Interim Results to 30 June 2005

21st October 2005 LONDON & ASSOCIATED PROPERTIES PLC: INTERIM RESULTS FOR SIX MONTHS TO 30TH JUNE 2005 London & Associated Properties PLC is a property group focussed on the long term ownership and management of shopping centres and retail investments. LAP owns and manages retail property with a total value of £250m. HIGHLIGHTS - Diluted net assets per share of 112.52p up from 111.02p at the year end and 25% up on June 2004 - Net revenue maintained at £3.9m despite further property sales - Pre-tax profits of £1.37m - Earnings per share up to 1.41p against 1.36p in June 2004 - Interim dividend reintroduced - 0.55p to be paid - LAP now owns and manages retail property with a combined value of £250m * All the above figures are based on UK GAAP reporting standards 'Our low level of gearing, high cash reserves and prudent debt management leave us well placed to manage current trading conditions. We continue to seek to expand our shopping centre portfolio as well as improve and grow our existing properties. I therefore look forward to the full year with confidence,' Michael Heller, Chairman. -more- Contact: John Heller, Chief Executive, LAP. Tel: 020 7415 5000 Robert Cory, Finance Director, LAP. Tel: 020 7415 5000 Baron Phillips, Baron Phillips Associates. Tel: 020 7920 3161 CHAIRMAN'S INTERIM STATEMENT 2005 This is the first time that we have reported our results using the IFRS accounting basis, and the financial effects of this transition are in included in a separate IFRS Transition document dated 20 October 2005. This has resulted in profits before tax of £1.48m for the six months to 30th June 2005 against £1.51m for the same period last year on a restated basis. Using the UK GAAP accounting convention, our pre-tax profits for the period are £1.37m against £1.60m for the same period in 2004. These profits include a one-off charge of £173,000 relating to termination of our head office lease. We have maintained our net revenue for the first six months at £3.9m. This is in spite of selling our property at Brierely Hill which had an annualised income of some £290,000 which we have not yet replaced and reflects a number of new lettings and rent reviews carried out in our directly held portfolio. These have brought in a further £260,000 of rent on an annualised basis. We have also made two strategic acquisitions. In March we acquired a building adjacent to our shopping centre in Dagenham let to the Post Office at £40,000 per annum for £565,000 including costs, and we have bought The Stonehouse, a large public house which adjoins our shopping centre in Sheffield, for £2.7m including costs. As reported in our 2004 year end statement, Brierley Hill shopping centre was sold earlier this year for £4.8m. This has led to a profit over the December 2004 valuation of £436,000 after disposal costs. LAP now owns or manages retail property with a combined value of £250 million, on behalf of: - Our directly held portfolio; - Analytical Properties, our joint venture with Bank of Scotland; - Bisichi Mining Plc, an associate company; and - Dragon Retail Properties Limited (a joint venture with Bisichi). Net assets are now £75.0 million against £80.6 million at 31st December 2004 using IFRS. Under UK GAAP our net assets, including our listed share portfolio at market value, would be £85.9m against £91.2 at 31 December 2004. The principal reason for the reduction in net assets using IFRS as against UKGAAP is the provision for deferred tax, amounting to some £11.4 million. There were no write-downs of any of our assets and, as in previous years, we have not undertaken a half year revaluation. Our net assets reflect the effects of the tender offer that we launched in June to acquire up to £10m of our own shares. The tender offer enabled us to acquire 5,928,273 shares at 104p (a total of £6.17m) and we now hold 6,087,473 shares in treasury. For reporting purposes, at 30 June 2005, we had 76,229,499 shares in issue and this has increased our fully diluted net assets per share to 112.5p from 111.0p over the first half under UK GAAP. Earnings per share (fully diluted) under UK GAAP have risen to 1.41p from 1.36p as at June 2004. This year, we are reintroducing an interim dividend. This was highlighted in our 2004 year end statement and we will pay 0.55p on 25th January 2006 to shareholders on the register on 30 December 2005. The proposed final dividend will be announced in the usual way at the year end. Analytical Properties King Edward Court, Windsor Our major redevelopment of part of this shopping centre is now well under way. We are creating over 100,000 sq ft of new prime retail units for tenants including Waitrose, Zara, Hennes and New Look, as well as a 113-bed Travelodge Hotel. Demolition of the existing buildings has been completed and we have now appointed a contractor for the main scheme. We have commenced piling, and completion is on schedule for December 2006. We are also on site refurbishing the 960 space car park that forms part of the shopping centre. Because we are using a two stage tender process, which involves us working closely with the contractor to place the sub-contracts, the total contract sum for this project is still in the process of being finalised. However, we remain confident that our estimate of approximately £16.5 million for all the elements of the works will prove to be broadly correct. Elsewhere in the centre, the positive impact of this development is starting to produce results. We currently have two units under offer to highly regarded tenants at rents of £105 per square foot, a record for King Edward Court. We have also pre-let a unit to Toni & Guy, the hairdressing chain, at a record rent for that part of the centre. We are currently on site extending the unit, and expect to complete this lease during the second half of this year. Church Square, St Helens Demand for units at St Helens continues at a very high level. In light of this demand, we remain convinced that rental levels in St Helens, and Church Square in particular, are below levels achieved in comparable towns. We are constantly looking at opportunities to secure vacant possession of one of our prime units to satisfy this demand and prove higher rental levels on an open market basis. We also continue to explore ways to extend the shopping centre as another means of satisfying the known demand from retailers for larger units. This is subject to negotiations with third parties, and consequently it is not possible to say with certainty over what period this will happen. Directly held portfolio Orchard Square, Sheffield The first half of 2005 has again been a period of good progress at Orchard Square. Shareholders will recall that in 2004 we acquired the freehold of the large, adjacent Dixons unit. The medium term intention was to extend it backwards into a unit within our shopping centre to create a flagship store of approximately 20,000 sq ft. We originally anticipated that this would be a medium term project as the existing unit within the shopping centre was let to Index. I am pleased to report that we have now negotiated a surrender with Index, as well as agreeing a surrender with Dixons, and plans for the new extended unit are being finalised. Demand from fashion retailers for this flagship store has been high and we are at an advanced stage of negotiations for a new lease. I expect to be able to confirm the new letting within the next few months. In August 2005 we acquired the freehold of The Stonehouse, a substantial former pub which sits immediately adjacent to the rear of Orchard Square. We paid £2.7 million including costs. The building was acquired with vacant possession and we are exploring ways to amalgamate it into the shopping centre to create a new anchor store at the rear. Saxon Square, Christchurch We have completed a number of lettings at this shopping centre during the first half of 2005. These include lettings to a franchisee of Costa Coffee, the national coffee bar operator, and Toni & Guy. In aggregate, we have increased rents at this centre by over £120,000 per annum so far this year. Our proposed redevelopment of a number of small kiosks to the rear of the centre continues, albeit slowly. However, we have enthusiastic demand from a number of major retailers and we are continuing negotiations with the local authority. Kings Square, West Bromwich We have had a particularly successful six months at Kings Square, where we have added over £50,000 to the annual rent roll through rent reviews alone. We are also dividing up one of the shops at the centre and have the new units that we are creating under offer to two national tenants. At completion these lettings will set a new rental level for this centre. The Mall, Dagenham The first six months have been rewarding at Dagenham as we have let a large unit to 99p Stores, the national variety retailer, at a record rent for the centre. We are currently negotiating a further letting which will support this record rent, and we expect to complete this lease shortly. We are also exploring with the local authority opportunities that will see our recently acquired Post Office incorporated into a major regeneration project that will adjoin our shopping centre. Other properties Elsewhere in our directly held portfolio our properties continue to perform well and we constantly seek ways to improve and grow them. We have no immediate plans to dispose of further properties although, as always, we will not retain properties where we believe we have maximised growth or where they no longer fit in with our core portfolio. Bisichi Mining Plc Bisichi Mining, our associate company, has performed well in the first half of 2005, with profits before tax of £1,078,000 (2004: £768,000) under IFRS. They also acquired in the period the Pegasus Coal Reserve, approximately 12 million in-situ tonnes of export grade and low phosphorous coal. Production is scheduled to start in 2007. Current trading and prospects Against a background of widely reported difficult conditions from the majority of retailers, our properties continue to perform satisfactorily. A large number of our tenants are focused on the value-orientated end of the retail market which will be less susceptible to the downturn which appears to be affecting those retailers aiming at customers' discretionary spend. Some 90% of our retailers by rental income are national or regional multiples which offers us a high level of comfort and we have consistently pursued a policy where no retailer accounts for more than 5% of our Group income, and no more than 15% of rental income in any one shopping centre. Our low level of gearing, high cash reserves and prudent debt management also leave us well placed to manage these current trading conditions. We continue to seek to expand our shopping centre portfolio as well as improve and grow our existing properties. I therefore look forward to the full year with confidence. MICHAEL HELLER Chairman 20 October 2005 London & Associated Properties PLC INCOME STATEMENT For the six months ended 30 June 2005 Notes 6 months 6 months Year ended ended ended 31 30 June 30 June December 2005 2004 2004 unaudited) (unaudited) (unaudited) £'000 £'000 £'000 Gross rental income Group & share of joint ventures 6,229 6,539 12,964 less: joint ventures - share of rental income (2,354) (2,652) (5,205) 3,875 3,887 7,759 less: property overheads - ground rents (796) (835) (1,677) direct property expenses (485) (670) (1,135) attributable overheads (1,115) (1,074) (2,162) (2,396) (2,579) (4,974) less: joint ventures - share of overheads 765 990 1,930 Property overheads (1,631) (1,589) (3,044) Net rental income 2,244 2,298 4,715 Listed investments - net gain 50 180 345 Operating profit before adjustments 2,294 2,478 5,060 Lease surrender (173) - - Profit on sale on investment properties 436 62 142 Associate and joint venture profit on sale on investment properties 55 - - Operating profit after adjustments 2,612 2,540 5,202 Share of (loss) / profit of joint ventures (181) 124 73 Share of profit of associate 267 220 392 2,698 2,884 5,667 Interest receivable 1 499 357 780 Interest payable 1 (1,980) (1,730) (3,664) Profit before valuation gains 1,217 1,511 2,783 Valuation gains : Increase in value of investment properties - Company - - 9,088 - Associates and joint ventures - - 8,629 Increase in value of held for trading investments 260 - - Profit before tax 1,477 1,511 20,500 Income tax 2 108 (111) (3,884) Profit for the period attributable to equity holders of the parent 1,585 1,400 16,616 Earnings per share 3 1.96p 1.72p 20.34p Diluted earnings per share 3 1.95p 1.72p 20.23p London & Associated Properties PLC CONSOLIDATED BALANCE SHEET 30 June 2005 30 June 30 June 31 December 2005 2004 2004 (unaudited) (unaudited) (unaudited) Notes £'000 £'000 £'000 Assets Non-current assets Value of properties attributable to group 104,743 98,253 108,331 Present value of head leases 9,103 8,689 9,103 Property 113,846 106,942 117,434 Plant and equipment 529 448 520 Investments in Joint Ventures 14,638 9,072 14,560 Investments in associated company 5,430 4,256 5,294 Held to maturity investments 3,784 3,784 3,784 Total non-current assets 138,227 124,502 141,592 Current assets Trade and other receivables 2,651 3,051 1,923 Financial assets - held for trading investments 4,411 3,039 2,681 Cash and cash equivalents 8,011 12,384 12,253 15,073 18,474 16,857 Liabilities Current liabilities Financial liabilities - borrowings (2,197) (1,043) (907) Trade and other payables (7,999) (9,934) (8,938) Current tax liabilities (337) (932) (422) (10,533) (11,909) (10,267) Non-current liabilities Financial liabilities - borrowings (49,838) (49,247) (49,830) Present value of head leases on properties (9,103) (8,689) (9,103) Deferred tax (8,832) (7,599) (8,649) Net assets 74,994 65,532 80,600 Equity Share capital 8,232 8,171 8,232 Share premium account 4,919 4,921 5,226 Capital redemption reserve 47 47 47 Other reserves 429 429 429 Currency translation reserve (49) 49 116 Retained earnings 67,911 51,915 67,131 Treasury shares (6,495) - (581) 74,994 65,532 80,600 Net assets per share 4 98.38p 80.20p 98.82p Diluted net assets per share 4 98.26p 79.71p 98.14p London & Associated Properties PLC CONSOLIDATED CASH FLOW STATEMENT For the six months ended 30 June 2005 6 months 6 months Year ended ended ended 30 June 30 June 31 December 2005 2004 2004 £'000 £'000 £'000 Cash flows from operating activities Operating profit after adjustments 2,612 2,540 5,202 Depreciation 52 52 108 Loss / (gain) on disposal of (9) 2 (10) fixed assets Profit on sale of investment (436) (62) (142) properties Increase in net current assets (812) (4,518) (2,976) Net interest paid (1,583) (1,606) (2,942) Income taxes paid (75) - (1,011) Net cash from operating (251) (3,592) (1,771) activities Cash flows from investing 932 (4,241) (5,177) activities Cash flows from financing (6,213) 8,707 7,827 activities Net (decrease) /increase in cash and cash equivalents (5,532) 874 879 Cash and cash equivalents at beginning of period 11,346 10,467 10,467 _______ _______ _______ Cash and cash equivalents at end 5,814 11,341 11,346 of period Cash and cash equivalents For the purpose of the cash flow statement, cash and cash equivalents comprise the following balance sheet amounts: 30 June 30 June 31 December 2005 2004 2004 £'000 £'000 £'000 Cash and cash equivalents 8,011 12,384 12,253 Bank overdraft (2,197) (1,043) (907) _______ _______ _______ Cash and cash equivalents at end of period 5,814 11,341 11,346 London & Associated Properties PLC Consolidated STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY For the six months ended 30 June 2005 Share Share Other Treasury Retained Total Translation capital premium reserve reserves shares earnings equity £'000 £'000 £'000 £'000 £'000 £'000 £'000 Balance at 1 January 2004 8,140 4,837 - 476 - 51,756 65,209 Issue of shares 31 84 - - - - 115 Currency translation - - 49 - - - 49 Dividend - - - - - (1,241) (1,241) Profit for the period - - - - - 1,400 1,400 _____ _____ _____ _____ ______ ______ ______ Balance at 30 June 2004 8,171 4,921 49 476 - 51,915 65,532 _____ ______ ______ ______ ______ ______ ______ Balance at 1 January 2004 8,140 4,837 - 476 - 51,756 65,209 Issue of shares 92 389 - - - - 481 Acquisition of own shares - - - - (581) - (581) Currency translation - - 116 - - - 116 Dividend - - - - - (1,241) (1,241) Profit for the period - - - - - 16,616 16,616 ______ ______ ______ _____ ______ ______ ______ Balance at 31 December 2004 8,232 5,226 116 476 (581) 67,131 80,600 ______ ______ ______ ______ ______ ______ ______ Cost of purchase of treasury shares - (307) - - - - (307) Acquisition of own shares - - - - (5,914) - (5,914) Currency translation - - (165) - - - (165) Dividend - - - - - (1,346) (1,346) Value financial assets at 1 January 2005 - - - - - 727 727 JV share of financial liabilities at 1 January 2005 - - - - - (186) (186) Profit for period - - - - - 1,585 1,585 ______ ______ ______ ______ ______ ______ ______ Balance at 30 June 2005 8,232 4,919 (49) 476 (6,495) 67,911 74,994 London & Associated Properties PLC NOTES TO THE FINANCIAL STATEMENTS for the six months ended 30 June 2005 Basis of accounting The results for the six months ended 30th June 2005 have been prepared in accordance with those International Financial Reporting Standards (IFRS) which are expected to be endorsed by the European Union and to apply to the 2005 full year results. The reported comparative period results have been restated on this basis. The financial statements have been prepared under the historical cost convention, except for the revaluation of certain properties and financial instruments. The principal accounting policies are described below. Basis of consolidation The group accounts incorporate the accounts of London & Associated Properties plc and all of its subsidiary undertakings, together with the group's share of the results of its joint ventures and associates. REVENUE (i) Rental income Rental income arises from operating leases granted to tenants. An operating lease is a lease other than a finance lease. A finance lease is one whereby substantially all the risks and rewards of ownership are passed to the lessee. Rental income is recognised in the group income statement on a straight-line basis over the term of the lease. This includes the effect of lease incentives to tenants, which are normally in the form of rent free periods or capital contributions in lieu of rent free periods. For income from property leased out under a finance lease, a lease receivable asset is recognised in the balance sheet at an amount equal to the net investment in the lease, as defined in IAS17. Minimum lease payments receivable, again defined in IAS17, are apportioned between finance income and the reduction of the outstanding lease receivable so as to produce a constant periodic rate of return on the remaining net investment in the lease. Contingent rents, being the difference between the rent currently receivable and the minimum lease payments when the net investment in the lease was originally calculated, are recognised in property income in the periods in which they are receivable. (ii) Reverse surrender premiums Payments received from tenants to surrender their lease obligations are recognised immediately in the income statement. (iii) Dilapidations Dilapidations monies received from tenants in respect of their lease obligations are recognised immediately in the income statement. EMPLOYEE BENEFITS (i) Share based remuneration The company operates a long-term incentive plan and share option scheme. The fair value of the conditional awards of shares granted under the long-term incentive plan and the options granted under the share option scheme are determined at the date of grant. This fair value is then expensed on a straight-line basis over the vesting period, based on an estimate of the number of shares that will eventually vest. At each reporting date, the fair value of the non-market based performance criteria of the long-term incentive plan is recalculated and the expense is revised. In respect of the share option scheme, the fair value of options granted is calculated using a binomial model. (ii) Pensions The company operates a defined contribution pension scheme. The contributions payable to the scheme are expensed in the period to which they relate. FINANCIAL INSTRUMENTS (i) Bank loans and overdrafts Bank loans and overdrafts are included as financial liabilities on the group balance sheet at the amounts drawn on the particular facilities. Interest payable on those facilities is expensed as a finance cost in the period to which it relates. (ii) Debenture loan The debenture loan is included as a financial liability on the balance sheet net of the unamortised discount and costs on issue. The difference between this carrying value and the redemption value is recognised in the group income statement over the life of the debenture on an effective interest basis. Interest payable to debenture holders is expensed in the period to which it relates. (iii) Finance lease liabilities Finance lease liabilities arise for those investment properties held under a leasehold interest and accounted for as investment property. The liability is initially calculated as the present value of the minimum lease payments, reducing in subsequent reporting periods by the apportionment of payments to the lessor. (iv) Interest rate derivatives The group uses derivative financial instruments to hedge the interest rate risk associated with the financing of the group's business. No trading in such financial instruments is undertaken. At each reporting date, these interest rate derivatives are recognised at fair value, being the estimated amount that the group would receive or pay to terminate the agreement at the balance sheet date, taking into account current interest rates and the current credit rating of the counterparties. The attaching hedged instrument is also recognised at fair value. The gain or loss at each fair value remeasurement is recognised immediately in the group income statement. The group has applied IAS32 `Financial instruments: Disclosure and presentation' and IAS 39 `Financial instruments: Recognition and measurement' with effect from 1 January 2005. INVESTMENT PROPERTIES (i) Valuation Investment properties are those that are held either to earn rental income or for capital appreciation or both, including those that are undergoing redevelopment. They are reported on the group balance sheet at fair value, being the amount for which an investment property could be exchanged between knowledgeable and willing parties in an arm's length transaction, and adjusted to include the carrying value of leasehold interests and lease incentive debtors. The valuation is undertaken by independent valuers who hold recognised and relevant professional qualifications and have recent experience in the locations and categories of properties being valued. Surpluses or deficits resulting from changes in the fair value of investment property are reported in the group income statement in the period in which they arise. (ii) Capital expenditure Capital expenditure, being costs directly attributable to the redevelopment or refurbishment of an investment property, up to the point of it being completed for its intended use, are capitalised in the carrying value of that property. Borrowing costs that are directly attributable to such expenditure are expensed in the period in which they arise. (iii) Disposal The disposal of investment properties is accounted for on completion of contract. On disposal, any gain or loss is calculated as the difference between the net disposal proceeds and the valuation at the last year end plus subsequent capitalised expenditure in the period. (iv) Depreciation and amortisation In applying the fair value model to the measurement of investment properties, depreciation and amortisation are not provided in respect of investment properties. PROPERTY PLANT AND EQUIPMENT Other non-current assets, comprising property, plant and equipment, are depreciated at a rate of between 10% and 25% per annum which is calculated to write off the cost, less estimated residual value of the assets, over their expected useful lives. JOINT VENTURES Investments in joint ventures, being those entities over whose activities the group has joint control, as established by contractual agreement, include the appropriate share of the results and reserves of those undertakings. ASSOCIATES Undertakings in which the group has a participating interest of not less than 20% in the voting capital and over which it has the power to exert significant influence are defined as associated undertakings. The financial statements include the appropriate share of the results and reserves of those undertakings. DEFERRED TAX Deferred tax is the tax expected to be payable or recoverable on differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the tax computations, and is accounted for using the balance sheet liability method. Deferred tax liabilities are generally recognised for all taxable temporary differences and deferred tax assets are recognised to the extent that it is probable that taxable profits will be available against which deductible temporary differences can be utilised. In respect of the deferred tax on the revaluation surplus, this is calculated on the basis of the chargeable gains that would crystallise on the sale of the investment portfolio as at the reporting date. The calculation takes account of indexation on the historic cost of the properties and any available capital losses. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the group income statement, except when it relates to items charged or credited directly to equity, in which case it is also dealt with in equity. DIVIDENDS Dividends payable on the ordinary share capital are recognised as a liability in the period in which they are approved. CASH AND CASH EQUIVALENTS Cash comprises cash in hand and on-demand deposits. Cash equivalents comprises short-term, highly liquid investments that are readily convertible to known amounts of cash and which are subject to an insignificant risk of changes in value. 1 INTEREST 6 months 6 months Year ended ended ended 30 June 30 June 31 December 2005 2004 2004 £'000 £'000 £'000 Interest receivable 499 357 780 Interest payable - bank loans and overdrafts (928) (674) (1,557) - other loans (1,052) (1,056) (2,107) (1,980) (1,730) (3,664) 2 INCOME TAX 6 months 6 months Year ended ended ended 30 June 30 June 31 December 2005 2004 2004 £'000 £'000 £'000 Company Current tax (52) (348) (549) Deferred tax (216) - (1,454) (268) (348) (2,003) Associate and joint ventures Current tax (37) (138) (151) Deferred tax 413 375 (1,730) 108 (111) (3,884) 3 EARNING PER SHARE 6 months 6 months Year ended ended ended 30 June 30 June 31 December 2005 2004 2004 £'000 £'000 £'000 Group profit after tax 1,585 1,400 16,616 Weighted average number of shares in issue for the period (`000) 80,804 81,530 81,705 BASIC EARNING PER SHARE 1.96p 1.72p 20.34p Diluted number of shares in issue (`000) 81,261 81,588 82,154 FULLY DILUTED EARNINGS PER SHARE 1.95p 1.72p 20.23p EARNING PER SHARE - UK GAAP Group profit before tax 1,142 1,112 2,301 Basic earning per share 1.41p 1.36p 2.82p Fully diluted earnings per share 1.41p 1.36p 2.80p 4 NET ASSETS PER SHARE 30 June 30 June 31 December 2005 2004 2004 £'000 £'000 £'000 Shares in issue (`000) 76,229 81,707 81,567 Net assets per balance sheet 74,994 65,532 80,600 BASIC NET ASSETS PER SHARE 98.38p 80.20p 98.82p Shares in issue diluted by outstanding share options (`000) 76,379 82,498 82,358 Net asset after issue of share options 75,046 65,755 80,823 FULLY DILUTED NET ASSETS PER 79.71p 98.14p SHARE 98.26p NET ASSETS PER SHARE - UK GAAP Net assets* 85,893 74,236 91,214 BASIC NET ASSETS PER SHARE 112.68p 90.86p 111.83p FULLY DILUTED NET ASSETS PER SHARE 112.52p 90.26p 111.02p * including current asset investments at market value 5 The above financial information does not constitute statutory accounts within the meaning of section 240 of the Companies Act 1985. Statutory accounts for the year ended 31 December 2004 which were prepared under UK generally accepted accounting principles (UK GAAP), have been delivered to the Registrar of Companies; the report of the auditors on those accounts was unqualified and did not contain a statement under Section 237(2) or (3) of the Companies Act 1985. The six months figures have not been audited or subject to review by the company's auditors. 6 POSTING TO SHAREHOLDERS The interim statement will be sent to shareholders by mail. Copies are now available at the company's registered office: Carlton House, 21a St James Square, London, SW1Y 4JH and may also be downloaded from the company's website: www.lap.co.uk.

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