Interim Results

MITIE Group PLC 29 November 2004 MITIE Group PLC INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2004 'I am pleased with what we have achieved. MITIE continues to make good progress.' Ian R Stewart, Chief Executive. â€¢ Strong growth but margin pressure â€¢ Share buyback programme â€¢ 45.5% increase in dividend â€¢ Second generation equity plan launched â€¢ Exit from capital intensive businesses complete FINANCIAL HIGHLIGHTS 2004 2003 Turnover Â£411.3m Â£316.3m up 30.0% Profit before tax - pre goodwill and exceptional items* Â£ 22.5m Â£ 18.5m up 22.1% Profit before tax - pre exceptional items** Â£ 21.1m Â£ 17.6m up 20.2% Earnings per share - pre goodwill and exceptional items* 4.6p 3.7p up 24.6% Dividend per share 1.6p 1.1p up 45.5% * Figures are shown before goodwill amortisation of Â£1.4m (2003:Â£0.9m) and exceptional items of Â£8.4m (2003: Â£nil) ** Figures are shown before exceptional items of Â£8.4m (2003: Â£nil) Notes: MITIE: Management Incentive Through Investment Equity ACTIVITY: MITIE, the support services company, maintains, manages and improves buildings and infrastructure for its customers. FOR FURTHER INFORMATION: On 29 November 2004: Ian Stewart, Chief Executive, MITIE Group PLC Mobile: 07979 701002 Ruby McGregor-Smith, Finance Director, MITIE Group PLC Mobile: 07979 701004 John Telling, Head of Corporate Affairs, MITIE Group PLC Mobile: 07979 701006 at UBS Investment Bank, 1 Finsbury Avenue Press Room:020 7568 8722 Switchboard: 020 7567 8000 Subsequently: MITIE Group PLC, Head Office 0117 9708800 Chief Executive's Review Financial results I am pleased with what we have achieved. MITIE Group PLC ('MITIE') continues to make good progress. Our margins are under pressure in some disciplines but MITIE has performed well over the six months to 30 September 2004. Growth in turnover and profit has been achieved in line with our targets. â€¢ Turnover was Â£411.3m, an increase of 30.0% over last year. â€¢ Profit before tax (pre-goodwill and exceptional items) increased by 22.1% to Â£22.5m. â€¢ Earnings per share (pre-goodwill and exceptional items) rose by 24.6% to 4.6p. Business change MITIE has grown dramatically over the past 17 years and has evolved further during the period under review. We have made a number of changes to ensure that MITIE remains an entrepreneurial business that is focused on responding to our customers' needs. These included moving our head office, operational management changes and some key appointments that will enable us to provide our businesses with the appropriate level of support as they grow. Our new corporate development team has been tasked with developing high level customer relationships, winning large contracts, looking at strategic acquisitions, business planning and strategy. Share buyback The share buyback programme announced on 7 June 2004 has commenced. In the six months to 30 September 2004 the Company purchased a total of 7.0m shares at an average price of 137.64p. The highest and lowest prices paid for such MITIE shares over the relevant period were 138p and 131p respectively. Since the period end an additional 0.5m shares were purchased at 138p. The shares purchased have been cancelled. Dividend The Board has declared an interim dividend of 1.6p per share (2003: 1.1p), an increase of 45.5%. This dividend will be paid on 31 March 2005 to Shareholders on the Register at the close of business on 11 March 2005. The dividend is covered three times by our profit for the period on a pre-exceptional, pre-goodwill basis. Exceptional items As the final step of the strategy to exit capital intensive businesses, MITIE sold its entire shareholding in MITIE Generation Ltd ('Generation') to a management buyout team on 30 September 2004 for a total consideration of Â£12.0m. This sale completes our exit from the scaffolding and access market. A freehold property was also sold in the period which resulted in a net profit of Â£1.3m. Second generation equity in Cleaning We are very pleased that we received overwhelming shareholder approval at the Extraordinary General Meeting held on 1 November 2004 for the second generation equity plan which we outlined to shareholders in the Annual Report this summer. The present management within Cleaning, who have not had a previous equity opportunity, have now invested Â£600,000 in the new equity of MITIE Cleaning Services Limited. This is a significant development for the MITIE equity model and will allow the management team to share in the additional value they create. Revenue visibility We are fortunate that we continue to experience good visibility of MITIE's forward work due to the long-term nature of the contracts within Support Services and Property Services. Strategic development In the 2004 Annual Report I described the main aspects of our strategy and I would like to report on the progress that we are making: Bundled services This is an area that continues to provide major opportunities for MITIE. As we develop a national coverage for the majority of our services, we are finding that more of our customers are contracting with us for more than one service. Bundled services contracts are being initiated by customers wanting to benefit from MITIE's wide range of services and achieve a more integrated solution that offers better value. Single services MITIE has a relatively small market share for all of our services. This gives us plenty of opportunity to grow. The Support Services and Building Services divisions are both increasing market share. In particular, Security and Business Services are producing excellent growth rates. Start-up companies We have started five new companies in the period. A Security company in the South West, a Catering business in London, an Air Conditioning company in Edinburgh, an Engineering business in the West Midlands and a national company which is focused on providing cleaning and associated services to the transport sector. Sector Specific Businesses The niche Support Services businesses, particularly in Transport and Retail, have had a successful six months retaining existing contracts and winning new customers. Review of Operations Support Services Support Services continues to make good progress with growth across all businesses and an encouraging increase in the number of customers wanting to use more than one of our services. Our flexibility and ability to provide a service that meets the exact requirements of our customers is paying dividends. Future prospects are encouraging. Cleaning Cleaning has been restructured, the acquired operations have been successfully integrated and the new management team has made a promising start. They have picked up new work in all regions. National contracts include a new contract with Procter & Gamble covering five sites across the country. We have been awarded a ten year contract with West Yorkshire Police to clean all of their buildings and we have retained our contract with the South Wales Magistrates Courts for 11 sites. Our contract with Total Elf at their Milford Haven Terminal has been extended. In the South East we extended our contract with Pfizer in Sandwich and have also won work with Baker McKenzie, Ordnance Survey and Tarmac. In Scotland we started the cleaning contract for the Scottish Parliament which was secured in 2003. Our Retail Cleaning business continues to grow and has secured additional work with Tesco and Boots. In the Transport sector we have gained additional work with both Transport for London and London Bus Services Ltd, and new contracts with the Port of Dover for the cleaning of their food courts and Travel Midland Metro in Birmingham for the cleaning of their entire tram network. Catering In recognition of its commitment to quality and excellence, MITIE Catering achieved accreditation to the Hospitality Assured standard in October 2004. Hospitality Assured is the world class standard for service and business excellence in the UK hospitality industry. The opening of our London Catering business has proved successful. We have secured a contract with Le Meridien Hotel in Piccadilly for food and beverage management including the restaurants and room service. We have won contracts at the European headquarters of GVA Grimley in Mayfair to provide hospitality and executive dining and also with IMS Healthcare for executive dining, hospitality and vending. Landscaping The Landscaping business continues to make good progress. Our wider geographical coverage is resulting in greater opportunities from external customers and the business is also developing through referrals from other MITIE companies. Landscaping has been awarded schools contracts in London and Wales and a specialist contract for the eradication of Japanese knotweed with the London Development Agency. We have also secured two golf course maintenance contracts. Pest Control Eagle Pest Control has extended the scope of its work at Heathrow Airport to include the accommodation areas within the Terminal 5 construction site and the 92 tunnels under the terminal building. It has also added a contract with Thames Link Trains to combine vegetation and rodent control throughout all of its stations over a three year period. This is the first contract of its type combining pest control and vegetation control activities using a multi-skilled on-site work force. The bird control market is seeing buoyant market conditions and Eagle Pest Control is working with Network Rail to develop solutions for eradicating bird infestations on the underside of bridges. Security Last year's acquisitions have been fully integrated and the Security business is performing well. We have created a national communications centre in London from which we control the rostering and scheduling for all our contracts across the country. We use a bespoke time management system to manage the contracts and our 2,500 security officers. In the South East we have secured new contracts with Ealing & West London College and the London Borough of Islington. The security market will be impacted in the next calendar year by the introduction of licensing for all security officers. This is an issue for the entire industry. We are well prepared for licensing and, while it may create temporary instability in some parts of the manned guarding market, the Board expects MITIE to realise benefits in the medium term. Managed Services Managed Services has had a period of consolidation. They have invested in their infrastructure and are well placed for the opportunities that are arising in the public sector. The contract with the Office of the Deputy Prime Minister (ODPM) was successfully mobilised in the first few months of the period under review and we are now delivering a full range of support services to the ODPM staff. We are continuing to be successful in the facilities market for PFI schools and are currently the preferred bidder for services contracts on schools in Ealing and Kent. Business Services has had major wins this year including contracts with Morgan Stanley and Societe Generale. Contract renewal has been good with a number of important contracts having been successfully retendered including those for Dresdner Kleinwort Wasserstein, White & Case and Linklaters. The MITIE Docs service, which provides our clients with a broad range of printing and scanning services, continues to grow rapidly. With the trend in the marketplace to procure print and creative services strategically, we anticipate continued growth. Engineering Maintenance The current marketplace for mechanical and electrical maintenance is buoyant with competition being fierce and extremely active. We continue to see increasing demand for bundled services, particularly where we have site managed contracts. We are now increasing our national coverage in engineering maintenance and are well placed to expand our business and improve our market share. We have been awarded a number of contracts which include Man Group to maintain two trading floors which will operate 24 hours a day in London. Another new contract is with The Department for Education & Skills for buildings in Sheffield, Darlington, Runcorn and two sites in London, including offices for ministers. The cleaning for these sites is also provided by MITIE. Other new contracts are with Standard Life on a portfolio of 42 buildings in the London area and a contract with West Coast Trains covering their entire network. Building Services Market conditions Our markets are still highly competitive with margins in the engineering sector still under pressure. There are, however, indications that levels of work in the South East will increase over the next twelve months, but given the project lead times in this sector we do not anticipate this will have a material impact on our performance until the second half of the next financial year. The rest of the UK has seen consistent levels of activity. Engineering Services The companies within the Engineering discipline continue to work hard to maintain an acceptable level of profitability with margins under pressure. There have been good levels of activity in the North West and South West, but the rest of the country remains very competitive. The public sector, particularly health and education, is strong with clients increasingly looking to more efficient procurement routes, integrated supply chains and framework agreements. A number of ProCure 21 projects, including the development of a new National Blood Service centre in Liverpool and work through the Medicinq consortium for Taunton & Somerset NHS Trust, are underway. The Engineering Retail client base, which already includes Marks & Spencer, Boots, Woolworths, BhS and Primark, has been further strengthened with the addition of ASDA. Commercial projects for Allianz Cornhill, Legal & General and Norwich Union continue to enhance this area of the business. The focus on developing specialist solutions for our customers has seen ongoing success. For example, we worked with Garden Isle Frozen Foods on the relocation of their processing line. This project, valued in excess of Â£2 million, was completed in a critical 25 day factory shutdown period. MITIE Engineering Services is currently carrying out the mechanical and electrical engineering installation at the major new headquarters for the Health and Safety Executive in Bootle. This follows a year during which RoSPA recognised our significant improvement and commitment to Health & Safety with four awards including one gold award. MITIE Engineering Services has now entered its second year with the BT Telereal contract and has secured a second term under the Boots framework agreement. A national measured term contract with Land Securities Trillium for the Department for Works and Pensions portfolio was agreed in July for a three year period. Our specialist social housing arm has developed strong partnering relationships with Cheshire County Council. Property Services Property Services has produced a good performance in the first half of the year. The structural changes that we have made to consolidate the management of the discipline and to enhance business development activity have produced satisfying results. We have been working hard at improving our profile within the social housing sector and have been rewarded with partnering or framework agreements with Wandle Housing Association, Wigan Metropolitan Council, Partick Housing Association, Warden Housing Association, Portsmouth City Council, Pavilion Housing Association, London Borough of Brent, Bristol City Council and Fife Special Housing. The whole life value of these contracts is in excess of Â£125 million. Our London fit-out company, MITIE Interiors, has made a meaningful contribution with contract wins for the British Red Cross, Terra Firma, Legal & General and the BBC. Our core Property Services businesses have secured work with North West Trains, Royal Mail, BT Telereal and the University of Durham. Generation Generation performed in line with expectations until it was sold to its management team on 30 September 2004. We wish them every success. Outlook MITIE is now seeing indications of strengthening market conditions that should improve the level of opportunity for our businesses, although margins will remain under pressure. We will maintain the focus on developing our core services and looking for strategic acquisitions. The Board is confident that we will have another successful year. Summary Group Profit & Loss Account Year to Six months to 30 September 31 March 2004 2003 2004 (unaudited) (unaudited) (audited) Â£000's Â£000's Â£000's ___________ ___________ __________ Turnover - Continuing operations 392,448 301,095 664,270 - Discontinued operations 18,892 15,226 30,243 ___________ ___________ __________ 411,340 316,321 694,513 ________________________________________________________________________________ Operating profit (before goodwill 21,654 17,529 38,647 amortisation) Goodwill amortisation (1,410) (885) (2,163) ________________________________________________________________________________ Operating Profit - Continuing operations 19,196 15,656 35,355 - Discontinued operations 1,048 988 1,129 ___________ ___________ __________ 20,244 16,644 36,484 ________________________________________________________________________________ Loss on sale excluding unamortised (3,450) - - goodwill Goodwill not previously amortised (1,238) - - Goodwill previously written off to (5,013) - - reserves ________________________________________________________________________________ Loss on sale of discontinued operations (9,701) - - Profit on sale of tangible fixed assets 1,332 - - from continuing operations ___________ ___________ __________ Profit on ordinary activities before 11,875 16,644 36,484 interest Interest receivable 888 932 1,696 ___________ ___________ __________ Profit on ordinary activities before tax 12,763 17,576 38,180 Tax (6,943) (5,748) (12,293) ___________ ___________ __________ Profit on ordinary activities after tax 5,820 11,828 25,887 Minority interest (1,393) (1,621) (2,533) ___________ ___________ __________ Profit for the period 4,427 10,207 23,354 Dividend (4,885) (3,327) (7,884) ___________ ___________ __________ Retained (loss)/profit for the period (458) 6,880 15,470 Earnings per ordinary share ___________ ___________ __________ - Basic 1.4p 3.4p 7.6p - Diluted 1.4p 3.4p 7.6p - Basic before goodwill amortisation 1.9p 3.7p 8.3p - Basic before goodwill amortisation and 4.6p 3.7p 8.3p exceptional items ___________ ___________ __________ ________________________________________________________________________________ Profit on ordinary activities before 22,542 18,461 40,343 taxation and goodwill amortisation and impairment and exceptional items ________________________________________________________________________________ Summary Group Balance Sheet At 30 September At 31 March 2004 2003 2004 (unaudited) (unaudited) (audited) Â£000's Â£000's Â£000's Fixed assets Intangible assets 51,323 37,108 51,937 Tangible assets 27,626 40,625 40,329 ___________ ___________ __________ 78,949 77,733 92,266 ___________ ___________ __________ Cash at bank and in hand 46,543 38,157 47,165 Current asset investments 3,954 6,344 2,391 Other current assets 170,875 143,692 158,923 Creditors - due within one year (155,670) (135,947) (157,370) ___________ ___________ __________ Net current assets 65,702 52,246 51,109 ___________ ___________ __________ Total assets less current liabilities 144,651 129,979 143,375 Creditors - due after more than one year (224) (3,417) (136) Provisions for liabilities and charges (9,830) (5,262) (7,390) ___________ ___________ __________ 134,597 121,300 135,849 ___________ ___________ __________ Capital and Reserves Called up share capital 7,633 7,561 7,736 Share premium account 54,411 42,278 50,731 Capital redemption reserve 175 - - Other reserves 693 486 554 Profit & loss account 65,142 61,690 70,212 ___________ ___________ __________ Equity Shareholders' funds 128,054 112,015 129,233 Minority interest 6,543 9,285 6,616 ___________ ___________ __________ 134,597 121,300 135,849 ___________ ___________ __________ Summary Group Cash Flow Six months to 30 September Year to 31 March 2004 2003 2004 (unaudited) (unaudited) (audited) Â£'000's Â£'000's Â£'000's __________ __________ _________ Net cash inflow from operating 17,013 13,562 43,854 activities Returns on investments and servicing of 929 793 1,628 finance Tax paid (6,402) (5,630) (12,352) Capital expenditure (6,305) (8,444) (12,664) Acquisitions (205) (11,375) (23,689) Disposals 8,935 - - Equity dividends paid (4,362) (3,423) (6,825) __________ __________ _________ Net cash inflow/(outflow) before 9,603 (14,517) (10,048) financing Management of liquid resources (1,563) (2,464) 1,489 Financing Issue of share capital 1,018 235 967 Redemption of shares (9,625) - - Cash outflow from decrease in debt (55) (57) (203) __________ __________ _________ Decrease in cash in the period (622) (16,803) (7,795) __________ __________ _________ Reconciliation of net cash flow to movements in net funds: Decrease in cash in the period (622) (16,803) (7,795) Cash (outflow)/inflow from movement in (796) 69 (204) debt and lease financing Cash inflow/(outflow) from movement in 1,563 2,464 (1,489) liquid resources __________ __________ _________ Movement in net funds/(debt) in the 145 (14,270) (9,488) period Opening net funds 49,311 58,799 58,799 __________ __________ _________ Closing net funds 49,456 44,529 49,311 __________ __________ _________ Reconciliation of operating profit to operating cash flows : Operating profit 20,244 16,644 36,484 Depreciation 5,946 6,173 11,935 Amortisation of goodwill 1,410 885 2,163 Profit on sale of tangible fixed (127) (499) (884) assets Increase in working capital (10,460) (9,641) (5,844) __________ __________ _________ Net cash inflow from operating 17,013 13,562 43,854 activities __________ __________ _________ Notes 1 Basis of preparation The Interim Financial Statements have been prepared on the basis of accounting policies consistent with those set out in the Group's Annual Report & Accounts for the year ended 31 March 2004 and were approved by the Board of Directors on 26 November 2004. The accounting information contained in the Interim Report for 2005 does not comprise a full set of accounts within the meaning of Section 240 of the Companies Act 1985. The interim results for the periods to 30 September 2003 and 2004 are unaudited and unreviewed by our auditors. The financial information for the year ended 31 March 2004 has been extracted from the Annual Report & Accounts which received an unqualified auditors' report and has been delivered to the Registrar of Companies. 2 Segmental analysis PROFIT PROFIT PROFIT BEFORE MARGIN PROFIT BEFORE TAX, INTEREST, BEFORE TAX, BEFORE TAX GOODWILL TAX, GOODWILL Activity PROFIT AND AND GOODWILL AND AND BEFORE EXCEPTIONAL EXCEPTIONAL EXCEPTIONAL EXCEPTIONAL TURNOVER TAX ITEMS ITEMS ITEMS ITEMS Â£'000 Â£'000 Â£'000 Â£'000 Â£'000 % ____________________________________________________________________ Six months to 30 September 2004 Support Services 206,631 12,396 12,396 13,360 12,860 6.5 Building Services 204,709 367 8,736 9,182 8,794 4.5 _______________________________________________________________________________________ 411,340 12,763 21,132 22,542 21,654 5.5 _______________________________________________________________________________________ Six months to 30 September 2003 Support Services 159,611 10,333 10,333 10,751 10,433 6.7 Building Services 156,710 7,243 7,243 7,710 7,096 4.9 _______________________________________________________________________________________ 316,321 17,576 17,576 18,461 17,529 5.8 _______________________________________________________________________________________ Included within the Support Services segment for the six months ended 30 September 2003 are amounts that relate to companies acquired in that year. These include turnover of Â£7,135,000 and pre-tax profit of Â£406,000. Included within the Building Services segment for the six months ended 30 September 2004 are amounts that relate to discontinued activities. These include turnover of Â£18,892,000 (2003: Â£15,226,000) and pre-tax profit of Â£917,000 (2003: Â£877,000). Six months to 30 September Turnover 2004 2004 2004 2003 CONTINUING DISCONTINUED TOTAL CONTINUING ACTIVITIES OPERATIONS ACTIVITIES Â£'000 Â£'000 Â£'000 Â£'000 _______________________________________________ Support Services Cleaning 92,552 - 92,552 74,510 Catering Services 6,452 - 6,452 4,448 Landscaping 1,078 - 1,078 336 Pest Control 2,381 - 2,381 1,072 Security 24,600 - 24,600 11,175 Managed Services 45,997 - 45,997 39,018 Engineering 33,571 - 33,571 29,052 Maintenance ______________________________________________________________________ 206,631 - 206,631 159,611 ______________________________________________________________________ Building Services Engineering 121,693 - 121,693 82,746 Property Services 64,124 - 64,124 58,603 Generation - 18,892 18,892 15,361 ______________________________________________________________________ 185,817 18,892 204,709 156,710 ______________________________________________________________________ Total 392,448 18,892 411,340 316,321 ______________________________________________________________________ 3 Dividend The interim dividend of 1.6p (2003: 1.1p) per Ordinary Share will be paid on 31 March 2005 to Shareholders on the Register on 11 March 2005. 4 Earnings per share The calculation of earnings per share is based upon the profit for the period attributable to holders of Ordinary Shares. The weighted average number of Ordinary Shares in issue for the period was 308,059,005 (30 September 2003 - 302,302,600, year to 31 March 2004 - 305,665,870). The calculation of diluted earnings per share using the principles of FRS14 is based on a weighted average number of shares, allowing for the exercise of outstanding share options, of 308,860,305 (30 September 2003 - 302,513,600; year to 31 March 2004 - 306,706,133). Headline earnings per share continue to have widespread acceptance and have beencalculated in accordance with the definition in the UK Society of Investment Professionals statement of investment practice No.1, 'The Definition of Headline Earnings', as follows: Six months to 30 September 2004 2003 ________________________________________________________________________________ Basic earnings per Ordinary Share 1.4p 3.4p Amortisation of goodwill 0.5p 0.3p Exceptional items 2.7p - ________________________________________________________________________________ Headline earnings per Ordinary Share 4.6p 3.7p ________________________________________________________________________________ 5 Purchase of subsidiary undertakings MITIE ENGINEERING MITIE MITIE MITIE AIR SERVICES ROOFING SECURITY MITIE CONDITIONING (RETAIL) SERVICES (SCOTLAND) GREENCOTE (NORTH) LTD LTD LTD LTD LTD TOTAL Â£'000 Â£'000 Â£'000 Â£'000 Â£'000 Â£'000 ________________________________________________________________________________________ Minority interest 538 460 407 39 22 1,466 ________________________________________________________________________________________ Goodwill 770 588 610 46 21 2,035 ________________________________________________________________________________________ Total purchase 1,308 1,048 1,017 85 43 3,501 consideration Shares issued - MITIE 1,235 976 977 78 30 3,296 Group PLC ________________________________________________________________________________________ ________________________________________________________________________________________ Cash consideration 73 72 40 7 13 205 being cash outflow in the period ________________________________________________________________________________________ 6 Disposal of subsidiary undertaking On 30 September 2004, MITIE sold its 100% interest in the ordinary share capital of MITIE Generation Limited. The profit after taxation up to the date of disposal of this company was Â£643,000 and for the last financial year was Â£737,000. The net assets disposed and the related sale proceeds were as follows: 2004 Â£'000 _______________________________________________________________________________ Tangible fixed assets 14,499 Net working capital 2,343 Overdraft (8,882) Other loans (183) Provisions for liabilities and charges (1,274) _______________________________________________________________________________ Net assets 6,503 Goodwill not previously amortised 1,238 Goodwill previously written off to reserves 5,013 _______________________________________________________________________________ 12,754 Loss on disposal (9,701) _______________________________________________________________________________ Total consideration 3,053 _______________________________________________________________________________ Satisfied by: - Loan notes 2,500 - Short term loan 500 - Cash 53 _______________________________________________________________________________ 3,053 _______________________________________________________________________________ Net cash inflows from sale comprised: Cash consideration 53 Overdraft disposed 8,882 _______________________________________________________________________________ Total cash effect 8,935 _______________________________________________________________________________ 7 Share capital and reserves CALLED UP SHARE CAPITAL PROFIT & SHARE PREMIUM REDEMPTION REVALUATION OTHER LOSS CAPITAL ACCOUNT RESERVE RESERVE RESERVE ACCOUNT TOTAL Â£'000 Â£'000 Â£'000 Â£'000 Â£'000 Â£'000 Â£'000 _______________________________________________________________________________________________ Group At beginning of 7,736 50,731 - (440) 994 70,212 129,233 year Shares issued and 62 3,232 - - - - 3,294 net premium arising in respect of acquisitions Shares issued and 10 448 - - - - 458 net premium arising in connection with exercise of share options Retained loss for - - - - - (458) (458) the financial period Realisation of - - - 139 - - 139 property revaluation losses Own shares (175) - - - - (9,450) (9,625) acquired Transfer to capital - - 175 - - (175) - redemption reserve Goodwill previously - - - - - 5,013 5,013 written off included in retained loss for the period _______________________________________________________________________________________________ Balance at 30 7,633 54,411 175 (301) 994 65,142 128,054 September 2004 _______________________________________________________________________________________________ Copies of this statement will be posted to all Shareholders and will be available to the public from the Company's Head Office at 8 Monarch Court, The Brooms, Emersons Green, Bristol, BS16 7FH. Financial Calendar Shares ex-dividend 09 March 2005 Record date for interim dividend 11 March 2005 Payment date for interim dividend of 1.6p per 2.5p 31 March 2005 share Preliminary results for the year to 31 March 2005 23 May 2005 Annual General Meeting 28 July 2005 This information is provided by RNS The company news service from the London Stock Exchange

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