Interim Results
Filtrona plc
30 August 2006
30 August 2006
Filtrona plc
Interim results for the six months ended 30 June 2006
Filtrona plc, the international, market leading, speciality plastic and fibre
products supplier, today announces its interim results for the six months ended
30 June 2006.
• Sales were £282.9m (2005: £251.9m) up 12.3%.
• Operating profit before intangible amortisation was £32.4m (2005: £30.0m)
up 8.0%.
• Profit before tax was £28.9m (2005: £26.3m) up 9.9%.
• Adjusted earnings per share were 8.5p (2005: 7.7p) up 10.4%.
• Interim dividend of 2.30p per share (2005: 2.13p) up 8.0%.
• Net debt of £117.4m (December 2005: £120.2m).
Commenting on today's announcement, Mark Harper, Chief Executive of Filtrona,
said:
'These good results represent above trend organic growth for Filtrona and
reflect the underlying strength of the company within its international niche
markets.'
Enquiries
Filtrona plc Finsbury
Mark Harper, Chief Executive James Leviton
Steve Dryden, Finance Director Gordon Simpson
Tel: 01908 359 100 Tel: 020 7251 3801
Note
A webcast of today's analyst presentation will be available on www.filtrona.com
by 5pm today.
Operating review
Filtrona is an international, market leading, speciality plastic and fibre
products supplier with activities segmented into Plastic Technologies and Fibre
Technologies.
For the six months ended 30 June 2006, Filtrona has continued to perform well
with revenues of £282.9m (2005: £251.9m) up 12.3%. Operating profit before
intangible amortisation was £32.4m (2005: £30.0m) up 8.0%. Profit before tax was
£28.9m (2005: £26.3m) up 9.9%.
At 30 June 2006, net debt was £117.4m with gearing improving to 85.1% (2005:
93.0%). Adjusted earnings per share were 8.5p (2005: 7.7p) up 10.4%.
The Board has declared an interim dividend up 8.0% to 2.30p per share (2005:
2.13p) which will be paid on 27 October 2006 to shareholders on the register on
29 September 2006 with an ex-dividend date of 27 September 2006.
Underlying like-for-like revenues at constant exchange rates were up 8.0%.
Underlying like-for-like operating profits at constant exchange rates, and
taking account of the benefit in 2005 from lower central services costs in the
pre-demerger period, were also up 8.0%.
Plastic Technologies
Plastic Technologies produces, sources and distributes protection and finishing
products, self-adhesive tear tape and certain security products as well as
proprietary and customised plastic extrusions and packaging items for consumer
products.
Plastic Technologies delivered excellent revenue and profit growth driven by
sustained investment in marketing programmes, new products and productivity
improvements. Reported revenues were £151.5m (2005: £136.1m) up 11.3% with
underlying like-for-like revenues at constant exchange rates up 7.0%. Reported
operating profit increased to £22.1m (2005: £18.6m) up 18.8% with underlying
like-for-like operating profit at constant exchange rates up 14.5%. Margins
improved by 90 basis points to 14.6% (2005: 13.7%).
Protection and Finishing Products continued to achieve strong growth. At Moss,
the continued success of new product introductions and further good progress in
Continental Europe more than offset the challenging trading conditions in the UK
which are expected to persist. The expansion of the Moss North European
distribution hub was completed and this will yield important service benefits to
the Continental European operations. Growth from the Central European operations
was encouraging. The disposal of a small non-core plastic promotional products
business was completed in February.
The Skiffy business continued to perform ahead of the forecasts set at the time
of the acquisition in 2004 as a result of increased investment in marketing
programmes and productivity improvements. A new Skiffy distribution operation in
Poland is planned to commence operations in the second half of the year.
Alliance continued to progress as planned. A new manufacturing facility was
established in Sao Paulo, Brazil as scheduled and further investment in tooling
is underway. The Alliance Express network continued to trade well, benefiting
from the ongoing marketing programme. The configuration of the Erie,
Pennsylvania central warehouse was modified to achieve improved stocking
density.
Performance at the MSI oil country tubular goods thread protector business was
again particularly strong buoyed by the sustained high levels of drilling
activity in the oil and gas sector. Additional investments in new production
machinery and tooling at Houston, Texas and Vera Cruz, Mexico are delivering
significant benefits.
Coated and Security Products continued to progress with satisfactory revenue
growth. Volumes of printed tapes for promotions were depressed as some important
customers in the tobacco sector reduced promotional activity. The Indonesian
operation was relocated to the new Cigarette Filters facility in Surabaya and
the printer in Richmond, US was upgraded to facilitate the printing of security
applications. The requirement for productivity upgrades has generated the need
for new slitting lines in the UK and US which will be installed during the
second half of the year. Supplies of laminate for the new generation UK passport
commenced and volumes built steadily through the period. In May the acquisition
of the CORGI identity card printing operation was completed and the business has
been successfully transferred to the Mold facility in North Wales where a major
upgrade programme has been completed. Investment continues to be made in the
development of proprietary security technologies for use across the business.
FractureCode has just concluded a three and a half year licence agreement with a
major FMCG company and follow up activities are being undertaken after a
successful launch at the May Intergraf Symposium. During the first half,
investments in building the organisation and in further developing the handheld
reader have, as expected, resulted in operating losses. FractureCode is expected
to generate a meaningful contribution to Filtrona's profits in 2009.
The Plastic Profile and Sheet business achieved very strong growth as sales
progressed positively at each of the North American facilities with excellent
revenues from the point of purchase and aerospace markets. Performance was also
assisted by the closure of the small Phoenix, Arizona facility at the start of
the year and the transfer of volumes to the facilities at Chicago and Tacoma in
the US and Monterrey, Mexico. Significant productivity and performance
improvement was delivered at Chicago. As a result of business growth, facility
expansions in the Netherlands and Mexico are due to become operational later in
2006 and early in 2007 respectively.
The Globalpack Consumer Packaging business in Brazil experienced a return of the
tough trading conditions which characterised the majority of 2005. Although the
business has continued to win new customers, margins on existing business have
come under pressure due to market overcapacity, particularly in tubes. The third
roll-on ball line came on stream successfully at the end of the first quarter
and ball volumes continue to grow satisfactorily. The business is focused on
both product innovation and operational cost reduction in response to the more
challenging market conditions.
Fibre Technologies
Fibre Technologies focuses on the production and supply of special filters for
cigarettes and bonded fibre products such as reservoirs and wicks for writing
instruments and printers, household products and medical devices.
Fibre Technologies delivered good revenue growth though operating profits were
level with the same period in 2005. Revenue was £131.4m (2005: £115.8m) up 13.5%
and operating profit was £14.0m (2005: £14.0m). Margins were reduced by 150
basis points from 12.1% to 10.6% and operating profit at constant exchange rates
was down 2.8%.
The Cigarette Filters business continued to encounter difficult conditions with
a mixed performance across its manufacturing facilities. Overall volumes were up
0.3% with an encouraging 17.7% increase in special filters offset as expected by
a 19.3% decline in monoacetate filters. The facility at Monterrey, Mexico has
continued to incur higher than anticipated costs to achieve the appropriate
levels of quality and productivity resulting in losses in the period.
Forthcoming volume reductions in North America driven by an important customer's
decision to transfer significant volumes of cigarette manufacturing out of that
region has generated the need for a capacity review. Performance at the UK
facility in Jarrow has improved, but the integration of new technologies after
the closure of the Swiss operations held back results. In Asia, the transfer of
the Indonesian business to a new and larger facility was successfully completed
and the volumes produced in this facility are growing rapidly.
The Fibertec Bonded Fibre Components business progressed well in the period. The
Ningbo, China facility moved into profitability as volumes continued to grow due
both to production transfers and to new business won in the region. A plant
expansion is due to commence later in the year to support the growth being
achieved in China. The recovery in household products volumes has continued, new
European and Asian business has been won in writing instruments, and significant
new projects remain on track for commercialisation in the inkjet printer and
medical products sectors. An investment programme to upgrade the facility in
Reinbek, Germany is due to commence later in the year.
Prospects
These interim results represent an above trend performance in organic growth
terms and Filtrona continues to seek investments to develop its niche market
positions. The Board is confident that Filtrona will continue to progress
satisfactorily in the second half of the year although financial performance is
likely to be affected by a weaker dollar and higher interest rates.
Mark Harper
Chief Executive
30 August 2006
Consolidated income statement
Note Six months Six months Year
ended ended ended
30 Jun 2006 30 Jun 2005 31 Dec 2005
£m £m £m
--------------------------------------------------------------------------------
Revenue 2 282.9 251.9 513.7
--------------------------------------------------------------------------------
Operating profit before intangible
amortisation and demerger
expense 32.4 30.0 57.8
Intangible amortisation (0.5) (0.4) (0.8)
Demerger expense - - (1.0)
--------------------------------------------------------------------------------
Operating profit 2 31.9 29.6 56.0
Finance income 3 4.7 1.1 5.6
Finance expense 3 (7.7) (4.4) (11.6)
--------------------------------------------------------------------------------
Profit before tax 28.9 26.3 50.0
Income tax expense 4 (9.8) (9.2) (17.0)
--------------------------------------------------------------------------------
Profit for the period 19.1 17.1 33.0
--------------------------------------------------------------------------------
Attributable to:
Equity holders of Filtrona 18.4 16.5 31.6
Minority interests 0.7 0.6 1.4
--------------------------------------------------------------------------------
Profit for the period 19.1 17.1 33.0
--------------------------------------------------------------------------------
Earnings per share attributable to
equity holders of Filtrona:
Basic 5 8.4p 7.5p 14.4p
Diluted 5 8.3p 7.5p 14.4p
--------------------------------------------------------------------------------
Consolidated balance sheet
Note 30 Jun 2006 30 Jun 2005 31 Dec 2005
£m £m £m
--------------------------------------------------------------------------------
Assets
Property, plant and equipment 6 177.6 165.6 180.5
Intangible assets 7 61.9 57.3 63.0
Deferred tax assets 3.0 2.2 1.6
--------------------------------------------------------------------------------
Total non-current assets 242.5 225.1 245.1
Inventories 59.3 59.7 59.8
Income tax receivable 1.0 0.6 1.6
Trade and other receivables 91.9 89.5 85.6
Derivative assets 0.4 0.1 0.1
Cash and cash equivalents 8 20.8 36.6 30.7
--------------------------------------------------------------------------------
Total current assets 173.4 186.5 177.8
--------------------------------------------------------------------------------
Total assets 415.9 411.6 422.9
--------------------------------------------------------------------------------
Equity
Issued capital 54.8 54.8 54.8
Capital redemption reserve 0.1 0.1 0.1
Other reserve (132.8) (132.8) (132.8)
Translation reserve 4.0 3.3 5.3
Retained earnings 206.2 187.7 197.3
--------------------------------------------------------------------------------
Attributable to equity
holders of Filtrona 132.3 113.1 124.7
Minority interests 5.7 4.7 5.6
--------------------------------------------------------------------------------
Total equity 138.0 117.8 130.3
--------------------------------------------------------------------------------
Liabilities
Interest bearing loans and
borrowings 137.3 130.0 145.2
Retirement benefit
obligations 36.1 34.7 35.8
Other payables 3.4 2.6 2.1
Provisions 2.8 7.2 2.5
Deferred tax liabilities 11.6 11.6 11.4
--------------------------------------------------------------------------------
Total non-current liabilities 191.2 186.1 197.0
Bank overdrafts 0.3 1.3 5.0
Interest bearing loans and
borrowings 0.6 14.9 0.7
Derivative liabilities 0.3 - 0.8
Income tax payable 12.2 15.2 15.2
Trade and other payables 69.8 72.6 68.9
Provisions 3.5 3.7 5.0
--------------------------------------------------------------------------------
Total current liabilities 86.7 107.7 95.6
--------------------------------------------------------------------------------
Total liabilities 277.9 293.8 292.6
--------------------------------------------------------------------------------
Total equity and liabilities 415.9 411.6 422.9
--------------------------------------------------------------------------------
Consolidated statement of cash flows
Note Six months Six months Year
ended ended Ended
30 Jun 2006 30 Jun 2005 31 Dec 2005
£m £m £m
--------------------------------------------------------------------------------
Operating activities
Profit before tax 28.9 26.3 50.0
Adjustments for:
Net finance expense 3.0 3.3 6.0
Intangible amortisation 0.5 0.4 0.8
Depreciation 11.4 10.4 22.1
Share option expense 0.7 0.6 1.1
Other items (0.6) 1.1 1.1
Increase in inventories (2.0) (3.5) (2.2)
Increase in trade and
other receivables (9.0) (10.8) (4.7)
Increase in trade and
other payables 3.7 7.8 2.1
Acquisition of employee
trust shares - (1.0) (1.0)
Other cash movements (1.0) (0.2) (4.6)
--------------------------------------------------------------------------------
Cash inflow from operating
activities 35.6 34.4 70.7
Income tax paid (11.6) (5.2) (13.8)
--------------------------------------------------------------------------------
Net cash inflow from
operating activities 24.0 29.2 56.9
--------------------------------------------------------------------------------
Investing activities
Interest received 0.5 0.5 1.2
Acquisition of property,
plant and equipment (15.9) (15.1) (38.2)
Proceeds from sale of
property, plant and
equipment 0.9 0.8 0.9
Acquisition of businesses
net of cash acquired (0.5) - (4.6)
Proceeds from sale of
businesses 0.3 - -
Other investing cash flows (0.5) (0.1) (0.4)
--------------------------------------------------------------------------------
Net cash outflow from
investing activities (15.2) (13.9) (41.1)
--------------------------------------------------------------------------------
Financing activities
Interest paid (3.9) (3.6) (6.7)
Dividends paid to equity
holders (9.3) - (4.7)
(Repayments of)/proceed
from short term loans (0.1) 13.8 (0.6)
(Repayments of)/proceeds
from long term loans (0.2) 121.3 133.7
Capital contributions from
former parent company - 4.2 4.2
Repayments to former
parent company - (147.0) (147.0)
--------------------------------------------------------------------------------
Net cash outflow from
financing activities (13.5) (11.3) (21.1)
--------------------------------------------------------------------------------
Net (decrease)/increase in
cash and cash equivalents (4.7) 4.0 (5.3)
--------------------------------------------------------------------------------
Net cash and cash
equivalents at the
beginning of the period 25.7 29.7 29.7
Net (decrease)/increase in
cash and cash equivalents (4.7) 4.0 (5.3)
Net effect of currency
translation on cash and
cash equivalents (0.5) 1.6 1.3
--------------------------------------------------------------------------------
Net cash and cash
equivalents at the end of
the period 8 20.5 35.3 25.7
--------------------------------------------------------------------------------
Consolidated statement of recognised income and expense
Six months Six months Year
ended ended ended
30 Jun 2006 30 Jun 2005 31 Dec 2005
£m £m £m
--------------------------------------------------------------------------------
Recognition of defined benefit pension
schemes on demerger:
Actuarial loss - (34.7) (34.7)
Deferred tax credit on actuarial loss - 10.5 10.5
Other actuarial losses on defined
benefit pension schemes (1.3) - (2.0)
Deferred tax credit on other
actuarial losses on defined
benefit pension schemes 0.4 - 0.7
Movement on cash flow hedge - 0.1 (0.1)
Foreign exchange translation
differences (1.4) 5.1 7.4
--------------------------------------------------------------------------------
Income and expense recognised
directly in equity (2.3) (19.0) (18.2)
Profit for the period 19.1 17.1 33.0
--------------------------------------------------------------------------------
Total recognised income and
expense for the period 16.8 (1.9) 14.8
--------------------------------------------------------------------------------
Attributable to:
Equity holders of Filtrona 16.2 (2.7) 12.9
Minority interests 0.6 0.8 1.9
--------------------------------------------------------------------------------
Total recognised income and expense 16.8 (1.9) 14.8
--------------------------------------------------------------------------------
Notes
1. Basis of preparation
This interim financial information has been prepared and approved by the
Directors in accordance with the accounting policies that were applied in the
preparation of the Company's published consolidated financial statements for the
year ended 31 December 2005.
The accounting policies, which conform to IFRS, have been consistently applied
to all periods presented.
The figures for the six months to 30 June 2006 and 30 June 2005 are unaudited
and do not constitute statutory accounts of Filtrona within the meaning of
Section 240 of the Companies Act 1985. However, the auditors have carried out a
review of the figures to 30 June 2006 and their report is set out in the
Independent Review Report. The comparative figures for the financial year ended
31 December 2005 are not the company's statutory accounts for that financial
year. Those accounts have been reported on by the company's auditors and
delivered to the registrar of companies. The report of the auditors was (i)
unqualified, (ii) did not include a reference to any matters to which the
auditors drew attention by way of emphasis without qualifying their report, and
(iii) did not contain a statement under section 237(2) or (3) of the Companies
Act 1985.
2. Summarised segmental analysis
Revenue Operating profit
------------------------------------------------------------------------------------------------
Six months Six months Year Six months Six months Year
ended ended ended ended ended ended
30 Jun 2006 30 Jun 2005 31 Dec 2005 30 Jun 2006 30 Jun 2005 31 Dec 2005
£m £m £m £m £m £m
------------------------------------------------------------------------------------------------
Plastic
Technologies 151.5 136.1 273.3 22.1 18.6 37.6
Fibre
Technologies 131.4 115.8 240.4 14.0 14.0 26.9
Central
Services - - - (3.7) (2.6) (6.7)
------------------------------------------------------------------------------------------------
282.9 251.9 513.7 32.4 30.0 57.8
Intangible
amortisation (0.5) (0.4) (0.8)
Demerger
expense - - (1.0)
------------------------------------------------------------------------------------------------
Total 282.9 251.9 513.7 31.9 29.6 56.0
------------------------------------------------------------------------------------------------
3. Net finance expense
Six months Six months Year
ended ended ended
30 Jun 2006 30 Jun 2005 31 Dec 2005
£m £m £m
--------------------------------------------------------------------------------
Finance income
Bank deposits 0.5 0.5 1.1
Other finance income 0.1 - 0.1
Expected return on pension scheme
assets 4.1 0.6 4.4
--------------------------------------------------------------------------------
4.7 1.1 5.6
--------------------------------------------------------------------------------
Finance expense
Loans and overdrafts (3.8) (2.1) (5.4)
Former parent company financing - (1.7) (1.7)
Other finance expense - - (0.1)
Interest on pension scheme
liabilities (3.9) (0.6) (4.4)
--------------------------------------------------------------------------------
(7.7) (4.4) (11.6)
--------------------------------------------------------------------------------
Net finance expense (3.0) (3.3) (6.0)
--------------------------------------------------------------------------------
4. Income tax expense
A tax expense of 34% (six months ended 30 Jun 2005: 35%, year ended 31 Dec 2005:
34%) on the profit of the underlying operations has been provided based on the
estimated effective tax rate for the year.
Income tax expense in the UK is £0.5m (six months ended 30 Jun 2005: £0.5m, year
ended 31 Dec 2005: £1.1m).
5. Earnings per share
Six months Six months Year
ended ended ended
30 Jun 2006 30 Jun 2005 31 Dec 2005
£m £m £m
--------------------------------------------------------------------------------
Profit for the period
attributable to equity holders of
Filtrona 18.4 16.5 31.6
Adjustment* 0.3 0.3 1.2
--------------------------------------------------------------------------------
Adjusted profit for the period
attributable to equity holders of
Filtrona 18.7 16.8 32.8
--------------------------------------------------------------------------------
Basic weighted average ordinary
shares in issue (million) 218.9 219.3# 219.1#
Dilutive effect of employee share
option plans (million) 2.1 0.2 0.8
--------------------------------------------------------------------------------
Diluted weighted average ordinary
shares (million) 221.0 219.5 219.9
--------------------------------------------------------------------------------
Basic earnings per share 8.4p 7.5p 14.4p
Adjustment* 0.1p 0.2p 0.6p
--------------------------------------------------------------------------------
Adjusted earnings per share 8.5p 7.7p 15.0p
--------------------------------------------------------------------------------
Diluted basic earnings per share 8.3p 7.5p 14.4p
--------------------------------------------------------------------------------
* The adjustment relates to intangible amortisation and demerger expense less
tax relief thereon
# The number of ordinary shares issued on demerger was used as the weighted
average number for the period prior to demerger
6. Property, plant and equipment
During the period Filtrona spent £15.9m on land and buildings, plant and
machinery and fixtures, fittings and equipment.
Land and buildings, plant and machinery and fixtures, fittings and equipment
with a net book value of approximately £1.1m were disposed of for proceeds of
£0.9m.
7. Intangible assets
During the period Filtrona purchased certain assets and the business of the CSL
Digital Print division of CORGI Services Limited and, concurrently, entered into
a five year agreement with CORGI Group Limited for the exclusive supply of gas
installer identity cards. The value of this agreement and the customer list
attached to the business is included on the balance sheet as an intangible
asset.
8. Analysis of net debt
30 Jun 2006 30 Jun 2005 31 Dec 2005
£m £m £m
------------------------------------------------------------------------------
Cash at bank and in hand 17.4 29.0 22.6
Short term deposits repayable on
demand 2.9 5.8 7.1
Short term deposits not repayable on
demand 0.5 1.8 1.0
------------------------------------------------------------------------------
Cash and cash equivalents 20.8 36.6 30.7
Overdrafts (0.3) (1.3) (5.0)
------------------------------------------------------------------------------
Net cash and cash equivalents 20.5 35.3 25.7
Debt due within one year (0.6) (14.9) (0.7)
Debt due after one year (137.3) (130.0) (145.2)
------------------------------------------------------------------------------
Net debt (117.4) (109.6) (120.2)
------------------------------------------------------------------------------
9. Dividends
Per share Total
----------------------------------------------------------------------------------------------
Six months Six months Year Six months Six months Year
ended ended ended ended ended ended
30 Jun 2006 30 Jun 2005 31 Dec 2005 30 Jun 2006 30 Jun 2005 31 Dec 2005
p p p £m £m £m
----------------------------------------------------------------------------------------------
2005 interim:
paid 31 October 2005 2.13 2.13 4.7 4.7
2005 final:
paid 28 April 2006 4.27 9.3
Proposed 2006 interim:
payable 27
October 2006 2.30 5.0
----------------------------------------------------------------------------------------------
2.30 2.13 6.40 5.0 4.7 14.0
----------------------------------------------------------------------------------------------
The proposed interim dividend for 2006 of 2.30p per 25p ordinary share will be
paid on 27 October 2006 to equity holders on the share register on 29 September 2006.
10. Related party transactions
There were no significant related party transactions during the period.
11. Exchange rates
The principal exchange rates for Filtrona were:
Average Closing
-----------------------------------------------------------------------------------------
Six months Six months Year Six months Six months Year
ended ended ended ended ended ended
30 Jun 2006 30 Jun 2005 31 Dec 2005 30 Jun 2006 30 Jun 2005 31 Dec 2005
-----------------------------------------------------------------------------------------
US$:£ 1.79 1.86 1.81 1.85 1.77 1.72
€:£ 1.46 1.46 1.47 1.45 1.48 1.46
-----------------------------------------------------------------------------------------
Independent Review Report to Filtrona plc
Introduction
We have been instructed by the Company to review the financial information for
the six months ended 30 June 2006 which comprises the consolidated income
statement, consolidated balance sheet, consolidated statement of cash flows,
consolidated statement of recognised income and expense and related notes. We
have read the other information contained in the Interim Statement and
considered whether it contains any apparent misstatements or material
inconsistencies with the financial information.
This report is made solely to the Company in accordance with the terms of our
engagement to assist the Company in meeting the requirements of the Listing
Rules of the Financial Services Authority. Our review has been undertaken so
that we might state to the Company those matters we are required to state to it
in this report and for no other purpose. To the fullest extent permitted by law,
we do not accept or assume responsibility to anyone other than the Company for
our review work, for this report, or for the conclusions we have reached.
Directors' responsibilities
The Interim Statement, 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 Statement in accordance with the
Listing Rules of the Financial Services Authority which require that the
accounting policies and presentation applied to the interim figures should be
consistent with those applied in preparing the preceding annual accounts except
where any changes, and the reasons for them, are disclosed.
Review work performed
We conducted our review in accordance with guidance contained in Bulletin 1999/4
issued by the Auditing Practices Board for use in the UK. A review consists
principally of making enquiries of Filtrona 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 Statements on Auditing (UK and Ireland) and
therefore provides a lower level of assurance than an audit. Accordingly, we do
not express an audit opinion on the financial information.
Review conclusion
On the basis of our review we are not aware of any material modifications that
should be made to the financial information as presented for the six months
ended 30 June 2006.
KPMG Audit Plc
Chartered Accountants
London
30 August 2006
This information is provided by RNS
The company news service from the London Stock Exchange