Final Results

RNS Number : 0678O

Castings PLC

23 June 2010

 



Castings plc

ANNUAL FINANCIAL REPORT

DTR 6.3.5 DISCLOSURE

YEAR ENDED 31 MARCH 2010

Chairman's Statement

The financial year under review was the most difficult trading year we have had to manage for a considerable time.

Our turnover reduced from record levels in year ending March 2008 of £97.4m to £84.8m last year and £60.6m during the year ending March 2010.  The problems revolved around the world economic situation and our main markets being involved in commercial vehicle production in Europe.  Demand dropped rapidly in October 2008 and this continued for a long period of time, but we have seen a slow increase in demand from mid 2009 which hopefully will be sustained.

Profit before tax as shown in the consolidated statement of comprehensive income is £9.8m.  However, this is after crediting a net £2.0m in respect of one-off pension adjustments, and a net £0.2m of other exceptional items.  After excluding these items, the underlying profit before tax for the year was £7.6m. Also, during the year the company paid £2.5m into the final salary pension schemes.

I am pleased to report we have started to re-employ some of the employees we had to make redundant.  Growth back to our previous levels will take some time depending on many outside factors beyond our control.

Foundry Production

We are now operating at about 80% of our previous levels and also have extra production availability from the new foundry at William Lee.  We are operating the new foundry for 3 days a week, and it is proving highly efficient.  The company will benefit when demand increases and new orders we have obtained come into production.  All foundries are fully invested and little capital expenditure will be required in the immediate future.

CNC Speedwell

It has been a very difficult time for CNC Speedwell due to the high cost of capital expenditure and low demands from our major customers.  However I am pleased to report that with improved demand plus many orders from new customers now coming into production, the performance of the company is improving.  We also expect to invest further in machining capacity as the market continues to improve.

Dividend

I am pleased to report that with careful cash management and the company's policy of maintaining a healthy balance sheet we are recommending that the final dividend is maintained at 7.29 pence per share.  An interim dividend of 2.71 pence per share was paid in January 2010.

Directors and Employees

Chris Roby will be retiring as Financial Director later in the year.  We have appointed Steve Mant as our new Financial Director designate from BDO our auditors and it is intended that he will formally join the Board on Chris Roby's departure.  I wish to thank Chris for his many years service keeping the company's finances in good order.  I wish him a long and happy retirement.

I again would like to thank all our employees for their continued support throughout these difficult times and it is hoped that the improvement continues.

Outlook

We are encouraged by the recent improvement in demand, but with world economic problems, it is impossible to predict the future.  However, the company has also shown its capability in managing the business in difficult times and is well prepared for any further upturn in activity.

                                                                                    BRIAN J. COOKE

                                                                                                            Chairman

23 June 2010

Castings plc                                                                          

Lichfield Road

Brownhills

West Midlands

WS8 6JZ

Business and Financial Review

We saw a small increase in demand up to January 2010 but since then this has increased further and we have been able to add additional shifts to match the orders.

Revenue decreased by 28% to £61 million, of which 53% was exported.  The dispatch weight of castings to third party customers was 31,800 tonnes which was a decrease of 12,100 tonnes from the previous year.  CNC Speedwell's turnover decreased by 25.7%.

In the first part of the year the reduction in volumes resulted in short-term inefficiencies which decreased the margin.  These have now been eliminated but the margins are still below those prior to the recession.

The increased production has meant that we have been able to recruit additional employees across the group, many of whom were previously made redundant.  As a result we have been able to release as an exceptional credit £404,000 relating to accruals for redundancy payments made as at 31 March 2009 that were not subsequently used.  Also, the new foundry at William Lee has been brought into use but only at the expense of capacity elsewhere on site.

Throughout the year we have received sums totalling £1.2m from the administrators of the UK subsidiaries of two of the Icelandic banks.  The provision we made last year has been reviewed but not changed.

Due to the significantly lower interest rates on offer from financial institutions and having less cash to invest finance income reduced by £1.55 million (92%).  Cash outflow included £2.5 million paid into the final salary pension schemes which were closed to future accruals from 6 April 2009 with the contributing members joining the money purchase scheme.

The pension valuation under IAS 19 showed a surplus of £4.9 million but this has not been shown as an asset due to the restriction of recognition of assets.

The consolidated statement of comprehensive income shows a profit before tax of £9.8 million.  However, this includes a credit of £2.0 million for defined benefit pension schemes in accordance with IAS 19.

The directors are recommending a final dividend that will be paid in August which, with the interim dividend paid in January, will result in the return of £4.4 million to shareholders.

Consolidated Statement of Comprehensive Income

	Year to 31 March 2010 £'000		Year to 31 March 2009 £'000
Revenue	60,649		84,812
Cost of sales	(45,523)		(66,921)
Gross profit	15,126		17,891
Distribution costs	(769)		(1,208)
Administrative expenses
Excluding exceptional	(4,896)		(8,708)
Exceptional (Note 3)	204		(6,043)
Total administrative expenses	(4,692)		(14,751)
Profit from operations	9,665		1,932
Finance income	139		1,684
Profit before income tax	9,804		3,616
Income tax expense	(2,166)		(2,994)
Profit for the year attributable to equity holders of the parent company	7,638		622
Other comprehensive income for the year:
Change in fair value of available-for-sale financial assets	68		(199)
Actuarial losses on defined pension schemes	(4,466)		(296)
Tax effect of gains and losses recognised directly in equity	681		56
Total other comprehensive income for the year (net of tax)	(3,717)		(439)
Total comprehensive income for the year attributable to the equity holders of the parent company	3,921		183
Earnings per share attributable to the equity holders of the parent company
Basic and diluted	17.51p		1.43p

Consolidated Balance Sheet

	Year to 31 March 2010 £'000		Year to 31 March 2009 £'000
Assets
Non-current assets
Property, plant and equipment	51,596		53,408
Financial assets	480		429
	52,076		53,837
Current assets
Inventories	7,818		7,401
Trade and other receivables	19,149		13,854
Cash and cash equivalents	14,718		15,804
	41,685		37,059
Total assets	93,761		90,896
Liabilities
Current liabilities
Trade and other payables	14,671		12,608
Current tax liabilities	568		310
	15,239		12,918
Non-current liabilities
Deferred tax liabilities	5,287		4,301
Total liabilities	20,526		17,219
Net Assets	73,235		73,677
Equity attributable to equity holders of the parent company
Share capital	4,363		4,363
Share premium account	874		874
Other reserve	13		13
Retained earnings	67,985		68,427
Total equity	73,235		73,677

Consolidated Cash Flow Statement

	Year to 31 March 2010 £'000		Year to 31 March 2009 £'000
Cash flows from operating activities
Profit before income tax	9,804		3,616
Adjustments for:
Depreciation (net profit on sale of property, plant and equipment)	4,482		5,159
Interest received	(139)		(1,684)
Excess of employer pension contributions over income statement charge	(4,466)		(296)
Increase in inventories	(417)		(347)
(Increase) / decrease in receivables	(4,884)		8,734
Increase / (decrease) in payables	2,063		(5,981)
Cash generated from operating activities	6,443		9,201
Tax paid	(652)		(2,525)
Interest received	139		1,684
Net cash generated from operating activities	5,930		8,360
Cash flows from investing activities
Purchase of property, plant and equipment	(2,721)		(19,888)
Proceeds from disposal of property, plant and equipment	51		93
Proceeds from disposal of financial assets	17		108
Net cash used in investing activities	(2,653)		(19,687)
Cash flow from financing activities
Dividends paid to shareholders	(4,363)		(4,363)
Net cash used in financing activities	(4,363)		(4,363)
Net decrease in cash and cash equivalents	(1,086)		(15,690)
Cash and cash equivalents at beginning of period	15,804		31,494
Cash and cash equivalents at end of period	14,718		15,804

Consolidated Statement of Changes in Equity

	Equity attributable to equity holders of the parent
	Share capital(a) £000		Share premium(b)  £000		Other reserve (c) £000		Retained earnings (d) £000		Total equity £000
At 1st April 2009	4,363		874		13		68,427		73,677
Total comprehensive income for the period ended 31st March 2010	-		-		-		3,921		3,921
Dividends	-		-		-		(4,363)		(4,363)
At 31st March 2010	4,363		874		13		67,985		73,235

	Equity attributable to equity holders of the parent
	Share capital(a) £000		Share premium(b)  £000		Other reserve (c) £000		Retained earnings (d) £000		Total equity £000
At 1st April 2008	4,363		874		13		72,607		77,857
Total comprehensive income for the year ended 31st March 2009	-		-		-		183		183
Dividends	-		-		-		(4,363)		(4,363)
At 31st March 2009	4,363		874		13		68,427		73,677

a)   Share capital - The nominal value of allotted and fully paid up ordinary share capital in issue.

b)   Share premium - Amount subscribed for share capital in excess of nominal value.

c)   Other reserve - Amounts transferred from share capital on redemption of issued shares.

d)   Retained earnings - Cumulative net gains and losses recognised in the statement of comprehensive income.

Castings plc

Notes to the financial report

1.   Basis of preparation and accounting policies

While the financial information included in the annual financial report announcement has been prepared in accordance with the recognition and measurement principles of International Financial Reporting Standards as endorsed for use in the European Union (IFRSs), this announcement does not contain sufficient information to comply with IFRSs.

The same accounting policies that were used in the group financial statements for the year ended 31 March 2009 are followed except for the following new standards which were adopted in the year ended 31 March 2010:

IAS 1: Presentation of Financial Statements (Revised) includes the requirement to present a Statement of Changes in Equity as a primary statement and introduces the possibility of either a single Statement of Comprehensive Income (combining the Income Statement and a Statement of Comprehensive Income) or to retain the Income Statement with a supplementary Statement of Comprehensive Income.  The first option has been adopted by the company.  As this standard is concerned with presentation only it does not have any impact on the results or net assets of the group.

IFRS 8: Operating Segments requires operating segments to be identified on the basis of internal reports about components of the group that are regularly reviewed by the Chief Operating Decision Maker ("CODM").  By contrast IAS 14: Segmental Reporting required business and geographical segments to be identified on a risks and rewards approach.  The business segmental reporting bases used by the company in previous years are those which are reported to the CODM, so the changes to the segmental reporting for 2010 are in respect of the additional disclosure only.

The annual report and accounts will be posted to shareholders on 1 July 2010 and will be available on the company's website, www.castings.plc.uk from 5 July 2010.

2.   Business segments

Adoption of IFRS 8: Operating Segments

The group has adopted IFRS 8: Operating Segments with effect from 1 April 2009:  IFRS 8 requires operating segments to be identified on the basis of internal reports about components of the group that are regularly reviewed by the Chief Executive to allocate resources to the segments and to assess their performance.  In contrast, the predecessor Standard (IAS 14: Segment Reporting) required the group to identify two sets of segments (business and geographical), using a risks and returns approach, with the group's system of internal financial reporting to key management personnel serving only as the starting point for the identification of such segments.  As a result, following the adoption of IFRS 8, the identification of the group's reportable segments has changed.

For internal decision making purposes, the group is organised into three operating companies which are considered to be the operating segments of the group: Castings plc and William Lee are aggregated into Foundry Operations and CNC Speedwell is the Machining Operation.

The following shows the revenues, results and total assets by reportable segment in the year to 31 March 2010:

	Foundry Operations £000		Machining £000		Elimination £000		Total £000
Revenue from external customers	58,077		2,572		-		60,649
Intersegmental revenue	939		5,359		-		6,298
Segmental result	5,438		(443)		-		4,995
Unallocated costs:
Exceptional credit for over-accrual for redundancy payments							404
Provision for Industrial Tribunal Costs							(200)
Excess of employer pension contribu-tions over statement of comprehensive income charge							4,466
Finance income							139
Profit before income tax							9,804
Total assets	91,381		17,363		(14,983)		93,761
Non-current asset additions	1,050		1,671		-		2,721
Depreciation	2,248		2,285		-		4,533
All non-current assets are based in the United Kingdom

The following shows the revenues, results and total assets by reportable segment in the year to 31 March 2009:

	Foundry Operations £000		Machining £000		Elimination £000		Total £000
Revenue from external customers	83,111		1,701		-		84,812
Intersegmental revenue	989		8,972		-		9,961
Segmental result	6,746		933		-		7,679
Unallocated costs:
Exceptional write-down of Icelandic bank deposits							(3,845)
Exceptional costs relating to redundancy payments							(2,198)
Excess of employer pension contribu-tions over statement of comprehensive income charge							296
Finance income							1,684
Profit before income tax							3,616
Total assets	91,262		15,453		(15,819)		90,896
Non-current asset additions	16,672		3,216		-		19,888
Depreciation	2,582		2,651		-		5,233
All non-current assets are based in the United Kingdom

3.   Exceptional expenses

	2010 £'000		2009 £'000
Redundancy costs (see (a) below)	(404)		2,198
Provision for losses on deposits with Icelandic banks (see (b) below)	-		3,845
Provision for Industrial Tribunal costs (see (c) below)	200		-
	(204)		6,043

a)   The exceptional credit of £404,000 relates to accruals for redundancy payments made as at 31 March 2009 that were not used due to the subsequent increase in production volumes and have therefore been released.

b)   The company reported last year that £1.86 million was included in other receivables as recoverable from various Icelandic banks.  So far £1,202,000 has been received and the remaining receivable is considered to be the recoverable amount at 31 March 2010.

c)   An employee who was made redundant from CNC Speedwell brought a claim for unfair dismissal.  We were advised by the Engineering Employers Federation throughout this process and it was dismissed at the Tribunal Hearing but the judge in his summing up awarded a protective collective award as a result of a procedural irregularity with the redundancy process.  The Tribunal Judgment is being taken to appeal and since the outcome remains uncertain at the date of approval of these financial statements, a best estimate of the financial effect has been taken and a provision of £200,000 has been made.

4.   Dividends

The Board are proposing a final dividend amounting to 7.29 pence per share (2009:7.29p).  An interim dividend of 2.71p per share (2009:2.71p) has already been paid, making the total dividend for the year 10.00p per share (2009:10.00p).  The Annual General Meeting will be held on Tuesday 17 August 2010 and if the proposed final dividend is approved by the members the dividend will be paid on 20 August 2010 to shareholders registered on 23 July 2010.

5.   The basic and diluted earnings per share is calculated on the profit on ordinary activities after taxation of £7,638,000 (2009: £622,000) and on the weighted average number of shares in issue of 43,632,068 in 2010 and in 2009.

6.   Property, plant and equipment

	Land and buildings £000		Plant and other equipment £000		Total £000
Cost
At 1 April 2009	21,849		83,459		105,308
Additions during year	471		2,250		2,721
Disposals	-		(1,324)		(1,324)
At 31 March 2010	22,320		84,385		106,705

Depreciation and amounts written off
At 1 April 2009	2,541		49,359		51,900
Charge for year	281		4,252		4,533
Disposals	-		(1,324)		(1,324)
At 31 March 2010	2,822		52,287		55,109
Net book values
At 31 March 2010	19,498		32,098		51,596
At 31 March 2009	19,308		34,100		53,408
Cost
At 1 April 2008	14,056		74,115		88,171
Additions during year	7,793		12,095		19,888
Disposals	-		(2,751)		(2,751)
At 31 March 2009	21,849		83,459		105,308
Depreciation and amounts written off
At 1 April 2008	2,274		47,125		49,399
Charge for year	267		4,966		5,233
Disposals	-		(2,732)		(2,732)
At 31 March 2009	2,541		49,359		51,900
Net book values
At 31 March 2009	19,308		34,100		53,408
At 31 March 2008	11,782		26,690		38,772

      The net book value of group land and buildings includes £2,527,000 (2009 - £2,525,000) for land which is not depreciated.  The cost of land and buildings includes £359,000 for property held on long leases (2009 - £359,000).

7.   Inventories

Inventories are net of impairment provisions of £599,000 (2009: £1,035,000).

8.   Commitments

	2010 £000		2009 £000
Capital commitments contracted for by the group but not provided for in the accounts	909		435

9.   The company operates two defined benefit pension schemes. The funded status of these schemes at 31 March 2010 was a surplus of £4,881,000 (2009: £1,007,000). In accordance with IAS 19 paragraph 58b the asset has not been disclosed in this financial information.  These schemes were closed to future accruals at 6 April 2009.

10. The financial information set out above does not constitute the company's statutory accounts for the years ended 31 March 2010 or 2009, but is derived from those accounts.  Statutory accounts for 2009 have been delivered to the Registrar of Companies and those for 2010 will be delivered following the company's annual general meeting.  The auditors have reported on those accounts; their reports were unqualified, did not include references to any matters to which the auditors drew attention by way of emphasis without qualifying their reports and did not contain statements under Section 498 of the Companies Act 2006.

Appendix A

Review of Principal Risks and Uncertainties

Risk

In common with all trading business, the group is exposed to a variety of risks in the conduct of its normal business operations. 

The group maintains a range of insurance policies against major identified insurable risks, including (but not limited to) those related to business interruption, damage to   property and equipment, products and employment.

Whilst it is not possible to either completely record or to quantify every material risk that the group faces, below is a summary of those risks that the directors believe are most significant to the group's business and could have a material impact on future performance, causing it to differ materially from expected or historic achieved results.

Foreign exchange risk

Foreign exchange rate risk is sometimes partially hedged using forward foreign exchange contracts.  Translational risk arises as a consequence of applying different exchange rates to net assets denominated in currencies other than sterling and, not being an exposure that results in an actual cash flow, is not hedged.

Operational and commercial risks

The group's revenues are principally derived from commercial vehicle and automotive markets.  Both markets, and therefore group revenues, can be subject to variations in patterns of demand.  Commercial vehicle sales are linked to technological factors (e.g. emission legislations) and economic growth.  Passenger vehicle sales are influenced, inter alia, by consumer preferences, incentives and the availability of consumer credit.

Market competition

Automotive and commercial vehicle markets are, by their nature, highly competitive, which has historically led to deflationary pressure on selling prices.  This pressure is most pronounced in cycles of lower demand.  A number of the group's customers are also adopting global sourcing models with the aim to reduce bought out costs. Whilst there can be no guarantee that business will not be lost on price, we are confident that we can remain competitive.

Customer concentration, programme dependencies and relationships

The loss of, or deterioration in any single customer relationship could have a material impact on the group's results.

Equipment

The group operates a number of specialist pieces of equipment,  including foundry
furnaces, moulding lines and CNC milling machines which, due to manufacturing
lead times, would be difficult to replace sufficiently quickly to prevent major interruption and possible loss of business in the event of unforeseen failure.  Whilst
this risk cannot be entirely mitigated without uneconomic duplication of all key
equipment, all key equipment is maintained to the highest possible standards and
inventories of strategic equipment spares maintained.  The facilities at Brownhills
and Dronfield have similar equipment and work can be transferred from one location
to another very quickly.

Suppliers

Although the group takes care to ensure alternative sources of supply remain available for materials or services on which the group's businesses are critically dependant, this is not always possible to guarantee without risk of short-term business disruption, additional costs and potential, damage to relationships with key customers.

Commodity and energy pricing

The principal metal raw materials used by the group's businesses are steel scrap
and various alloys.  The most important alloy raw material inputs are premium
graphite, magnesium ferrosilicon, nickel and molybdenum.  Wherever possible, prices and quantities (except steel) are secured through long-term agreements
with suppliers.  In general, the risk of price inflation of these materials resides with the group's customers through price adjustment clauses.  The group is exposed to price level changes in copper and molybdenum, which have seen dramatic increases in recent years.  Where possible, the group seeks to mitigate the financial impact through the application of surcharges, although the success of this approach varies by customer. 

Energy contracts are locked in for at least twelve months, although renegotiation risks remain at contract maturity dates but again this is mitigated through the application of surcharges.   However, energy contracts relate to specified usage and if not obtained can result in penalties.

Information technology and systems reliability

The group is dependent on its information technology ("IT") systems to operate its business efficiently, without failure or interruption.  Whilst data within key systems is regularly backed up and systems subject to virus protection, any failure of back-up systems or other major IT interruption could have a disruptive effect on the group's business.

Short-term deposits

Advice is taken as to where to deposit funds, usually banks and building societies.  Only highly rated institutions are used.  However, institutions can be downgraded before maturity therefore possibly placing these deposits at risk.

Product quality and liability

The group's businesses expose it to certain product liability risks which, in the event of failure, could give rise to material financial liabilities. Whilst it is a policy of the group to limit its financial liability by contract in all long-term agreements ("LTAs"), it is not always possible to secure such limitations in the absence of LTAs.  The group's customers do require the maintenance of demanding quality systems to safeguard against quality-related risks and the group maintains appropriate external quality accreditations.  The group maintains insurance for public liability-related claims but does not insure against the risk of product warranty or recall.

Environmental risk

The group's businesses are subject to compliance with many different laws and requirements in the UK, Europe, North America and elsewhere.  Great care is made to act responsibly towards the environment to achieve compliance with all relevant laws and to establish a standard above the minimum level required.  Whilst the group's manufacturing processes are not generally considered to provide a high risk of harm to the environment, a major control failure leading to environmental harm could give rise to a material financial liability as well as significant harm to the reputation of our business.

Pension scheme funding

The fair value of the assets and liabilities of the group's defined benefit pension schemes is substantial.  As at 31 March 2010 the schemes were in surplus on an

IAS 19 basis.  The potential risks and uncertainties are mitigated by careful management and continual monitoring of the schemes and by appropriate and timely action to ensure as far as possible that the defined benefit pension liabilities do not increase disproportionately. The company works closely with the scheme trustees and specialist advisers in managing the inherent risks of such schemes.

The schemes were closed to future accruals from 6 April 2009 which will only leave past service liabilities to be funded.

Trade Credit

The ability of our suppliers to maintain credit insurance on the group and its principal operating business is an important issue.  We have excellent relationships with our suppliers and we continue to work closely with them on a normal commercial basis.  A reduction in the level of cover available to suppliers may impact on our trading relationship with them and may have a significant effect on cash flows.

Appendix B

Statement of Directors' Responsibilities

The directors are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the group, for safeguarding the assets of the company, for taking reasonable steps for the prevention and detection of fraud and other irregularities and for the preparation
of a Directors' Report and Directors' Remuneration Report which comply with the requirements of the Companies Act 2006.

The directors are responsible for preparing the annual report and the financial statements in accordance with the Companies Act 2006.  The directors are also required to prepare financial statements for the group in accordance with International Financial Reporting Standards as adopted by the European Union (IFRSs) and Article 4 of the IAS Regulation.  The directors have chosen
to prepare financial statements for the company in accordance with UK Generally Accepted Accounting Practice.

Group financial statements

International Accounting Standard 1requires that financial statements present fairly for each financial year the group's financial  position, financial performance and cash flows.  This requires the faithful presentation of the effects of transactions, other events and conditions in accordance with the definitions and recognition criteria for assets, liabilities, income and expenses set out in the International Accounting Standards Board's 'framework for the preparation and presentation of financial statements'.  In virtually all circumstances, a fair presentation will be achieved by compliance with all applicable IFRSs.  A fair presentation also requires the directors to:

·    consistently select and apply appropriate policies;

·    present information, including accounting policies, in a manner that provide relevant, reliable, comparable  and understandable information; and

·    provide additional disclosures when compliance with the specific requirements in IFRSs is insufficient to enable users to understand the impact of particular transactions, other events and conditions on the entity's financial position and financial performance.

Parent company financial statements

Company  law  requires  the  directors  to prepare  financial  statements  for  each
financial year which give a true and fair view of the state of affairs of the company
and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

·  select suitable accounting policies and then apply them consistently;

·  prepare the financial statements on the going concern basis unless it is
inappropriate to presume that the company will continue in business;

·  make judgments and estimates that are reasonable and prudent; and

·  state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements.

Financial statements are published on the group's website in accordance with
legislation in the United Kingdom governing the preparation and dissemination of financial statements, which may vary from legislation in other jurisdictions.  The maintenance and integrity of the group's website is the responsibility of the directors. The directors' responsibility also extends to the ongoing integrity of the financial statements contained therein.

Each of the persons who is a director at the date of approval of this report confirms that to the best of his knowledge:

(a)    each of the Group and Parent financial statements, prepared in accordance with International Financial Reporting Standards as adopted by the EU and UK Accounting Standards respectively, gives a true and fair view of the assets, liabilities, financial position and profit or loss of the issuer and the undertakings included in the consolidation taken as a whole; and

(b)    the Chairman's Statement, Business and Financial Review and Directors' Report included in the consolidation taken as a whole; and

(c)    the Chairman's Statement, Business and Financial Review and Directors' Report includes a fair review of the development and performance of the business and the position of the Company and the undertakings included in the consolidation taken as a whole, together with a description of the principal risks and uncertainties that they face.

By order of the Board

B J Cooke

Chairman

23 June 2010

 

END

 

 

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