Final Results

Vp PLC 07 June 2007 Press Release 7 June 2007 Vp plc ('Vp' or 'the Group') Final Results Vp plc, the equipment rental specialist, today announces its Final Results for the year ended 31 March 2007. Highlights â€¢ Record results â€¢ Operating profit up by 44% to Â£16.5 million (2006: Â£11.5 million) â€¢ Profit before tax up 36% to Â£14.5 million (2006: Â£10.7 million) â€¢ Revenue up 22% to Â£121.6 million (2006: Â£99.4 million) â€¢ Earnings per share increased by 40% to 24.5 pence (2006: 17.5 pence) â€¢ Total dividend increased by 25% to 8.25 pence (2006: 6.60 pence) based on recommended final dividend of 6.00 pence per share Jeremy Pilkington, Chairman, commented: 'The record result we are reporting reflects the underlying strength of the markets served by the Group and the success of our strategy in translating opportunities into profitable growth. The outlook remains positive and we are confident that the Group can deliver sustainable growth over the medium term.' - Ends - Enquiries: Vp plc Jeremy Pilkington, Chairman Tel: +44 (0) 1423 533 405 jeremypilkington@vpplc.com Neil Stothard, Group Managing Director Tel: +44 (0) 1423 533 445 neil.stothard@vpplc.com Mike Holt, Group Finance Director Tel: +44 (0) 1423 533 445 mike.holt@vpplc.com www.vpplc.com Media enquiries: Abchurch Communications Sarah Hollins/ Helen Waggott/ Emma Johnson Tel: +44 (0) 20 7398 7784 emma.johnson@abchurch-group.com www.abchurch-group.com CHAIRMAN'S STATEMENT Results I am very pleased to report record results for the Group for the year ended 31 March 2007. Operating profits rose 44% to Â£16.5 million (2006: Â£11.5 million) on revenues ahead by 22% at Â£121.6 million. Profit before tax increased by 36% to Â£14.5 million and earnings per share increased 40% to 24.50 pence per share. In recognition of this excellent performance the Board is recommending a final dividend of 6.00 pence per share, making a total for the year of 8.25 pence per share, an increase of 25%. Subject to shareholder approval at the Annual General Meeting on 11 September 2007, the dividend will be paid on 1 October 2007 to shareholders registered as at 7 September 2007. The Group continues to enjoy a period of sustained growth in all of its principal markets and we are committing significant capital investment to take the fullest advantage of the opportunities this presents. In parallel, we are strengthening our human resources and infrastructure systems to ensure that our capabilities in these performance critical areas remain aligned with our growth aspirations. It remains our strategy to seek market leadership for each of our businesses and to be irresistibly the provider and employer of choice. We regard these qualitative objectives as being highly interdependent with the Group's financial aspirations. The Group retains significant financial capacity to pursue growth opportunities as they are identified. Groundforce Groundforce performed strongly during the year with significant progress being achieved in all of its businesses. Operating profits rose by 21% to Â£6.4 million on turnover up 19% to Â£28.1 million. The AMP4 water industry capital investment programme is now gathering pace and is providing useful incremental revenue streams in many parts of the country. In the course of the new financial year Groundforce will be opening a depot in the Republic of Ireland. Groundforce has traded in Ireland for a number of years but with a local operational base it will be in a much stronger position to offer the full range of its services to an already established customer base. Hire Station Hire Station delivered an outstanding result with profits more than doubling to Â£3.1 million on revenues ahead by 7% at Â£44.9 million. This profit growth is largely organic, reflecting continuing improvements in operational efficiency and revenue quality, together with a strong contribution from the ESS Safeforce activity. Hire Station has continued to make selective acquisitions. MEP, the specialist pipework fittings company, acquired in November 2006, has progressed well and made a contribution ahead of expectations in its first period. A single branch acquisition in Colchester was completed at the end of the period and has been successfully integrated into our Southern region. Post the year end, in April 2007, our acquisition of Cool Customers adds a substantial revenue stream and the experience of a successful internet based business model to the recently established Climate Hire business. Hire Station has delivered its three year profit recovery plan and I am confident of significant upside as margins improve and the business pursues further revenue growth. Airpac Bukom Airpac Bukom's results reflect strong underlying organic growth and the first full year contribution from the acquisition of Bukom in March 2006. Profits increased by 90%, to Â£2.4 million on revenues which doubled to Â£10.0 million. Market conditions in the oil and gas exploration business remain very positive and we have committed significant capital investment to meet demand. To better support the broader global reach of the enlarged business, we are establishing additional distribution centres in Western Australia, South America and the Middle East. We expect these locations to be fully operational in the second half of 2007. UK Forks UK Forks profits, as previously indicated, were not sustainable at the excellent levels of the previous year. Profits reduced to Â£1.4 million on revenues of Â£13.9 million. It is positive to note that trading stabilised in the second half of the year and that revenue levels have improved significantly as we have entered the new financial year. TPA TPA reported its first full year contribution of Â£1.0 million on turnover of Â£11.4 million. TPA derives a significant proportion of its revenue and profits from the seasonal summer events market which weights its contribution heavily towards the first half. Winter period losses were more severe than anticipated and were exacerbated by the underperformance of the barrier hire activity. Management are focussed on addressing these issues to stabilise first half profits in the forthcoming financial year. Torrent Trackside Torrent Trackside had a very good year with profits increasing 13% to Â£2.0 million on revenues ahead by 8% at Â£13.1 million. The rail infrastructure industry remains an attractive but challenging market and we remain confident that Torrent's reputation and expertise will sustain its position as a leading supplier to this market. Outlook The record result we are reporting reflects the underlying strength of the markets served by the Group and the success of our strategy in translating opportunities into profitable growth. The outlook remains positive and we are confident that the Group can deliver sustainable growth over the medium term. Jeremy Pilkington Chairman 7 June 2007 BUSINESS REVIEW Overview The year ended 31 March 2007 demonstrates excellent progress in the development of the Vp business, and the delivery of substantial earnings growth. Operating profits increased 44% on the corresponding period to Â£16.5 million, on revenues 22% ahead of last year at Â£121.6 million. Whilst prior year acquisitions have assisted this growth, 30% of the increase in profit is organic. To support new business opportunities we made organic capital investment of over Â£30 million during the year. In addition, we have completed three business acquisitions with a combined value of Â£4.6 million. We have seen only a marginal increase in gearing as a result of these investments due to the excellent cash generation from the Group and there remains a comfortable level of financial headroom to pursue further expansion. The markets the Group operates within have remained stable and supportive, with oil and gas and latterly water being particularly buoyant. Groundforce Excavation support systems and specialist products for the water, civil engineering and construction industries. Revenue Â£28.1 million (2006: Â£23.5 million) Operating Profit Â£6.4 million (2006: Â£5.3 million) Investment in Rental Fleet Â£5.4 million (2006: Â£2.2 million) All constituent Groundforce businesses enjoyed growth in the year with combined revenues up Â£4.6 million to Â£28.1 million, delivering a very good result, improving profit by 21% to Â£6.4 million. Revenues were underpinned by the ongoing activity in housing and construction, but were buoyed by the release of AMP4 contracts in the second half. Involvement in projects, such as the tunnel under the River Shannon in Limerick and the Bristol Broadmeads redevelopment, has widened the scope of our activities in the large civil engineering project arena. The 250 tonne strut product launched during 2006 was utilised in these projects. Groundforce now holds a class leading position in what is a technically challenging area and we expect further opportunities to arise in the coming year. In March 2007, we acquired Evershore, a small, Leeds based, shoring rental company which has been fully integrated into the division. The formwork activity, Easiform, completed its first full year of operation in line with expectations, and we are pleased with the progress of this business. Piletec Dudley Vale also benefited from the upturn from AMP4 and delivered revenues above expectation. Our technical leadership in this field paid dividends, with the business being involved in many large contracts that have provided a consistent income stream. We will continue to build the Piletec business capabilities with ongoing investment in high performance equipment. The reorganisation of Survey in the previous year proved effective, with the streamlined business delivering a good performance. Further investment in high-tech survey fleet was completed as a result of important customer gains. We believe that all elements of Groundforce are capable of acquisitive growth should the right opportunity arise. However, each element has the ability to grow organically and with new products, services and geographic expansion underway, we expect a year of further progression and development. Hire Station Tools and specialist products for industry, construction and home owners. Turnover Â£44.9 million (2006: Â£41.9 million) Operating Profit Â£3.1 million (2006: Â£1.4 million) Investment in Rental Fleet Â£8.4 million (2006: Â£7.3 million) After a strong profit turnaround in the prior year, Hire Station, made further excellent progress. Full year operating profits of Â£3.1 million were 118% up on prior year on revenues, up 7% at Â£44.9 million. The majority of the revenue growth was delivered organically, although there was a valuable five month contribution from MEP, following its acquisition in November. Midway Plant and Tool hire, based in Colchester was purchased in March 2007 strengthening our distribution capability in Essex. After the year end, in April, the business purchased Cool Customers, based in Derbyshire, specialising in the hire and sale of air conditioning units, chillers and cooling equipment - this business has been successfully integrated into our Climate Hire operation, which was launched in the final quarter of the current financial year. The tools business has made further solid progress during the year, delivering good profit growth. Strong capital investment in our core stock items has helped drive revenues forward with stock availability being a key differentiator. We were pleased to achieve the environmental and quality accreditations (ISO 9001 and ISO 14001), recognising the high levels of systems and controls that we operate within the business. We have invested once again in additional resource at our national hire desk in Manchester, as a result of an increase in customers expressing a preference to transact business through this centre. Revenues for the seasonal products were mixed; a very warm summer and excellent stock availability meant we significantly increased our cooling income, although the relatively mild winter impacted heating equipment hire. Two new greenfield sites have opened since the year end in Hull and Exeter, areas that we identified as important to our national distribution network. The specialist lifting business, Lifting Point, performed well and we have now introduced satellite-stocking operations in all tool branches. This expansion has delivered a 20% improvement in turnover in this product area, and more is expected in the coming year. The specialist safety rental business, ESS Safeforce had an excellent year in a broadly supportive market, with strong performances from the hire, sales and confined space training activities. During the year we opened a further centre at Andover for confined space training. We also enjoyed solid revenues from the oil and petro-chemical market supplying safety equipment and labour in support of customers carrying out maintenance during temporary shutdowns. This is an area we expect to grow further in 2007. In November 2006, we acquired Mechanical and Electrical Pressfittings Limited (MEP), a business based near Glasgow which specialises in the hire and sale of electrofusion and pressfitting tools to the mechanical, electrical and plumbing sectors. Trading in the five months subsequent to the acquisition was ahead of expectation. In the month following the acquisition, we relocated into a new 8,500 sq ft building nearby to accommodate growth plans and the central hire desk facility of the business. The first MEP distribution satellite has been established at Heathrow. Since the year end we have established a trading location in Dublin in response to local demand. The Climate Hire business was established in the final quarter of the year and will specialise in four key product areas: Warm Air (heaters), Dry Air (dehumidifiers, airmovers), Cool Air (chillers, aircon units) and Clean Air (ozone units, air purifiers). As with Lifting Point, ESS Safeforce and MEP, Climate Hire is an additional specialist business which will complement the general tool hire offer. The acquisition post year-end of Cool Customers is an important development for the business. Airpac Bukom Oilfield Services Equipment and service providers to the international oil and gas exploration and development markets. Revenue Â£10.0 million (2006: Â£5.0 million) Operating Profit Â£2.4 million (2006: Â£1.2 million) Investment in Rental Fleet Â£2.5 million (2006: Â£0.8 million) During the year our oilfield services division successfully integrated the business of Bukom Oilfield Services, which was acquired in March 2006. The combined business continued to enjoy the benefit of healthy demand across its primary markets and in this challenging year produced a very satisfactory result. The business delivered a 90% increase in profits to Â£2.4 million generated from revenues which doubled at Â£10.0 million. Oil company expenditure held at a healthy level, driven by the continued strength of the oil price and global oil and gas demand. The demand for oilfield support services has in turn remained high, with the expanded business in a position to take advantage of these opportunities. The early months of the year saw a smooth integration of the Bukom business in terms of fleet, personnel, bases and systems across our facilities in the UK and Singapore. The management team of the combined business has been further strengthened, with a number of key appointments made to support the future growth of the business. The focus of the Bukom offering was historically in support of international well testing operations, and this has become the primary market for the enlarged business. As anticipated, our position in the Asia Pacific region has strengthened and we now have improved access to markets in Africa, North and South America and the Middle East. The addition of new products such as sand filters, heat exchangers and coflexip hoses to the fleet has broadened our service offering to our clients. We saw high demand for the provision of our specialist compressors to large contractors conducting maintenance and modification work on the offshore platform infrastructure, primarily in the North Sea. Our high pressure fleet was involved on a number of important pipeline related works during the year. Taking account of the combined resources of the enlarged business, we have embarked upon a significant capital investment programme which will achieve marked growth in the fleet over the coming year. At the same time several key customer support initiatives involve developing our present network of facilities and our plans in this regard are well progressed. We anticipate opening further hub locations for the business in support of the Australian, Middle East and South American markets by the end of summer 2007. The market fundamentals and outlook remain positive. The strength of our expanded organisation, enhanced product offering, broader geographic exposure and our fleet and network expansion initiatives place us in a good position to develop the business further during the coming year. UK Forks Rough terrain material handling equipment for industry, residential and general construction. Revenue Â£13.9 million (2006: Â£14.3 million) Operating Profit Â£1.4 million (2006: Â£2.1 million) Investment in Rental Fleet Â£3.4 million (2006: Â£3.1 million) UK Forks had a challenging year, with activity levels subdued in the first nine months, but picking up strongly in the final quarter. Revenues of Â£13.9 million produced operating profits of Â£1.4 million, Â£0.7 million lower than the prior year. The ongoing consolidation in the housebuilding sector created some volatility. Whilst volumes in the South East were disappointing for most of the year, this performance reversed in the final quarter. Further progress was also made with a number of national accounts, particularly in general construction, a growth sector targeted by the business. Fleet size remained broadly static at over 1,200 machines. However, investment of Â£3.4 million enabled product mix improvement, reflecting increased demand for telehandlers at both ends of the size spectrum. In construction, tighter access within sites created demand for smaller machines up to 6 metres and the larger rotational telehandlers up to 25 metres. In housebuild, the continued popularity of flats and apartments (representing nearly 50% of housebuilding starts in the UK in 2006) meant that standard products up to 17 metres were in demand. The year finished strongly in the final quarter, and with activity levels at the start of the new financial year maintaining that momentum, prospects for the business going forward are much improved. TPA Portable roadway systems, bridging, fencing and barriers primarily to the UK market, but also in the Republic of Ireland and mainland Europe. Revenue Â£11.4 million (2006: Â£2.5 million) Operating Profit Â£1.0 million (2006: Â£(0.3) million) Investment in Rental Fleet Â£4.7 million (2006: Â£1.1 million) TPA completed its first full year as part of the Vp Group, delivering operating profit of Â£1.0 million on revenues of Â£11.4 million. The summer period proved buoyant with strong demand from both the events and transmission markets. The demand during the winter period reduced, an historic trend, with a general lack of activity in the transmission market, and a challenging trading environment for the barriers business. In further developing the business, a satellite facility in Scotland was opened in the year, enabling a more efficient service to the local market. In addition we established TPA in Germany with the formation of a German subsidiary which will act as a platform for further expansion into mainland Europe. Both ventures performed well in the first year of operation. We also relocated the barriers business to improved premises in Croydon during the year. Investment in the fleet has continued strongly to ensure that TPA maintains its quality and market leading offer to the marketplace. A new lightweight roll-out roadway, MD40 has been developed and will be launched in the new financial year. The markets within which TPA operates remain broadly supportive. In particular, the announcement by the National Grid in October 2006 of a major five year programme of investment to upgrade and develop the electricity transmissions network across England and Wales is likely to act as a valuable longer term market driver, albeit that regulated spend of this type can be unpredictable in terms of timing. The outdoor events market in the UK remains stable and we expect it to deliver further potential opportunities. Torrent Trackside Infrastructure equipment and services for the railway renewals and maintenance industry. Revenue Â£13.1 million (2006: Â£12.1 million) Operating Profit Â£2.0 million (2006: Â£1.7 million) Investment in Rental Fleet Â£3.2 million (2006: Â£2.4 million) The year was one of further development in the railway renewals and maintenance market. Torrent performed well in this changing market, growing revenues by 8% to Â£13.1 million and delivering operating profit of Â£2.0 million, a 13.0% increase on the prior year. We have accelerated our plant replacement programme to ensure that the quality of our equipment is the benchmark for the industry and to also reinforce our reputation for introducing innovative products that further improve operational safety and production. These initiatives continue to strengthen our status in this safety critical environment and Torrent continues to be regarded as a key supplier in this specialist market. Our ongoing systems development programme provides Torrent with an advantage in the supply of quality operational data to our major customers, helping them to reduce costs and improve production in a manner which is safe. Overall, the business remains well positioned to participate in Network Rail's ongoing rail expenditure programme and to further support the London Underground as it works towards the 2012 Olympics. Prospects We remain ambitious to further enhance the quality track record established over recent years and have the resource and management capability to deliver on that ambition. In order to maintain profitable growth, we recognise that investment in people and infrastructure is essential. We have successfully developed a breadth of business activities which we believe provides a resilient and strong platform for future growth. Neil Stothard Group Managing Director 7 June 2007 Financial Highlights Consolidated Income Statement For the year ended 31 March 2007 Note 2007 2006 Â£000 Â£000 Revenue 1 121,607 99,396 Cost of sales (84,897) (72,092) Gross profit 36,710 27,304 Administrative expenses (20,459) (15,842) Operating profit before other income 16,251 11,462 Other income - property profit 257 - Operating profit 1 16,508 11,462 Financial income 125 188 Financial expense (2,154) (978) Profit before taxation 14,479 10,672 Taxation 5 (3,998) (3,070) Net profit for the year 10,481 7,602 Pence Pence Basic earnings per 5p ordinary share 2 24.50 17.49 Diluted earnings per 5p ordinary share 2 23.34 16.83 Dividend per 5p ordinary share paid and proposed 6 8.25 6.60 Consolidated Statement of Recognised Income and Expense For the year ended 31 March 2007 Note 2007 2006 Â£000 Â£000 Actuarial gains on defined benefit pension schemes 411 231 Tax on items taken directly to equity (123) (67) Effective portion of changes in fair value of cash flow hedges 366 (89) Foreign exchange translation difference (1) - Net income recognised direct to equity 653 75 Profit for the year 10,481 7,602 Total recognised income and expense for the year 3 11,134 7,677 Consolidated Balance Sheet As at 31 March 2007 Note 2007 2006 (Restated) Â£000 Â£000 ASSETS Non-current assets Property, plant and equipment 76,797 66,041 Intangible assets 35,909 34,133 Total non-current assets 112,706 100,174 Current assets Inventories 4,814 3,119 Income tax receivable - 34 Trade and other receivables 30,112 28,185 Cash and cash equivalents 4 6,662 5,578 Total current assets 41,588 36,916 Total assets 154,294 137,090 LIABILITIES Current liabilities Interest bearing loans and borrowings 4 (7,535) (2,148) Income tax payable (1,500) (1,183) Trade and other payables (31,698) (21,744) Total current liabilities (40,733) (25,075) Non-current liabilities Interest bearing loans and borrowings 4 (35,677) (36,062) Employee benefits (2,048) (2,894) Other payables (4,240) (7,930) Deferred tax liabilities (6,004) (4,806) Total non-current liabilities (47,969) (51,692) Total liabilities (88,702) (76,767) Net assets 65,592 60,323 EQUITY Issued share capital 2,309 2,309 Share premium account 16,192 16,192 Hedging reserve 277 (89) Retained earnings 46,787 41,884 Total equity attributable to equity holders of the parent 65,565 60,296 Minority interests 27 27 Total equity 3 65,592 60,323 The restatement of the prior year relates solely to refinements to the accounting for acquisitions. Consolidated Cash Flow Statement For the year ended 31 March 2007 2007 2006 Â£000 Â£000 Cash flow from operating activities Profit before taxation 14,479 10,672 Pension fund contributions in excess of service cost (435) (791) Share based payment charge 1,000 292 Depreciation 14,093 12,224 Intangible amortisation 25 4 Financial expense 2,154 978 Financial income (125) (188) Profit on sale of property, plant and equipment (3,307) (2,275) Operating cashflow before changes in working capital 27,884 20,916 Increase in inventories (1,458) (559) Increase in trade and other receivables (1,131) (579) Increase in trade and other payables 4,599 2,832 Cash generated from operations 29,894 22,610 Interest paid (1,930) (710) Interest element of finance lease rental payments (155) (111) Interest received 125 188 Income tax paid (2,890) (3,120) Net cash flow from operating activities 25,044 18,857 Cash flow from investing activities Disposal of property, plant and equipment 8,966 6,181 Purchase of property, plant and equipment (26,746) (15,506) Acquisition of businesses (4,375) (28,964) Net cash flow from investing activities (22,155) (38,289) Cash flow from financing activities Purchase of own shares by Employee Trust (3,671) (1,073) Repayment of borrowings (156) (8,000) Repayment of loan notes (941) (125) Proceeds from new loans 7,000 33,500 Capital element of hire purchase/finance lease agreements (1,105) (2,475) Dividends paid (2,932) (2,572) Net cash flow from financing activities (1,805) 19,255 Increase/(decrease) in cash and cash equivalents 1,084 (177) Cash and cash equivalents at the beginning of the year 5,578 5,755 Cash and cash equivalents at the end of the year 6,662 5,578 NOTES The final results have been prepared on the basis of the accounting policies which are to be set out in Vp plc's annual report and accounts for the year ended 31 March 2007. EU Law (IAS Regulation EC1606/2002) requires that the consolidated accounts of the group for the year ended 31 March 2007 be prepared in accordance with International Financial Reporting Standards ('IFRSs') as adopted for use in the EU ('adopted IFRSs'). The financial information set out above does not constitute the Company's statutory accounts for the years ended 31 March 2007 or 2006. The statutory accounts for 2006 have been delivered to the Registrar of Companies and those for 2007 will be delivered following the Company's Annual General Meeting. The auditors have reported on these accounts; their reports were unqualified and did not contain a statement under section 237 (2) or (3) of the Companies Act 1985. The financial statements were approved by the board of directors on 6 June 2007. 1. Business Segments Revenue Depreciation Operating profit/ and (loss) amortisation 2007 2006 2007 2006 2007 2006 Â£000 Â£000 Â£000 Â£000 Â£000 Â£000 Groundforce 28,119 23,542 2,510 2,313 6,384 5,258 UK Forks 13,933 14,307 2,347 2,416 1,407 2,071 Airpac Bukom 10,033 4,997 1,324 757 2,360 1,242 Hire Station 44,931 41,937 4,584 4,531 3,121 1,433 Torrent Trackside 13,149 12,134 1,686 1,485 1,954 1,733 TPA 11,442 2,479 1,272 428 1,025 (275) Group - - 395 298 257 - Total 121,607 99,396 14,118 12,228 16,508 11,462 Group costs have been allocated across the trading divisions and included above with the exception of the Â£257,000 property profit which is shown at Group level. 2. Earnings Per Share Basic earnings per share is based on the profit after taxation of Â£10,481,000 (2006: Â£7,602,000) and the weighted average number of 5p ordinary shares in issue during the year of 42,780,000 (2006: 43,460,000). 2007 Weighted 2006 Weighted Average Shares Earnings per Earnings Average Shares Earnings per Earnings Â£000 Number 000's share pence Â£000 Number 000's share pence Basic earnings 10,481 42,780 24.50 7,602 43,460 17.49 Share options - 2,133 - - 1,697 - Diluted earnings 10,481 44,913 23.34 7,602 45,157 16.83 3. Consolidated Statement of Changes in Equity 2007 2006 Â£000 Â£000 Total recognised income and expense for the year 11,134 7,677 Dividends paid (2,932) (2,572) Net movement in shares held by Vp Employee Trust at cost (3,671) (1,073) Share option charge in the year 1,000 292 (Losses)/gains on disposal of shares (240) 80 Tax movements on equity (22) 489 Change in Equity 5,269 4,893 Equity at start of year 60,323 55,430 Equity at end of year 65,592 60,323 4. Analysis of Debt At At 31 March 1 April 2007 2006 Â£000 Â£000 Cash and cash equivalents (6,662) (5,578) Current debt 7,535 2,148 Non current debt 35,677 36,062 Net debt 36,550 32,632 Year end gearing (calculated as net debt expressed as a percentage of shareholders' funds) stands at 56% (2006: 54%). 5. Taxation The charge for taxation for the year represents an effective tax rate of 27.6% (2006: 28.8%). The effective tax rate excluding adjustments in respect of prior years is 29.4% (2006: 29.6%). 6. Dividend The Board has proposed a final dividend of 6.00 pence per share to be paid on 1 October 2007 to shareholders on the register at 7 September 2006. This, together with the interim dividend of 2.25 pence per share paid on 11 January 2007 makes a total dividend for the year of 8.25 pence per share. 7. Annual Report and Accounts The Annual Report and Accounts for the year ended 31 March 2007 will be posted to shareholders on or about 27 July 2007. This information is provided by RNS The company news service from the London Stock Exchange

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