Interim Results
Compass Group PLC
16 May 2006
INTERIM RESULTS FOR THE SIX MONTHS ENDED 31 MARCH 2006
Stable performance; building a solid platform for future growth
• Group revenue £5.7 billion, up 8% on a like for like basis.(1)
• Underlying operating profit £259 million, up 0.4%.(3)
• Good progress stabilising the UK business.
• Interim dividend 3.4 pence per share, up 3.0%.
• Agreed sale of SSP for £1,822 million and Inflight for £57 million.
• £500 million share buy back over 12-18 months.
• UK Pension deficit to be reduced by £275 million cash injection.
• Remaining 51% of US based Levy Restaurants acquired for £143 million.
• Strong new senior management team now in place.
_________________________________________________________________________________
Financial summary Reported
For the six months ended 31 March 2006 2005(2) Change
_________________________________________________________________________________
Continuing Operations
Revenue
- reported £5,695m £5,142m 10.8%
- underlying(3) £5,664m £5,039m 12.4%
Operating profit (4)
- reported £260m £274m -5.1%
- underlying (3) £259m £258m 0.4%
Operating margin(5)
- reported 4.5% 5.3% -80bps
- underlying(3) 4.5% 5.1% -60bps
Profit before tax £184m £203m -9.4%
Free cash flow £80m £97m -17.5%
Basic earnings per share 5.6p 6.3p -11.1%
Total Group
Basic earnings per share 6.5p 7.2p -9.7%
Dividend per ordinary share 3.4p 3.3p 3.0%
_________________________________________________________________________________
(1) Like for like growth is calculated by adjusting for acquisitions
(excluding current year acquisitions and including a full year in respect of
prior year acquisitions), disposals (excluded from both years) and exchange
rate movements (translating the prior period at current period exchange rates)
and compares the results against 2005
(2) Prior period figures have been restated from UK GAAP to IFRS
(3) Underlying performance excludes Middle East military
(4) Includes share of profit of associates
(5) Excludes share of profit of associates
_________________________________________________________________________________
Andrew Martin, Group Finance Director, said:
'In the UK, I'm satisfied that we are making progress in implementing the
actions necessary to create a solid platform for future growth. Trading in North
America and the Rest of the World continues to be encouraging. In Continental
Europe, as expected, trading conditions remain challenging.
We remain on track to deliver on our full year expectations.'
Michael J Bailey, Group Chief Executive, commented:
'This continues to be a case of 'steady as she goes'. Our performance during the
first half of 2006 in maintaining high levels of contract retention and making
significant new business gains reflects the commitment and dedication of all our
teams.'
Enquiries:
Compass Group PLC +44 (0)1932 573000
Investors/Analysts Andrew Martin
Media Paul Kelly
Website
www.compass-group.com
For presentation and teleconference details refer to the notes on pages 10 and 11.
GROUP TRADING REVIEW
Compass Group today announces its unaudited interim results for the six month
period ended 31 March 2006. These results are the first prepared and presented
in accordance with International Financial Reporting Standards ('IFRS') and
comparative figures for 2005 have been restated accordingly, as previously
reported on 1 March 2006.
_________________________________________________________________________________
Financial summary Reported
For the six months ended 31 March 2006 2005(1) Change
_________________________________________________________________________________
Continuing Operations
Revenue
- reported £5,695m £5,142m 10.8%
- underlying(2) £5,664m £5,039m 12.4%
Operating profit (3)
- reported £260m £274m -5.1%
- underlying (2) £259m £258m 0.4%
Operating margin(4)
- reported 4.5% 5.3% -80bps
- underlying(2) 4.5% 5.1% -60bps
Profit before tax £184m £203m -9.4%
Free cash flow £80m £97m -17.5%
Basic earnings per share 5.6p 6.3p -11.1%
Total Group
Basic earnings per share 6.5p 7.2p -9.7%
Dividend per ordinary share 3.4p 3.3p 3.0%
_________________________________________________________________________________
(1) Prior period figures have been restated from UK GAAP to IFRS
(2) Underlying performance excludes Middle East military
(3) Includes share of profit of associates
(4) Excludes share of profit of associates
_________________________________________________________________________________
Discontinued Operations
On 9 April 2006, Compass announced that it had entered into an agreement to sell
its travel concession catering business, Select Service Partner, including
Creative Host Services in the United States (together, ''SSP'), for a
consideration of £1,822 million. Subject to obtaining various approvals, the
sale is expected to complete in June 2006. SSP's revenue and operating profits
in 2005 were £1,804 million and £112 million respectively on an IFRS basis.
During the period, the Group also completed the sale of its Inflight catering
business for £57 million. Inflights' revenue and operating profits in 2005 were
£137 million and £8 million respectively. The results of the SSP and Inflight
businesses are treated as discontinued operations and are therefore excluded
from the results of continuing operations in 2006. The 2005 results have been
restated on a consistent basis.
Middle East Military
The Group's withdrawal from its Middle East military operations is well advanced
and is expected to be completed by the year end. The results of the continuing
operations of the Group excluding Middle East military activities are presented
in this announcement as 'underlying' performance.
Revenue
Overall, the Group delivered revenue growth of 11% on a reported basis, 7% on a
constant currency basis and 8% on a like for like basis. Underlying revenue,
excluding Middle East military, grew by 9% on a like for like basis.
The main factors that affected the period on period change in revenue are
summarised below:
Continuing Operations %
------------------------------------------------------------------------------
Like for like growth (underlying) 9
Contribution from acquisitions -
Movements in translation rates 3
------------------------------------------------------------------------------
Underlying revenue 12
Middle East military (1)
------------------------------------------------------------------------------
Total revenue 11
------------------------------------------------------------------------------
The table below sets out like for like growth by sector for each geographic
segment and also shows the underlying position excluding the Middle East
military which the Group expects to exit by year end. Like for like growth is
calculated by adjusting for acquisitions (excluding current year acquisitions
and including a full year in respect of prior year acquisitions), disposals
(excluded from both years) and exchange rate movements (translating the prior
period at current period exchange rates), and compares the results against 2005.
--------------------------------------------------------------------------------
Like for like growth by sector
For the six months ended 31 March 2006
--------------------------------------------------------------------------------
NA UK CE ROW Under- ME Total
lying military Group
Continuing Operations % % % % % % %
--------------------------------------------------------------------------------
Contract:
Business & Industry 14 5 2 10 7 - 7
Def.,Offshore & Remote 56 (2) 12 48 35 (72) 9
Education 11 (2) 8 15 8 - 8
Healthcare 13 1 1 11 8 - 8
Sports & Leisure 26 5 15 9 17 - 17
--------------------------------------------------------------------------------
Total Contract 15 3 3 20 11 (72) 9
Vending (1) 7 2 - 0 - 0
Travel Concessions(1) - 1 5 (4) 0 - 0
--------------------------------------------------------------------------------
Total 13 3 3 19 9 (72) 8
--------------------------------------------------------------------------------
(1) Residual travel concessions principally comprises: motorways in Italy, Japan
and Portugal and in the UK, The Strand Palace Hotel
Like for like turnover growth of 8% overall was achieved as a result of new
contract gains of 13% offset by contract losses of 6% and marginally positive
throughput.
Throughput is the movement in revenue from the existing estate and is influenced
by head count changes, rates of participation, average spend per transaction and
our ability to pass on cost increases through pricing.
The table below summarises the performance of the Group's continuing operations
by geographic segment and for the Group on an underlying basis.
________________________________________________________________________________
Segmental performance Constant Like
Six months ended 31 March 2006 Reported currency for like
change change change
2006 2005 % % %
________________________________________________________________________________
Continuing Operations
Revenue (£m)
North America 2,283 1,881 21 12 13
United Kingdom 1,006 984 2 2 3
Continental Europe 1,518 1,490 2 3 3
Rest of the world 857 684 25 20 19
--------------------------------------------------------------------------------
Underlying revenue 5,664 5,039 12 9 9
Middle East military 31 103 (70) (72) (72)
--------------------------------------- --------------------------------
Total 5,695 5,142 11 7 8
---------------------------------------- --------------------------------
Operating profit(1)(£m)
North America 125 108 16
United Kingdom 56 61 (8)
Continental Europe 92 100 (8)
Rest of the world 25 22 14
Unallocated overheads (41) (33) -
Associates 2 - -
----------------------------------------------------
Underlying 259 258 -
Middle East military 1 16 -
----------------------------------------------------
Total 260 274 (5)
----------------------------------------------------
Operating margin(2)(%)
North America 5.5 5.7
United Kingdom 5.6 6.2
Continental Europe 6.1 6.7
Rest of the world 2.9 3.2
Middle East military 3.2 15.5
----------------------------------------
Total 4.5 5.3
---------------------------------------
(1) Operating profit includes share of profit of associates UK £1m (2005:£nil)
& North America £1m (2005: £nil)
(2) Operating margin is based on revenue and operating profit excluding
share of profit of associates
North America - 40.1% Group revenue (2005: 36.6%)
Revenue in North America grew strongly in the first half, up 13% on a like for
like basis to £2,283 million (2005: £1,881 million). The well-established sales
and operating teams continue to successfully exploit a significant market
opportunity provided by the positive trend towards outsourcing. As a
consequence, we continue to direct more capital towards this business at a rate
of 3.2% of sales in the first half of 2006 versus the Group average of 2.4%.
Revenue growth has been strong across all sectors and particularly in Business
and Industry, Healthcare, Education and Sports and Leisure sectors. Levy
Restaurants, which operates our Sports and Leisure business, has a leading
position in most major sports. For example in basketball, Levy operates 12 out
of the 16 NBA play-off team accounts. Levy has grown consistently since our
acquisition of a 49% interest in 2000. In April 2006, we completed the
acquisition of the remaining 51% of Levy for $250 million (£143 million) taking
our total investment to $337 million.
The continuing strong sales performance and high client retention rates in the
period demonstrate the effectiveness of our successful client retention teams.
Total operating profit on continuing activities increased to £125 million (2005:
£108 million), the first half operating profit benefiting from a strengthening
in the average dollar exchange rate, versus last year. The contract catering
business generally performed well across all sectors but did suffer an adverse
impact from Hurricane Katrina, which reduced profits by £2 million in the first
half. Rising fuel costs also impacted the business as a whole, and vending in
particular, which is heavily reliant on a large fleet of trucks and vans to
service the nationwide estate. The estimated impact of rising fuel costs was
circa £2 million. The disposal of 75% of Au Bon Pain in the second half of 2005
also resulted in a £2 million negative impact on operating profit in the period.
In the second half, we expect to see continuing good revenue growth but at
slightly lower levels than those seen in the first half and we expect operating
margins to be closer to the level achieved in the same period last year.
UK - 17.7% Group revenue (2005: 19.1%)
In the UK and Ireland, revenue increased by 3% on a like for like basis to
£1,006 million (2005: £984 million). We are encouraged by the level of new
business wins achieved in the period at 10%. We are continuing to make good
progress in addressing lower margin contracts. By the end of the first half, we
had exited approximately 50% of lower margin contracts and are putting in place
plans to either exit or improve the margin on the remainder. This initiative
contributed towards the higher than normal level of lost business, in-line with
our expectations. Our objective remains to deliver a contract base with a more
sustainable profit level going forward.
The UK has also focused on restructuring. Overhead reductions have been
concentrated on 'back of house' functions. The spend on restructuring outweighed
the benefits in the first half by £3 million, but we expect this to reverse by
the year end. In Purchasing, we are working to improve the leverage of our main
deals with suppliers through narrowing the product range and ensuring our unit
managers buy only from approved suppliers.
In Healthcare, we are working with several of our large clients to introduce an
innovative concept new to contract catering called 'Steamplicity'. This concept
enables us to prepare high quality fresh ingredients offsite in large volumes,
packaged with a simple valve mechanism. This approach allows meals to be menu
selected and served to patients within minutes of being cooked, with minimal
loss of nutritional content or quality. Other advantages include no need for a
traditional kitchen or kitchen staff on site, greater choice, high levels of
consumer satisfaction and reduced wastage. We have exclusive rights to this
technology in our market and expect to have introduced this to 20% of our
Healthcare clients by the year end.
In Education, which continues to provide the greatest challenge, we are actively
working with schools, teachers and parents to develop new healthier eating
concepts such as fresh fruit bars, salad bars, pasta dishes, fresh dish of the
day and yoghurt bars. This work is progressing well, in advance of the
introduction of the Government's new nutritional standards from September 2006.
Operating profit for the first half was £56 million (2005: £61 million)
reflecting the net cost of restructuring of £3 million in the first half. The
current trends continue to point towards a similar level of overall
profitability for the full year as in 2005.
Continental Europe - 26.6% Group revenue (2005: 29.0%)
Revenue in Continental Europe grew by 3% overall on a like for like basis to
£1,518 million (2005: £1,490 million). Overall, performance has improved
slightly over that seen in the past few years. In part, this reflects the
increased focus on client retention through investment in client retention teams
- similar to the approach adopted successfully in North America. Defence,
Offshore and Remote performed well on the back of continued strong oil and gas
sector demand and Education and Sports and Leisure also grew well. We have seen
a good start to the year in Spain, Eastern Europe, Switzerland, Scandinavia and
Germany. Most of the European businesses are now on a more stable footing but
two areas where we still have to see improvement are Italy and Selecta (our
European vending business). These are two sizeable businesses. In both we have
recently introduced new management teams and are working towards improving
performance.
Operating profit in the first half amounted to £92 million (2005: £100 million).
Continental Europe also saw a significant level of restructuring activity in the
period including in particular France, Switzerland and the Netherlands where new
country managing directors are completing the restructuring of their businesses.
The net cost of restructuring in the first half was £4 million and should be
compensated by a similar level of net benefit in the second half.
As we look forward to the second half, we expect the profile of profit delivery
to be broadly similar to that of 2005.
Rest of the World - 15.6% Group revenue (2005: 15.3%)
Underlying revenue in the Rest of the World (i.e. excluding the Middle East
military) grew strongly across all sectors and by 19% overall on a like for like
basis, to £857 million (2005: £684 million).
34% of the business is in the underlying Defence, Offshore and Remote sector.
This sector grew by 48% on an underlying basis, benefiting from the buoyant oil
and gas and mining sectors around the world, particularly in Australasia up 25%
and Latin America up 19%, where we continue to successfully capitalise on the
significant opportunities. In Japan, we've seen good growth of 8% in this large
and fragmented market where our circa $1 billion business represents around 2%
of the total market. Now that we have largely completed the exit from the retail
business in Japan, the focus is on improving operating margins.
Operating profit was £25 million (2005: £22 million) on an underlying basis
excluding Middle East military.
Unallocated Overheads
First half unallocated overheads include £4 million of costs in related to the
United Nations investigation and £2 million of net restructuring costs.
Operating Profit
Operating profit from continuing operations including associates was £260
million (2005: £274 million). The reduction of 5.1% principally reflects the
impact of scaling back the Middle East military operations which generated
operating profit of £1 million (2005: £16 million). On an underlying basis,
excluding the Middle East military, Group operating profit for the period was
£259 million (2005: £258 million) an increase of 0.4%.
Finance Cost
Net finance cost for the first half was £76 million (2005: £71 million)
including a £7 million non cash credit relating to the impact of interest rate
hedging instruments that do not qualify for hedge accounting under IAS 39. We
estimate the benefit from the receipt of SSP disposal proceeds in the second
half to be approximately £15 million. Ignoring the IAS 39 non cash credit
referred to above therefore, we anticipate full year finance costs to be around
£145 million. Steps have been taken to eliminate the volatility arising on net
investment hedges which arose in 2005.
Profit before taxation
Profit before taxation for continuing operations was £184 million (2005: £203 million).
Taxation
The overall Group tax expense for the period was £55 million (2005: £59
million), based on an estimated full year effective tax rate of 30% (2005: 28%
before exceptional items). Of the overall Group tax expense, £44 million is
overseas tax (2005: £42 million). We expect the Group's effective tax rate to
remain around the 30% level for the foreseeable future.
Basic earnings per share
Basic earnings per share from continuing operations were 5.6 pence (2005: 6.3
pence). Including the results of discontinued operations, total basic earnings
per share were 6.5 pence (2005: 7.2 pence). On an underlying basis, basic
earnings per share were 5.6 pence (2005: 5.7 pence).
Continuing operations
--------------------------------------------------------------------------------
Attributable profit Basic earnings per share
2006 2005 2006 2005
£m £m Pence Pence Change
--------------------------------------------------------------------------------
Reported 121 136 5.6 6.3 -11.1%
Middle East military (1) (13) - (0.6)
--------------------------------------------------------------------------------
Underlying 120 123 5.6 5.7 -1.7%
--------------------------------------------------------------------------------
Dividends
The recommended interim dividend is 3.4 pence per share (2004: 3.3 pence), an
increase of 3.0% over 2005.
Discontinued Operations
As described in note 13 below, the Group announced on 9 April 2006 that it had
agreed to sell its travel concession catering business, Select Service Partner,
including Creative Host Services in the US. The sale will complete during the
second half of the 2006 financial year and will be recognised at that point.
During the period, the Group also completed the sale of 90% of its Inflight
catering business. Accordingly, the results of these operations have been
classified as discontinued.
The operating profit for the period from these discontinued operations was £27
million (2005: £26 million). Profit after tax from discontinued operations was
£19 million (2005: £19 million).
Financial Objectives
The SSP sale will deliver a one-time step up in Return on Capital Employed
(ROCE) of around 30 basis points, which is in addition to our three-year target
of 100 basis points improvement in ROCE between 2006 and 2008. The Group's Free
Cash Flow target remains at £800 million - £850 million.
Free Cash Flow
Free cash flow from the continuing business totalled £80 million (2005: £97
million). The major factors contributing to the period on period reduction were
£5 million higher interest payments and £16 million higher tax payments in the
period. The cash tax rate in the first half was 27% and we currently expect the
rate to remain around the mid to high 20's for the foreseeable future.
Acquisitions
The acquisition of the remaining 51% interest in Levy Restaurants, not already
held, was completed on 18 April 2006 for $250 million (£143 million). This
acquisition is not therefore reflected in the 31 March 2006 financial statements
and will be recorded in the second half.
Andrew Martin, Group Finance Director, said:
'In the UK, I'm satisfied that we are making progress in implementing the
actions necessary to create a solid platform for future growth. Trading in North
America and the Rest of the World continues to be encouraging. In Continental
Europe, as expected, trading conditions remain challenging.
We remain on track to deliver on our full year expectations.'
Michael J Bailey, Chief Executive, commented:
'This continues to be a case of 'steady as she goes'. Our performance during the
first half of 2006 in maintaining high levels of contract retention and making
significant new business gains reflects the commitment and dedication of all our
teams.'
Michael J Bailey Sir Francis H Mackay
Chief Executive Chairman
NOTES
(a) Financial information for the year ended 30 September 2005 and for the six
months ended 31 March 2005, set out as comparative figures in this announcement,
has been restated from UK Generally Accepted Accounting Principles ('UK GAAP')
on the basis of accounting policies set out in 'Adoption of International
Financial Reporting Standards 'IFRS': Preliminary restatement of 2005 financial
information', a separate document published in the Investor Relations section of
the Group website (www.compass- group.com) on 1 March 2006 and which is also
available on request.
The Annual Report for the year ended 30 September 2005, which was prepared under
UK GAAP, has been filed with the Registrar of Companies. The auditors have
reported on those accounts; their report was unqualified and did not contain a
statement under section 237 (2) or (3) of the Companies Act 1985. The Group will
be presenting its 30 September 2006 consolidated financial statements in
accordance with applicable International Financial Reporting Standards ('IFRS')
which are effective (or available for early adoption) at that date.
(b) Forward looking statements
This Press Release contains forward looking statements within the meaning of
Section 27A of the Securities Act 1933, as amended, and Section 21E of the
Securities Exchange Act 1934, as amended. These statements are subject to a
number of risks and uncertainties and actual results and events could differ
materially from those currently being anticipated as reflected in such forward
looking statements. The terms 'expect', 'should be', 'will be', 'is likely to'
and similar expressions identify forward looking statements. Factors which may
cause future outcomes to differ from those foreseen in forward looking
statements include, but are not limited to: general economic conditions and
business conditions in Compass Group's markets; exchange rate fluctuations;
customers' and clients' acceptance of its products and services; the actions of
competitors; and legislative, fiscal and regulatory developments.
(c) The timetable for the proposed interim dividend of 3.4p per share is as
follows:
Ex dividend date: 12 July 2006
Record date: 14 July 2006
Payment date: 7 August 2006
(d) A presentation for analysts and investors will take place at 9:30 am (BST/
London) on Tuesday 16 May 2006 at Merrill Lynch Financial Centre, 2 King Edward
Street, London, EC1.
The live presentation can also be accessed via both a webcast and dial-in
teleconference starting at 9:30 am:
• To listen to the live presentation via teleconference, dial (UK) +44 (0)
20 7138 0816.
• To view the presentation slides and/or listen to a live audio webcast of
the presentation, go to www.compass-group.com or www.cantos.com.
• Please note that remote listeners will not be able to ask questions
during the Q&A session.
A replay recording of the presentation will also be available via teleconference
and webcast:
• A teleconference replay of the presentation will be available for five
working days, until 23 May 2006. To hear the replay, dial (UK) +44 (0)20
7806 1970 or (US) +1 718 354 1112. The replay passcode is 6453370#. Please
note that the replay service is available from 14.00pm UK time.
• A webcast replay of the presentation will be available for six months,
at www.compass-group.com and www.cantos.com.
For North American based investors, there will be a question and answer conference call
starting at 14:00pm (EDT/New York)
• To participate in the live question and answer session via conference
call, dial (US) +1 718 354 1171.
• A teleconference replay of the call will be available for five working
days, until 23 May 2006. To hear the replay, dial (US) +1 718 354 1112. The
replay passcode is 5540875#.
• The North American investor conference call will also be audio webcast
live, and archived for replay, at www.compass-group.com and www.cantos.com.
Enquiries:
Compass Group PLC 01932 573000
Investors/analysts Andrew Martin
Media Paul Kelly
Website
www.compass-group.com.
Compass Group is the world's largest foodservice company with annual revenue of
c. £11 billion. Compass Group has some 400,000 employees working in more than 90
countries around the world. For more information visit www.compass-group.com.
Appendix
NEW CONTRACT GAINS AND RENEWALS
Contract Catering
Business & Industry
• USA - The University of Texas at Austin Hotel and Conference Center
awarded Flik a new ten-year contract with annual turnover of £10.7 million.
• Germany - Continental AG awarded Eurest a new five-year contract with
annual turnover of £2.2 million and renewed its existing contract for a
further five years with annual turnover of £3.4 million.
• Netherlands - the Ministry of Agriculture (Ministerie LNV) awarded
Eurest a new three-year contract with annual turnover £2.9 million.
• Italy - Ansaldo Energia awarded Onama a new one-year contract with
annual turnover of £2.6 million.
Education
• USA - Shippensburg University awarded Chartwells Higher Education a new
five-year contract with annual turnover of £4.8 million.
• Italy - Genova Municipality renewed and extended its contract with Onama
for a further three years with annual turnover of £4.2 million.
• USA - St. Mary's College of Maryland awarded Bon Appetit a new five-year
contract with annual turnover of £2.4 million.
• UK - Slough Borough Council renewed its contract with Scolarest for a
further three years with annual turnover of £1.0 million.
Healthcare
• UK - Hammersmith Hospitals NHS Trust extended its contract with Medirest
for a further two years with annual turnover of £14.0 million.
• USA - Duke University Health System renewed its contract with Crothall
for a further two years with annual turnover of £12.2 million.
• UK - Skanska Innisfree (PFI) with Sherwood Forest Hospitals NHS Trust
and Mansfield District Primary Care Trust awarded Medirest a new six-year
contract with annual turnover of £8.3 million.
• USA - University of Pennsylvania awarded Crothall a new five-year
contract with annual turnover of £6.1 million.
Defence, Offshore & Remote Site
• Australia - Defence Sydney Central awarded ESS a new five-year contract
with annual turnover of £14.4 million.
• Norway - Statoil awarded ESS Onshore a new three-year contract with
annual turnover of £8.8 million.
• UK - British Army (2nd Division) awarded ESS a new seven-year contract
with annual turnover of £7.5 million.
• Australia - BHPB (Groote Eyland) awarded ESS a new three-year contract
with annual turnover of £4.6 million.
Sports & Leisure
• USA - de Young Museum & Legion of Honor awarded Bon Appetit a new
three-year contract with annual turnover of £2.2 million.
• USA - Pacific Design Center awarded Wolfgang Puck a new ten-year
contract with annual turnover of £2.0 million.
• UK - Salisbury Cathedral extended its contract with Milburns for a
further five years with annual turnover of £1.7 million.
• UK - Beaulieu Enterprises Ltd awarded Leiths a new ten-year contract
with annual turnover of £1.0 million.
Travel Concessions
• Australia - Sydney Airport Terminal 2 renewed its contract with Eurest
for a further three years with annual turnover of £2.9 million.
Vending
• Europe - Shell awarded Selecta a new three-year contract with annual
turnover of £2.7 million.
INDEPENDENT REVIEW REPORT TO COMPASS GROUP PLC
Introduction
We have been instructed by Compass Group PLC ('the Company') to review the
financial information for the six months ended 31 March 2006 which comprises the
consolidated income statement, the consolidated statement of recognised income
and expense, the consolidated balance sheet, the consolidated cash flow
statement and related notes 1 to 14. 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 Bulletin 1999/4
issued by the Auditing Practices Board. Our work has been undertaken so that we
might state to the Company those matters we are required to state to them in an
independent review 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 formed.
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 are consistent with
those applied in preparing the preceding annual accounts except where any
changes, and the reasons for them, are disclosed.
International Financial Reporting Standards
As disclosed in note 1, the next annual financial statements of the Group will
be prepared in accordance with International Financial Reporting Standards as
adopted for use in the EU. Accordingly, the interim report has been prepared in
accordance with the recognition and measurement criteria of IFRS and the
disclosure requirements of the Listing Rules.
Review work performed
We conducted our review in accordance with the guidance contained in Bulletin
1999/4 issued by the Auditing Practices Board for use in the United Kingdom. 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 31 March 2006.
Deloitte & Touche LLP
Chartered Accountants
London
15 May 2006
CONSOLIDATED INCOME STATEMENT
for the six months ended 31 March 2006
Year ended 30 September 2005
--------------------------------------
Six months to 31 March Before
2006 2005 exceptional Exceptional
Total Total items items Total
unaudited unaudited audited audited audited
Notes £m £m £m £m £m
Continuing operations:
2
Revenue 5,695 5,142 10,453 - 10,453
Operating costs (5,437) (4,868) (9,919) (153) (10,072)
-----------------------------------------------------------
2,4
Operating profit 258 274 534 (153) 381
Share of profit of
associates 2 - - - -
Finance income 3 1 4 - 4
3
Finance costs (79) (72) (159) - (159)
-----------------------------------------------------------
Profit before tax 184 203 379 (153) 226
5
Income tax expense (55) (59) (106) 3 (103)
-----------------------------------------------------------
Profit for the period
from continuing
operations 129 144 273 (150) 123
Discontinued operations:
Profit for the period
from discontinued 6
operations 19 19 86 - 86
-----------------------------------------------------------
Profit for the period 148 163 359 (150) 209
-----------------------------------------------------------
Attributable to:
Equity holders of the
Company 140 155 345 (150) 195
Minority interest 8 8 14 - 14
----------------------------------------------------------
148 163 359 (150) 209
----------------------------------------------------------
Earnings per share
From continuing
operations:
7
Basic 5.6p 6.3p 5.0p
-------------------- -----------
7
Diluted 5.6p 6.3p 5.0p
-------------------- -----------
From continuing and
discontinued
operations:
7
Basic 6.5p 7.2p 9.0p
-------------------- -----------
7
Diluted 6.5p 7.2p 9.0p
-------------------- -----------
CONSOLIDATED STATEMENT OF RECOGNISED INCOME AND EXPENSE
for the six months ended 31 March 2006
Year ended
30 September
2006 2005 2005
unaudited unaudited audited
Notes £m £m £m
Fair value movement on cash flow
hedges(net of deferred tax) 3 4 5
Transfer to profit or loss from
equity on cash flow hedges
(net of deferredtax) (1) - -
Currency translation differences - (5) 14
Income tax in translation reserve
relating to currency translation - - 2
Actuarial losses on post-retirement
employee benefits - - (157)
Deferred tax relating to actuarial
losses on post-retirement employee
benefits - - 35
Deferred income tax on items
previously recognised in equity (4) (4) (12)
Current income tax on items
previously recognised in equity 4 4 10
-------------------------------------
Net income / (expense) recognised
in equity 2 (1) (103)
Profit for the financial period 148 163 209
-------------------------------------
Total recognised income and expense 8
for the period 150 162 106
-------------------------------------
Attributable to:
Equity holders of the Company 141 154 92
Minority interest 9 8 14
-------------------------------------
150 162 106
-------------------------------------
CONSOLIDATED BALANCE SHEET
as at 31 March 2006
31 March 31 March September
2006 2005 2005
unaudited unaudited audited
Notes £m £m £m
Assets
Non-current assets
Goodwill 3,434 4,276 4,220
Other intangible assets 167 156 168
Property, plant and
equipment 928 1,711 1,657
Interests in associates 50 35 51
Deferred tax assets 200 194 198
Trade and other
receivables 137 139 140
Derivative financial
instruments 29 30 44
--------------------------------------
4,945 6,541 6,478
--------------------------------------
Current assets
Inventories 241 264 253
Trade and other
receivables 1,544 1,620 1,574
Overseas tax
recoverable 4 10 9
Derivative financial
instruments 6 3 2
Cash and cash
equivalents 231 242 281
--------------------------------------
2,026 2,139 2,119
--------------------------------------
Assets held in disposal
groups held for sale 6 1,663 - -
--------------------------------------
Total assets 8,634 8,680 8,597
--------------------------------------
Liabilities
Current liabilities
Short-term borrowings 218 162 150
Derivative financial
instruments 7 18 20
Current tax liabilities 309 363 334
Trade payables and
other payables 2,196 2,256 2,437
Provisions 10 10 10
--------------------------------------
2,740 2,809 2,951
--------------------------------------
Non-current liabilities
Long-term borrowings 2,536 2,688 2,580
Derivative financial
instruments 7 10 2
Post-employment benefit
obligations 553 433 555
Provisions 143 133 143
Deferred tax liabilities 18 17 17
Other liabilities 100 207 71
--------------------------------------
3,357 3,488 3,368
--------------------------------------
Liabilities included in
disposal groups held
for sale 6 235 - -
--------------------------------------
Total liabilities 6,332 6,297 6,319
--------------------------------------
Net assets 2,302 2,383 2,278
--------------------------------------
Equity
Share capital 216 216 216
Share premium account 94 93 94
Capital redemption reserve 9 9 9
Less: own shares (1) (1) (1)
Other reserves 4,161 4,091 4,137
Retained earnings (2,204) (2,050) (2,204)
--------------------------------------
Total equity shareholders' funds 2,275 2,358 2,251
Minority interests 27 25 27
--------------------------------------
Total equity 8 2,302 2,383 2,278
--------------------------------------
CONSOLIDATED CASH FLOW STATEMENT
for the six months ended 31 March 2006
Year ended
31 March 31 March 30 September
2006 2005 2005
unaudited unaudited audited
£m £m £m
Cash generated from operations 345 346 751
Interest paid (87) (78) (161)
Interest element of finance lease rentals (1) (2) (3)
Tax received 5 13 23
Tax paid (54) (46) (93)
------------------------------------
Net cash from operating activities for
continuing operations 208 233 517
Net cash from operating activities for
discontinued operations 33 22 131
------------------------------------
Net cash from operating activities 241 255 648
------------------------------------
Cash flow from investing activities
Purchase of subsidiary companies and
investments in associated undertakings (31) (98) (121)
Proceeds from sale of subsidiary
companies and associated undertakings 31 - 75
Purchase of property, plant and equipment (128) (140) (253)
Proceeds from sale of property, plant and
equipment 13 11 36
Purchase of intangible assets (13) (4) (20)
Dividends received from associated
undertakings 1 2 4
Interest received 4 1 4
------------------------------------
Net cash used in investing activities by
continuing operations (123) (228) (275)
Net cash used in investing activities by
discontinued operations (35) (36) (61)
------------------------------------
Net cash used in investing activities (158) (264) (336)
------------------------------------
Cash flow from financing activities
Proceeds from issue of ordinary share
capital - - 1
Net increase / (decrease) in borrowings 16 172 (32)
Repayment of obligations under finance
leases (8) (11) (16)
Equity dividends paid (140) (134) (205)
Dividends paid to minority interests (5) (6) (16)
------------------------------------
Net cash used in financing activities -
continuing operations (137) 21 (268)
------------------------------------
Net (decrease) / increase in cash and
cash equivalents (54) 12 44
Cash and cash equivalents at beginning of
the period 281 233 233
Exchange gains and losses on cash and
cash equivalents 4 (3) 4
------------------------------------
Cash and cash equivalents at end of the
period 231 242 281
------------------------------------
RECONCILIATION OF FREE CASH FLOW
- continuing operations
Net cash from operating activities
for continuing operations 208 233 517
Purchase of property, plant
and equipment (128) (140) (253)
Proceeds from sale of property,
plant and equipment 13 11 36
Purchase of intangible assets (13) (4) (20)
Dividends received from
associated undertakings 1 2 4
Interest received 4 1 4
Dividends paid to minority interests (5) (6) (16)
------------------------------------
Free cash flow - continuing operations 80 97 272
------------------------------------
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
for the six months ended 31 March 2006
1. Basis of preparation
The accounting policies and methods of computation used in the preparation of
the interim financial information are the same as those set out in 'Adoption of
International Financial Reporting Standards 'IFRS': Preliminary restatement of
2005 financial information', a separate document published in the Investor
Relations section of the Group website (www.compass-group.com) on 1 March 2006
and which is also available on request. Financial information for the year ended
30 September 2005 and for the six months ended 31 March 2005, presented as
comparative figures in this report, has been restated from UK Generally Accepted
Accounting Principles ('UK GAAP') on the basis of these accounting policies.
Further disclosures concerning the impact of IFRS on the financial statements of
the Group can also be found in that document including the reconciliations
required by IFRS 1 'First time adoption of International Financial Reporting
Standards'.
In accordance with the requirements of IFRS 5 'Non-current assets held for sale
and discontinued operations', the IFRS consolidated income statements and
consolidated cash flow statements for 2005 previously presented have been
amended to reflect the classification of certain operations as discontinued, as
shown in note 6.
The unaudited interim financial statements for the six months ended 31 March
2006, which were approved by the Board of directors on 15 May 2006, do not
comprise statutory accounts for the purpose of Section 240 of the Companies Act
1985. The Annual Report for the year ended 30 September 2005, which was prepared
under UK GAAP, contained an unqualified audit report and has been filed with the
Registrar of Companies. The Group will be presenting its 30 September 2006
consolidated financial statements in accordance with applicable International
Financial Reporting Standards ('IFRS') which are effective (or available for
early adoption) at that date.
2. Segmental reporting
North America United Kingdom Continental Rest of Middle East Eliminations Total
Europe the World military
£m £m £m £m £m £m £m
Revenue
Six months ended
31 March 2006
External revenue 2,283 1,006 1,518 857 31 - 5,695
Inter-segment revenue - 3 8 8 - (19) -
--------------------------------------------------------------------------------------------------
Total revenue 2,283 1,009 1,526 865 31 (19) 5,695
--------------------------------------------------------------------------------------------------
Six months ended
31 March 2005
External revenue 1,881 984 1,490 684 103 - 5,142
Inter-segment revenue - - 12 1 - (13) -
--------------------------------------------------------------------------------------------------
Total revenue 1,881 984 1,502 685 103 (13) 5,142
--------------------------------------------------------------------------------------------------
Year ended
30 September 2005
External revenue 3,869 1,999 2,910 1,500 175 - 10,453
Inter-segment revenue - - 26 5 - (31) -
--------------------------------------------------------------------------------------------------
Total revenue 3,869 1,999 2,936 1,505 175 (31) 10,453
--------------------------------------------------------------------------------------------------
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
for the six months ended 31 March 2006
2. Segmental reporting (continued)
North America United Kingdom Continental Rest of Middle East Unallocated Total
Europe the World military corporate
expenses
£m £m £m £m £m £m £m
Operating profit
Six months ended
31 March 2006
Operating profit 125 56 92 25 1 (41) 258
Share of profit of
associates 1 1 - - - - 2
-------------------------------------------------------------------------------------------------
Segment result 126 57 92 25 1 (41) 260
-------------------------------------------------------------------------------------------------
Six months ended
31 March 2005
Operating profit 108 61 100 22 16 (33) 274
Share of profit of
associates - - - - - - -
-------------------------------------------------------------------------------------------------
Segment result 108 61 100 22 16 (33) 274
-------------------------------------------------------------------------------------------------
Year ended
30 September 2005
Operating profit before
exceptional items 218 117 170 53 34 (58) 53
Exceptional items 2 (1) (107) - (45) (2) (153)
-------------------------------------------------------------------------------------------------
Operating profit after
exceptional items 220 116 63 53 (11) (60) 381
Share of profit of
associates - - - - - - -
-------------------------------------------------------------------------------------------------
Segment result 220 116 63 53 (11) (60) 381
-------------------------------------------------------------------------------------------------
3. Finance costs
2006 2005 Year ended
30 September
2005
£m £m £m
Loans and overdrafts 76 69 133
Finance lease interest 1 1 3
--------------------------------
77 70 136
Unrealised net gains on financial instruments (7) (1) (1)
Unwinding of discount on put options 3 3 6
Interest on pension scheme liabilities net of
expected return on scheme assets 6 7 14
Translation (gains) / losses on foreign
currency - (7) 4
--------------------------------
borrowings 79 72 159
--------------------------------
4. Exceptional items
Exceptional items are disclosed and described separately in the interim
financial statements where it is necessary to do so to provide further
understanding of the financial performance of the Group. They are material items
of income or expense that have been shown separately due to their nature or
amount.
2006 2005 Year ended
30 September
2005
£m £m £m
Middle East military - - 45
Impairment of goodwill - Italy - - 107
Loss on disposal of businesses - - 1
---------------------------------
- - 153
---------------------------------
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
for the six months ended 31 March 2006
4. Exceptional items (continued)
The Group is reducing the scale of its military catering operations in the
Middle East. In the year ended 30 September 2005, related asset write-offs and
provisions resulted in an exceptional charge of £45 million. In addition, the
goodwill arising on the acquisition of Onama in Italy was impaired following a
review of the profitability of the business. In 2005, the Group also disposed of
75% of Au Bon Pain in North America and the Gatwick Meridien hotel in the UK and
paid further costs relating to previous disposals resulting in a net loss of £1
million.
5. Tax
The tax charge for the period is based on an estimated full year effective tax
rate of 30.0% (last full year 28.1% before exceptional items).
Year ended 30 September 2005
---------------------------------
Before Exceptional Total
2006 2005 exceptional items
items
£m £m £m £m £m
Tax on continuing
operations
UK tax 11 17 31 (2) 29
Overseas tax 44 42 75 (1) 74
--------------------------------------------------
Total 55 59 106 (3) 103
--------------------------------------------------
6. Discontinued operations
Following the decision to focus on its core contract catering business the Group
entered into an agreement to dispose of its Inflight catering operations, which
operated principally in Continental Europe. The disposal was completed on 19
December 2005, on which date control of the business passed to the acquirer.
Accordingly, the results of these operations have been classified as
discontinued. The gain / loss on disposal after tax amounted to £ nil.
As described in note 13 below, the Group announced on 9 April 2006 that it had
agreed to sell its travel concession catering business, Select Service Partner,
including Creative Host Services in the US (together, 'SSP'). The sale will
complete during the second half of the 2006 financial year and will be
recognised at that point. Accordingly, the results of these operations have also
been classified as discontinued.
2006 2005 Year ended
30 September
2005
£m £m £m
External revenue 897 901 1,941
--------------------------------
Profit before tax from discontinued operations 27 26 120
Tax on profit from discontinued operations (8) (7) (34)
--------------------------------
Profit after tax from discontinued operations 19 19 86
--------------------------------
The major classes of assets and liabilities of SSP classified as held for sale
on 31 March 2006 are as follows:
2006 2005 Year ended
30 September
2005
£m £m £m
Goodwill 813 - -
Property plant and equipment 745 - -
Inventories 27 - -
Trade and other receivables 56 - -
Other assets 22 - -
--------------------------------
Assets classified as held for sale 1,663 - -
--------------------------------
Trade and other payables 199 - -
Other liabilities 36 - -
--------------------------------
Liabilities classified as held for sale 235 - -
--------------------------------
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
for the six months ended 31 March 2006
7. Earnings per share
The calculation of earnings per share is based on earnings after tax and the
weighted average number of shares in issue during the period. The adjusted
earnings per share figures have been calculated based on earnings excluding the
effect of exceptional items and discontinued activities; these are disclosed to
show the underlying trading performance of the Group.
2006 2005 Year ended
30 September
2005
£m £m £m
Profit for the period attributable to
equity holders of the Company 140 155 195
less: profit for the period
from discontinued operations (19) (19) (86)
-------------------------------------
Attributable profit for the period
from continuing operations 121 136 109
-------------------------------------
Exceptional items net of tax - - 150
-------------------------------------
Attributable profit for the period
before exceptional items from
continuing operations 121 136 259
-------------------------------------
Millions of Millions of Millions of
ordinary shares ordinary shares ordinary shares
of 10p each of 10p each of 10p each
Average number of shares for
basic earnings per share 2,156 2,155 2,156
Dilutive share options 2 1 2
--------------------------------------------------
Average number of shares for
diluted earnings per share 2,158 2,156 2,158
--------------------------------------------------
Basic earnings per share pence pence pence
From continuing and
discontinued operations 6.5 7.2 9.0
less: from discontinued
operations (0.9) (0.9) (4.0)
---------------------------------------------------
From continuing operations 5.6 6.3 5.0
Effect of exceptional items
(net of tax) - - 7.0
--------------------------------------------------
From continuing operations
before exceptional items 5.6 6.3 12.0
--------------------------------------------------
Diluted earnings per share
From continuing and discontinued
operations 6.5 7.2 9.0
less: from discontinued operations (0.9) (0.9) (4.0)
---------------------------------------------------
From continuing operations 5.6 6.3 5.0
Effect of exceptional items
(net of tax) - - 7.0
--------------------------------------------------
From continuing operations
before exceptional items 5.6 6.3 12.0
--------------------------------------------------
8. Reconciliation of movements in total shareholders' equity
2006 2005 Year ended
30 September
2005
£m £m £m
Opening total shareholders' equity 2,278 2,269 2,269
Total recognised income and expense 150 162 106
Dividends paid (Note 9) (140) (134) (205)
Issue of shares - - 1
Other movements in total shareholders' equity 14 86 107
-----------------------------------------
Closing total shareholders' equity 2,302 2,383 2,278
-----------------------------------------
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
for the six months ended 31 March 2006
9. Dividends
The interim dividend of 3.4p per share (2005: 3.3p per share) will be payable on
7 August 2006 to shareholders on the register at the close of business on 14
July 2006. The dividend was approved by the Board after the balance sheet date,
and has thus not been reflected as a liability in these interim financial
statements. The dividends paid in the periods presented were as follows:
2006 2005 Year ended
30 September
2005
£m £m £m
Dividends on ordinary shares of 10p each
Final 2004 - 6.2p per share paid 14 March 2005 - 134 134
Interim 2005 - 3.3p per share paid 15 August 2005 - - 71
Final 2005 - 6.5p per share paid 6 March 2006 140 - -
-------------------------------------
140 134 205
-------------------------------------
10. Reconciliation of operating profit to cash generated by operations
2006 2005 Year ended
30 September
2005
£m £m £m
Operating profit from continuing operations 258 274 381
Adjustments for:
Exceptional items - - 153
Depreciation of property, plant and equipment 102 102 220
Amortisation of intangible assets 15 10 21
Loss / (gain) on disposal of property,
plant and equipment 1 - (7)
Decrease in provisions (3) (3) (25)
Other non-cash items (net) 15 22 45
-------------------------------------
Operating cash flows before movement
in working capital 388 405 788
Increase in inventories (10) (8) (6)
Increase in receivables (42) (161) (112)
Increase in payables 9 110 81
-------------------------------------
Cash generated by operations 345 346 751
-------------------------------------
11. Reconciliation of net cash flow to movement in net debt
2006 2005 Year ended
30 September
2005
£m £m £m
Net (decrease) / increase in cash and cash
equivalents (54) 12 44
Cash (inflow) / outflow from changes in debt
and lease financing (8) (161) 48
Valuation movements and other non-cash changes 16 24 32
Changes in finance leases (6) (8) (12)
Foreign exchange movements (25) 41 (26)
----------------------------------------
(Increase) / decrease in net debt during the period (77) (92) 86
Opening net debt (2,425) (2,511) (2,511)
----------------------------------------
Closing net debt (2,502) (2,603) (2,425)
----------------------------------------
The table above is presented as additional information to show movement in net debt,
defined as overdrafts, bank and other borrowings and finance leases, net of cash and cash equivalents.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
for the six months ended 31 March 2006
12. Contingent liabilities
On 21 October 2005 the Group announced that it had instructed Freshfields
Bruckhaus Deringer to conduct an investigation into the relationships between
Eurest Support Services ('ESS') (a member of the Group), IHC Services Inc.
('IHC') and the United Nations. Ernst & Young assisted Freshfields Bruckhaus
Deringer in this investigation. On 1 February 2006 it was announced that the
investigation had concluded. The investigation established serious
irregularities in connection with contracts awarded to ESS by the UN. The work
undertaken by Freshfields Bruckhaus Deringer and Ernst & Young gave no reason to
believe that these issues extended beyond a few individuals within ESS to other
parts of ESS or the wider Group. IHC's relationship with the UN and ESS is part
of wider and on-going investigations into the UN procurement activity being
conducted by the United States Attorney's Office for the Southern District of
New York, the United States Congress and the UN itself, and with which the Group
is co-operating fully.
In addition, lawsuits have been filed in connection with the matters covered by
this investigation in the United States District Court, Southern District of New
York, by two competitors of the Group, ES-KO International Inc ('ES-KO') and
Supreme Foodservice AG ('Supreme'), on 28 March 2006 and 6 March 2006
respectively. The ES-KO complaint lists the Group as one of 14 named and various
unnamed defendants and in it, ES-KO claims lost profits of $123m, plus exemplary
and punitive damages. The Supreme lawsuit lists the Group as one of 13 named
defendants and makes similar allegations against the Group. The total claimed by
Supreme (including exemplary and punitive damages) is stated to be in an amount
'exceeding $125 million'. The total amounts claimed in both lawsuits bear no
relation to the value of the UN contracts awarded to ESS. Both sets of
proceedings are in their very early stages and will be resolutely defended.
No provision has been made in these accounts in respect of these matters and it
is not currently possible to quantify any potential liability which may arise.
The directors currently have no reason to believe that any potential liability
that may arise would be material to the financial position of the Group.
13. Events after the balance sheet date
Following the decision to focus on its core contract catering business, the
Company announced on 9 April that it had agreed to sell its travel concession
catering business, Select Service Partner, including Creative Host Services in
the US (together, 'SSP'). The transaction has been structured as a combined sale
of Moto, the UK motorway services business, to a consortium lead by Macquarie
bank and the remainder of the SSP business to companies controlled by EQT for an
aggregate consideration of £1,822 million on a debt and cash free basis, subject
to certain closing adjustments.
The Company announced on 23 January 2006 that a put option requiring the Group
to purchase the remaining 51% interest in Levy Restaurants for a consideration
of $250 million in cash, had been exercised. The completion of this acquisition
took place on 18 April 2006.
14. Exchange rates
Exchange rates for major currencies used during the period were:
Translation rate for Closing rate as
six months ended at 31 March
31 March 2006 2006
Australian Dollar 2.36 2.43
Canadian Dollar 2.03 2.02
Danish Krone 10.91 10.70
Euro 1.46 1.43
Japanese Yen 204.55 204.66
Norwegian Krone 11.62 11.38
Swedish Krona 13.76 13.52
Swiss Franc 2.28 2.27
US Dollar 1.75 1.73
This information is provided by RNS
The company news service from the London Stock Exchange
Latest directors dealings
- 14 hours ago Cambridge Cognition Holdings
- 15 hours ago Shell
- 15 hours ago Centrica
- 16 hours ago Optima Health
- 16 hours ago Centrica