Interim Results

600 Group PLC 16 November 2005 16 November 2005 THE 600 GROUP PLC INTERIM RESULTS FOR THE 26 WEEKS TO 1st OCTOBER 2005 CHAIRMAN'S STATEMENT Market conditions Since the beginning of the financial year, activity levels in our major markets have continued the trends experienced over the past two years. In the UK and USA, we have seen a gradual but erratic improvement, eastern Europe has remained buoyant but western Europe has shown no signs of recovery. Results Our results for this half year have been prepared under the new International Financial Reporting Standards (IFRS) for the first time. Therefore, they include restated data for both first half and full year results previously published for last year under UK GAAP. The accounting policies section and notes to the financial information provide more detail on this change and an analysis of the restatements. Revenue increased by 9% from Â£31.5m to Â£34.4m as a result of improved performances from our North American, South African and laser marker businesses. The operating loss for the period was similar to last year, with the increased margin resulting from the improved turnover being offset by planned additional expenditure on sales and marketing and accelerated product development costs associated with our strategy of organic growth. Net financing income increased by Â£0.3m, principally as a result of improvements in the net financial income from the assets and liabilities of the pension scheme calculated in accordance with IAS 19 "Employee benefits". The resulting loss for the period reduced from Â£0.4m to Â£0.1m. Net funds at the period end were Â£4.0m, a reduction of Â£2.6m from the year end, with the final dividend payment absorbing Â£2.3m. Outlook Notwithstanding the improvement in the results for the first half, they do not reflect the major progress being made by the Group generally. Our supply chain arrangements in China are now proceeding effectively after some early teething troubles and we are also selling significantly more of our products into that market. Extensive product development in a number of subsidiaries has opened up significant opportunities in new markets and we are now able to follow more aggressive sales and marketing programmes. The benefits of these initiatives are already starting to materialise and will have an increasing impact on the Group's results in the second half of the year. Dividend As I stated in our last Annual Report and Accounts, with the introduction of the new accounting standards, dividend payments going forward must be related directly to operating results. The board does not yet consider that the improved results justify the payment of an interim dividend. People Tony Sweeten will be retiring as Group Chief Executive at the end of this calendar year when he will be succeeded by Andrew Dick, currently Group Managing Director. I am pleased to report that Tony will remain on the board in a non-executive capacity. Michael Wright Chairman 16 November 2005 Enquiries: Tony Sweeten, Group Chief Executive Telephone: 0113 277 6100 John Fussey, Group Finance Director Hudson Sandler Telephone: 020 7796 4133 Nick Lyon Consolidated income statement (unaudited) 26 weeks to 26 weeks 52 weeks to 01.10.05 to 02.10.04 02.04.05 Restated Restated Â£000 Â£000 Â£000 Revenue 34,435 31,521 66,998 Operating loss before profit on sale of fixed assets (992) (943) (1,456) Profit on sale of fixed assets - - 392 Operating loss before financing costs (992) (943) (1,064) Net financing income 854 559 1,032 Loss before tax (138) (384) (32) Income tax credit/(charge) (note 1) 22 (18) 436 (Loss)/profit for the period (116) (402) 404 Attributable to: Equity holders of the parent (150) (402) 404 Minority interest (note 7) 34 - - (Loss)/profit for the period (116) (402) 404 Earnings per share - basic and diluted (note 2) (0.3)p (0.7)p 0.7p Consolidated statement of recognised income and expense (unaudited) 26 weeks to 26 weeks 52 weeks to 01.10.05 to02.10.04 02.04.05 Restated Restated Â£000 Â£000 Â£000 Foreign exchange translation differences 693 195 (19) Actuarial gains/(losses) on retirement benefit liability 1,200 (2,391) 7,555 Net income/(expense) recognised directly in equity 1,893 (2,196) 7,536 (Loss)/profit for the period (116) (402) 404 Total recognised income and expense for the period 1,777 (2,598) 7,940 Attributable to: Equity holders of the parent 1,741 (2,598) 7,940 Minority interest (note 7) 36 - - Total recognised income and expense for the period 1,777 (2,598) 7,940 Consolidated balance sheet (unaudited) At 01.10.05 At 02.04.05 At 02.10.04 Restated Restated Â£000 Â£000 Â£000 Assets Non-current assets Intangible assets 2,848 2,826 2,844 Property, plant and equipment 11,476 11,916 12,524 Deferred tax assets 681 676 299 15,005 15,418 15,667 Current assets Inventory 22,725 23,213 22,867 Trade and other receivables 14,273 15,986 14,333 Investments 234 580 1,145 Cash and cash equivalents 5,551 7,751 7,970 42,783 47,530 46,315 Total assets 57,788 62,948 61,982 Liabilities Non-current liabilities Retirement benefit obligation (3,626) (6,484) (16,952) Deferred tax liability (945) (945) (945) (4,571) (7,429) (17,897) Current liabilities Trade and other payables and provisions (12,666) (14,854) (12,849) Loans and other borrowings (1,758) (1,714) (1,988) (14,424) (16,568) (14,837) Total liabilities (18,995) (23,997) (32,734) Net assets 38,793 38,951 29,248 Shareholders' equity Called-up share capital 14,212 14,212 14,211 Reserves 24,222 24,739 15,037 Total equity attributable to equity holders of the parent 38,434 38,951 29,248 Minority interest (note 7) 359 - - Total equity 38,793 38,951 29,248 Summarised consolidated cash flow statement (unaudited) 26 weeks 26 weeks 52 weeks to 01.10.05 to 02.10.04 to 02.04.05 Restated Restated Â£000 Â£000 Â£000 Cash flows from operating activities (Loss)/profit for the period (116) (402) 404 Adjustments for: Depreciation 832 881 1,808 Interest income (854) (559) (1,032) Profit on disposal of plant and equipment - - (430) Equity share option expense 16 21 38 Income tax (income)/expense (22) 18 (436) Operating (loss)/profit before changes in working capital and (144) (41) 352 provisions Decrease in trade and other receivables 2,125 2,138 485 Decrease/(increase) in inventories 1,159 (2,347) (2,905) (Decrease)/increase in trade and other payables (2,338) (52) 1,767 Change in retirement benefit liability (970) 53 88 Cash generated from the operations (168) (249) (213) Income tax received/(paid) 86 (70) 44 Net cash from operating activities (82) (319) (169) Cash flows from investing activities Net interest received 39 55 184 Proceeds from sale of plant and equipment 14 65 506 Acquisition of plant and equipment (261) (313) (641) Net cash from investing activities (208) (193) 49 Cash flows from financing activities Proceeds from issue of ordinary shares - 10 11 Net receipt of external borrowing 5 1,015 772 Equity dividends paid (2,274) (2,273) (3,127) Reduction in current asset investments 346 16 582 Net cash from financing activities (1,923) (1,232) (1,762) Net decrease in cash and cash equivalents (2,213) (1,744) (1,882) Cash and cash equivalents at the beginning of the period 7,127 9,010 9,010 Effect of exchange rate fluctuations on cash held 38 - (1) Cash and cash equivalents at the end of the period 4,952 7,266 7,127 Accounting policies Basis of preparation EU law (IAS Regulation EC 1606/2002) requires that the next annual consolidated financial statements of the Group for the 52-week period ending 1 April 2006 be prepared in accordance with IFRS adopted for use in the EU ("adopted IFRS"). This interim financial information has been prepared on a consistent basis under the recognition and measurement requirements of IFRS in issue that are either endorsed by the EU and effective (or available for early adoption) at 1 April 2006 or are expected to be endorsed and effective (or available for early adoption) at 1 April 2006, the Group's first annual reporting date at which it is required to use adopted IFRS. Based on these adopted and unadopted IFRS, the directors have made assumptions about the accounting policies expected to be applied when the first annual IFRS financial statements are prepared for the 52-week period ending 1 April 2006. In particular, the directors have assumed that IAS 19 "Employee benefits" (Revised), issued by the International Accounting Standards Board, will have been adopted by the EU in sufficient time that it will be available for use in the annual IFRS financial statements for the 52-week period ending 1 April 2006. In addition, the adopted IFRS that will be effective (or available for early adoption) in the annual financial statements for the 52-week period ending 1 April 2006 are still subject to change and to additional interpretations and therefore cannot be determined with certainty. Accordingly, the accounting policies for the period will only be finally determined when the annual consolidated financial statements are prepared for the 52-week period ending 1 April 2006. The rules for first time adoption of IFRS are set out in IFRS 1 "First time adoption of international financial reporting standards". In general, a company is required to determine its IFRS accounting policies and apply these retrospectively to determine its opening balance sheet under IFRS. The standard allows a number of exceptions to this general principle to assist companies as they change to reporting under IFRS. Where the Group has taken advantage of these exemptions they are noted below. An explanation of how the transition to IFRS has affected the reported financial position, financial performance and cash flows of the Group is provided in note 6. This note includes reconciliations of equity and profit for comparative periods reported under UK GAAP to those reported for those periods under IFRS. The figures for the 26-week period to 2 October 2004 and 1 October 2005 are unaudited. The figures included for the 52-week period ended 2 April 2005 have been restated to comply with adopted IFRS and are not the Group's statutory accounts for that financial year. Those accounts, which are prepared under UK GAAP, have been delivered to the Registrar of Companies. KPMG Audit Plc, The 600 Group PLC's auditors, reported on those accounts under section 235 of the Companies Act 1985. Their report was unqualified and did not contain a statement under section 237(2) or (3) of that Act. Basis of accounting The financial statements are prepared in accordance with the historical cost and fair value conventions modified by the revaluation of certain fixed assets. Changes in accounting policy For all accounting periods up to and including the 52-week period ended 2 April 2005, the Group has prepared its financial statements under UK GAAP. For accounting periods from 3 April 2005, the Group is required to prepare its consolidated financial statements in accordance with IFRS as adopted by the EU. The Group's first results under this basis will be its interim results for the 26-week period ended 1 October 2005. The Group's first annual report under IFRS will be for the 52-week period ending 1 April 2006. As comparative figures are provided, the effective date for transition to IFRS is 3 April 2004. Basis of consolidation The Group's financial statements consolidate the financial statements of the Company and its subsidiary undertakings. The results of any subsidiaries sold or acquired are included in the Group income statement up to, or from, the date control passes. All intra-Group balances and transactions, including unrealised profits arising from intra-Group transactions, are eliminated fully on consolidation. Foreign currency translation The functional and presentation currency of the Group is Sterling Transactions denominated in foreign currencies are translated into Sterling at the rates of exchange ruling on the date of the transaction. Monetary assets and liabilities are translated into Sterling at the rate of exchange ruling at the balance sheet dates. Exchange rates used to express the assets, liabilities and earnings of overseas companies in Sterling are the rates ruling at the balance sheet dates. Exchange differences arising from the re-translation of the investments in overseas subsidiaries, net of related foreign currency borrowings taken out as a hedge against the investment, are recorded as a movement on reserves. All other exchange differences are dealt with through the income and expense account. Revenue recognition Revenue represents the total of the amounts invoiced to customers outside the Group for goods supplied and services rendered, excluding VAT, and after deducting discounts allowed and credit notes issued. Revenue is recognised at the point at which goods are supplied or services are rendered to customers. Pensions and post-retirement health benefits The Group operates defined benefit pension schemes. The Group's net obligation in respect of these defined benefit plans is calculated by estimating the amount of future benefit that employees have earned in return for their service in the current and prior periods; that benefit is discounted to determine its present value and the fair value of any plan assets is deducted. Actuarial gains and losses are recognised immediately through the Statement of Recognised Income and Expense. Goodwill Goodwill arising on consolidation represents the excess of the fair value of the consideration given over the fair value of the separable identifiable net assets acquired. Goodwill arising on acquisition of subsidiaries and businesses is capitalised as an asset. In accordance with IFRS 3 "Business combinations", goodwill has been frozen at its net book value as at 3 April 2004 and will not be amortised. Instead it will be subject to an annual impairment review with any impairment losses being recognised immediately in the income statement. Research and development Research and development expenditure undertaken with the prospect of gaining new scientific or technical knowledge and understanding is recognised in the income statement as an expense as incurred. Expenditure on development activities, whereby research findings are applied to a plan or design for the production of new or substantially improved products and processes, is capitalised if the product or process is technically and commercially feasible and the Group has sufficient resources to complete development. The expenditure capitalised includes the cost of materials, direct labour and an appropriate proportion of overheads. Amortisation is charged to the income statement on a straight line basis over the useful economic life of the activity unless such lives are considered indefinite in which case annual testing for impairment is carried out. Property, plant and equipment Property, plant and equipment are held at cost, subject to property revaluations carried out at March 1997 which are elected to be deemed cost under IFRS 1, less accumulated depreciation. Depreciation is calculated to write off the cost (or amount of the valuation) of property, plant and equipment less the estimated residual value on a straight-line basis over the expected useful economic life of the assets concerned. The annual rates used are generally: - freehold buildings 2 to 4% - leasehold buildings Over residual terms of the leases - plant and machinery 10 to 20% - fixtures, fittings, tools and equipment 10 to 33.3% Investments Non-current assets - investments are stated at cost less any impairment in value. Current assets - investments are stated at the lower of cost and net realisable value. Inventories Inventories are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow moving items. The cost of Group manufactured products consists of direct materials and direct labour with the addition of an appropriate proportion of production overheads. Trade and other receivables Trade receivables are recognised and carried at original invoice amount less allowance for any uncollectable amounts. An estimate for doubtful debts is made when collection of the full amount is no longer probable. Bad debts are written off when identified. Cash and cash equivalents Cash and cash equivalents in the balance sheet comprise cash at bank and in hand and short-term deposits. For the purpose of the consolidated cash flow statement, cash and cash equivalents consist of cash and cash equivalents as described above, net of outstanding bank overdrafts. Taxation Income tax on the profit or loss for the year comprises current and deferred tax. Income tax is recognised in the income statement except to the extent that it relates to items recognised directly in equity, in which case it is recognised in equity. Deferred tax is provided using the balance sheet liability method, providing for temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. A deferred tax asset is recognised only to the extent that it is probable that future taxable profits will be available against which an asset can be utilised. Leases Assets financed by leasing arrangements, which give rights approximating to ownership, are treated as if they had been purchased outright and are capitalised and depreciated over the shorter of the estimated useful life of the assets and the period of the leases. The capital element of future rentals is treated as a liability and the interest element is charged against profits in proportion to the balances outstanding. The rental costs of all other leased assets are charged against profits on a straight-line basis. Financial instruments It is the policy of the Group to cover all significant foreign exchange trading commitments. Financial assets and liabilities and the associated forward currency contracts are reported at fair value at the balance sheet dates. Share-based payment Charges for employee services received in exchange for share-based payment have been made for all options granted after 7 November 2002 in accordance with IFRS 2 "Share based payment". The fair value of such options has been calculated using a binomial option-pricing model, based upon publicly available market data at the point of grant. Dividends Dividends are recorded in the Group's financial statements in the period in which they are declared or paid. Notes to the financial information 1. Taxation The charge for corporation tax comprises UK taxation Â£nil (2004:Â£nil), overseas taxation credit of Â£17,000 (2004:charge Â£5,000) and deferred taxation credit of Â£5,000 (2004 restated:charge Â£13,000). 2. Earnings per share The basic earnings per share are based on the loss for the period of Â£150,000 (2004:loss Â£402,000) and the weighted average number of shares outstanding of 56,846,137 (2004:56,833,763). For diluted earnings per share, the weighted average number of ordinary shares in issue is adjusted to 57,011,504 (2004: 57,058,624) and assumes conversion of dilutive potential ordinary shares of 165,367 (2004:224,861). 3. Dividends The dividend payment of Â£2,274,000 disclosed in note 4 represents the final dividend recommended in the financial statements for the 52-week period ended 2 April 2005 (2004:Â£2,273,000). Under IFRS, dividends are required to be accounted for in the period when declared rather than the period when recommended as under UK GAAP. 4. Statement of changes in equity (unaudited) Attributable to equity holders of parent Minority Total interest equity Share capital Other Retained Total reserves earnings Â£000 Â£000 Â£000 Â£000 Â£000 Â£000 Balance at 2 April 2005 14,212 17,989 6,750 38,951 - 38,951 Exchange difference on translating - - 691 691 2 693 foreign operations Actuarial gains on retirement - - 1,200 1,200 - 1,200 benefit liability Net income recognised directly in - - 1,891 1,891 2 1,893 equity Loss for the period - - (150) (150) 34 (116) Total recognised income for the - - 1,741 1,741 36 1,777 period Dividend paid - - (2,274) (2,274) - (2,274) Equity share options expense - 16 - 16 - 16 Part disposal of subsidiary - - - - 323 323 undertaking Balance at 1 October 2005 14,212 18,005 6,217 38,434 359 38,793 5. Reconciliation of net cash flow to net funds (unaudited) 26 weeks to 26 weeks to 52 weeks to 01.10.05 02.10.04 02.04.05 Restated Restated Â£000 Â£000 Â£000 Decrease in cash and cash equivalents (2,213) (1,744) (1,882) Reduction in current asset investments (346) (16) (582) Decrease in debt and finance leases (5) (1,015) (772) Decrease in net funds from cash flows (2,564) (2,775) (3,236) New finance leases - - (53) Decrease in net funds (2,564) (2,775) (3,289) Net funds at beginning of period 6,617 9,902 9,902 Exchange effects on net funds (26) - 4 Net funds at end of period 4,027 7,127 6,617 6. Explanation of transition to IFRS As stated in the accounting policies, these are the Group's first consolidated interim financial statements for the part of the period covered by the first annual consolidated financial statements prepared in accordance with IFRS. In preparing its opening IFRS balance sheet, comparative information for the 26-week period ended 2 October 2004 and financial statements for the 52-week period ended 2 April 2005, the Group has adjusted amounts reported previously in financial statements prepared in accordance with UK GAAP. The details of how the transition from UK GAAP to IFRS has affected the Group's financial position, financial performance and cash flows are set out in the tables below. An explanation of the adjustments is as follows: IAS 21 "The effects of changes in foreign currency rates" prohibits the method of translating foreign operations' income and expense accounts at the closing rate of exchange, which was allowable under UK GAAP, requiring instead that an average rate be used. IFRS 3 "Business combinations" requires goodwill to be capitalised and subject to an annual impairment test rather than recognising amortisation as per UK GAAP. IAS 19 "Employee benefits" requires recognition of the pension scheme deficits on the balance sheet and service costs, interest costs and expected return on assets for the year to be charged to the income statement. Under UK GAAP, differences between funding contributions and the amount charged to the income statement were treated as either prepayments or accruals in the balance sheet. Pension scheme contributions and variations in pension costs resulting from actuarial valuations were spread over the future average working lifetime of active members. IAS 39 "Financial instruments" requires the fair value of forward currency contracts to be reflected on the balance sheet. IFRS 2 "Share based payment" requires the fair value cost of providing employee share ownership plans to be reflected through the income and expenditure statement. 7. Minority interest The minority interest relates to the 25.1% stake in 600SA Holdings (Pty) Limited acquired by a South African individual on 4 April 2005 as explained in our Annual Report and Accounts for 2005. Reconciliation of profit - 26 weeks to 2 October 2004 (unaudited) UK IAS 21 IFRS 3 IAS 19 IAS 39 IFRS 2 Def. Restated GAAP Tax IAS Â£000 Â£000 Â£000 Â£000 Â£000 Â£000 Â£000 Â£000 Revenue 31,815 (294) 31,521 Operating loss before (838) 3 92 (216) 37 (21) (943) exceptional items Pension credit 1,149 (1,149) - Operating profit/(loss) 311 3 92 (1,365) 37 (21) (943) before financing costs Net financing income 96 463 559 Profit/(loss) before tax 407 3 92 (902) 37 (21) (384) Income tax charge (108) 1 89 (18) Profit/(loss) for the period 299 4 92 (902) 37 (21) 89 (402) Earnings per share - basic 0.5p 0.2p (1.5)p 0.1p 0.2p (0.7)p and diluted Reconciliation of profit - 52 weeks to 2 April 2005 (unaudited) UK IAS 21 IFRS 3 IAS 19 IAS 39 IFRS 2 Def. Restated GAAP Tax IAS Â£000 Â£000 Â£000 Â£000 Â£000 Â£000 Â£000 Â£000 Revenue 66,682 316 66,998 Operating loss before (1,255) 4 182 (414) 65 (38) (1,456) exceptional items Pension credit 2,340 (2,340) - Profit on sale of fixed 392 392 assets Operating profit/(loss) 1,477 4 182 (2,754) 65 (38) (1,064) before financing costs Net financing income 149 (5) 888 1,032 Profit/(loss) before tax 1,626 (1) 182 (1,866) 65 (38) (32) Income tax (charge)/credit (731) (1) 1,168 436 Profit for the period 895 (2) 182 (1,866) 65 (38) 1,168 404 Earnings per share - basic 1.6p 0.3p (3.3)p 0.1p (0.1)p 2.1p 0.7p and diluted Reconciliation of equity as at 3 April 2004 (unaudited) UK IFRS 3 IAS 19 IAS 39 Def. Div. Restated GAAP Tax Adj. IAS Â£000 Â£000 Â£000 Â£000 Â£000 Â£000 Â£000 Assets Non-current assets Intangible assets 2,837 2,837 Property, plant and equipment 13,116 13,116 Deferred tax assets 299 299 Retirement benefit obligation 33,643 (33,643) 49,895 (33,643) 16,252 Current assets Inventory 20,346 20,346 Trade and other receivables 16,281 16,281 Investments 1,162 1,162 Cash and cash equivalents 9,569 9,569 47,358 47,358 Total assets 97,253 (33,643) 63,610 Liabilities Non-current liabilities Retirement benefit obligation (14,918) (14,918) Deferred tax liability (8,431) 7,486 (945) (8,431) (14,918) 7,486 (15,863) Current liabilities Trade and other payables and (16,021) 972 (54) 2,273 (12,830) provisions Loans and other borrowings (829) (829) (16,850) 972 (54) 2,273 (13,659) Total liabilities (25,281) (13,946) (54) 7,486 2,273 (29,522) Net assets 71,972 (47,589) (54) 7,486 2,273 34,088 Shareholders' equity Called-up share capital 14,206 14,206 Reserves 57,766 (47,589) (54) 7,486 2,273 19,882 Total equity attributable to 71,972 (47,589) (54) 7,486 2,273 34,088 equity holders of the parent Reconciliation of equity as at 2 October 2004 (unaudited) UK IFRS 3 IAS 19 IAS 39 Def. Div. Restated GAAP Tax Adj. IAS Â£000 Â£000 Â£000 Â£000 Â£000 Â£000 Â£000 Assets Non-current assets Intangible assets 2,752 92 2,844 Property, plant and equipment 12,524 12,524 Deferred tax assets 299 299 Retirement benefit obligation 34,999 (34,999) 50,574 92 (34,999) 15,667 Current assets Inventory 22,867 22,867 Trade and other receivables 14,333 14,333 Investments 1,145 1,145 Cash and cash equivalents 7,970 7,970 46,315 46,315 Total assets 96,889 92 (34,999) 61,982 Liabilities Non current liabilities Retirement benefit obligation (16,952) (16,952) Deferred tax liability (8,520) 7,575 (945) (8,520) (16,952) 7,575 (17,897) Current liabilities Trade and other payables and (14,720) 1,035 (17) 853 (12,849) provisions Loans and other borrowings (1,988) (1,988) (16,708) 1,035 (17) 853 (14,837) Total liabilities (25,228) (15,917) (17) 7,575 853 (32,734) Net assets 71,661 92 (50,916) (17) 7,575 853 29,248 Shareholders' equity Called-up share capital 14,211 14,211 Reserves 57,450 92 (50,916) (17) 7,575 853 15,037 Total equity attributable to 71,661 92 (50,916) (17) 7,575 853 29,248 equity holders of the parent Reconciliation of equity as at 2 April 2005 (unaudited) UK IFRS 3 IAS 19 IAS 39 Def. Div. Restated GAAP Tax Adj. IAS Â£000 Â£000 Â£000 Â£000 Â£000 Â£000 Â£000 Assets Non-current assets Intangible assets 2,644 182 2,826 Property, plant and equipment 11,916 11,916 Deferred tax assets 385 291 676 Retirement benefit obligation 36,395 (36,395) 51,340 182 (36,395) 291 15,418 Current assets Inventory 23,213 23,213 Trade and other receivables 15,986 15,986 Investments 580 580 Cash and cash equivalents 7,751 7,751 47,530 47,530 Total assets 98,870 182 (36,395) 291 62,948 Liabilities Non-current liabilities Retirement benefit obligation (6,484) (6,484) Deferred tax liability (9,308) 8,363 (945) (9,308) (6,484) 8,363 (7,429) Current liabilities Trade and other payables and (18,165) 1,026 11 2,274 (14,854) provisions Loans and other borrowings (1,714) (1,714) (19,879) 1,026 11 2,274 (16,568) Total liabilities (29,187) (5,458) 11 8,363 2,274 (23,997) Net assets 69,683 182 (41,853) 11 8,654 2,274 38,951 Shareholders' equity Called-up share capital 14,212 14,212 Reserves 55,471 182 (41,853) 11 8,654 2,274 24,739 Total equity attributable to 69,683 182 (41,853) 11 8,654 2,274 38,951 equity holders of the parent Interim report Copies of the interim report will be sent to all shareholders and will be available to members of the public from the company's registered office at 600 House, Landmark Court, Revie Road, Leeds, LS11 8JT. The 600 Group PLC is registered in England and Wales No. 196730. Share price information Information concerning the day-to-day movement of The 600 Group PLC share price can be found by dialling 0906 003 4031 for the Financial Times share price service. The 600 Group PLC 600 House Landmark Court Revie Road Leeds LS11 8JT Telephone: 44 (0) 113 277 6100 Facsimile: 44 (0) 113 276 5600 www.600group.com This information is provided by RNS The company news service from the London Stock Exchange

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