success during the year. Growth has been achieved despite challenging conditions in the US medical device market where a combination of pricing pressure, procedural coverage and regulatory challenge all contributed to significantly reduced market growth.

Major markets

Invibio continues to focus on maintaining and growing our success in spine and arthroscopy applications whilst accelerating the adoption of our biomaterials in developing areas such as trauma, dental and orthopaedics.

During 2011, our ENDOLIGN^® composite biomaterial achieved US and European regulatory approvals in multiple trauma applications. We also secured substantial grant funding with a key industry partner to further establish and demonstrate the clinical benefits of ENDOLIGN in trauma applications.

Looking forward, our understanding of the dental market continues to evolve and we are currently exploring potential opportunities in crowns and bridges, implants and dentures.

We are also identifying future orthopaedic devices which we believe offer superior performance and are better aligned with current and future healthcare economics.

Since its introduction over ten years ago Invibio has entered into 405 long-term supply assurance agreements and over 3 million devices containing Invibio's PEEK-OPTIMA^® polymer have been implanted in patients.

Product and market development

Invibio continues to work closely with medical device manufacturers, surgeons and clinicians to drive awareness of our biomaterials and their benefits in new application areas.

During the year we entered into 55 additional long-term supply assurance agreements with implantable medical device manufacturers. These agreements were with manufacturers based in the United States (16), Europe (24) and increasingly in emerging geographies (15).

We have further strengthened our regulatory expertise on a global basis to support our customers to expand geographically, resulting in the increased use of our biomaterials in emerging geographies, including Asia-Pacific.

We continue to grow our scientific network through close partnerships with world class research groups and key opinion leaders to increase the pace and probability of successful innovation with our biomaterials.

We have recruited application specific leaders and regulatory expertise from the medical device industry in the areas of spine, trauma and orthopaedics to improve collaborations with our customers and to better understand surgeons' needs.

Invibio has invested in a Custom Solutions facility to assist our customers with component process development, material evaluation and processing guidance as well as additional technical laboratories and facilities.

Outlook

Demand across most of our end user markets continues to be stable. We have seen some softening in parts of our VPS business, particularly in Europe, as customers are cautiously managing inventories ahead of the calendar year end. In our Invibio business we continue to see good growth.

We remain vigilant of the economic uncertainty, particularly in the Eurozone, and the impact this could have on our customers and end users. Whilst it is early in the financial year, assuming demand in our end markets remains resilient we anticipate full year earnings being on track with current market expectations for 2012.

The Group is in an excellent financial position with a healthy balance sheet and strong cash generation. This gives us a strong platform to invest further in our technical leadership, the development of new growth opportunities and to ensure continued security of supply for our customers.

Anita Frew

Chairman

5 December 2011

CONSOLIDATED INCOME STATEMENT
for the year ended 30 September		2011	2010
	Note	£m	£m
Revenue	2	215.8	189.5
Cost of sales		(69.4)	(68.9)
Gross profit		146.4	120.6
Sales, marketing and administrative expenses		(52.6)	(45.7)
Operating profit	2	93.8	74.9
Financial income		0.5	0.1
Financial expenses		(0.1)	(0.1)
Profit before tax		94.2	74.9
Income tax expense		(23.0)	(20.9)
Profit for the year attributable to owners of the parent		71.2	54.0

Earnings per share
Basic	3	85.3p		65.1p
Diluted	3	84.4p		64.4p

Dividend per ordinary share
Interim		8.0p		6.4p
Final	6	24.5p		18.6p
Special		-		50.0p
		32.5p		75.0p

A final dividend in respect of 2011 of 24.5p has been recommended by the Directors for approval at the Annual General Meeting in February 2012.

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
for the year ended 30 September		2011	2010
		£m	£m
Profit for the year		71.2	54.0
Other comprehensive income
Currency translation differences for foreign operations		0.4	0.2
Effective portion of changes in fair value of cash flow hedges		(1.6)	0.2
Net change in fair value of cash flow hedges transferred to profit or loss		(0.7)	2.2
Defined benefit pension schemes actuarial gains/(losses)		1.1	(0.9)
Tax on other comprehensive income		0.3	(0.1)
Total other comprehensive income for the year		(0.5)	1.6
Total comprehensive income for the year attributable to owners of the parent		70.7	55.6

CONSOLIDATED BALANCE SHEET
as at 30 September	2011	2010
	£m	£m
Assets
Non-current assets
Property, plant and equipment	125.5	125.3
Intangible assets	10.1	10.1
Deferred tax assets	9.0	9.7
	144.6	145.1
Current assets
Inventories	45.0	34.5
Current income tax assets	0.8	0.8
Trade and other receivables	24.2	19.1
Derivative financial instruments	0.9	2.2
Cash and cash equivalents	72.3	77.3
	143.2	133.9
Total assets	287.8	279.0
Liabilities
Non-current liabilities
Deferred tax liabilities	(14.8)	(15.7)
Retirement benefit obligations	(6.2)	(9.5)
	(21.0)	(25.2)
Current liabilities
Derivative financial instruments	(3.2)	(2.3)
Current income tax liabilities	(12.5)	(15.1)
Trade and other payables	(29.5)	(25.1)
	(45.2)	(42.5)
Total liabilities	(66.2)	(67.7)
Net assets	221.6	211.3
Equity
Share capital	0.8	0.8
Share premium	27.1	24.3
Translation reserve	3.0	2.6
Hedging reserve	(1.6)	0.1
Retained earnings	192.3	183.5
Total equity attributable to owners of the parent	221.6	211.3

These financial statements of Victrex plc, registered number 2793780, were approved by the Board of Directors on 5 December 2011 and were signed on its behalf by:

D R Hummel                                A S Barrow

Chief Executive                           Finance Director

CONSOLIDATED CASH FLOW STATEMENT
for the year ended 30 September		2011	2010
	Note	£m	£m
Cash flows from operating activities
Cash generated from operations	5	91.2	90.9
Interest and similar charges paid		(0.1)	(0.1)
Interest received		0.5	0.1
Tax paid		(25.7)	(13.7)
Net cash flow from operating activities		65.9	77.2
Cash flows from investing activities
Acquisition of property, plant and equipment		(9.0)	(4.5)
Net cash flow from investing activities		(9.0)	(4.5)
Cash flows from financing activities
Proceeds from issue of ordinary shares exercised under option		2.8	2.6
Purchase of own shares held		(1.0)	-
Dividends paid		(63.8)	(16.9)
Net cash flow from financing activities		(62.0)	(14.3)
Net (decrease)/increase in cash and cash equivalents		(5.1)	58.4
Effect of exchange rate fluctuations on cash held		0.1	0.3
Cash and cash equivalents at beginning of year		77.3	18.6
Cash and cash equivalents at end of year		72.3	77.3

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

	Share	Share	Translation	Hedging	Retained
	capital	premium	reserve	reserve	earnings	Total
	£m	£m	£m	£m	£m	£m
Equity at 1 October 2009	0.8	21.7	2.4	(1.7)	145.0	168.2
Total comprehensive income for the year
Profit	-	-	-	-	54.0	54.0
Other comprehensive income
Currency translation differences for foreign      operations	-	-	0.2	-	-	0.2
Effective portion of changes in fair value of cash flow      hedges	-	-	-	0.2	-	0.2
Net change in fair value of cash flow hedges      transferred to profit or loss	-	-	-	2.2	-	2.2
Defined benefit pension schemes actuarial losses	-	-	-	-	(0.9)	(0.9)
Tax on other comprehensive income	-	-	-	(0.6)	0.5	(0.1)
Total other comprehensive income for the year	-	-	0.2	1.8	(0.4)	1.6
Total comprehensive income for the year	-	-	0.2	1.8	53.6	55.6
Contributions by and distributions to owners of      the Company
Share options exercised	-	2.6	-	-	-	2.6
Equity-settled share-based payment transactions	-	-	-	-	1.8	1.8
Dividends to shareholders	-	-	-	-	(16.9)	(16.9)
Equity at 30 September 2010	0.8	24.3	2.6	0.1	183.5	211.3
Total comprehensive income for the year
Profit	-	-	-	-	71.2	71.2
Other comprehensive income
Currency translation differences for foreign      operations	-	-	0.4	-	-	0.4
Effective portion of changes in fair value of cash flow  hedges	-	-	-	(1.6)	-	(1.6)
Net change in fair value of cash flow hedges      transferred to profit or loss	-	-	-	(0.7)	-	(0.7)
Defined benefit pension schemes actuarial gains	-	-	-	-	1.1	1.1
Tax on other comprehensive income	-	-	-	0.6	(0.3)	0.3
Total other comprehensive income for the year	-	-	0.4	(1.7)	0.8	(0.5)
Total comprehensive income for the year	-	-	0.4	(1.7)	72.0	70.7
Contributions by and distributions to owners of      the Company
Share options exercised	-	2.8	-	-	-	2.8
Equity-settled share-based payment transactions	-	-	-	-	1.6	1.6
Purchase of own shares held	-	-	-	-	(1.0)	(1.0)
Dividends to shareholders	-	-	-	-	(63.8)	(63.8)
Equity at 30 September 2011	0.8	27.1	3.0	(1.6)	192.3	221.6

NOTES TO THE FINANCIAL STATEMENTS

1. Financial statements and basis of preparation

The financial statements have been prepared on the basis of the accounting policies set out in the Group's last Annual Report and Accounts except for the application of relevant new standards. The amendment to IFRS 8 - Operating Segments was adopted. The principal effect of this amendment is that segmental assets and liabilities are no longer presented so as to be consistent with the level of detail regularly reviewed by the chief operating decision maker, the Victrex plc Board.

A number of standards, amendments and interpretations have been issued and endorsed by the EU, but which are not yet effective and accordingly the Group has not yet adopted. The cumulative impact of the adoption of these standards is not expected to be significant.

The financial information presented does not comprise full financial statements within the meaning of the Companies Act 2006. The results for the year ended 30 September 2011 have been extracted from the full accounts for that period. The auditor has given an unqualified report on the accounts for this year. The results for the year ended 30 September 2010 have been extracted from the full accounts for that year, which were unqualified and have been delivered to the Registrar of Companies.

Sections of this results statement contain forward-looking statements, including statements relating to: future demand and markets for the Group's products and services; research and development relating to new products and services and liquidity and capital resources. These forward-looking statements involve risks and uncertainties because they relate to events that may or may not occur in the future. Accordingly, actual results may differ materially from anticipated results because of a variety of risk factors which are summarised in note 7.

The accounts for the year ended 30 September 2011 will be posted to shareholders on 20 December 2011 and will be available from the Company's Registered Office at Victrex Technology Centre, Hillhouse International, Thornton Cleveleys, Lancashire, FY5 4QD, United Kingdom.

2. Segment reporting

The Group's business is strategically organised as two business units: Victrex Polymer Solutions, which focuses on our transport, industrial and electronics markets and Invibio Biomaterial Solutions, which focuses on providing specialist solutions for medical device manufacturers.

	Victrex Polymer Solutions 2011	Invibio Biomaterial Solutions 2011	Group 2011	Victrex Polymer Solutions 2010	Invibio Biomaterial Solutions 2010	Group 2010
	£m	£m	£m	£m	£m	£m
Revenue from external sales	166.1	49.7	215.8	145.3	44.2	189.5
Segment operating profit	66.8	30.3	97.1	48.3	28.1	76.4
Unallocated central costs			(3.3)			(1.5)
Operating profit			93.8			74.9
Net financing income			0.4			-
Profit before tax			94.2			74.9
Income tax expense			(23.0)			(20.9)
Profit for the year attributable      to      owners of the parent			71.2			54.0
Other information
Depreciation	8.5	0.3	8.8	8.3	0.2	8.5
Amortisation	-	-	-	0.2	-	0.2

Entity wide disclosures

Information about products and services

The Group derives its revenue from the sale of high performance thermoplastic polymers.

Information about geographical areas

The Group's country of domicile is the United Kingdom. Revenues are attributed to customers based on the customer's location. Geographical information about non-current assets excludes deferred tax assets and is based on the location of the assets. The location of intangible assets is the location of the Registered Office of the company to which they relate.

		Revenue from external sales
		2011	2010
		£m	£m
United Kingdom		5.3	3.8
Europe, Middle East and Africa ('EMEA')		97.0	85.6
Americas		73.6	68.0
Asia-Pacific		39.9	32.1
		215.8	189.5

Information about major customers

Revenue derived from one of the Group's customers amounted to £24.3m (2010: £22.7m) of the Group's total revenue from external customers and is included in both segmental revenues.

3. Earnings per share

Earnings per share is based on the Group's profit attributable to ordinary shareholders and a weighted average number of ordinary shares outstanding during the year, excluding own shares held.

				2011	2010
Earnings per share	- basic			85.3p	65.1p
	- diluted			84.4p	64.4p
Profit for the financial year				£71.2m	£54.0m
Weighted average number of shares used:
- Issued ordinary shares at beginning of year				83,604,504	83,122,301
- Effect of own shares held				(394,375)	(470,695)
- Effect of shares issued during the year				182,603	271,119
Basic weighted average number of shares				83,392,732	82,922,725
Effect of share options				936,563	917,675
Diluted weighted average number of shares				84,329,295	83,840,400

4. Exchange rates

The most significant Sterling exchange rates used in the accounts under the Group's accounting policies are:

	2011		2010
	Average	Closing	Average	Closing
US Dollar	1.57	1.56	1.58	1.58
Euro	1.16	1.16	1.15	1.15
Yen	135	120	153	132

5. Reconciliation of profit to cash generated from operations

		2011	2010
		£m	£m
Profit after tax for the year		71.2	54.0
Income tax expense		23.0	20.9
Net financing income		(0.4)	-
Operating profit		93.8	74.9
Adjustments for:
Depreciation		8.8	8.5
Amortisation		-	0.2
(Increase)/decrease in inventories		(9.7)	2.9
Increase in trade and other receivables		(5.5)	(3.2)
Increase in trade and other payables		4.5	10.2
Equity-settled share-based payment transactions		1.6	1.8
Changes in fair value of derivative financial instruments		(0.1)	(2.2)
Retirement benefit obligations charge less contributions		(2.2)	(2.2)
Cash generated from operations		91.2	90.9

6. Dividend and Annual General Meeting

The proposed final dividend will be paid on 24 February 2012 to all shareholders on the register on 10 February 2012. The Annual General Meeting of the Company will be held at 11am on 7 February 2012, at the Andaz Hotel, Liverpool Street, London, EC2M 7QN.

7. Risks, trends, factors and uncertainties

Victrex's business and share price may be affected by a number of risks, trends, factors and uncertainties, not all of which are in our control.

Accordingly, actual results may differ materially from anticipated results because of a variety of risk factors, including: changes in interest and exchange rates; changes in global, political, economic, business, competitive and market forces; changes in raw material pricing and availability; changes to legislation and tax rates; future business combinations or disposals; relations with customers and customer credit risk; events affecting international security, including global health issues and terrorism; changes in regulatory environment and the outcome of litigation.

FINANCIAL CALENDAR

Annual General Meeting                                             7 February 2012

Ex dividend date                                                           8 February 2012

Record date*                                                                 10 February 2012

Payment of final dividend                                           24 February 2012

Announcement of 2012 half-yearly results           May 2012

Payment of interim dividend                                     July 2012

* The date by which shareholders must be recorded on the share

   register to receive the dividend.

 

END

 

 

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