Final Results
Computacenter PLC
14 March 2001
Wednesday 14th March 2001
COMPUTACENTER PLC
PRESS RELEASE
Preliminary Results Announcement
Computacenter plc, the specialist provider of IT infrastructure services to
large organisations, today announces its preliminary results for the year
ended 31 December 2000.
Highlights:
O Group turnover of £1.99 billion, up 12.9% (1999: £1.76 billion)
O Profit before tax, before investment in Biomni Ltd, of £59.1 million
(1999: £75.1 million)
O Strong recovery in second half after difficult trading conditions
earlier in the year
O Profit before tax in second half, before Biomni Ltd, up 79.4% on first
half of 2000, and 10.4% on the second half of 1999
O Share of operating losses in Biomni Ltd of £3.6 million
O EPS (diluted) of 20.8p (1999: 28.1p)
O Dividend unchanged at 2.9p per share
O UK business restructured into new operating divisions under direction
of new internal COO appointment, Chris Webb
O Ron Sandler to succeed Philip Hulme as Chairman
Mike Norris, Chief Executive, commented:
'We had a challenging start to 2000 but market conditions improved as the year
progressed. Profitability in the second half was ahead of the corresponding
period of 1999. Trading in the first few weeks of the current year has been in
line with our expectations. Now that the millennium is behind us we are
confident of growth prospects for the Group.'
For further information, please contact:
Computacenter plc. 07801 452854
Mike Norris, Chief Executive
Phil Williams, Corporate Development
Tulchan Communications 020 7353 4200
Andrew Grant, Julie Foster
Chairman's Statement
2000 was a year of challenging market conditions for our industry. The
slowdown in demand from our corporate customers immediately following the
millennium was anticipated but the rate of recovery was slower than we
expected with the impact lasting well into the third quarter. Fortunately
market conditions continued to improve as the year progressed and revenues
recovered to encouraging levels in the last quarter. Group sales in the full
year were £1.99 billion, up 12.9% on 1999.
As we indicated in our interim statement, the level of staff utilisation in a
number of our services was significantly below expectations in the first part
of the year. This was the principal cause of the decline in the Group's
profitability in 2000. However, utilisation recovered steadily as the year
progressed until, in the final few months of 2000, most of our service
activities were running at or near full capacity. The consequence of this
recovery, combined with higher revenues, was a significant improvement in
profitability in the second half of the year.
Profit before tax for the full year, prior to our investment in Biomni Ltd,
our e-commerce joint-venture with Computasoft Ltd, was £59.1m compared to £
75.1m in 1999. Profit before tax in the second half, on the same basis, was £
38.0m, compared to £34.4m in the same period in the previous year. The
Group's share of losses in Biomni was slightly less than anticipated at £3.6m.
The Group's cash position remained strong. After capital investment of £
36.0m, net funds at the year-end were £13.4m compared to £21.2m in the
previous year. During 2000, £14.0m was expended on the final phases of the
Group's new operations centre in Hatfield.
The broad thrust of the Group's strategy remains unchanged. We design,
integrate, support and manage IT systems for large corporate and public sector
organisations. We do this in partnership with our customers and in
partnership with best-in-class product and service providers.
Because we are the leading provider of IT infrastructure services in the UK,
our customers benefit from our scale economies and depth of technical and
operational resource. Our strategy is predicated on maintaining our position
of market leadership. The considerable investment in our new operations
centre and ongoing investment in staff reflects our commitment to this goal.
Computacenter's strength in the UK market served us well during a difficult
year in 2000. The Group grew its revenues and built on its scale advantages
to increase market share in a number of key areas of the business. We saw
continued rapid growth in demand for Unix systems, networking and storage
products and made further strides in developing our outsourcing and other
service activities. All of these areas continue to offer great opportunities
for the Group. Our market presence and the strength of our long-term customer
relationships are assets that we will continue to develop and build upon.
The Group's business also continues to generate new development opportunities.
Our Biomni e-commerce joint-venture grew out of our internal e-commerce system
but now is a rapidly growing stand-alone business. It remains our intention
to float Biomni when market conditions are right. Our e-business consultants
have led the way into several new business areas, including managed web
hosting services, a market that offers great potential to the Group.
Regarding prospects for 2001, in January we suggested that it would be prudent
to remain cautious regarding both general market conditions and the
possibility of increasing margin pressure. We have no reason to change our
view at this time. However, trading in the first weeks of the year has been
satisfactory and in line with our expectations, reflecting the continuation of
the market recovery experienced in the latter part of last year.
For the longer term, we remain confident of the Group's strategic positioning
and the opportunities this presents. Growth prospects, now the millennium is
behind us, are strong.
On a personal note, after twenty years full-time involvement in Computacenter
I have decided to step down as Executive Chairman at the Annual General
Meeting in May and I am delighted to welcome Ron Sandler as my successor. Ron
joined the Board as a non-executive director in May last year and has already
made a valuable contribution to the development of the Group. Ron's
background and qualifications speak for themselves. We are very fortunate to
have him in the role and I am confident that he will lead the Group into a new
era of profitable growth.
I would like to thank all Computacenter's staff, past and present, for the
tremendous support they have given to the Company and to me personally over
the years. It is my intention to remain on the Board as a non-executive
director and I look forward to participating in the Group's continued success.
Finally, reflecting our confidence in the future, I am pleased to recommend an
unchanged final dividend of 2.9 pence per share payable on May 23 to all
registered shareholders as at May 4 2001.
Philip Hulme
Chairman.
Chief Executive's Review
The IT challenges facing our corporate customers have changed substantially in
the last 18 months. In 1999, Y2000 compliance projects were a major part of
our business while in 2000 the emphasis shifted towards e-commerce
initiatives. In the first part of 2000 our business recovered more slowly than
we anticipated, largely due to our customers taking longer than expected to
initiate investment in new projects post Y2000. However, while the impact of
this lasted well into the year, IT expenditure on major infrastructure
projects began to recover momentum in the second half.
Due to the strength of our position in the UK market, Computacenter was able
to weather these difficult market conditions better than many of our
competitors across Europe. Thus, while our results for the financial year fell
short of our expectations at the beginning of 2000, the Group's profitability
has proved relatively resilient and we remain strongly in profit.
The Group continues to show a record of good long-term performance. In
recognition of this we were awarded a 'Wealth Creation 2000' Award by the
Sunday Times and Stern Stewart Europe. The award was for the best economic
value added (EVA) performance in the UK over the past five years.
Investment
During 2000 we continued to invest across the business, consolidating our
position as a leading supplier of IT infrastructure services to the European
corporate marketplace.
As in previous years, recruitment and training remained our biggest
investment. Headcount across the Group grew by 3% from 5,618 at the end of
1999 to 5,788 at the end of 2000. We also continued to increase our investment
in best practices and systems that allow us to deliver our growing range of
services cost-effectively and to the highest quality standards. This included
investment in standardised tools to deliver managed services and a new IT
system to enable improved scheduling and utilisation of our professional
services staff.
During the year many of our staff completed the move into our new Hatfield
based headquarters and operations centre, which provides a much-improved
working environment. As we complete the migration of our UK logistical
operations into this new facility, we look forward to the efficiencies and
extended opportunities this will afford the Group. We believe that the
increasing economies of scale we enjoy in these areas will be a significant
source of competitive advantage.
In 2000 our strategy of investment in our business yielded a Group revenue
growth of 12.9%. Our international sales also grew in 2000, with £301.9m
(15.2%) of the total Group turnover of £1.99 billion coming from sales in
France, Germany, Belgium and Luxembourg. The remaining £1.69 billion (84.8%)
was generated by our UK business.
UK Operations
Organisational re-focus
To enhance our operational and marketing effectiveness and, in particular,
facilitate the continued growth of our services, we have brought together our
three UK operating divisions: Supply Chain Services, Managed Services and
Professional Services, into a single, customer facing organisation. This is
under the direction of Chris Webb, Chief Operating Officer for the UK. Chris
has been with Computacenter for ten years and brings considerable sales and
operational experience to the role. The new structure gives our customers a
single point of focus for all product and service requirements, enabling our
staff to better anticipate and respond to their needs.
To support our UK and international operations, a new services development and
strategy division has been created under the experienced direction of Gordon
Channon, who joined Computacenter from BT in early 2000. This division's aim
is to anticipate customer requirements and develop appropriate service
offerings, while also developing and implementing best practices to enhance
our operational effectiveness.
Enterprise services
Over the year we have seen our enterprise systems business, especially the
deployment of Sun Microsystems and related solutions, go from strength to
strength on the back of accelerated demand for e-business applications and
server consolidation. Enterprise revenues grew by approximately 50% on 1999
and we anticipate continuing strong growth in 2001. In recognition of this, as
part of our re-organisation in the last quarter of 2000, Computacenter created
a new enterprise division, consolidating our specialist skills across all
service and technology platforms.
We have continued to build on our long-term partnerships with the key
technology providers in the enterprise arena, including Sun Microsystems,
Compaq, IBM, Hewlett-Packard, Cisco, Nortel, StorageTek and EMC. We are
increasingly recognised by these partners as one of the leading channels to
corporate and public sector markets and won Sun Microsystems' first channel
award for service and support in 2000. We were judged on our total service and
supply chain offering, from helpdesk, technical, sales, support and training
skills to our marketing and investment in staff.
Managed services
Computacenter provides a range of selective outsourced support services
designed to increase the value of our customers' IT investments. Our goal is
to support our customers through selective outsourcing of essential support
tasks within their data centre, network and desktop environments. In 2000 this
high margin contract-based area of business grew significantly, with contract
revenues growing over 25% on 1999.
Major managed services account wins in 2000 included the Inland Revenue, Thus,
Abbey National Treasury Services, Aegon and Unipart. Our three year contract
with the Inland Revenue covers the managed procurement of all IT and
telecommunications products, while for Thus, Computacenter is providing
helpdesk support across 30 UK-wide locations. For Abbey National Treasury
Services we won a major contract to provide server and workstation
infrastructure design and managed support. This includes the implementation of
a new trading floor and a move to the company's new UK headquarters.
Professional and engineering services
Our team of over 400 UK consultants and project management professionals
provides the vital planning and implementation resources needed to roll out
large-scale IT programmes. While staff utilisation was lower than anticipated
in the first half of 2000, most of our professional service resources were
running at full capacity by the end of the fourth quarter. Large Windows 2000
projects have steadily gathered pace and we anticipate that many of our
customers will initiate full-scale rollouts in 2001.
The increasing importance of network infrastructures and the need for rapid,
large-scale implementations enabled Computacenter to undertake a number of
demanding infrastructure projects in 2000. Amongst these was a major roll-out
and support project for Lloyds TSB. Other professional services wins in 2000
included a major enterprise infrastructure deployment and Lotus Notes
migration for PricewaterhouseCoopers, the world's largest business services
company.
Computacenter's customer engineering force carried out thousands of
installations across the UK every month. The utilisation of these teams
recovered steadily towards the end of the year but lagged slightly behind that
of our professional services staff, who are typically deployed earlier in the
lifecycle of a project. Computacenter's depth of resource in this area is a
major reason why many large organisations turn to us to deliver their total
project needs, sometimes at short notice.
E-business services
We continued to invest in the provision of e-business services, bringing a
number of new and enhanced services to market. These included further
development of 'SiteHost' and 'SiteAlert' and the launch of 'SiteSecure', a
new managed network security service.
Computacenter secured a number of major contracts to deliver managed web
services to customers including Direct Line, BuildOnline and Sanctuary Music.
Direct Line chose SiteHost to launch its new online service (jamjar.com). Key
components of the service include 24-hour management and monitoring for the
entire hosted infrastructure platform.
Supply-Chain services
Our new 34,000 sq. metre facility at Hatfield is now complete and migration of
operations is now well underway. This investment will allow us to offer our
customers higher quality, faster, more cost-effective services, together with
an enhanced range of customised services.
The operations centre enables us to ship up to 35,000 items a day, while our
expanded configuration facility allows us to custom configure and test up to
3,000 systems per day. This offers the flexibility to build and test customer
systems from the simplest PCs to complex networking systems and enterprise
class Unix servers. This investment, combined with our established product
testing and portfolio management capability, provides us with a significant
capability to compete against direct sale manufacturers.
Customer Relationships
A major contract win in the first half of the year was BP Amoco, for whom we
are implementing one of the largest roll-outs of Microsoft Windows 2000 to
date. These services are being delivered in partnership with the International
Computer Group (ICG), across 61 countries. Other service contracts won in 2000
included BT Cellnet, where we are providing a range of managed services
spanning e-procurement to asset management, and NTL, where our support
includes project management, storage and enterprise management consultancy.
We also provided the equipment and services for the new London Assembly on
behalf of the DETR and secured extensions to our managed services contracts
with Seeboard and Shell Services International.
International Operations
Many of our customers look to us to supply products and services on a
pan-European basis. We continue to answer this requirement through our direct
presence in the largest markets in Europe and our majority shareholding and
role in the direction of the International Computer Group (ICG).
Computacenter France
As in the UK, our European businesses experienced a stronger second half
following the slow post- millennium recovery. In France where we enjoy
significant scale in our supply chain business, the company returned to
profitability in the second half of the year and we continued to consolidate
our position as one of the top three competitors with national coverage in the
French market.
New business won during 2000 included a large migration project for Ernst &
Young covering 20 sites. We also won additional services contracts with a
number of established customers, including a managed services contract for
Schneider Electric. In 2000 we established ourselves as the only Compaq
service partner in France and are beginning to enjoy the competitive advantage
of delivering such a unique service portfolio.
Computacenter Germany
In spite of the difficult trading conditions Computacenter Germany won some
significant new contracts in 2000, including EDS and Sharp, while also
extending the range of services provided to existing customers, including
DVAG, Dresdner Bank and Deutsche Hypotheken Bank. In light of the relatively
small scale of our business in Germany, we have commenced a programme designed
to better align our operations around service provision and development of
enterprise system sales. We laid the foundations of this plan during 2000, and
are pleased with progress to date.
Computacenter Belgium
At the beginning of the year Computacenter Belgium won a number of new
contracts. These include the Ministry of Employment, CESI (a private medical
business) and the Belgian subsidiary of Deutsche Bank. During the year we
also won a pan-European infrastructure rollout project with Bass Hotels and
Resorts, as well as a major new managed services contract with SWIFT SC, where
we are providing global helpdesk services, asset management and user
installations, moves and upgrades.
Computacenter Belgium was strengthened with a new acquisition, Inacom Services
Europe SA, in June. The acquisition underpins Computacenter's existing
capabilities in pan-European project management and consolidates our position
as a leading IT solutions provider in Belgium and Luxembourg.
International Computer Group (ICG)
ICG replaced its former North American partner, Inacom, with Comark, one of
the largest privately held suppliers of information technology solutions in
the US. Comark offers complementary services to Computacenter from planning,
consulting and procurement through to deployment and implementation of
distributed IT.
Other Businesses
Biomni Ltd, our joint venture with Computasoft e-Commerce Ltd, saw
considerable success in 2000, with growing uptake of its e-procurement
solutions among both buyers and suppliers. More than 8.5 million transactions
passed through Biomni's systems in 2000.
Major customers selecting Biomni's e-procurement solutions over the last year
include Glaxo Smithkline, HM Foreign and Commonwealth Office and Royal & Sun
Alliance's Global E-Ventures initiative, usecolor.com. Biomni remains
responsible for the development of Computacenter's electronic procurement
system deployed by our customers across Europe.
Outlook
The twelve months following the millennium change-over have seen a gradual but
steady return to anticipated trading patterns. As we move into 2001 we expect
continued demand from our customers to deploy IT for enterprise e-business
initiatives. We also anticipate that the accelerating adoption of Windows 2000
will drive demand for our core services. Our customers also continue to look
to Computacenter to provide selective outsourced services and we will continue
to invest in people and systems to accommodate this growth. With strengthening
demand and a sustained programme of long-term investment, the outlook for the
Group remains strong.
Mike Norris
Chief Executive.
GROUP PROFIT AND LOSS ACCOUNT
For the year ended 31 December 2000
2000 1999
£'000 £'000
TURNOVER
Turnover: group and share of joint ventures 1,990,620 1,760,628
turnover
Less: share of joint venture turnover (2,173) -
GROUP TURNOVER 1,988,447 1,760,628
OPERATING COSTS (1,927,040) (1,685,016)
GROUP OPERATING PROFIT 61,407 75,612
Share of operating loss in joint venture (3,551) -
Share of operating profit in associate 90 -
Total operating profit: Group and share of
associate and joint venture 57,946 75,612
Interest receivable and similar income 6,343 7,238
Interest payable and similar charges (8,718) (7,714)
PROFIT ON ORDINARY
ACTIVITES BEFORE TAXATION 55,571 75,136
Tax on profit on ordinary activities (16,348) (22,125)
PROFIT ON ORDINARY
ACTIVITIES AFTER TAXATION 39,223 53,011
Minority interests - equity 14 (48)
PROFIT ATTRIBUTABLE TO MEMBERS OF THE PARENT
COMPANY 39,237 52,963
Dividends - ordinary dividends on equity
shares (5,269) (5,291)
RETAINED PROFIT FOR
THE YEAR 33,968 47,672
Earnings per share
- Basic 22.0p 30.6p
- Diluted 20.8p 28.1p
Diluted (Excluding impact of joint venture) 22.1p 28.1p
Dividends per ordinary share 2.9p 2.9p
GROUP STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES
For the year ended 31 December 2000
2000 1999
£'000 £'000
Profit for the financial year excluding share of
joint venture and associate 41,633 52,963
Share of joint venture's loss for the year (2,486) -
Share of associates profit for the year 90 -
Profit attributable to members of the parent company
for the financial year 39,237 52,963
Exchange differences on retranslation of net assets
of associated and subsidiary undertakings (75) (2,029)
Total Recognised gains for the year 39,162 50,934
GROUP BALANCE SHEET
At 31 December 2000
2000 1999
£'000 £'000
FIXED ASSETS
Intangible assets 6,227 3,756
Tangible assets 109,402 96,647
Investments 11,825 2,815
127,454 103,218
CURRENT ASSETS
Stocks 119,563 92,884
Debtors 339,623 244,177
Cash at bank and in hand 71,647 63,688
530,833 400,749
CREDITORS: amounts falling due
within one year (410,095) (292,753)
NET CURRENT ASSETS 120,738 107,996
TOTAL ASSETS LESS CURRENT LIABILITIES 248,192 211,214
CREDITORS: amounts falling due after more than
one year (39,504) (41,008)
PROVISION FOR JOINT VENTURE DEFICIT
Share of gross assets 3,455 -
Share of gross liabilities (5,923) -
(2,468) -
PROVISION FOR LIABILITIES
AND CHARGES (1,983) (1,736)
TOTAL ASSETS LESS LIABILITIES 204,237 168,470
CAPITAL AND RESERVES
Called up share capital 9,201 9,043
Share premium account 67,568 57,055
Profit and loss account 127,304 102,194
Shareholders' funds - equity 204,073 168,292
Minority interests - equity 164 178
204,237 168,470
GROUP STATEMENT OF CASH FLOWS
For the year ended 31 December 2000
2000 1999
£'000 £'000
CASH INFLOW FROM OPERATING ACTIVITIES 54,277 81,924
RETURNS ON INVESTMENTS AND SERVICING OF
FINANCE (2,164) (262)
TAXATION
Corporation tax paid (19,625) (25,284)
CAPITAL EXPENDITURE AND FINANCIAL INVESTMENT (35,983) (49,778)
ACQUISITIONS AND DISPOSALS (702) (3,806)
EQUITY DIVIDENDS PAID (5,229) (4,482)
CASH OUTFLOW BEFORE FINANCING (9,426) (1,688)
FINANCING
Issue of shares 1,895 2,470
Decrease in debt (1,500) (2,217)
DECREASE IN CASH IN THE YEAR (9,031) (1,435)
GROUP STATEMENT OF CASHFLOWS
For the year ended 31 December 2000
RECONCILIATION OF NET CASH FLOW TO MOVEMENT IN NET FUNDS
31 December 31 December
2000 1999
£'000 £'000
Net funds at 1 January 2000 21,152 21,126
Decrease in cash in the year (9,031) (1,435)
Cash outflow from repayment of debt and
lease finance 1,500 2,217
Change in net cash resulting from cash (7,531) 782
flows
Amortisation of debt issue costs (214) (214)
Increase in debt on acquisition of
subsidiary - (542)
Net funds at 31 December 2000 13,407 21,152
NOTES TO THE ACCOUNTS
1 ACCOUNTING POLICIES
Basis of preparation
The preliminary financial information has been prepared on the basis of the
accounting policies set out in the Group's statutory accounts for the year
ended 31 December 2000.
2 TURNOVER AND SEGMENTAL ANALYSIS
The Group operates in one principal activity, tat of the provision of
distributed information technology and related services. Turnover represents
the amounts derived from the provision of goods and services which fall within
the Group's ordinary activities, stated net of VAT.
An analysis of turnover by destination and origin, operating profit and net
assets is given below:
Turnover by Destination
2000 1999
£'000 £'000
UK 1,668,931 1,448,805
France, Belgium & Luxembourg 225,311 226,640
Germany 77,639 77,164
Rest of the World 16,566 8,019
Total 1,988,447 1,760,628
Turnover by Origin
2000 1999
£'000 £'000
UK 1,686,538 1,460,523
France, Belgium & Luxembourg 227,210 227,789
Germany 74,699 72,316
Total 1,988,447 1,760,628
Operating Profit
2000 1999
£'000 £'000
UK 63,661 74,028
France, Belgium & Luxembourg 1,215 4,453
Germany (3,469) (2,869)
Total group excl associate & Joint Venture 61,407 75,612
undertakings
Share of operating result of associates and
joint venture (3,461) -
Total operating profit 57,946 75,612
All turnover and operating profit relates to continuing operations.
Net assets employed 2000 1999
£'000 £'000
UK 178,524 134,923
France, Belgium & Luxembourg 9,837 11,249
Germany 2,244 6,111
Sub-total 190,605 152,283
Net assets of associated undertaking
UK 75 75
Rest of the World 150 60
Net assets employed 190,830 152,418
Net funds 13,407 21,152
Net assets 204,237 173,570
3 OPERATING COSTS
2000 1999
£'000 £'000
Decrease/(Increase) in stocks of finished goods (26,679) 16,969
Goods for resale and consumables 1,586,023 1,322,101
Staff costs 222,454 205,366
Depreciation and other amounts written off
tangible and intangible assets 13,465 12,407
Other operating charges 131,777 128,173
1,927,040 1,685,016
4 TAX ON PROFIT ON ORDINARY ACTIVITES
The charge based on the profit for the year comprises:
2000 1999
£'000 £'000
UK Corporation tax
Current 17,118 21,424
Deferred tax 247 701
Foreign tax 48 -
17,413 22,125
Share of Joint Venture's tax (1,065) -
16,348 22,125
Tax losses have been surrendered by way of group relief to Computacenter (UK)
Ltd which has paid the tax value for these losses.
5 DIVIDEND
The Directors recommend the payment of a dividend of 2.9p per share (1999:
2.9p per share), representing an aggregate charge of £5,269,000 (1999:
5,291,000). The Computacenter ESOP trust has waived the dividends payable in
respect of 1,427,042 (1999: 1,432,595) ordinary shares that it owns which are
not allocated to employees. The Computacenter Trustees Limited have waived
dividends in respect of 461,011 shares which it owns which are not allocated
to employees and the Computacenter Quest ('Qualifying Employee Scheme Trust')
has similarly waived dividends in respect of 1,109,143 shares that it owns.
Accordingly dividends payable have been reduced by £87,000 (1999: £72,000) in
total.
6 EARNINGS PER SHARE
The calculation of earnings per ordinary share is based on profit attributable
to members of the holding Company of £39,237,000 (1999: £52,963,000) and on
177,952,000 (1999: 172,865,000) ordinary shares, being the weighted average
number of ordinary shares in issue during the year after excluding the shares
owned by the Computacenter Employee Share Trust, Computacenter Trustees
Limited and the Computacenter Quest.
The diluted earnings per share is based on the same earnings figure of £
39,237,000 (1999:£ 52,963,000) and on 188,556,000 (1999: 188,366,000) ordinary
shares, calculated as the basic weighted average number of ordinary shares,
plus 10,604,000 (1999: 15,501,000) dilutive share options.
An additional earnings per share ratio of 22.1p was calculated to provide a
better view of group activities. This additional earnings per share ratio is
based on earnings of £41,723,000 which excludes the joint venture loss (£
3,550,500 and the related tax credit £1,065,150).
7 RECONCILIATION OF OPERATING PROFIT TO OPERATING CASH FLOWS
2000 1999
£'000 £'000
Operating profit 61,407 75,612
Depreciation 13,202 12,345
Amortisation 263 62
Own shares allocated 176 -
Loss/(profit) on disposal of fixed assets 87 (490)
Increase in debtors (95,130) (7,243)
(Increase)/decrease in stocks (26,679) 17,030
Increase/(decrease) in creditors 101,053 (13,632)
Currency and other adjustments (102) (1,760)
Net cash inflow from operating activities 54,277 81,924
8 PUBLICATION OF NON STATUTORY ACCOUNTS
The financial information contained in this preliminary statement does not
constitute statutory accounts as defined in section 240 of the Companies Act
1985. The financial information set out in this announcement is extracted
from the full Group financial statements for the year ended 31 December 2000,
the auditor's report on which has yet to be signed.
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