Interim Results
Wincanton PLC
09 November 2006
For Immediate Release 9 November 2006
WINCANTON plc
Interim Results
for the half year ended 30 September 2006 (unaudited)
'Another period of profit and dividend growth'
2006 2005 %
£m £m change
Revenue 931.8 879.8
Underlying operating profit 21.4 20.0 7.0%
Net financing costs (4.4) (4.0)
Associates - -
Underlying profit before tax 17.0 16.0 6.3%
Other items (net) (1.9) (0.8)
Profit before tax 15.1 15.2
Underlying earnings per share 10.1p 9.5p 6 .3%
Basic earnings per share 8.8p 9.1p
Dividend per share 4.26p 3.94p 8.1%
Note: Underlying profit before tax and earnings per share are stated before
exceptional restructuring costs of £1.8m (2005: £1.4m), exceptional property
profits of £0.7m (2005: £0.8m) and amortisation of acquired intangibles of £0.8m
(2005: £0.2m). Operating profit including these items amounted to £19.5m (2005:
£19.2m).
OPERATIONAL HIGHLIGHTS
• 10% profit growth in the UK & Ireland; strong performance and
continued momentum
• Recent in-fill acquisitions enhance and expand service offering;
profit contribution in H2
• Tariff increases in Mainland Europe address short-term H1 margin
pressure; second half improvement expected
FINANCIAL HIGHLIGHTS
• Underlying operating profit up 7.0% to £21.4m
• Underlying earnings per share up 6.3%
• Dividend growth again significantly in excess of inflation at 8.1%
Commenting on the results, Graeme McFaull, Wincanton Chief Executive, said:
'These results build further on our track record of profit and dividend growth.
We see continuing opportunity for growth across our businesses and geographies,
both organically and through acquisition.'
For further enquiries please contact:
Wincanton
Graeme McFaull, Chief Executive +44 (0) 1249 710000
Gerard Connell, Group Finance Director
Buchanan Communications
Charles Ryland / Jeremy Garcia +44 (0) 207 466 5000
Half Year Review
For the six months ended 30 September 2006
Introduction
The six months to 30 September 2006 represented another period of profit
progress for Wincanton. Our strong customer base, our growing range of services,
our expansion into new sectors and our Pan-European coverage again provided
attractive opportunities for the Group.
High levels of new business activity continue to be a key feature of our
performance. Our UK & Ireland operations delivered an excellent result, with a
profit contribution up 10% on the same period last year. A shortage of
sub-contractor capacity in Mainland Europe led to short-term margin pressure and
a weaker first half. Tariff increases to customers have now been implemented and
a better financial performance is expected in the remainder of the year.
The Board has declared an interim dividend of 4.26p, an increase of 8.1% on last
year's dividend of 3.94p. Wincanton's track record of profitable growth, its
high returns on capital employed and its strong cashflow have enabled the Board
to consistently recommend dividend increases significantly in excess of
inflation.
Two UK companies were purchased shortly after the period end, for a total
investment of up to £36m, providing further evidence of the Group's ability to
supplement organic growth with reasonably-priced infill acquisitions. The
acquisitions bring market-leading positions in the building products and
construction industries, and in home delivery, which we believe to be markets
which offer attractive growth prospects. We expect these acquisitions to add to
the already strong growth momentum of our operations in the UK & Ireland.
UK & Ireland
The recently-announced contract renewal and extension with Somerfield, under
which Wincanton becomes the sole logistics provider to the high street
supermarket chain, confirms Wincanton's market-leading position in the retail
sector. Estimated to generate turnover of some £900m over its 5-year life, this
is believed to represent the largest contact award in the UK this year. Other
wins in grocery retail included seasonal relief operations for Tesco and
Sainsbury and a new composite facility for Sainsbury to support the continuing
development of its convenience store offering. In general retail we commissioned
a new 700,000 sq ft direct import centre for Argos at Kettering, and also
successfully opened an inland container port which has already secured volumes
from Dixons, Argos and UTI. Both these initiatives result from our strategy of
working with our significant retail customer base to increase the efficiency of
their in-bound logistics. Another recent gain in the general retail sector is a
newly-commissioned 540,000 sq ft warehouse for the fast-growing retailer
ScrewFix, part of the Kingfisher Group.
Our major new primary transport contract for Britvic was successfully launched
in April. The strength of our transport management services, across a broad
range of customers and sectors, was further evidenced in the period by business
wins with customers such as Hotpoint, Panasonic, LDH La Doria and Hanson.
Incremental transport business was also won with existing customers such as
Stylo, WH Smith and Woolworth. Gainshare initiatives, based on leveraging
Wincanton's significant presence in the UK to deliver increased transport
efficiencies for customers, have the potential to deliver incremental profit
improvement.
The first half saw further progress in a number of our ancillary activities. Our
in-store services unit secured further business with B&Q and new business with
Staples. Our document storage operations in Dublin and London are securing new
volumes for their recently expanded facilities and Consilium, our consultancy
business, was awarded assignments by, amongst others, B&Q, Chevron, British
Bakeries and Wyevale Garden Centres. Pullman Fleet Services, our contract
maintenance operation, reported lower profits as a consequence of net business
losses and contract start-up costs but nonetheless delivered new business with
customers such as Hill Hire, Iceland and Sainsbury.
Contract renewals in the UK & Ireland in the period included contracts with
Argos, BP Castrol, Dairy Crest, Husqvarna, Marks & Spencer and Musgrave.
Mainland Europe
The new management teams and organisational structures put in place in Mainland
Europe earlier this year are having a positive effect upon our operational
capabilities, our business development pipeline and the market's awareness of
Wincanton. Financial performance in the first half was, however, adversely
affected by short-term margin pressure and reported operating profit was down
from £1.8m to £1.4m.
Increased levels of economic activity led, in a number of our markets, to a
shortage of sub-contractor capacity. This was particularly marked in our
Dutch-based international transport activities although it also affected gross
margins in domestic transport operations in countries such as Germany, Poland
and Spain. These cost increases are progressively being recovered from customers
and a better second half is anticipated, particularly in road transport. Other
negative factors in the first half were a poor performance and continuing losses
in Spain, and lower than expected results from a contract start-up in Central
Europe. Further steps to address the performance of the Spanish business are
being taken and the contract start-up issues in the Czech Republic have been
resolved.
We were pleased with the contribution from our enlarged French operations. New
business was won with both new and existing customers including Kronenbourg,
Christophle and Kiala. For Kronenbourg we are building a new distribution centre
in Strasbourg. Christophle, the tableware company, brought new volumes to an
existing site. Kiala, an internet fulfilment company, is a further addition to a
growing customer portfolio in internet, TV and catalogue retailing. Unutilised
capacity in certain shared user sites may be a constraint on the speed of profit
progress, but we are already seeing incremental opportunities in France as a
consequence of our increased scale and market presence.
Higher levels of investment in sales and marketing, including a further
strengthening of our key account management structure, are also beginning to
enhance our business development pipelines across Mainland Europe. New business
was won in Germany in the period with customers such as VW, Elco, Optimus, MAN
and Wurth. Recent contract gains and renewals in our international freight
management business in Holland included Sony, Rohm & Haas and Ford. We also
remain encouraged by the continuing opportunities for expansion in Central and
Eastern Europe. Gains in the period included international transport for LG
Electronics, Fagor and Electrolux, domestic transport for Ford, Volvo and Jaguar
and a warehousing and distribution centre for Bridgestone in Poland. We have
also recently been awarded a contract to commission a new 250,000 sq ft facility
for Henkel in Hungary, adding to the business already managed for this customer
in both France and Germany.
Financial Review
Group turnover, at £931.8m, was 5.9% higher than for the same period last year.
Underlying operating profit, at £21.4m, was 7.0% ahead of last year.
In a strong first half, the UK & Ireland delivered a 10% increase in operating
profit, to £20.0m, on turnover unchanged at £575.1m. Revenues in Mainland Europe
increased by 16.7%, to £356.7m but operating profit declined from £1.8m to
£1.4m.
Net exceptional costs of £1.1m were incurred in the first half. A £1.8m charge
arose from the exit from our Spanish vehicle fleet, which involved the
redundancy of 33 drivers, and from the final post-acquisition integration costs
in France. An exceptional profit of £0.7m was realised on the disposal of a
property in Grangemouth, the most recent sale in our programme of surplus
property disposals. Further property disposals are anticipated in the second
half which we would expect to offset the exceptional costs incurred in the year.
Net debt at the half year stood at £85.7m compared to £60.6m at 31 March 2006,
principally as a consequence of payments of £27m to the pension fund, as agreed
with the scheme trustees, consisting of £23m relating to the balance of the £40m
up-front contribution and £4m being the first half payment of the agreed £8m
incremental annual contribution. Our two recently-announced acquisitions, at a
combined cost of up to £36m, will increase the Group's year-end debt.
Net financing costs increased from £4.0m to £4.4m, giving underlying profit
before tax up 6.3% to £17.0m. A tax charge of 31%, and no deductions for
minority interests, produced underlying earnings of £11.7m, an 8.3% increase on
last year. Underlying earnings per share, at 10.1p per share, increased at the
slightly lower rate of 6.3% as a consequence of an increase of 1.4m shares in
the Group's average issued share capital through the exercise of share options.
Dividend
The Board has declared an interim dividend of 4.26p, an increase of 8.1% on last
year's dividend of 3.94p. This will be paid on 10 January, 2007 to shareholders
on the register at 8 December, 2006.
Pensions
The changes in pension policy that remained subject to employee consultation at
the year end, which related principally to the cost of future service accrual,
have now been agreed and implemented.
Outlook
We expect to see the encouraging momentum of our UK & Ireland businesses
continue into the second half, supplemented by initial contributions from our
recent acquisitions. We see the UK & Ireland continuing to be the key driver of
the Group's medium-term growth. An improved performance is anticipated in the
second half from our Mainland European operations.
We expect the full year to be another year of operational and strategic progress
for Wincanton and see attractive opportunities for further development, both
organically and through acquisition.
Wincanton is well-placed, with a leading position in a fragmented market, to
build further on its track record of consistent profitable growth.
David Malpas
Chairman
8 November 2006
Consolidated income statement
for the half year ended 30 September 2006 (unaudited)
Half year Half year Year
ended ended ended
30 Sept 30 Sept 31 March
2006 2005 2006
£m £m £m
Note
Revenue 2 931.8 879.8 1,809.3
Underlying operating profit 2 21.4 20.0 42.0
Amortisation of acquired (0.8) (0.2) (1.0)
intangibles
Exceptional restructuring costs 3 (1.8) (1.4) (8.1)
Exceptional property profits 3 0.7 0.8 8.1
Operating profit 19.5 19.2 41.0
Financial income 4 1.7 0.9 2.0
Financial expenses 4 (6.1) (4.9) (11.7)
Net financing costs (4.4) (4.0) (9.7)
Share of results of associates - - -
Profit before tax 15.1 15.2 31.3
Income tax expense 5 (5.0) (4.6) (8.4)
Profit for the period 10.1 10.6 22.9
Attributable to
- equity shareholders of Wincanton 10.1 10.4 22.7
plc
- minority interests - 0.2 0.2
Profit for the period 10.1 10.6 22.9
Earnings per share 8
- basic 9.1p 4.2p 16.419p
- basic 8.8p 9.1p 19.9p
- diluted 8.6p 9.0p 19.5p
Dividend declared and paid in the 9.9 8.8 13.3
period (£m)
All operations in the above financial periods were continuing.
The dividend per share proposed in respect of the above period is 4.26p (2005:
3.94p).
Consolidated statement of recognised income and expense
for the half year ended 30 September 2006 (unaudited)
Half year Half year Year
ended ended ended
30 Sept 30 Sept 31 March
2006 2005 2006
£m £m £m
Actuarial gain/(loss) on defined benefit
pension schemes (net of deferred tax) 14.9 - (46.7)
Net foreign exchange (loss)/gain on
investment in foreign subsidiaries net of
hedged items (0.8) 0.5 0.3
Tax taken directly to or transferred from - - 0.7
equity
Net profit/(loss) recognised directly in 14.1 0.5 (45.7)
equity
Profit for the period 10.1 10.6 22.9
24.2 11.1 (22.8)
Effect of change in accounting policy
Adoption of IAS 39 on 1 April 2005, net of - - (0.1)
tax
Total recognised income and expense for 24.2 11.1 (22.9)
the period
Attributable to
- equity shareholders of Wincanton plc 24.2 10.9 (23.1)
- minority interests - 0.2 0.2
Total recognised income and expense for 24.2 11.1 (22.9)
the period
Consolidated balance sheet
at 30 September 2006 (unaudited)
30 Sept 30 Sept 31 March
2006 2005 2006
Note £m £m £m
Non-current assets Restated
Goodwill and intangible 68.8 49.3 71.7
assets
Property, plant and equipment 226.7 235.5 232.5
Investments 0.6 0.8 0.8
Deferred tax assets 21.9 16.4 32.3
318.0 302.0 337.3
Current assets
Inventories 7.6 6.7 7.4
Trade and other receivables 330.8 306.0 310.8
Cash and cash equivalents 6 50.6 44.2 56.1
389.0 356.9 374.3
Current liabilities
Income tax payable (5.2) (5.6) (5.6)
Borrowings 6 (16.3) (1.8) (3.2)
Trade and other payables (419.5) (404.8) (412.9)
Employee benefits (6.4) (3.9) (7.5)
Provisions (17.5) (14.3) (16.5)
(464.9) (430.4) (445.7)
Net current liabilities (75.9) (73.5) (71.4)
Total assets less current 242.1 228.5 265.9
liabilities
Non-current liabilities
Borrowings 6 (120.0) (90.3) (113.5)
Other payables (1.0) (3.2) (1.3)
Employee benefits (95.7) (98.5) (144.8)
Provisions (44.5) (36.4) (42.9)
Deferred tax liabilities (1.1) (1.8) (1.1)
(262.3) (230.2) (303.6)
Net liabilities (20.2) (1.7) (37.7)
Equity
Issued share capital 12.0 11.8 11.8
Share premium 8.5 4.8 6.5
Merger reserve 3.5 3.5 3.5
Translation reserve 1.9 2.9 2.7
Retained earnings (46.4) (25.1) (62.5)
Equity deficit attributable
to shareholders of Wincanton
plc (20.5) (2.1) (38.0)
Minority interest 0.3 0.4 0.3
Total equity deficit 10 (20.2) (1.7) (37.7)
Consolidated statement of cash flows
for the half year ended 30 September 2006 (unaudited)
Half year Half year Year
ended ended ended
30 Sept 30 Sept 31 March
Note 2006 2005 2006
£m £m £m
Operating activities
Profit before tax 15.1 15.2 31.3
Adjustments for
- depreciation and 17.1 15.9 33.8
amortisation
- interest expense 4.4 4.0 9.7
- profit on sale of property, plant (0.7) (0.8) (8.1)
and equipment
- share-based payments fair 0.7 0.3 1.1
value charges
Operating profit before changes in working 36.6 34.6 67.8
capital and provisions
Increase in trade and other (23.7) (22.3) (2.8)
receivables
Increase in inventories (0.3) (0.7) (1.1)
Increase in trade and other 12.2 27.0 9.0
payables
Increase/(decrease) in 1.5 (0.1) (1.1)
provisions
Decrease in employee (28.2) (0.7) (17.3)
benefits provisions
Cash generated from (38.5) 3.2 (13.3)
operations
Cash flows from operating (1.9) 37.8 54.5
activities
Investing activities
Proceeds from sale of property, plant 3.8 7.9 24.0
and equipment
Interest received 0.7 1.2 2.0
Sale of investments 0.1 - -
Acquisitions net of cash acquired 9 - 0.7 (21.4)
Acquisition of property, plant and (16.7) (25.4) (40.3)
equipment
Interest paid (4.4) (3.3) (7.6)
Income taxes paid (1.3) (2.6) (3.0)
Cash flows from investing (17.8) (21.5) (46.3)
activities
Financing activities
Proceeds from the issue of 2.2 0.5 2.2
share capital
Movement in shares held by Employee 0.3 - -
Benefit Trust
Increase/(decrease) in 22.3 (25.2) (1.5)
borrowings
Payment of finance lease (0.3) (0.5) (1.5)
liabilities
Dividends paid to minority interest in - (0.2) (0.3)
subsidiary undertakings
Equity dividends paid (9.9) (8.8) (13.3)
Cash flows from financing 14.6 (34.2) (14.4)
activities
Net decrease in cash and cash (5.1) (17.9) (6.2)
equivalents
Cash and cash equivalents at 56.1 61.9 61.9
beginning of year
Effect of exchange rate (0.4) 0.2 0.4
fluctuations on cash held
Cash and cash equivalents at end 50.6 44.2 56.1
of year
Represented by
- cash at bank and in hand 21.3 12.3 26.3
- restricted cash, being deposits held by the 29.3 31.9 29.8
Group's captive insurer
50.6 44.2 56.1
Notes to the Interim Report
for the half year ended 30 September 2006 (unaudited)
1 Status of Interim Report and basis of preparation
The Interim Report was approved by the Board on 8 November 2006. The financial
information set out herein is unaudited but has been reviewed by the auditors
and their report to the Company is set out on page 16.
The financial information contained in the Interim Report does not constitute
statutory accounts. The comparative figures for the half year ended 30 September
2005 have been extracted from the Group's Interim Report for that period. The
comparative figures for the financial year ended 31 March 2006 have been
extracted from the Group's statutory accounts for that financial year and those
accounts have been reported on by the Group's auditors and delivered to the
Registrar of Companies. The report of the auditors was (i) unqualified, (ii) did
not include a reference to any matters to which the auditors drew attention by
way of emphasis without qualifying their report, and (iii) did not contain a
statement under Section 237(2) or (3) of the Companies Act 1985.
The financial information contained in the Interim Report has been prepared on
the basis of the accounting policies and presentation set out in, and applied in
the preparation of, the Group's published, consolidated financial statements for
the year ended 31 March 2006.
2 Segment information
Segment information is presented in respect of the Group's geographical
segments, being the primary segmentation format based on the Group's management
and internal reporting structure. As the secondary segment is the business of
contract logistics services which encompasses the entire scope of Wincanton's
operations, no further segment analysis is required.
The Group operates in two principal geographical areas, the United Kingdom &
Ireland, and Mainland Europe. In presenting information on the basis of
geographical segments, segment revenue and assets are based on the geographical
location of the business operations.
Segment results include items directly attributable to a segment as well as
those that can be allocated on a reasonable basis.
UK & Ireland Mainland Europe Consolidated
Half Half Year Half Half Year Half Half Year
year year ended year year ended year year ended
ended ended 31 ended ended 31 ended ended 31
30 Sept March 30 Sept March 30 Sept March
30 2005 2006 30 2005 2006 30 2005 2006
Sept Sept Sept
2006 2006 2006
£m £m £m £m £m £m £m £m £m
Revenue 575.1 574.1 1,156.3 356.7 305.7 653.0 931.8 879.8 1,809.3
Underlying 20.0 18.2 37.8 1.4 1.8 4.2 21.4 20.0 42.0
operating
profit by
segment
Amortisation - - - (0.8) (0.2) (1.0) (0.8) (0.2) (1.0)
of acquired
intangibles
Exceptional - (1.4) (3.9) (1.8) - (4.2) (1.8) (1.4) (8.1)
restructuring
costs
Exceptional 0.7 0.8 8.0 - - 0.1 0.7 0.8 8.1
property
profits
Operating 20.7 17.6 41.9 (1.2) 1.6 (0.9) 19.5 19.2 41.0
profit
Notes to the Interim Report (continued)
3 Exceptionals
Half year Half year Year
ended ended ended
30 Sept 30 Sept 31 March
2006 2005 2006
£m £m £m
Exceptional restructuring costs
Reorganisation of operating structure (0.2) - (0.9)
post-acquisition
Relocation of UK head office and business - (1.4) (4.2)
rationalisation
Closure of operations in Spain (2006 year (1.6) - (3.0)
end: Germany)
(1.8) (1.4) (8.1)
Exceptional property profits - sale of 0.7 0.8 8.1
freehold land & buildings
4 Net financing costs
Half year Half year Year
ended ended ended
30 Sept 30 Sept 31 March
2006 2005 2006
£m £m £m
Interest income 0.7 0.9 2.0
Expected return on defined benefit pension 16.1 - -
scheme assets
Interest on defined benefit pension scheme (15.1) - -
obligations
1.7 0.9 2.0
Interest expense (4.7) (3.6) (8.2)
Finance charges payable in respect of finance (0.2) (0.2) (0.5)
leases
Interest on defined benefit pension scheme - (13.0) (26.0)
obligations
Expected return on defined benefit pension - 12.8 24.6
scheme assets
Unwinding of discount on insurance and other (1.2) (0.9) (2.0)
provisions
(6.1) (4.9) (12.1)
Less finance costs capitalised - - 0.4
(6.1) (4.9) (11.7)
Net financing costs (4.4) (4.0) (9.7)
Notes to the Interim Report (continued)
5 Income tax expense
Half year Half year Year
ended ended ended
30 Sept 30 Sept 31 March
2006 2005 2006
Recognised in the income statement £m £m £m
Current tax expense
Current year 0.7 4.0 2.3
Adjustments for prior years - - (0.9)
0.7 4.0 1.4
Deferred tax expense
Current year 4.3 0.6 6.4
Adjustments for prior years - - 0.6
4.3 0.6 7.0
Total income tax expense in the 5.0 4.6 8.4
income statement
Notes to the Interim Report (continued)
6 Analysis of net debt
30 Sept 30 Sept 31 March
2006 2005 2006
£m £m £m
Cash and cash equivalents
Cash at bank and in hand 21.3 12.3 26.3
Restricted cash, being deposits held 29.3 31.9 29.8
by the Group's captive insurer
50.6 44.2 56.1
Borrowings
Current
Bank loans and overdrafts (15.2) (0.8) (2.1)
Finance lease liabilities (1.1) (1.0) (1.1)
(16.3) (1.8) (3.2)
Non-current
US$ private placement (86.4) - (88.4)
Bank loans (29.7) (85.4) (20.9)
Finance lease liabilities (3.9) (4.9) (4.2)
(120.0) (90.3) (113.5)
Total net debt (85.7) (47.9) (60.6)
7 Dividends
An interim dividend is proposed of 4.26p per share to be paid on 10 January 2007
to shareholders on the register on 8 December 2006.
Under IFRS the proposed dividend is not shown as a charge to the income
statement, but is accounted for when it becomes a liability of the Company. The
total of the interim dividend is expected to be £5.0m (2005: Interim £4.5m). In
August 2006 the final dividend of 8.60p per share was paid to shareholders, a
total of £9.9m.
Notes to the Interim Report (continued)
8 Earnings per share
Earnings per share are calculated on the basis of earnings attributable to the
equity shareholders of Wincanton plc of £10.1m (2005: £10.4m) and the weighted
average of 115.3m (2005:113.9m) shares which have been in issue throughout the
period. The diluted earnings per share are calculated on the basis of an
additional 2.0m (2005: 1.4m) shares deemed to have been issued at £nil
consideration under the Company's share option schemes.
An alternative earnings per share number is shown below, being before
exceptionals, amortisation of acquired intangibles, goodwill impairment and
related tax, since the Directors consider that this provides further information
on the underlying performance of the Group.
Half year Half year
ended ended Year ended
30 Sept 30 Sept 31 March
2006 2005 2006
pence pence pence
Underlying earnings per share
- basic 10.1 9.5 19.2
- diluted 10.0 9.3 18.9
Underlying earnings are determined as follows:
Half year Half year
ended ended Year ended
30 Sept 2006 30 Sept 2005 31 March 2006
£m £m £m
Profit for the period
attributable to equity
shareholders of Wincanton plc 10.1 10.4 22.7
Exceptional restructuring 1.8 1.4 8.1
costs (note 3)
Exceptional property profits (0.7) (0.8) (8.1)
(note 3)
Amortisation of acquired 0.8 0.2 1.0
intangibles
Tax on the above items (0.3) (0.4) (1.7)
Underlying earnings 11.7 10.8 22.0
9 Acquisitions
The fair value adjustments relating to the acquisition of Premium Logistics on 7
October 2005 have been reviewed and revised, as permitted under IFRS 3 Business
Combinations. As a result the value of intangible assets recognised has been
reduced by £1.2m, and the fair values of property, plant and equipment and of
provisions have been revised by £2.2m and £1.0m respectively. These adjustments
reflect the increased understanding of the contractual obligations acquired.
Accordingly an additional amount of goodwill has been recognised of £2.9m, after
tax. In line with IFRS 3 these adjustments have been reflected at the date of
acquisition and the prior year balance sheet restated accordingly.
10 Reconciliation of movements in capital and reserves
Issued Share Merger Translation Retained Minority Total
share premium reserve reserve earnings equity
capital deficit
£m £m £m £m £m £m £m
Balance at 1 April 2006 11.8 6.5 3.5 2.7 (62.5) 0.3 (37.7)
Total recognised income
and expense
- - - (0.8) 25.0 - 24.2
Increase in IFRS2 - - - - 0.7 - 0.7
reserve
Movement in shares held - - - - 0.3 - 0.3
by EBT
Shares issued 0.2 2.0 - - - - 2.2
Dividends to - - - - (9.9) - (9.9)
shareholders
Balance at 30 September 12.0 8.5 3.5 1.9 (46.4) 0.3 (20.2)
2006
Balance at 1 April 2005 11.7 4.4 3.5 2.4 (26.9) 0.4 (4.5)
Total recognised income
and expense
- - - 0.5 10.4 0.2 11.1
Increase in IFRS2 - - - - 0.2 - 0.2
reserve
Shares issued 0.1 0.4 - - - - 0.5
Dividends to - - - - (8.8) (0.2) (9.0)
shareholders
Balance at 30 September 11.8 4.8 3.5 2.9 (25.1) 0.4 (1.7)
2005
Balance at 1 April 2005 11.7 4.4 3.5 2.4 (26.9) 0.4 (4.5)
Total recognised income - - - 0.3 (23.4) 0.2 (22.9)
and expense
Increase in IFRS2 - - - - 1.1 - 1.1
reserve
Shares issued 0.1 2.1 - - - - 2.2
Dividends to - - - - (13.3) (0.3) (13.6)
shareholders
Balance at 31 March 11.8 6.5 3.5 2.7 (62.5) 0.3 (37.7)
2006
Independent review report to Wincanton plc
Introduction
We have been instructed by the Company to review the financial information for
the six months ended 30 September 2006 which comprises the consolidated income
statement, the statement of recognised income and expense, the balance sheet,
statement of cashflows and related notes. 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: Review of interim financial information issued by the Auditing Practices
Board for use in the UK. 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 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
International Standards on Auditing (UK and Ireland) 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 2006.
KPMG Audit Plc
Chartered Accountants
100 Temple Street
Bristol
BS1 6AG
8 November 2006
SHAREHOLDER INFORMATION
Shares traded ex-dividend 6 December 2006
Record date for interim dividend 1 8 December 2006
Interim dividend paid 10 January 2007
Preliminary announcement of full year June 2007
results
Annual General Meeting July 2007
Interim results and dividend November 2007
announced
1 Shareholders on the register at this date will receive the dividend.
SHAREHOLDER ENQUIRIES
All administrative enquiries relating to shareholdings should, in the first
instance, be directed to the Registrar at the following address:
Lloyds TSB Registrars
The Causeway
Worthing
West Sussex
BN99 6DA
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