Interim Results

Carclo plc 05 December 2006 Carclo plc ('Carclo') Interim Results for the six months ended 30 September 2006 Key Points â€¢ Profit before tax doubled to Â£1.7 million (2005 - Â£0.8 million). â€¢ Operating margins in Technical Plastics more than doubled, benefiting from cost reduction programmes and the continued focus on medical and specialist markets. â€¢ Net debt is below the Â£20 million target and will reduce further with planned property disposals in the second half of the year. This will allow us to increase investment in new technologies and growth opportunities. â€¢ CIT have successfully printed directly onto the surface of silicon wafers opening up the exciting new fields of solar-power cells and microelectronics. â€¢ Successful disposal of the automotive control cables business completed. Commenting on the results, Christopher Ross, chairman, said: 'Our recovery is on plan. Profits and margins in Technical Plastics are improving as the business mix shifts towards medical markets and as our global operations return to growth. Our investment in new technologies is delivering new business opportunities which should contribute to top line growth. Finally, our much improved balance sheet and higher than expected proceeds from property disposals are allowing us to increase investment in attractive areas of growth such as medical diagnostics. The board is confident of continuing this progress into the second half of this year and the next financial year.' -ends- For further information please contact: Carclo plc Ian Williamson, Chief Executive On 5 December 2006: 020 7067 0700 Robert Brooksbank, Finance Director Thereafter: 01924 268040 Weber Shandwick/Square Mile Richard Hews 020 7067 0700 James White A presentation for analysts will be held at 9.30 am at the offices of Weber Shandwick Square Mile, Fox Court, 14 Gray's Inn Road, London WC1X 8WS Notes to editors â€¢ Carclo plc is a global supplier of technical plastic components. It is a public company whose shares are quoted on the London Stock Exchange. â€¢ 70% of sales are derived from the supply of fine tolerance, injection moulded plastic components, which are used in medical, automotive, telecom and electronics products. This business, Carclo Technical Plastics, operates internationally in a fast growing and dynamic market underpinned by rapid technological development. â€¢ 30% of sales are derived from the supply of manufactured systems to the automotive and aerospace industries. â€¢ Carclo's strategy is to grow rapidly in low cost manufacturing regions and to develop new technologies and products to underpin future growth. CHAIRMAN'S STATEMENT Overview The six months to 30 September 2006 was an encouraging period for the group with improved profitability, a better and more stable mix of business, good cash generation and promising developments in new technologies. Profit before tax more than doubled to Â£1.7 million (2005 - Â£0.8 million). Growth in medical and specialist markets, together with a cost reduction programme, helped the Technical Plastics division to more than double its operating margins. As expected, sales and margins in Precision Products were below the prior period due to reduced volumes in specialist lighting. The disposal of Gills Cables in May 2006 helped to reduce net debt by nearly Â£2.0 million to Â£18.8 million. The board has declared an unchanged interim dividend of 0.4 pence per share. The dividend will be paid on 10 April 2007 to shareholders on the register on 2 March 2007. The shares will be traded excluding the right to the dividend from 28 February 2007. Financial position Net debt at 30 September 2006 was Â£18.8 million, a reduction of Â£2.0 million since the start of the financial year. This represents gearing on assets, excluding the net pension deficit, of 42.6% (2005 - 49.2%). The group benefited from the receipt of Â£1.2 million, net of costs, on the disposal of CTP Gills Cables and the 50% holding in the associated Indian joint venture, completion of which was approved by shareholders on 11 May 2006. In addition, as expected, Â£0.6 million deferred consideration was received from last year's disposal of ECC Card Clothing. We expect group debt to reduce further in the second half of the year due to the significant disposal proceeds from the planned sale of three surplus properties which have a carrying value of Â£3.5 million. As recently announced, we have already entered into contracts for the disposal of two of these properties which will generate around Â£6.0 million of cash income by the year end. Operating review Technical Plastics The Technical Plastics division increased its underlying operating profits by 129% to Â£1.6 million (2005 - Â£0.7 million) on a similar level of turnover to the prior period. The increase in margins (from 2.5% to 5.7%) confirms our strategy of concentrating on medical and specialist markets and growing our operations in low cost regions, particularly China and the Czech Republic. We continue to reduce costs in mature markets such as the UK and the USA, but the pace of this cost reduction is now slowing. During the period we commenced the closure of a small moulding plant in the UK which resulted in an exceptional cost of Â£0.1 million. The closure will be completed early in the second half of the financial year. The rate of new business awards in the first half has been good and we are now planning some modest increases in capacity with an extension to our China facility, increased medical and clean room capacity in the USA and a new facility in India. Precision Products The Precision Products division delivered underlying operating profits of Â£1.0 million (2005 - Â£1.4 million) on sales down 9.8% at Â£10.0 million. The division's performance was impacted by an expected downturn in specialist lighting products which are fitted on the latest generation of super cars. In automotive, we also experienced a swing in demand for antenna products away from higher contribution multiband antennas. We have responded by reducing the cost base of the automotive business to match current demand. Our precision engineering business delivered another excellent performance with profits ahead of the prior period. Conductive Inkjet Technology ('CIT') Progress at Conductive Inkjet Technology has been good, and the emphasis of the business has now moved toward the commercialisation of the technology for Radio Frequency Identification ('RFID') and sensor applications. The technical programme to develop the MetalJet 6000 print line is close to completion and discussions are well advanced with a launch customer. We are now undertaking industrial scale trials of printed RFID antennas and other sensor devices and have a number of advanced enquiries for the MetalJet range. This month, Carclo Technical Plastics commences production of sensors for a global electronics customer using the CIT process. A second contract, using the same production facility, for an innovative medical sensor is in the final stages of testing. CIT is leading a consortium, including Cambridge Display Technology Limited ('CDT'), to produce very fine conductive tracks for solid state displays. The project is making excellent progress and was the subject of a recent press release by CDT which can be accessed via the Carclo web site www.carclo-plc.com. The universe of CIT applications continues to grow. We have now successfully printed directly onto the surface of silicon wafers opening up an exciting new field of potential application in solar-power cells and microelectronics. We continue to examine ways to maximise the value to shareholders from our investment in CIT. One option is to spin off CIT as a stand alone company listed on AIM. We have reviewed this and other options with our advisers, major shareholders and our partner in CIT and have decided that an early spin off would not be in the interests of Carclo shareholders at this stage. In our view CIT will eventually benefit from standing alone as a science based company, but we are confident that it will command a higher value as the commercial success of the technology broadens. Innovation We continue to invest in new process technologies which help us to add value to our customers' products. Two developments, which we have reported on in the past, are planned to enter production in the coming six months. The soluble capsule application, developed jointly with Stanelco plc, is being commercially developed with Agrimin Limited to deliver drugs in veterinary applications. We are discussing other innovative applications of this technology with a range of customers. Our ink jet optical hard coating technology will also enter production in a high volume automotive application. These successful developments add to our confidence in the future growth prospects of the group. Financial strategy The group's term loan facilities are secured by way of charges over some of the group's assets. These charges fall away if certain financial criteria are achieved in two consecutive reporting periods. We anticipate that the release criteria will be achieved by March 2007 and we have therefore started the process of negotiating replacement facilities. We have also initiated discussions with the trustees of our pension schemes to agree a long term pension funding plan for the schemes. As part of these discussions, we have brought forward the triennial valuation of the larger scheme to 31 March 2006. We hope to gain the agreement of all parties to a long term funding solution which would permit the board to recommend a dividend more consistent with underlying earnings. Property disposals in our second half are set to generate more cash than we had budgeted and we are therefore examining new investment opportunities to further accelerate our growth in medical and diagnostic markets. These opportunities are focussed on business sectors using our existing skills and capacity in medical moulding and in surface treatments. Outlook Our recovery is on plan. Profits and margins in Technical Plastics are improving as the business mix shifts towards medical markets and as our global operations return to growth. Our investment in new technologies is delivering new business opportunities which should contribute to top line growth. Finally, our much improved balance sheet and higher than expected proceeds from property disposals are allowing us to increase investment in attractive areas of growth such as medical diagnostics. The board is confident of continuing this progress into the second half of this year and the next financial year. Christopher Ross 5 December 2006 Unaudited consolidated income statement Six months Six months Year ended ended ended 30 March 2006 30 September 30 September 2006 2005 _________________________________________________________________________________________ Continuing Discontinued Continuing Discontinued operations operations Total operations operations Total Â£000 Â£000 Â£000 Â£000 Â£000 Â£000 Â£000 ___________________________________________________________________________________________________________________ Revenue 37,731 1,025 38,756 38,536 6,711 45,247 88,006 ___________________________________________________________________________________________________________________ Underlying operating profit Operating profit before exceptional costs 2,148 84 2,232 1,700 228 1,928 5,020 - rationalisation costs (291) (62) (353) (150) (463) (613) (964) - exceptional bad debts - - - (125) - (125) (375) After exceptional costs 1,857 22 1,879 1,425 (235) 1,190 3,681 ___________________________________________________________________________________________________________________ Operating profit / (loss) 1,857 22 1,879 1,425 (235) 1,190 3,681 Site closure costs (77) - (77) - - - (869) Loss on sale of properties - - - - - - (237) _________________________________________________________________________________________ Profit / (loss) before financing costs 1,780 22 1,802 1,425 (235) 1,190 2,575 Finance revenue 194 7 201 300 3 303 383 Finance expense (856) - (856) (971) (40) (1,011) (1,778) Other finance revenue - retirement benefits 4,999 - 4,999 4,548 - 4,548 9,041 Other finance expense - retirement benefits (4,433) - (4,433) (4,257) - (4,257) (8,522) _________________________________________________________________________________________ Profit / (loss) before tax 1,684 29 1,713 1,045 (272) 773 1,699 Income tax expense (169) (2) (171) - - - - _________________________________________________________________________________________ Profit / (loss) after tax but before gain / (loss) on discontinued operations 1,515 27 1,542 1,045 (272) 773 1,699 Gain / (loss) on disposal of discontinued operations, net of tax - 529 529 - (947) (947) (1,082) _________________________________________________________________________________________ Profit / (loss) for the period 1,515 556 2,071 1,045 (1,219) (174) 617 _________________________________________________________________________________________ _________________________________________________________________________________________ Attributable to: Equity holders of the parent 1,553 556 2,109 1,053 (1,219) (166) 652 Minority interest (38) - (38) (8) - (8) (35) _________________________________________________________________________________________ Profit / (loss) for the period 1,515 556 2,071 1,045 (1,219) (174) 617 _________________________________________________________________________________________ _________________________________________________________________________________________ Earnings per ordinary share Basic 2.8 p 1.0 p 3.8 p 1.9 p (2.2) p (0.3) p 1.2 p Diluted 2.8 p 1.0 p 3.8 p 1.9 p (2.2) p (0.3) p 1.2 p Dividend per ordinary share Arising in respect of the period 0.4 p 0.4 p 1.2 p Paid in the period 1.2 p 1.2 p 1.2 p Unaudited consolidated balance sheet 30 September 30 September 31 March 2006 2005 2006 Â£000 Â£000 Â£000 _____________________________________________________________________________________ Assets Intangible assets 24,992 18,863 24,868 Property, plant & equipment 25,953 31,393 29,899 Investments 10 10 11 Investment in joint ventures - 262 - Deferred tax assets 9,133 9,937 8,681 Trade and other receivables 400 1,100 1,100 ___________________________________________________ Total non current assets 60,488 61,565 64,559 Inventories 7,954 8,545 7,634 Trade and other receivables 16,580 18,142 16,736 Cash and cash deposits 678 13,265 11,258 Assets classified as held for sale 3,451 970 2,078 ___________________________________________________ Total current assets 28,663 40,922 37,706 ___________________________________________________ Total assets 89,151 102,487 102,265 ___________________________________________________ Liabilities Interest bearing loans and borrowings 7,347 28,592 26,765 Deferred tax liabilities 4,158 3,874 3,851 Retirement benefit obligations 22,277 26,533 22,383 ___________________________________________________ Total non current liabilities 33,782 58,999 52,999 Trade and other payables 12,251 14,660 13,027 Current tax liabilities 2,507 1,362 2,353 Dividends payable - - 220 Interest bearing loans and liabilities 12,105 4,897 5,249 Liabilities associated with assets classified as held for sale - - 1,223 ___________________________________________________ Total current liabilities 26,863 20,919 22,072 ___________________________________________________ Total liabilities 60,645 79,918 75,071 ___________________________________________________ ___________________________________________________ Net assets 28,506 22,569 27,194 ___________________________________________________ ___________________________________________________ Equity Ordinary share capital issued 2,789 2,789 2,789 Share premium 2,768 44,540 2,768 Other reserves 4,160 1,270 4,160 Translation reserve 1,016 1,021 1,479 Retained earnings 16,645 (27,014) 14,833 ___________________________________________________ Total equity attributable to equity holders of the parent 27,378 22,606 26,029 ___________________________________________________ Minority interest 1,128 (37) 1,165 ___________________________________________________ Total equity 28,506 22,569 27,194 ___________________________________________________ ___________________________________________________ Unaudited consolidated statement of cash flows Six months Six months Year ended ended ended 30 September 30 September 31 March 2006 2006 2005 Â£000 Â£000 Â£000 _________________________________________________________________________________________ Cash flows from operating activities Profit before financing costs 1,802 1,190 2,575 Adjustments for: Pension fund contributions in excess of service costs 12 (35) (3,364) Depreciation charge 1,489 2,087 3,734 Amortisation of intangible assets 52 32 63 Exceptional bad debt provision - 125 375 Loss on disposal of properties - - 237 (Profit) / loss on disposal of other plant and equipment (11) 28 32 Impairment of assets on site closures - - 124 Cash flows on closures charged in prior year - (165) (190) Share based payment charge / (credit) 143 13 (6) __________________________________________________ Operating cash flow before changes in working capital 3,487 3,275 3,580 Changes in working capital (excluding the effects of acquisition and disposal of subsidiaries) (Increase) / decrease in inventories (422) 692 898 (Increase) / decrease in trade and other receivables (58) 1,132 3,121 Decrease in trade and other payables (889) (2,593) (2,932) __________________________________________________ Cash generated from operations 2,118 2,506 4,667 Interest paid (893) (991) (1,766) Tax - - - __________________________________________________ Net cash from operating activities 1,225 1,515 2,901 Cash flows from investing activities Proceeds from sale of property, plant and equipment 14 82 1,073 Interest received 177 317 395 Disposal of subsidiary, net of cash disposed of 1,811 5,438 5,201 Acquisition of subsidiary, net of cash acquired - (1,476) (1,503) Acquisition of share in joint venture - (262) (129) Acquisition of property, plant and equipment (968) (906) (2,271) Acquisition of intangible assets - computer software (10) - (64) Disposal / (acquisition) of trade investment 1 - (1) Development expenditure (670) (220) (861) Repayment of loan by / (loan to) joint venture 390 (440) (833) __________________________________________________ Net cash from investing activities 745 2,533 1,007 Cash flows from financing activities Proceeds from the issue of share capital - 2,963 2,963 Repayment of borrowings (11,437) (2,584) (4,548) Payment of finance lease liabilities (4) (22) (17) Dividends paid (661) (613) (644) __________________________________________________ Net cash from financing activities (12,102) (256) (2,246) Net increase in cash and cash equivalents (10,132) 3,792 1,662 Cash and cash equivalents at beginning of period 6,734 5,014 5,014 Effect of exchange rate fluctuations on cash held (117) 97 58 __________________________________________________ Cash and cash equivalents at end of period (3,515) 8,903 6,734 __________________________________________________ __________________________________________________ Cash and cash equivalents comprise: Cash at bank and in hand 678 13,265 11,258 Bank overdrafts (4,193) (4,362) (4,524) __________________________________________________ (3,515) 8,903 6,734 __________________________________________________ __________________________________________________ Unaudited consolidated statement of recognised income and expense Six months Six months Year ended ended ended 30 September 30 September 31 March 2006 2005 2006 Â£000 Â£000 Â£000 _______________________________________________________________________________ Foreign exchange translation differences (436) 404 749 Net loss on hedge of net investment in foreign subsidiary (28) (129) (16) Actuarial gains on defined benefit schemes - - 593 Other - 3 - Taxation on items taken directly to equity - - (178) ______________________________________________ Income and expense recognised directly in equity (464) 278 1,148 Profit / (loss) for the period 2,071 (174) 617 ______________________________________________ Total recognised income and expense for the period 1,607 104 1,765 ______________________________________________ ______________________________________________ Attributable to: Equity holders of the parent 1,645 112 1,800 Minority interest (38) (8) (35) ______________________________________________ Total recognised income and expense for the period 1,607 104 1,765 ______________________________________________ ______________________________________________ Notes on the interim statement 1. Basis of preparation The interim financial statements have been prepared on the basis of the accounting policies set out in the audited accounts for the year ended 31 March 2006. The financial information is unaudited, but has been reviewed by the auditors and their report to the company is set out on page 12. The comparative figures for the financial year ended 31 March 2006 are not the company's statutory accounts for that financial year. Those accounts have been reported on by the company'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 which the auditors drew attention by way of emphasis without qualifying their report and (iii) did not contain statements under Section 237(2) or (3) of the Companies Act. The interim report was approved by the board of directors on 5 December 2006 and is being sent to shareholders on 8 December 2006. Copies are available from the company's registered office, Springstone House, PO Box 88, 27 Dewsbury Road, Ossett, WF5 9WS and can also be downloaded from the corporate website: www.carclo-plc.com 2. Segment reporting At 30 September 2006, the group is organised into two main business segments: Technical Plastics and Precision Products. The Technical Plastics segment supplies fine tolerance, injection moulded plastic components, which are used in medical, telecom and electronics products. This business operates internationally in a fast growing and dynamic market underpinned by rapid technological development. The Precision Products segment supplies systems to the automotive and aerospace industries. The primary segment reporting format is determined to be business segments as the group's risks and returns are affected predominantly by differences in the products and services provided. Secondary information is reported geographically. The operating business segments are organised and managed separately. Transfer pricing between business segments is set on an arm's length basis. Segmental revenues and results include transfers between business segments. Those transfers are eliminated on consolidation. The group's geographical segments are based on the location of the group's assets. Sales to external customers disclosed in geographical segments are based on the geographical location of its customers. Analysis by business segment The segment results for the six months ended 30 September 2006 were as follows: Technical Precision Unallocated Eliminations Continuing Discontinued Group Plastics Products expenses total total Â£000 Â£000 Â£000 Â£000 Â£000 Â£000 Â£000 ____________________________________________________________________________________________________________ Income Statement Total revenue 27,876 9,953 - (98) 37,731 1,025 38,756 Less inter-segment revenue (98) - - 98 - - - _________________________________________________________________________________________ Total external revenue 27,778 9,953 - - 37,731 1,025 38,756 Expenses (26,181) (8,942) (460) - (35,583) (941) (36,524) _________________________________________________________________________________________ Underlying operating profit 1,597 1,011 (460) - 2,148 84 2,232 Rationalisation costs (49) (113) (129) - (291) (62) (353) _________________________________________________________________________________________ Operating profit 1,548 898 (589) - 1,857 22 1,879 Site closure costs (77) - - - (77) - (77) _________________________________________________________________________________________ Profit before financing costs 1,471 898 (589) - 1,780 22 1,802 _________________________________________________ _________________________________________________ Net finance costs (96) 7 (89) Tax (169) (2) (171) ________________________________________ Profit after tax 1,515 27 1,542 ________________________________________ ________________________________________ The segment results for the six months ended 30 September 2005 were as follows: Technical Precision Unallocated Eliminations Continuing Discontinued Group Plastics Products expenses total total Â£000 Â£000 Â£000 Â£000 Â£000 Â£000 Â£000 ____________________________________________________________________________________________________________ Income Statement Total revenue 27,628 11,038 - (130) 38,536 6,711 45,247 Less inter-segment revenue (130) - - 130 - - - _________________________________________________________________________________________ Total external revenue 27,498 11,038 - - 38,536 6,711 45,247 Expenses (26,801) (9,639) (396) - (36,836) (6,483) (43,319) _________________________________________________________________________________________ Underlying operating profit 697 1,399 (396) - 1,700 228 1,928 Rationalisation costs (119) - (31) - (150) (463) (613) Exceptional bad debts (125) - - - (125) - (125) _________________________________________________________________________________________ Operating profit 453 1,399 (427) - 1,425 (235) 1,190 _________________________________________________________________________________________ Profit before financing costs 453 1,399 (427) - 1,425 (235) 1,190 _________________________________________________ _________________________________________________ Net finance costs (380) (37) (417) Tax - - - ________________________________________ Profit after tax 1,045 (272) 773 ________________________________________ ________________________________________ The segment results for the year ended 31 March 2006 were as follows: Technical Precision Unallocated Eliminations Continuing Discontinued Group Plastics Products expenses total total Â£000 Â£000 Â£000 Â£000 Â£000 Â£000 Â£000 ____________________________________________________________________________________________________________ Income Statement Total revenue 54,328 22,586 - (297) 76,617 11,389 88,006 Less inter-segment revenue (297) - - 297 - - - _________________________________________________________________________________________ Total external revenue 54,031 22,586 - - 76,617 11,389 88,006 Expenses (51,477) (19,609) (989) - (72,075) (10,911) (82,986) _________________________________________________________________________________________ Underlying operating profit 2,554 2,977 (989) - 4,542 478 5,020 Rationalisation costs (538) (144) (117) - (799) (165) (964) Exceptional bad debts (375) - - - (375) - (375) _________________________________________________________________________________________ Operating profit 1,641 2,833 (1,106) - 3,368 313 3,681 Site closure costs (615) - - - (615) (254) (869) Loss on sale of properties - - (237) - (237) - (237) _________________________________________________________________________________________ Profit before financing costs 1,026 2,833 (1,343) - 2,516 59 2,575 _________________________________________________ _________________________________________________ Net finance costs (826) (50) (876) Tax - - - ________________________________________ Profit after tax 1,690 9 1,699 ________________________________________ ________________________________________ Analysis by geographical segment by destination United Kingdom North America Rest of World Group total Â£000 Â£000 Â£000 Â£000 _____________________________________________________________________________________________________ The analysis of results by geographic destination for the six months ended 30 September 2006 was as follows: Revenue Total external revenue 16,831 8,746 13,179 38,756 Less revenue attributable to discontinued operations (477) (96) (452) (1,025) _____________________________________________________________ Revenue from continuing operations 16,354 8,650 12,727 37,731 _____________________________________________________________ _____________________________________________________________ The analysis of results by geographic destination for the six months ended 30 September 2005 was as follows: Total external revenue 19,753 8,921 16,573 45,247 Less revenue attributable to discontinued operations (1,997) (767) (3,947) (6,711) _____________________________________________________________ Revenue from continuing operations 17,756 8,154 12,626 38,536 _____________________________________________________________ _____________________________________________________________ The analysis of results by geographic destination for the year ended 31 March 2006 was as follows: Total external revenue 38,214 17,761 32,031 88,006 Less revenue attributable to discontinued operations (3,950) (1,439) (6,000) (11,389) _____________________________________________________________ Revenue from continuing operations 34,264 16,322 26,031 76,617 _____________________________________________________________ _____________________________________________________________ Independent review report to Carclo 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 unaudited consolidated income statement, the unaudited consolidated balance sheet, the unaudited consolidated statement of cash flows, the unaudited statement of recognised income and expense and the 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, Leeds 5 December 2006 This information is provided by RNS The company news service from the London Stock Exchange

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