Interim Results
600 Group PLC
16 November 2005
16 November 2005
THE 600 GROUP PLC
INTERIM RESULTS FOR THE 26 WEEKS TO 1st OCTOBER 2005
CHAIRMAN'S STATEMENT
Market conditions
Since the beginning of the financial year, activity levels in our major markets
have continued the trends experienced over the past two years. In the UK and
USA, we have seen a gradual but erratic improvement, eastern Europe has remained
buoyant but western Europe has shown no signs of recovery.
Results
Our results for this half year have been prepared under the new International
Financial Reporting Standards (IFRS) for the first time. Therefore, they include
restated data for both first half and full year results previously published for
last year under UK GAAP. The accounting policies section and notes to the
financial information provide more detail on this change and an analysis of the
restatements.
Revenue increased by 9% from £31.5m to £34.4m as a result of improved
performances from our North American, South African and laser marker businesses.
The operating loss for the period was similar to last year, with the increased
margin resulting from the improved turnover being offset by planned additional
expenditure on sales and marketing and accelerated product development costs
associated with our strategy of organic growth.
Net financing income increased by £0.3m, principally as a result of improvements
in the net financial income from the assets and liabilities of the pension
scheme calculated in accordance with IAS 19 "Employee benefits".
The resulting loss for the period reduced from £0.4m to £0.1m.
Net funds at the period end were £4.0m, a reduction of £2.6m from the year end,
with the final dividend payment absorbing £2.3m.
Outlook
Notwithstanding the improvement in the results for the first half, they do not
reflect the major progress being made by the Group generally. Our supply chain
arrangements in China are now proceeding effectively after some early teething
troubles and we are also selling significantly more of our products into that
market. Extensive product development in a number of subsidiaries has opened up
significant opportunities in new markets and we are now able to follow more
aggressive sales and marketing programmes. The benefits of these initiatives are
already starting to materialise and will have an increasing impact on the
Group's results in the second half of the year.
Dividend
As I stated in our last Annual Report and Accounts, with the introduction of the
new accounting standards, dividend payments going forward must be related
directly to operating results. The board does not yet consider that the improved
results justify the payment of an interim dividend.
People
Tony Sweeten will be retiring as Group Chief Executive at the end of this
calendar year when he will be succeeded by Andrew Dick, currently Group Managing
Director. I am pleased to report that Tony will remain on the board in a
non-executive capacity.
Michael Wright
Chairman
16 November 2005
Enquiries:
Tony Sweeten, Group Chief Executive Telephone: 0113 277 6100
John Fussey, Group Finance Director
Hudson Sandler Telephone: 020 7796 4133
Nick Lyon
Consolidated income statement (unaudited)
26 weeks to 26 weeks 52 weeks to
01.10.05 to 02.10.04 02.04.05
Restated Restated
£000 £000 £000
Revenue 34,435 31,521 66,998
Operating loss before profit on sale of fixed assets (992) (943) (1,456)
Profit on sale of fixed assets - - 392
Operating loss before financing costs (992) (943) (1,064)
Net financing income 854 559 1,032
Loss before tax (138) (384) (32)
Income tax credit/(charge) (note 1) 22 (18) 436
(Loss)/profit for the period (116) (402) 404
Attributable to:
Equity holders of the parent (150) (402) 404
Minority interest (note 7) 34 - -
(Loss)/profit for the period (116) (402) 404
Earnings per share - basic and diluted (note 2) (0.3)p (0.7)p 0.7p
Consolidated statement of recognised income and expense (unaudited)
26 weeks to 26 weeks 52 weeks to
01.10.05 to02.10.04 02.04.05
Restated Restated
£000 £000 £000
Foreign exchange translation differences 693 195 (19)
Actuarial gains/(losses) on retirement benefit liability 1,200 (2,391) 7,555
Net income/(expense) recognised directly in equity 1,893 (2,196) 7,536
(Loss)/profit for the period (116) (402) 404
Total recognised income and expense for the period 1,777 (2,598) 7,940
Attributable to:
Equity holders of the parent 1,741 (2,598) 7,940
Minority interest (note 7) 36 - -
Total recognised income and expense for the period 1,777 (2,598) 7,940
Consolidated balance sheet (unaudited)
At 01.10.05 At 02.04.05 At 02.10.04
Restated Restated
£000 £000 £000
Assets
Non-current assets
Intangible assets 2,848 2,826 2,844
Property, plant and equipment 11,476 11,916 12,524
Deferred tax assets 681 676 299
15,005 15,418 15,667
Current assets
Inventory 22,725 23,213 22,867
Trade and other receivables 14,273 15,986 14,333
Investments 234 580 1,145
Cash and cash equivalents 5,551 7,751 7,970
42,783 47,530 46,315
Total assets 57,788 62,948 61,982
Liabilities
Non-current liabilities
Retirement benefit obligation (3,626) (6,484) (16,952)
Deferred tax liability (945) (945) (945)
(4,571) (7,429) (17,897)
Current liabilities
Trade and other payables and provisions (12,666) (14,854) (12,849)
Loans and other borrowings (1,758) (1,714) (1,988)
(14,424) (16,568) (14,837)
Total liabilities (18,995) (23,997) (32,734)
Net assets 38,793 38,951 29,248
Shareholders' equity
Called-up share capital 14,212 14,212 14,211
Reserves 24,222 24,739 15,037
Total equity attributable to equity holders of the parent 38,434 38,951 29,248
Minority interest (note 7) 359 - -
Total equity 38,793 38,951 29,248
Summarised consolidated cash flow statement (unaudited)
26 weeks 26 weeks 52 weeks
to 01.10.05 to 02.10.04 to 02.04.05
Restated Restated
£000 £000 £000
Cash flows from operating activities
(Loss)/profit for the period (116) (402) 404
Adjustments for:
Depreciation 832 881 1,808
Interest income (854) (559) (1,032)
Profit on disposal of plant and equipment - - (430)
Equity share option expense 16 21 38
Income tax (income)/expense (22) 18 (436)
Operating (loss)/profit before changes in working capital and (144) (41) 352
provisions
Decrease in trade and other receivables 2,125 2,138 485
Decrease/(increase) in inventories 1,159 (2,347) (2,905)
(Decrease)/increase in trade and other payables (2,338) (52) 1,767
Change in retirement benefit liability (970) 53 88
Cash generated from the operations (168) (249) (213)
Income tax received/(paid) 86 (70) 44
Net cash from operating activities (82) (319) (169)
Cash flows from investing activities
Net interest received 39 55 184
Proceeds from sale of plant and equipment 14 65 506
Acquisition of plant and equipment (261) (313) (641)
Net cash from investing activities (208) (193) 49
Cash flows from financing activities
Proceeds from issue of ordinary shares - 10 11
Net receipt of external borrowing 5 1,015 772
Equity dividends paid (2,274) (2,273) (3,127)
Reduction in current asset investments 346 16 582
Net cash from financing activities (1,923) (1,232) (1,762)
Net decrease in cash and cash equivalents (2,213) (1,744) (1,882)
Cash and cash equivalents at the beginning of the period 7,127 9,010 9,010
Effect of exchange rate fluctuations on cash held 38 - (1)
Cash and cash equivalents at the end of the period 4,952 7,266 7,127
Accounting policies
Basis of preparation
EU law (IAS Regulation EC 1606/2002) requires that the next annual consolidated
financial statements of the Group for the 52-week period ending 1 April 2006 be
prepared in accordance with IFRS adopted for use in the EU ("adopted IFRS").
This interim financial information has been prepared on a consistent basis under
the recognition and measurement requirements of IFRS in issue that are either
endorsed by the EU and effective (or available for early adoption) at 1 April
2006 or are expected to be endorsed and effective (or available for early
adoption) at 1 April 2006, the Group's first annual reporting date at which it
is required to use adopted IFRS. Based on these adopted and unadopted IFRS, the
directors have made assumptions about the accounting policies expected to be
applied when the first annual IFRS financial statements are prepared for the
52-week period ending 1 April 2006.
In particular, the directors have assumed that IAS 19 "Employee benefits"
(Revised), issued by the International Accounting Standards Board, will have
been adopted by the EU in sufficient time that it will be available for use in
the annual IFRS financial statements for the 52-week period ending 1 April 2006.
In addition, the adopted IFRS that will be effective (or available for early
adoption) in the annual financial statements for the 52-week period ending 1
April 2006 are still subject to change and to additional interpretations and
therefore cannot be determined with certainty. Accordingly, the accounting
policies for the period will only be finally determined when the annual
consolidated financial statements are prepared for the 52-week period ending 1
April 2006.
The rules for first time adoption of IFRS are set out in IFRS 1 "First time
adoption of international financial reporting standards". In general, a company
is required to determine its IFRS accounting policies and apply these
retrospectively to determine its opening balance sheet under IFRS. The standard
allows a number of exceptions to this general principle to assist companies as
they change to reporting under IFRS. Where the Group has taken advantage of
these exemptions they are noted below.
An explanation of how the transition to IFRS has affected the reported financial
position, financial performance and cash flows of the Group is provided in note
6. This note includes reconciliations of equity and profit for comparative
periods reported under UK GAAP to those reported for those periods under IFRS.
The figures for the 26-week period to 2 October 2004 and 1 October 2005 are
unaudited. The figures included for the 52-week period ended 2 April 2005 have
been restated to comply with adopted IFRS and are not the Group's statutory
accounts for that financial year. Those accounts, which are prepared under UK
GAAP, have been delivered to the Registrar of Companies. KPMG Audit Plc, The 600
Group PLC's auditors, reported on those accounts under section 235 of the
Companies Act 1985. Their report was unqualified and did not contain a statement
under section 237(2) or (3) of that Act.
Basis of accounting
The financial statements are prepared in accordance with the historical cost and
fair value conventions modified by the revaluation of certain fixed assets.
Changes in accounting policy
For all accounting periods up to and including the 52-week period ended 2 April
2005, the Group has prepared its financial statements under UK GAAP. For
accounting periods from 3 April 2005, the Group is required to prepare its
consolidated financial statements in accordance with IFRS as adopted by the EU.
The Group's first results under this basis will be its interim results for the
26-week period ended 1 October 2005. The Group's first annual report under IFRS
will be for the 52-week period ending 1 April 2006. As comparative figures are
provided, the effective date for transition to IFRS is 3 April 2004.
Basis of consolidation
The Group's financial statements consolidate the financial statements of the
Company and its subsidiary undertakings. The results of any subsidiaries sold or
acquired are included in the Group income statement up to, or from, the date
control passes. All intra-Group balances and transactions, including unrealised
profits arising from intra-Group transactions, are eliminated fully on
consolidation.
Foreign currency translation
The functional and presentation currency of the Group is Sterling
Transactions denominated in foreign currencies are translated into Sterling at
the rates of exchange ruling on the date of the transaction. Monetary assets and
liabilities are translated into Sterling at the rate of exchange ruling at the
balance sheet dates. Exchange rates used to express the assets, liabilities and
earnings of overseas companies in Sterling are the rates ruling at the balance
sheet dates. Exchange differences arising from the re-translation of the
investments in overseas subsidiaries, net of related foreign currency borrowings
taken out as a hedge against the investment, are recorded as a movement on
reserves. All other exchange differences are dealt with through the income and
expense account.
Revenue recognition
Revenue represents the total of the amounts invoiced to customers outside the
Group for goods supplied and services rendered, excluding VAT, and after
deducting discounts allowed and credit notes issued. Revenue is recognised at
the point at which goods are supplied or services are rendered to customers.
Pensions and post-retirement health benefits
The Group operates defined benefit pension schemes. The Group's net obligation
in respect of these defined benefit plans is calculated by estimating the amount
of future benefit that employees have earned in return for their service in the
current and prior periods; that benefit is discounted to determine its present
value and the fair value of any plan assets is deducted. Actuarial gains and
losses are recognised immediately through the Statement of Recognised Income and
Expense.
Goodwill
Goodwill arising on consolidation represents the excess of the fair value of the
consideration given over the fair value of the separable identifiable net assets
acquired. Goodwill arising on acquisition of subsidiaries and businesses is
capitalised as an asset.
In accordance with IFRS 3 "Business combinations", goodwill has been frozen at
its net book value as at 3 April 2004 and will not be amortised. Instead it will
be subject to an annual impairment review with any impairment losses being
recognised immediately in the income statement.
Research and development
Research and development expenditure undertaken with the prospect of gaining new
scientific or technical knowledge and understanding is recognised in the income
statement as an expense as incurred.
Expenditure on development activities, whereby research findings are applied to
a plan or design for the production of new or substantially improved products
and processes, is capitalised if the product or process is technically and
commercially feasible and the Group has sufficient resources to complete
development. The expenditure capitalised includes the cost of materials, direct
labour and an appropriate proportion of overheads. Amortisation is charged to
the income statement on a straight line basis over the useful economic life of
the activity unless such lives are considered indefinite in which case annual
testing for impairment is carried out.
Property, plant and equipment
Property, plant and equipment are held at cost, subject to property revaluations
carried out at March 1997 which are elected to be deemed cost under IFRS 1, less
accumulated depreciation.
Depreciation is calculated to write off the cost (or amount of the valuation) of
property, plant and equipment less the estimated residual value on a
straight-line basis over the expected useful economic life of the assets
concerned. The annual rates used are generally:
- freehold buildings 2 to 4%
- leasehold buildings Over residual terms of the leases
- plant and machinery 10 to 20%
- fixtures, fittings, tools and equipment 10 to 33.3%
Investments
Non-current assets - investments are stated at cost less any impairment in
value.
Current assets - investments are stated at the lower of cost and net realisable
value.
Inventories
Inventories are valued at the lower of cost and net realisable value after
making due allowance for obsolete and slow moving items. The cost of Group
manufactured products consists of direct materials and direct labour with the
addition of an appropriate proportion of production overheads.
Trade and other receivables
Trade receivables are recognised and carried at original invoice amount less
allowance for any uncollectable amounts. An estimate for doubtful debts is made
when collection of the full amount is no longer probable. Bad debts are written
off when identified.
Cash and cash equivalents
Cash and cash equivalents in the balance sheet comprise cash at bank and in hand
and short-term deposits.
For the purpose of the consolidated cash flow statement, cash and cash
equivalents consist of cash and cash equivalents as described above, net of
outstanding bank overdrafts.
Taxation
Income tax on the profit or loss for the year comprises current and deferred
tax. Income tax is recognised in the income statement except to the extent that
it relates to items recognised directly in equity, in which case it is
recognised in equity.
Deferred tax is provided using the balance sheet liability method, providing for
temporary differences between the carrying amounts of assets and liabilities for
financial reporting purposes and the amounts used for taxation purposes. A
deferred tax asset is recognised only to the extent that it is probable that
future taxable profits will be available against which an asset can be utilised.
Leases
Assets financed by leasing arrangements, which give rights approximating to
ownership, are treated as if they had been purchased outright and are
capitalised and depreciated over the shorter of the estimated useful life of the
assets and the period of the leases. The capital element of future rentals is
treated as a liability and the interest element is charged against profits in
proportion to the balances outstanding. The rental costs of all other leased
assets are charged against profits on a straight-line basis.
Financial instruments
It is the policy of the Group to cover all significant foreign exchange trading
commitments. Financial assets and liabilities and the associated forward
currency contracts are reported at fair value at the balance sheet dates.
Share-based payment
Charges for employee services received in exchange for share-based payment have
been made for all options granted after 7 November 2002 in accordance with IFRS
2 "Share based payment". The fair value of such options has been calculated
using a binomial option-pricing model, based upon publicly available market data
at the point of grant.
Dividends
Dividends are recorded in the Group's financial statements in the period in
which they are declared or paid.
Notes to the financial information
1. Taxation
The charge for corporation tax comprises UK taxation £nil (2004:£nil), overseas
taxation credit of £17,000 (2004:charge £5,000) and deferred taxation credit of
£5,000 (2004 restated:charge £13,000).
2. Earnings per share
The basic earnings per share are based on the loss for the period of £150,000
(2004:loss £402,000) and the weighted average number of shares outstanding of
56,846,137 (2004:56,833,763). For diluted earnings per share, the weighted
average number of ordinary shares in issue is adjusted to 57,011,504 (2004:
57,058,624) and assumes conversion of dilutive potential ordinary shares of
165,367 (2004:224,861).
3. Dividends
The dividend payment of £2,274,000 disclosed in note 4 represents the final
dividend recommended in the financial statements for the 52-week period ended 2
April 2005 (2004:£2,273,000). Under IFRS, dividends are required to be accounted
for in the period when declared rather than the period when recommended as under
UK GAAP.
4. Statement of changes in equity (unaudited)
Attributable to equity holders of parent Minority Total
interest equity
Share capital Other Retained Total
reserves earnings
£000 £000 £000 £000 £000 £000
Balance at 2 April 2005 14,212 17,989 6,750 38,951 - 38,951
Exchange difference on translating - - 691 691 2 693
foreign operations
Actuarial gains on retirement - - 1,200 1,200 - 1,200
benefit liability
Net income recognised directly in - - 1,891 1,891 2 1,893
equity
Loss for the period - - (150) (150) 34 (116)
Total recognised income for the - - 1,741 1,741 36 1,777
period
Dividend paid - - (2,274) (2,274) - (2,274)
Equity share options expense - 16 - 16 - 16
Part disposal of subsidiary - - - - 323 323
undertaking
Balance at 1 October 2005 14,212 18,005 6,217 38,434 359 38,793
5. Reconciliation of net cash flow to net funds (unaudited)
26 weeks to 26 weeks to 52 weeks to
01.10.05 02.10.04 02.04.05
Restated Restated
£000 £000 £000
Decrease in cash and cash equivalents (2,213) (1,744) (1,882)
Reduction in current asset investments (346) (16) (582)
Decrease in debt and finance leases (5) (1,015) (772)
Decrease in net funds from cash flows (2,564) (2,775) (3,236)
New finance leases - - (53)
Decrease in net funds (2,564) (2,775) (3,289)
Net funds at beginning of period 6,617 9,902 9,902
Exchange effects on net funds (26) - 4
Net funds at end of period 4,027 7,127 6,617
6. Explanation of transition to IFRS
As stated in the accounting policies, these are the Group's first consolidated
interim financial statements for the part of the period covered by the first
annual consolidated financial statements prepared in accordance with IFRS.
In preparing its opening IFRS balance sheet, comparative information for the
26-week period ended 2 October 2004 and financial statements for the 52-week
period ended 2 April 2005, the Group has adjusted amounts reported previously in
financial statements prepared in accordance with UK GAAP.
The details of how the transition from UK GAAP to IFRS has affected the Group's
financial position, financial performance and cash flows are set out in the
tables below. An explanation of the adjustments is as follows:
IAS 21 "The effects of changes in foreign currency rates" prohibits the method
of translating foreign operations' income and expense accounts at the closing
rate of exchange, which was allowable under UK GAAP, requiring instead that an
average rate be used.
IFRS 3 "Business combinations" requires goodwill to be capitalised and subject
to an annual impairment test rather than recognising amortisation as per UK
GAAP.
IAS 19 "Employee benefits" requires recognition of the pension scheme deficits
on the balance sheet and service costs, interest costs and expected return on
assets for the year to be charged to the income statement. Under UK GAAP,
differences between funding contributions and the amount charged to the income
statement were treated as either prepayments or accruals in the balance sheet.
Pension scheme contributions and variations in pension costs resulting from
actuarial valuations were spread over the future average working lifetime of
active members.
IAS 39 "Financial instruments" requires the fair value of forward currency
contracts to be reflected on the balance sheet.
IFRS 2 "Share based payment" requires the fair value cost of providing employee
share ownership plans to be reflected through the income and expenditure
statement.
7. Minority interest
The minority interest relates to the 25.1% stake in 600SA Holdings (Pty) Limited
acquired by a South African individual on 4 April 2005 as explained in our
Annual Report and Accounts for 2005.
Reconciliation of profit - 26 weeks to 2 October 2004 (unaudited)
UK IAS 21 IFRS 3 IAS 19 IAS 39 IFRS 2 Def. Restated
GAAP Tax IAS
£000 £000 £000 £000 £000 £000 £000 £000
Revenue 31,815 (294) 31,521
Operating loss before (838) 3 92 (216) 37 (21) (943)
exceptional items
Pension credit 1,149 (1,149) -
Operating profit/(loss) 311 3 92 (1,365) 37 (21) (943)
before financing costs
Net financing income 96 463 559
Profit/(loss) before tax 407 3 92 (902) 37 (21) (384)
Income tax charge (108) 1 89 (18)
Profit/(loss) for the period 299 4 92 (902) 37 (21) 89 (402)
Earnings per share - basic 0.5p 0.2p (1.5)p 0.1p 0.2p (0.7)p
and diluted
Reconciliation of profit - 52 weeks to 2 April 2005 (unaudited)
UK IAS 21 IFRS 3 IAS 19 IAS 39 IFRS 2 Def. Restated
GAAP Tax IAS
£000 £000 £000 £000 £000 £000 £000 £000
Revenue 66,682 316 66,998
Operating loss before (1,255) 4 182 (414) 65 (38) (1,456)
exceptional items
Pension credit 2,340 (2,340) -
Profit on sale of fixed 392 392
assets
Operating profit/(loss) 1,477 4 182 (2,754) 65 (38) (1,064)
before financing costs
Net financing income 149 (5) 888 1,032
Profit/(loss) before tax 1,626 (1) 182 (1,866) 65 (38) (32)
Income tax (charge)/credit (731) (1) 1,168 436
Profit for the period 895 (2) 182 (1,866) 65 (38) 1,168 404
Earnings per share - basic 1.6p 0.3p (3.3)p 0.1p (0.1)p 2.1p 0.7p
and diluted
Reconciliation of equity as at 3 April 2004 (unaudited)
UK IFRS 3 IAS 19 IAS 39 Def. Div. Restated
GAAP Tax Adj. IAS
£000 £000 £000 £000 £000 £000 £000
Assets
Non-current assets
Intangible assets 2,837 2,837
Property, plant and equipment 13,116 13,116
Deferred tax assets 299 299
Retirement benefit obligation 33,643 (33,643)
49,895 (33,643) 16,252
Current assets
Inventory 20,346 20,346
Trade and other receivables 16,281 16,281
Investments 1,162 1,162
Cash and cash equivalents 9,569 9,569
47,358 47,358
Total assets 97,253 (33,643) 63,610
Liabilities
Non-current liabilities
Retirement benefit obligation (14,918) (14,918)
Deferred tax liability (8,431) 7,486 (945)
(8,431) (14,918) 7,486 (15,863)
Current liabilities
Trade and other payables and (16,021) 972 (54) 2,273 (12,830)
provisions
Loans and other borrowings (829) (829)
(16,850) 972 (54) 2,273 (13,659)
Total liabilities (25,281) (13,946) (54) 7,486 2,273 (29,522)
Net assets 71,972 (47,589) (54) 7,486 2,273 34,088
Shareholders' equity
Called-up share capital 14,206 14,206
Reserves 57,766 (47,589) (54) 7,486 2,273 19,882
Total equity attributable to 71,972 (47,589) (54) 7,486 2,273 34,088
equity holders of the parent
Reconciliation of equity as at 2 October 2004 (unaudited)
UK IFRS 3 IAS 19 IAS 39 Def. Div. Restated
GAAP Tax Adj. IAS
£000 £000 £000 £000 £000 £000 £000
Assets
Non-current assets
Intangible assets 2,752 92 2,844
Property, plant and equipment 12,524 12,524
Deferred tax assets 299 299
Retirement benefit obligation 34,999 (34,999)
50,574 92 (34,999) 15,667
Current assets
Inventory 22,867 22,867
Trade and other receivables 14,333 14,333
Investments 1,145 1,145
Cash and cash equivalents 7,970 7,970
46,315 46,315
Total assets 96,889 92 (34,999) 61,982
Liabilities
Non current liabilities
Retirement benefit obligation (16,952) (16,952)
Deferred tax liability (8,520) 7,575 (945)
(8,520) (16,952) 7,575 (17,897)
Current liabilities
Trade and other payables and (14,720) 1,035 (17) 853 (12,849)
provisions
Loans and other borrowings (1,988) (1,988)
(16,708) 1,035 (17) 853 (14,837)
Total liabilities (25,228) (15,917) (17) 7,575 853 (32,734)
Net assets 71,661 92 (50,916) (17) 7,575 853 29,248
Shareholders' equity
Called-up share capital 14,211 14,211
Reserves 57,450 92 (50,916) (17) 7,575 853 15,037
Total equity attributable to 71,661 92 (50,916) (17) 7,575 853 29,248
equity holders of the parent
Reconciliation of equity as at 2 April 2005 (unaudited)
UK IFRS 3 IAS 19 IAS 39 Def. Div. Restated
GAAP Tax Adj. IAS
£000 £000 £000 £000 £000 £000 £000
Assets
Non-current assets
Intangible assets 2,644 182 2,826
Property, plant and equipment 11,916 11,916
Deferred tax assets 385 291 676
Retirement benefit obligation 36,395 (36,395)
51,340 182 (36,395) 291 15,418
Current assets
Inventory 23,213 23,213
Trade and other receivables 15,986 15,986
Investments 580 580
Cash and cash equivalents 7,751 7,751
47,530 47,530
Total assets 98,870 182 (36,395) 291 62,948
Liabilities
Non-current liabilities
Retirement benefit obligation (6,484) (6,484)
Deferred tax liability (9,308) 8,363 (945)
(9,308) (6,484) 8,363 (7,429)
Current liabilities
Trade and other payables and (18,165) 1,026 11 2,274 (14,854)
provisions
Loans and other borrowings (1,714) (1,714)
(19,879) 1,026 11 2,274 (16,568)
Total liabilities (29,187) (5,458) 11 8,363 2,274 (23,997)
Net assets 69,683 182 (41,853) 11 8,654 2,274 38,951
Shareholders' equity
Called-up share capital 14,212 14,212
Reserves 55,471 182 (41,853) 11 8,654 2,274 24,739
Total equity attributable to 69,683 182 (41,853) 11 8,654 2,274 38,951
equity holders of the parent
Interim report
Copies of the interim report will be sent to all shareholders and will be
available to members of the public from the company's registered office at
600 House, Landmark Court, Revie Road, Leeds, LS11 8JT.
The 600 Group PLC is registered in England and Wales No. 196730.
Share price information
Information concerning the day-to-day movement of The 600 Group PLC share price
can be found by dialling 0906 003 4031 for the Financial Times share price
service.
The 600 Group PLC
600 House
Landmark Court
Revie Road
Leeds
LS11 8JT
Telephone: 44 (0) 113 277 6100
Facsimile: 44 (0) 113 276 5600
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