Final Results

RNS Number : 7640H
Guinness Peat Group PLC
26 February 2010
 



 

 

GUINNESS PEAT GROUP plc

("GPG" or "the Company" or "the Group")

 

 

PRELIMINARY RESULTS FOR THE YEAR ENDED 31 DECEMBER 2009

 

 

CHAIRMAN'S STATEMENT

 

 

As foreshadowed in the August Market Update, 2009 was another poor year for GPG with an accounting loss of £36 million.

 

That result was somewhat worse than anticipated, mainly as a consequence of items largely beyond our control, such as forex fluctuations which moved from a gain of £7 million in the Interim to a loss of £8 million for the full year.

 

Other significant inputs were -

 

·    A gain of £10 million on the sale of MYOB shares.

 

·    MMC Contrarian became a 68% owned subsidiary and intends to expand its financial services business which is an area where GPG has had success in the past.

 

·   A notable achievement was the capital reconstruction of Capral - the culmination of GPG's very considerable "hands on" involvement in rescuing this business in 2009.  The reduction in our shareholding to 44%, combined with earlier trading losses, crystallised a deficit of £15 million but, hopefully, the last loss from this source.  Now, for the first time in many years, Capral has a sound financial and trading platform from which to produce acceptable returns, notwithstanding the challenges still remaining.

 

·   As expected, Coats was right in the firing line of the global downturn, (particularly evident in the textile industries) but has emerged very well in the circumstances. A net loss of £3 million was again due to a mismatch of various country taxes of £21 million exceeding the original net profit of £18 million.  Continuing strong cash flow enabled Coats to reduce its borrowings by £81 million during the year.

 

·   A loss of £5 million in respect of CIC Australia Ltd (formerly Canberra Investment Corporation). That essentially relates to the writedown of a property joint venture and is a "one off" which does not diminish our confidence in CIC's future prospects.

 

BALANCE SHEET

 

GPG remains in a strong financial position as shown in the Simplified Balance Sheet below -

 

Simplified Balance Sheet as at 31 December 2009

£ million

Cash at Bank

 

265 

Debtors

 

13 

Coats

 

295 

CIC Australia

 

28 

Capral

 

37 

Turners & Growers

 

69 

MMC Contrarian

 

37 

Tower NZ

 

85 

Trading subsidiaries

 

Share portfolio at market

 

298 

 

 

1,131 

Creditors & provisions

 

(73)

Capital Notes

 

(191)

SHAREHOLDERS' FUNDS

 

£867 

 

CAPITAL AND DIVIDEND

 

Having regard to GPG's 20 year record, rather than the disappointing results of the last two years, the Board has maintained the standard 1p dividend and 1 for 10 bonus issue (the 17th in succession, multiplying an original 1990 holding 5.06 times).  The share election scheme will operate in lieu of cash dividend at the rate of 1 new share for each 35 shares already held.

 

OUTLOOK

 

In 2008, GPG committed to returning value to shareholders in 2010 but which was subsequently qualified by global financial conditions in 2009.  That objective has now been restored as a top priority and the Board is actively working on proposals for its early implementation.

 

There are still technical and other issues to resolve before a more specific announcement can be made.  However, it is planned to have a process in place prior to the AGM to be held on 7 May.

 

Ron Brierley

CHAIRMAN

26 February 2010

 

 

Guinness Peat Group plc








Consolidated Income Statement









Unaudited


Audited

Year ended 31 December

2009


2008




Restated*


£m


£m

Continuing Operations




Revenue

1,176 


1,139 





Cost of sales

(800)


(770)





Gross profit

376 


369 





Profit on disposal of investments and other net investment income

27 


60 





Distribution costs

(166)


(171)

Administrative expenses

(198)


(190)





Operating profit

39 


68 





Share of (loss)/profit of joint ventures

(6)






Share of profit/(loss) of associated undertakings


(9)





Finance costs (net)

(31)


(36)





Profit before taxation from continuing operations

11 


24 





Tax on profit from continuing operations

(28)


(48)





Loss for the year from continuing operations

(17)


(24)





Discontinued Operations




Loss from discontinued operations

(21)


(49)





Loss for the year

(38)


(73)









Attributable to:




EQUITY HOLDERS OF THE PARENT

(36)


(50)

Non-controlling interests

(2)


(23)


(38)


(73)





Loss per Ordinary Share from continuing and discontinued operations:




Basic

(2.25p)


(3.24p)

Diluted

(2.25p)


(3.24p)





Loss per Ordinary Share from continuing operations:




Basic

(1.21p)


(1.76p)

Diluted

(1.21p)


(1.76p)





*Restated to reflect the results of Capral Ltd as a discontinued operation (note 7).

 

 

 

Guinness Peat Group plc








Consolidated Statement of Comprehensive Income









Unaudited


Audited

Year ended 31 December

2009


2008


£m


£m





Loss for the year

(38)


(73)





Gains on revaluation of fixed asset investments

41 


22 

Losses on cash flow hedges

(4)


(11)

Exchange gains on translation of foreign operations

15 


114 

Actuarial losses on retirement benefit schemes

(13)


(58)

Net income recognised directly in equity

39 


67 





Transfers




Transferred to profit or loss on sale of fixed asset investments

(13)


(80)

Transferred to profit or loss on sale of businesses

(6)


(9)

Transferred to profit or loss on cash flow hedges



(15)


(88)





TOTAL COMPREHENSIVE EXPENSE FOR THE YEAR

(14)


(94)









Attributable to:




EQUITY HOLDERS OF THE PARENT

(12)


(71)

Non-controlling interests

(2)


(23)






(14)


(94)

 

 

 

Guinness Peat Group plc








Consolidated Statement of Financial Position









Unaudited


Audited

31 December

2009


2008


£m


£m

NON-CURRENT ASSETS




Intangible assets

192 


218

Property, plant and equipment

424 


508

Investments in associated undertakings

157 


126

Investments in joint ventures

47 


59

Fixed asset investments

220 


177

Deferred tax assets

20 


11

Pension surpluses

27 


29

Trade and other receivables

24 


25


1,111 


1,153





CURRENT ASSETS




Inventories

179 


261

Trade and other receivables

239 


302

Current asset investments

15 


7

Derivative financial instruments


7

Cash and cash equivalents

402 


362


838 


939





Non-current assets classified as held for sale


7





TOTAL ASSETS

1,952 


2,099





CURRENT LIABILITIES




Trade and other payables

256 


306

Current income tax liabilities


8

Other borrowings

80 


109

Derivative financial instruments

16 


20

Provisions

65 


79


425 


522





NET CURRENT ASSETS

413 


417





NON-CURRENT LIABILITIES




Trade and other payables

13 


18

Deferred tax liabilities

22 


21

Capital notes

191 


172

Other borrowings

235 


295

Derivative financial instruments


7

Retirement benefit obligations:




Funded schemes

39 


32

Unfunded schemes

56 


64

Provisions

24 


19


583 


628





TOTAL LIABILITIES

1,008 


1,150





NET ASSETS

944 


949

 

 

 

Guinness Peat Group plc








Consolidated Statement of Financial Position (continued)









Unaudited


Audited

31 December

2009


2008


£m


£m

EQUITY




Share capital

81


71

Share premium account

63


61

Translation reserve

123


118

Unrealised gains reserve

68


36

Other reserves

274


281

Retained earnings

258


311

EQUITY SHAREHOLDERS' FUNDS

867


878

Non-controlling interests

77


71

TOTAL EQUITY

944


949









Net asset backing per share *

53.50p


56.23p









*  The net asset backing per share at 31 December 2008 has been adjusted for the 2009 Capitalisation Issue.













 

Guinness Peat Group plc


Reconciliation of Consolidated Changes in Equity


Year ended 31 December 2009




Share







Share

premium

Translation

Unrealised

Other

Retained



Capital

Account

Reserve

gains reserve

Reserves

Earnings

Total


£m

£m

£m

£m

£m

£m

£m









Balance as at 1 January 2008

64 

61 

13 

94 

295 

424 

951 









Total comprehensive income and

   (expense) for the year

 

 

 

105 

 

(58)

 

(10)

 

(108)

 

(71)

Dividends (note 12)

(13)

(13)

Capitalisation issue of shares

(6)

Scrip dividend alternative

Share based payments









Balance as at 31 December 2008

71 

61 

118 

36 

281 

311 

878 









Total comprehensive income and    (expense) for the year

 

 

 

 

32 

 

(1)

 

(48)

 

(12)

Dividends (note 12)

(14)

(14)

Capitalisation issue of shares (note 11)

(7)

Scrip dividend alternative (note 11)

(2)

Other share issues (note 11)

Share based payments

Acquisition of non-controlling interests









Balance as at 31 December 2009

81 

63 

123 

68 

274 

258 

867 

 

 

 

Guinness Peat Group plc








Consolidated Statement of Cash Flows













Unaudited


Audited

Year ended 31 December

2009


2008


£m


£m





Cash inflow/(outflow) from operating activities




Net cash inflow from operating activities

121 


161 

Interest paid

(46)


(55)

Taxation paid

(20)


(25)

Net cash generated by operating activities

55 


81 





Cash inflow/(outflow) from investing activities




Dividends received from associated undertakings and joint ventures

10 


Capital expenditure and financial investment

(16)


(32)

Acquisitions and disposals

27 


(23)

Net cash generated by/(absorbed in) investing activities

21 


(48)





Cash inflow/(outflow) from financing activities




Issue of ordinary shares


Equity dividends paid to the Company's shareholders

(6)


(4)

Dividends paid to non-controlling interests

(6)


(4)

Decrease in debt

(30)


(8)

Net cash absorbed in financing activities

(37)


(16)





Net increase in cash and cash equivalents

39 


17 

Cash and cash equivalents at beginning of the year

347 


309 

Exchange gains on cash and cash equivalents


21 

Cash and cash equivalents at end of the year

388 


347 





Cash and cash equivalents per the Consolidated Statement of Financial Position

402 


362 

Bank overdrafts

(14)


(15)

Cash and cash equivalents at end of the year

388 


347 





 

Guinness Peat Group plc

 

NOTES TO FINANCIAL INFORMATION

 

1.         The preliminary financial information ("the financial information") set out in this report is based on the Group's unaudited financial statements, which are prepared in accordance with International Financial Reporting Standards (IFRSs) as adopted by the European Union, and complies with the disclosure requirements of the Listing Rules of the UK Financial Services Authority and the Listing Rules of the Australian Securities Exchange.  Other than the adoption of IAS 1 (2007) ("Presentation of Financial Statements"), IFRS 8 ("Operating Segments") and IFRIC 14 ("IAS 19 - The Limit on a Defined Benefit Asset, Minimum Funding Requirements and their Interaction"), the accounting policies adopted by the Group have been consistently applied to all periods presented.

 

2.         The financial information set out in this report does not constitute the Group's statutory accounts for the years ended 31 December 2009 and 2008.  Other than the restatement of the Consolidated Income Statement to reflect aluminium extrusion (Capral Ltd) as a discontinued operation - see note 7 - the financial information for the year ended 31 December 2008 is derived from the statutory accounts for that year, which have been filed with the Registrar of Companies.  The auditors' report on those accounts included a modified opinion, containing an emphasis of matter paragraph to highlight the significant uncertainty in relation to the European Commission competition investigation into alleged market sharing agreements relating to the European haberdashery market.  Further details relating to this matter are set out in note 13.  The auditors' report did not contain statements under Section 498(2) or 498(3) of the Companies Act 2006.

 

Whilst the financial information included in this report has been compiled in accordance with the recognition and measurement principles of applicable IFRS, this report does not itself contain sufficient information to comply with IFRS.  GPG expects to publish full financial statements that comply with IFRS and these will be available to shareholders in March 2010.

 

The financial information in this report is unaudited.  However, as in the prior year the auditors anticipate issuing a modified audit opinion which, without qualifying their opinion, will contain an emphasis of matter paragraph to highlight the significant uncertainty in relation to the European Commission competition investigation into alleged market sharing agreements relating to the European haberdashery market.  Further details relating to this matter are set out in note 13.

 

Giving due consideration to the nature of the Group's business and underlying investments as a whole, including the financial resources available to the Group, the directors consider that the Company and the Group are going concerns and this financial information is prepared on that basis.

 

3.         Group foreign exchange movements - during the year ended 31 December 2009, GPG recognised in operating profit £8 million of net foreign exchange losses which compares with £4 million of net foreign exchange losses in the year ended 31 December 2008.  Further net foreign exchange gains of £15 million (2008: £114 million) were recognised in reserves.

 

4.         Tax on profit from continuing operations

 

 

2009

 

2008

 

£m

 

£m

 

 

 

 

UK Corporation tax at 28.0% (2008: 28.5%)

 

Overseas tax

(21)

 

(18)

 

(21)

 

(16)

Deferred tax

(7)

 

(32)

 

(28)

 

(48)

 

            The tax charge for 2009 includes non-cash tax of £9 million (2008: £26 million) in respect of movements in deferred tax assets relating to tax losses.  This charge arose from a similar reduction in deferred tax liabilities recognised through the unrealised gains reserve.  The tax charges for both years also reflect the impact of unrelieved losses in certain subsidiary undertakings.

 

5.         Associated undertakings and joint ventures

 

The Group's significant associated undertakings and joint ventures at 31 December were as follows:

 

 

2009

 

2008

 

 

 

 

Australian Country Spinners Ltd

50.0%

 

50.0%

Green's General Foods Pty Ltd

72.5%

 

72.5%

Autologic Holdings plc

26.2%

 

23.5%

Capral Ltd

44.4%

 

na   

MMC Contrarian Ltd

na   

 

26.4%

Peanut Company of Australia Ltd

24.8%

 

23.8%

Rattoon Holdings Ltd

44.4%

 

44.4%

The Maryborough Sugar Factory Ltd

22.9%

 

24.0%

Tower Ltd

35.0%

 

35.0%

 

Capral Ltd ("Capral"), a former subsidiary undertaking, which constituted the Group's aluminium extrusion segment, became an associated undertaking on 16 October 2009, as a result of that company's recapitalisation programme (see note 7).  Capral, as an associated undertaking, contributed £Nil to the Group result for the year.  The carrying value of Capral at 31 December 2009 amounted to £37 million.

 

MMC Contrarian Ltd ("MMC") ceased to be an associated undertaking when it became a subsidiary undertaking in October 2009 (see note 6).  Whilst an associated undertaking, MMC's contribution to the result for the year was a profit of £1 million (2008: £Nil).

 

Other significant contributions to the Group's result for the year from Parent Group associated undertakings and joint ventures were:

 

 

2009

 

2008

 

£m

 

£m

 

 

 

 

 Green's General Foods Pty Ltd

(1)

 

(3)

 Autologic Holdings plc

 

(8)

 Rattoon Holdings Ltd

 

(12)

 Tower Ltd

 

 

Other contributions to the Group's result for the year from associated undertakings and joint ventures, held by operating subsidiaries, include a CIC joint venture £7 million loss (2008: £3 million profit).  The CIC joint venture loss for the year includes an impairment charge of £12 million (2008: £Nil).

 

6.         Purchase of subsidiary undertaking

 

On 23 October 2009, GPG acquired a controlling interest (54%) in the voting equity shares of MMC Contrarian Ltd ("MMC") in Australia.  In November 2009, GPG acquired a further 14% of those shares from non-controlling interests.  The net assets acquired, and the related goodwill arising on this acquisition, using the purchase method of accounting, were as follows:

 




Provisional




Book


fair value


Provisional


value


adjustments


fair value


£m


£m


£m

ACQUISITION SUMMARY






Intangible assets


(2)


Deferred tax assets



Cash and cash equivalents

46 



46 

Trade and other payables

(2)



(2)







Net assets at acquisition

57 


(2)


55 

Non-controlling interests





(18)

Net assets attributable to the Group's interest





37 

Total consideration



30 



Impairment provisions whilst a fixed asset investment



(7)



Profits previously recognised as an associated undertaking



10 








(33)

Negative goodwill, released to the Consolidated Income Statement





 







Consideration reported above:






Cash paid in current year





17 

Cash paid in prior years





13 

Total consideration





30 

 

MMC would have contributed £Nil to the Group's revenue and £Nil to its result for the year in respect of the period up to the date of acquisition.

 

As a consequence of the negative goodwill arising on acquisition, MMC as a subsidiary undertaking contributed a profit of £4 million to the Group result for the year.

 

MMC contributed an inflow of £Nil to the Group's net operating cash flows, paid £Nil in respect of investment activities, and paid £Nil in respect of financing activities.

 

7.         Disposal of subsidiary undertaking

 

As stated in note 5, in October 2009 Capral became an associated undertaking.  Capral has been treated as a discontinued operation in both the 2009 and the 2008 Consolidated Income Statements.  No opening balance sheet has been presented for the prior year in these financial statements as it is unchanged from that previously reported.

 

The impact of the deemed disposal of Capral was as follows:

 

 

£m

 

 

Intangible assets

Property, plant and equipment

64 

Inventories

25 

Trade and other receivables

41 

Cash and cash equivalents

Trade and other payables

(56)

Borrowings

(53)

Net assets at disposal

25 

Non-controlling interests

(7)

Group share of net assets at disposal

18 

Cumulative translation differences recycled from reserves

(7)

 

11 

Residual carrying value as an associated undertaking

11 

Impact of disposal

-  

 

8.         Other investments - Fixed asset investments within non-current assets are classified under IFRS as available-for-sale investments, and current asset investments within current assets are classified under IFRS as held-for-trading investments.

 

9.         Loss per share - The calculation of basic loss per Ordinary Share from continuing and discontinued operations is based on loss for the year attributable to equity shareholders of the parent and the weighted average number of 1,595,344,762 Ordinary Shares in issue during the year.

 

The calculation of basic loss per Ordinary Share from continuing operations is based on loss for the year from continuing operations attributable to equity shareholders of the parent and the weighted average number of 1,595,344,762 Ordinary Shares in issue during the year.

 

The comparatives for the year ended 31 December 2008 have been adjusted for the 2009 Capitalisation Issue.  No opening balance sheet has been presented for the prior year in these financial statements as it is unchanged from that previously reported.

 

Calculations of loss per Ordinary Share are based on results to the nearest £'000.

 

10.       The net tangible assets (net assets excluding intangible assets) per share at 31 December 2009 were 46.38p (2008: 46.78p as adjusted for the 2009 Capitalisation Issue).

 

11.       Changes in the issued share capital during the year ended 31 December 2009 comprise the following:

 

 

£000

At 1 January 2009

70,940

Employee options exercised

1,247

Scrip dividend alternative shares issued (15 May 2009)

1,586

Capitalisation Issue (5 June 2009)

7,272

At 31 December 2009

81,045

 

12.       Dividends - The directors have approved the payment of an interim dividend of 1 pence per share, payable on 17 May 2010, making a total of 1 pence per share for the year.  This is subject to a right for shareholders to elect, instead of the cash dividend, to receive one new Ordinary Share for every 35 existing shares held at the appropriate record date.  An interim dividend of 0.91 pence per share (adjusted to reflect the 2009 Capitalisation Issue) in respect of the year ended 31 December 2008 was paid on 15 May 2009 to GPG shareholders.

 

There are local regulatory differences in the countries in which the Group's shares are listed, which can result in different taxation treatment and timing.  This may have a significant effect on the tax treatment of the dividend for shareholders resident outside the UK.  Shareholders are advised to obtain their own professional advice.

 

The tax treatment of the cash dividend and the scrip dividend alternative, including the availability of tax credits such as franking credits, will be dealt with more fully in a Circular which will be published at the same time as the Company's Annual Report (see note 14 below).  Shareholders are recommended to obtain their own professional advice.

 

13.       European Commission Investigation - As noted in previous reports, in September 2007 the European Commission concluded its investigation into European fasteners - the last part outstanding of its general investigation into thread and haberdashery markets which began in 2001.  It imposed fines against several producers, including a fine against the Coats plc Group of €110.3 million (equivalent to £97.7 million at 31 December 2009 exchange rates).  This fine is in respect of the Commission's allegation of a market sharing agreement in the European haberdashery market.  Coats totally rejects this allegation.  Coats is vigorously contesting the Commission's decision in an appeal which has been lodged with the European General Court (formerly known as the Court of First Instance) in Luxembourg.

 

Coats plc has provided the European Commission with payment bonds to cover its exposure to the full extent of the fine.  In respect of certain of these obligations, the Company has provided to the bond issuers a counter indemnity for Coats plc's performance.

 

As stated in previous reports, the Group remains of the view that any anticipated eventual payment of this fine is adequately covered by existing provisions.

 

14.       The Annual General Meeting of the Company (the "2010 AGM") will be held on 7 May 2010 to consider, amongst other things, the 2010 Capitalisation Issue.  Notice of the 2010 AGM will be incorporated in the Annual Report which will be published on the Company's Website at www.gpgplc.com in March 2010.  A circular accompanying the Notice of the 2010 AGM will contain details of the Interim Dividend, the Scrip Dividend Alternative and the 2010 Capitalisation Issue.  The shares representing the 2010 Capitalisation Issue cannot be allotted until shareholders have given their approval at the 2010 AGM.

 

In order to accommodate the different market practices of the London Stock Exchange "(LSE"), Australian Securities Exchange ("ASX") and New Zealand Stock Market ("NZSX"), being those markets on which GPG's shares are quoted, and subject to approval of the Capitalisation Issue by shareholders, the Stock Events timetable will be as follows *:

 

Preliminary Announcement of Results, Interim Dividend and accompanying

   Scrip Dividend Alternative and the proposed Capitalisation Issue

Friday

26/02/10

Shares marked ex-dividend (ASX)

Friday

05/03/10

Shares marked ex-dividend (LSE)

Wednesday

10/03/10

Record date for dividend

Friday

12/03/10

Head securities quoted ex-dividend (NZSX)

Monday

15/03/10

Last date for receipt of 2010 AGM proxies

Wednesday

05/05/10

2010 AGM

Friday

07/05/10

Final date for receipt of Scrip Dividend Alternative elections

Monday

10/05/10

Allotment of Scrip Shares (5.00pm UK time)

Friday

14/05/10

Dispatch of FASTER mailings notifying NZ holders of the change in holdings

   following the Scrip Dividend allotment

Monday

17/05/10

Dispatch of Scrip Dividend holding statements (AUS)

Monday

17/05/10

Dealings commence in Scrip Dividend Shares

Monday

17/05/10

Dispatch of Scrip Dividend Share Certificates (UK)

Monday

17/05/10

Update of UK CREST accounts (5.00am UK time)

Monday

17/05/10

Payment of Cash Dividend **

Monday

17/05/10

Shares marked Ex-Capitalisation on ASX and traded on deferred settlement basis

Monday

24/05/10

Record date for Capitalisation Issue

Friday

28/05/10

Head securities quoted Ex-Capitalisation (NZSX)

Monday

31/05/10

Allotment of Capitalisation Shares (5.00pm UK time)

Friday

04/06/10

Update of UK CREST accounts (5.00am UK time)

Monday

07/06/10

Post out Capitalisation Share Certificates (UK)

Monday

07/06/10

Shares marked Ex-Capitalisation in UK (LSE)

Monday

07/06/10

Dispatch of FASTER statements in NZ notifying NZ holders of change in

   holdings following Capitalisation Issue

Tuesday

08/06/10

Last day of deferred settlement trading on ASX

Tuesday

08/06/10

Post out holding statements (AUS)

Tuesday

08/06/10

 

Notes

 

*       Actions take place on all three Exchanges on the date specified unless otherwise indicated.

 

**     The cash payments will be made to shareholders on the Australian and New Zealand share registers in Australian and New Zealand dollars respectively, calculated at the rates of exchange ruling at 4.30pm (UK time) on 10 May 2010.

 

            To ensure the integrity of the three registers over record dates and 'ex' dates, they may be closed for transmissions between them at certain times.

 

15.       Directors - The following persons were, except as noted, directors of GPG during the whole of the year and up to the date of this report:

 

Sir Ron Brierley

A I Gibbs

R Langley (appointed 28 May 2009)

B A Nixon

Dr G H Weiss

 

16.       Directors' Report - The Chairman's Statement appearing in the Preliminary Results and signed by Sir Ron Brierley provides a review of the operations of the Group for the year ended 31 December 2009.

 

17.       Publication - This statement will be available at the registered office of the Company, First Floor, Times Place, 45 Pall Mall, London SW1Y 5GP.  A copy will also be displayed on the Company's website on www.gpgplc.com.

 

 

On behalf of the Board

B A Nixon

Director

26 February 2010

 

 

UNITED KINGDOM

First Floor, Times Place, 45 Pall Mall, London SW1Y 5GP

Tel:  020 7484 3370        Fax:  020 7925 0700

 

AUSTRALIA

c/o PKF Chartered Accountants and Business Advisers


Level 10, 1 Margaret Street, Sydney 2000, Australia

Tel:  02 9251 4100        Fax:  02 9240 9821

 

NEW ZEALAND

c/o Computershare Investor Services Limited


Private Bag 92119, Auckland 1020, New Zealand

Tel:  09 488 8700        Fax:  09 488 8787

 

 

 

 

 

Registered in England No. 103548


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