Interim Results

Moneybox PLC 13 September 2004 13 September 2004 Moneybox plc Interim Results for the six months ending 30th June 2004 Chairman's Statement I am pleased to report that results for the first half were broadly in line with expectations. This period saw the company debut on AIM and acquire G2, a payments and authorisation business. However, in July and August revenues from the UK ATM estate have fallen below plan and, on the basis of this trend continuing, the company now expects profits to fall short of full year market expectations. Further guidance is given below. Financial Overview Following last year's change in the accounting year end, the financial performance of the Group for the 6 months ended 30 June 2004, as set out in this interim report, has been compared to the 6 months ended 31 July 2003. Turnover for the first half of 2004 was £19.7 million (2003: £15.2 million), an increase of 30%. On a like for like basis, excluding the turnover arising from the acquisition of G2 in March 2004, the increase in turnover over 2003 was £2.5 million or 16%. First half profit before tax, exceptional items and goodwill amortisation was £0.3 million (2003: loss of £0.9 million). This result reflects the continued growth in profitability of our UK ATM business and reduced losses in our European ATM businesses as these operations mature and gain critical mass. As set out in note 6 of the interim results, earnings before interest, tax, depreciation, amortisation and exceptional items for the first six months of 2004 were £0.9 million (2003: EBITDA loss of £0.3 million). The retained loss for the period was £0.7 million (2003: loss of £0.6 million) and basic loss per ordinary share was 0.40p (2003: loss of 0.46p). The directors do not propose to declare an interim dividend. Since the period end, Moneybox has drawn down a five year term loan for £10 million from the Royal Bank of Scotland to finance the purchase of its UK and European ATM estates. These estates were previously rented under long term operating leases. The capital expenditure associated with the asset buy-out was approximately £13 million and we anticipate that this should generate total savings of approximately £2.5 million over the remaining term of the operating leases. However, these savings will be largely used to offset the Group's costs to be incurred in upgrading its ATM estates for EMV ('Chip and PIN') and VISA PED ('Triple DES') compliance. ATM Deployment and Management UK Turnover for the UK ATM business in the first half of the year was £16.1 million (2003: £14.5 million) generating an operating profit of £1.3 million (2003: £0.8 million). At 30 June 2004, the Group operated 2,665 ATMs in the UK (31 July 2003: 2,310 ATMs). There have been a number of important developments within the UK ATM business during the first half: • Following the acquisition of G2, we embarked upon a project to bring ATM maintenance in-house. I am pleased to report that this project has been completed one month ahead of schedule with practically all our ATMs now being maintained by our own engineering personnel. Our experience to date is that service quality has improved significantly and the Directors are confident that by 2005 the business will exceed the £1 million of annualised maintenance cost savings anticipated at the time of our flotation. • Moneybox launched its new 24-hour kiosk unit for outdoor deployment. This new solution is proving very popular with forecourt retailers and is also appropriate for a variety of other outdoor locations including public car parks, pedestrian zones and campuses. The average transaction volumes are expected to be higher than those generated by our traditional indoor-located ATMs. Significant development work was undertaken to ensure that Moneybox could supply a competitive solution in this sector. We believe that the growth in independent ATM numbers has been a factor in the recent decline in transaction volumes in our traditional markets. We are therefore slowing down deployment of in-store fully managed ATMs in favour of the introduction of this anticipated higher yielding kiosk business model. Sales of the kiosk solution to date provide us with confidence that we can continue to grow the UK ATM business going forward. • The 24-hour kiosk has also been adapted into the Moneybox payphone ATM in partnership with BT, with the first site going live in Sheffield and the opportunity to deploy more ATMs under this business model if successful. • In February 2004, we signed a new five year contract with Luminar, the leading UK operator of entertainment bars and restaurants and late night dancing venues, to continue to supply and operate ATMs in venues across the UK. • Since flotation there has been a further focus on delivering direct cost savings and we have commenced negotiations with a number of our suppliers in this regard. Whilst these negotiations are anticipated to deliver cost savings in 2005, in some cases they may result in one-off exceptional charges in the second half of 2004. In addition, as the UK business reaches a more mature stage, we will be able to reduce our overhead base as we go into 2005. Rest of Europe Turnover for the other European ATM businesses in the first half of the year was £1.8 million (2003: £0.7 million) producing an operating loss of £0.7 million (2003: loss of £1.3 million). At 30 June 2004, the Group operated 428 ATMs in the rest of Europe (31 July 2003: 254 ATMs). Our German ATM business has delivered consistent gross profit throughout the first half of 2004. We have continued to install ATMs in transport locations with Tank & Rast, Autohofs and Total petrol stations. Furthermore, working with GE Money Bank, our banking partner in Germany, we have won two important new contracts: • In June 2004, we secured a contract with German national rail operator Deutsche Bahn to install ATMs in railway stations. • In July 2004, we entered into an agreement with GE Money Bank to install and manage ATMs in their retail branches. GE Money Bank currently has 115 branches. In the Netherlands we have renegotiated most of our major supply contracts and we anticipate that this should lead to annual cost savings of around Euro 1 million. In addition, we increased the transaction fee in the Netherlands from Euro 1.95 to Euro 2.50 in January. These actions have resulted in our Dutch operations breaking-even at gross profit level in May and June, but the business remains loss making. Payments and Authorisation Since the acquisition of G2 on 18 March 2004, and up to the half-year end at 30 June 2004, this division generated turnover of £1.8 million and an operating profit of £0.2 million. In the cashless payments sector, G2 continues to expand its credit and debit card acquiring business as customers increasingly move away from cash loading to credit and debit card loading of pre-paid payment cards. Recent wins include the Fire Service, Johnson & Johnson, Masterfoods and National Grid. G2's flexible payment processing infrastructure has been key to securing a significant success in the unattended payments sector with Meteor, the airport car park operator. Following the release of Myriad, G2's new cashless payment system in late 2003, the cashless pre-paid cards business has re-established its technology leadership in this sector and provides G2 legacy system customers with an upgrade path for their cashless systems. Myriad also puts G2 in a strong position to develop new business opportunities in the health, education and transport sectors. Our security solutions division continues to be successful in the education sector with major contract wins at Durham University, Islington City Academy, London Metropolitan University and Glasgow University. It is anticipated that the recent Government announcement regarding Local Education Authority projects to spearhead 'Building Schools for the Future programme' will further enhance the opportunities for growth in this sector. Outlook Following flotation, we have focused on securing the integration benefits promised as a result of the G2 acquisition and we are ahead of schedule in this endeavour. We have also secured some notable business wins in both the UK and Germany, and have made considerable strides towards profitability in our German ATM business. However, the lower than expected growth in UK transaction revenues and continued underperformance in the Netherlands is expected to adversely impact profits in the second half of 2004. Although we have seen some consolidation in the ATM market in the UK, and have ourselves evaluated a number of potential acquisitions, in the Directors' view none of these opportunities offered sufficient value to our shareholders. Moneybox has entered into discussions with various parties regarding the acquisition of ATM estates, but in each case withdrew from the process on the grounds of price. Our main focus has therefore been on organic growth, as we believe this currently offers the best return on shareholders' capital. We will continue to review acquisition opportunities but will only pursue them if they fall within acceptable parameters of price and fit with our current business. We continue to benefit from the growth opportunities in our ATM business, but also believe that there is considerable scope to grow the payments and authorisation business over the coming years, building on G2's established presence in this market. Our objective is to position Moneybox more firmly as a payment processing company that acquires transactions from a variety of sources, not just ATMs. As explained at the time of the flotation, we expect the trading results for this financial year to be disproportionately weighted towards the second half of the year. This is primarily attributable to the second half benefiting from a full six months contribution from G2 and, having incurred the up-front costs in the first half of bringing ATM maintenance in-house, from the associated cost savings that will start to filter through in the second half of the year. However, as a result of lower than expected growth in both UK and Dutch transaction revenues we now expect profit before tax, exceptional items and goodwill amortisation for the year ending 31 December 2004 to be lower than market expectations by £1.2 million in the UK and £0.3 million in the Netherlands. In spite of the disappointment with recent trading, the progress made in the first six months of 2004 supports our confidence in our ability to build a valuable business for our shareholders. Peter McNamara Chairman 13 September 2004 Contacts: Moneybox plc 020 7452 5400 Paul Stanley, Chief Executive Merlin 020 7653 6620 Paul Lockstone 07876 685200 Rebecca Penney 07795 108178 Notes to Editors: The Moneybox Group deploys, manages and maintains cash machines (ATMs) in the UK, Netherlands and Germany. The Group also operates cashless payment and access control systems in the UK through its G2 subsidiary, which was acquired in March 2004, when Moneybox floated on AIM. Moneybox launched its first convenience ATM in June 1999. At 30 June 2004, Moneybox operated 2,665 ATMs in the UK, 166 ATMs in the Netherlands and 262 ATMs in Germany. In the UK, Moneybox's cashless payment and access control systems are used by over 400 customers at more than 1,700 sites. Moneybox deploys ATMs at points of convenience, with consumers paying a convenience fee per cash transaction. This enables the ATM to be located in places that do not attract enough cardholders to support a traditional cash machine, promoting consumer choice and wider accessibility to their cash. Virtually every bankcard and credit card is acceptable through Moneybox ATMs as a result of Moneybox's membership of the LINK network. The G2 Group was established in 1991. In August 2002, G2 acquired a majority holding in Transacsys plc (a company then listed on London Stock Exchange's Alternative Investment Market (AIM)). Transacsys (formerly known as Girovend) introduced its cashless payment systems in 1984 and has supplied access control systems since 1994. G2 processes ATM, credit and debit card, direct debit, internet and stored value card transactions. G2 also develops, sells and maintains cashless payment and access control systems and in 2003 supplied approximately 300,000 smart cards and 300,000 magnetic strip cards to the workplace market. Independent Review Report to Moneybox plc Introduction We have been instructed by the company to review the financial information for the six months ended 30 June 2004 which comprises the profit and loss account, the balance sheet, the cash flow statement, the statement of total recognised gains and losses, the reconciliation of movements in equity shareholders' funds and related notes 1 to 9. We have read the other information contained in the interim report and considered whether it contains any apparent misstatements or material inconsistencies with the financial information. This report is made solely to the company, in accordance with Bulletin 1999/4 issued by the Auditing Practices Board. Our work has been undertaken so that we might state to the company those matters we are required to state to them in an independent review report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company, for our review work, for this report, or for the conclusions we have formed. Directors' responsibilities The interim report, including the financial information contained therein, is the responsibility of, and has been approved by, the directors. The directors are also responsible for ensuring that the accounting polices and presentation applied to the interim figures are consistent with those applied in preparing the preceding annual accounts except where any changes, and the reasons for them, are disclosed. Review work performed We conducted our review in accordance with the guidance contained in Bulletin 1999/4 issued by the Auditing Practices Board for use in the United Kingdom. A review consists principally of making enquiries of group management and applying analytical procedures to the financial information and underlying financial data and, based thereon, assessing whether the accounting policies and presentation have been consistently applied unless otherwise disclosed. A review excludes audit procedures such as tests of controls and verification of assets, liabilities and transactions. It is substantially less in scope than an audit performed in accordance with United Kingdom auditing standards and therefore provides a lower level of assurance than an audit. Accordingly, we do not express an audit opinion on the financial information. Review conclusion On the basis of our review we are not aware of any material modifications that should be made to the financial information as presented for the six months ended 30 June 2004. Deloitte & Touche LLP Chartered Accountants London 13 September 2004 Consolidated Profit and Loss Account For the 6 months ended 30 June 2004 Unaudited 6 months ended 30 June 2004 Unaudited Audited 6 months 11 months ended 31 July ended 31 2003 December 2003 Before goodwill Goodwill and Total and exceptional exceptional items items Notes £'000 £'000 £'000 £'000 £'000 -------- -------- ------- -------- -------- Turnover 2 Existing operations 17,690 - 17,690 15,188 29,335 Acquisitions 1,989 - 1,989 - - -------- -------- ------- -------- -------- 19,679 - 19,679 15,188 29,335 Cost of sales (14,686) - (14,686) (12,809) (24,170) -------- -------- ------- -------- -------- Gross profit 4,993 - 4,993 2,379 5,165 -------- -------- ------- -------- -------- Administrative expenses Goodwill amortisation - (437) (437) - - Exceptional items 3 - (964) (964) - - Other 4,901) - (4,901) (3,282) (6,492) -------- -------- ------- -------- -------- Total administrative expenses (4,901) (1,401) (6,302) (3,282) (6,492) -------- -------- ------- -------- -------- Operating profit /(loss) Existing operations 31 (964) (933) (903) (1,327) Acquisitions 61 (437) (376) - - -------- -------- ------- -------- -------- 92 (1,401) (1,309) (903) (1,327) Net interest 172 - 172 8 44 -------- -------- ------- -------- -------- Profit/(loss) on ordinary activities before tax 2 264 (1,401) (1,137) (895) (1,283) Tax on profit/(loss) on ordinary activities 4 250 - 250 - 900 -------- -------- ------- -------- -------- Profit /(loss) on ordinary activities after taxation 514 (1,401) (887) (895) (383) Equity minority interests 217 - 217 305 552 -------- -------- ------- -------- -------- Retained profit /(loss) for the financial period 731 (1,401) (670) (590) 169 ======== ======== ======= ======== ======== Earnings / (loss) per ordinary share 5 Basic 0.43p (0.83)p (0.40)p (0.46)p 0.13p ======== ======== ======= ======== ======== Diluted 0.43p (0.83)p (0.40)p (0.46)p 0.13p ======== ======== ======= ======== ======== Consolidated Balance Sheet As at 30 June 2004 Unaudited Unaudited Audited as at as at As at 30 June 2004 31 July 2003 31 December 2003 as restated as restated Notes £'000 £'000 £'000 -------- -------- -------- Fixed assets Intangible assets 15,320 82 77 Tangible assets 5,962 5,386 5,372 -------- -------- -------- 21,282 5,468 5,449 -------- -------- -------- Current assets Stocks 1,214 436 215 -------- -------- -------- Debtors: amounts falling due within one year - Deferred tax asset 1,150 - 900 - Other 5,848 2,603 2,907 -------- -------- -------- 6,998 2,603 3,807 Cash at bank and in hand 7 12,794 2,168 2,627 -------- -------- -------- 21,006 5,207 6,649 Creditors: amounts falling due within one year (9,320) (8,389) (9,595) -------- -------- -------- Net current assets / (liabilities) 11,686 (3,182) (2,946) -------- -------- -------- Total assets less current liabilities 32,968 2,286 2,503 Creditors: amounts falling due after more than one year (660) (2,050) (1,562) -------- -------- -------- Net assets 32,308 236 941 ======== ======== ======== Capital and reserves Called up share capital 19,910 12,699 12,699 Share premium account 24,584 - - Merger reserve 8,459 8,459 8,459 Profit and loss account (21,007) (21,018) (20,334) -------- -------- -------- Equity shareholders' funds 31,946 140 824 Equity minority interests 362 96 117 -------- -------- -------- Total capital employed 32,308 236 941 ======== ======== ======== Consolidated Cash Flow Statement For the 6 months ended 30 June 2004 Unaudited Unaudited Audited 6 months ended 6 months 11 months 30 June 2004 ended ended 31 July 31 December 2003 2003 Notes £'000 £'000 £'000 Net cash (outflow) / inflow from operating activities 6 (1,629) (583) 718 Returns on investments and servicing of finance Interest received 172 8 44 Taxation paid (575) - - Capital expenditure and financial investment Purchase of intangible fixed assets (7) (1) (1) Purchase of tangible fixed assets (1,076) (490) (1,744) Proceeds from sale of fixed assets - - 225 -------- -------- -------- (1,083) (491) (1,520) -------- -------- -------- Acquisitions and disposals Acquisition of shares in subsidiaries (7,257) - - Acquisition costs (352) - - Net cash acquired with subsidiary 930 - - -------- -------- -------- (6,679) - - -------- -------- -------- Net cash outflow before financing (9,794) (1,066) (758) Financing Issue of share capital in the company 21,861 - - Redemption of share capital (13) Costs associated with issue of share capital in the company (2,100) - - Issue of share capital in subsidiary undertaking 333 358 627 Repayment of secured bank loan (110) (18) (110) -------- -------- -------- 19,971 340 517 -------- -------- -------- Increase / (decrease) in cash in the period 7 10,177 (726) (241) ======== ======== ======== Consolidated Statement of Total Recognised Gains and Losses For the 6 months ended 30 June 2004 Unaudited Unaudited Audited 6 months ended 6 months 11 months 30 June 2004 ended ended 31 July 2003 31 December 2003 £'000 £'000 £'000 Retained (loss) / profit for the financial period (670) (590) 169 Currency translation differences (3) (42) (117) -------- -------- -------- Total recognised (losses) / gains relating to the period (673) (632) 52 ======== ======== ======== Reconciliation of Movements in Equity Shareholders' Funds For the 6 months ended 30 June 2004 Unaudited Unaudited Audited 6 months ended 6 months 11 months 30 June 2004 ended 31 July ended 31 2003 December 2003 £'000 £'000 £'000 Retained (loss) / profit for the financial period (670) (590) 169 Currency translation differences (3) (42) (117) Issue of share capital 33,908 - - Redemption of share capital (13) - - Share issue expenses (2,100) - - -------- -------- -------- Net increase / (decrease) in equity shareholders' funds 31,122 (632) 52 Opening equity shareholders' funds 824 772 772 -------- -------- -------- Closing equity shareholders' funds 31,946 140 824 ======== ======== ======== Notes to the Interim Financial Information 1. Basis of preparation In March 2004, Moneybox plc acquired by way of a scheme of arrangement the entire issued share capital of Moneybox Holdings Limited (formerly Ambient Corporation Limited) and the remaining shareholdings in Moneybox Corporation Limited not already held by Moneybox Holdings Limited in exchange for the issue of ordinary shares in Moneybox plc. This group reconstruction has been accounted for in accordance with the principles of merger accounting set out in Financial Reporting Standard 6 - 'Acquisitions and Mergers'. The financial information is therefore presented as if Moneybox Corporation Limited and its subsidiaries had been owned and controlled by the company throughout the periods ended 31 July 2003, 31 December 2003 and 30 June 2004. The financial information relating to the 11 months ended 31 December 2003 has been extracted, as restated for the group reconstruction, from the consolidated statutory accounts of Moneybox Corporation Limited which have been reported on by the group's auditors and have been delivered to the Registrar of Companies. The auditors' report was unqualified and did not contain any statement under section 237(2) or (3) of the Companies Act 1985. The financial information relating to the 6 months ended 30 June 2004 and the 6 months ended 31 July 2003 are unaudited but have been prepared on a consistent basis using the accounting policies set out in the consolidated statutory accounts of Moneybox Corporation Limited for the 11 months ended 31 December 2003. The financial information contained in this interim statement does not constitute statutory accounts as defined in section 240 of the Companies Act 1985. 2. Segmental analysis Unaudited 6 months Unaudited 6 months Audited 11 months ended 30 June 2004 ended 31 July 2003 ended 31 December 2003 Turnover Profit/(loss) Turnover Profit/(loss) Turnover Profit/(loss) before tax before tax before tax £'000 £'000 £'000 £'000 £'000 £'000 Geographical analysis United Kingdom 17,723 1,402 14,453 829 27,584 1,996 Rest of Europe 1,956 (685) 735 1,375) 1,751 (2,429) Central - (625) - (357) - (894) ------- ------- ------ ------- ------- ------- 19,679 92 15,188 (903) 29,335 (1,327) ======= ====== ======= Net interest 172 8 44 ------- ------- ------- Profit/(loss) before amortisation of goodwill, exceptional items and taxation 264 (895) (1,283) Exceptional items (964) - - Goodwill amortisation (437) - - ------- ------- ------- Loss before tax (1,137) (895) (1,283) ======= ======= ======= Unaudited 6 months Unaudited 6 months Audited 11 months ended 30 June 2004 ended 31 July 2003 ended 31 December 2003 Turnover Profit/(loss) Turnover Profit/(loss) Turnover Profit/(loss) before tax before tax before tax £'000 £'000 £'000 £'000 £'000 £'000 Market analysis ATM deployment and management 17,858 565 15,188 (546) 29,335 (433) Payments and authorisation 1,821 152 - - - - Central - (625) - (357) - (894) ------- ------- ------- ------- ------- ------- 19,679 92 15,188 (903) 29,335 (1,327) ======= ======= ======= Net interest 172 8 44 ------- ------- ------- Profit/(loss) before amortisation of goodwill, exceptional items and taxation 264 (895) (1,283) Exceptional items (964) - - Goodwill amortisation (437) - - ------- ------- ------- Loss before tax (1,137) (895) (1,283) ======= ======= ======= 3. Exceptional items The exceptional items include those costs associated with the company's flotation on the Alternative Investment Market of the London Stock Exchange in March 2004 that were not direct expenses of the share issue and were not capitalised on the acquisition of G2 Limited. 4. Taxation During the 6 months ended 30 June 2004 the group recorded an additional deferred tax credit of £250,000 (6 months ended 31 July 2003 - £nil; 11 months ended 31 December 2003 - £900,000) relating to deferred tax assets not previously recognised. At 30 June 2004, remaining accumulated tax losses give rise to a further potential deferred tax asset of £7.2 million which, for prudence, has not been recognised. 5. Earnings/(loss) per ordinary share Earnings/(loss) per ordinary share has been calculated using the following information: Unaudited Unaudited Audited 6 months ended 6 months ended 11 months ended 30 June 2004 31 July 2003 31 December 2003 £'000 £'000 £'000 Retained (loss)/profit for the period (670) (590) 169 ======== ======== ======== Profit/(loss) for the period before goodwill amortisation and exceptional items 731 (590) 169 ======== ======== ======== number number number Weighted average number of ordinary shares during the period 168,197,382 126,986,360 126,986,360 Potentially dilutive share options * - - 2,155,820 ----------- ----------- ----------- Weighted average number of ordinary shares for diluted earnings per share 168,197,382 126,986,360 129,142,180 =========== =========== =========== * As the group made a loss for the 6 months ended 30 June 2004 and 6 months ended 31 July 2003, no share options outstanding were considered to be dilutive for these periods. 6. Reconciliation of operating loss to net cash flow from operating activities Unaudited 6 months ended 30 June 2004 Unaudited Audited Before Goodwill and Total 6 months 11 months goodwill and exceptional ended 31 July ended 31 exceptional items 2003 December items 2003 £'000 £'000 £'000 £'000 £'000 Operating profit/ (loss) 92 (1,401) (1,309) (903) (1,327) Goodwill amortisation - 437 437 - - Amortisation of other intangible assets 6 - 6 6 11 Depreciation of tangible assets 826 - 826 591 1,243 -------- -------- ------- -------- -------- Earnings before interest, tax, depreciation and amortisation 924 (964) (40) (306) (73) amortisation Loss on disposal of fixed assets 59 - 59 - 294 (Increase)/decrease in stock (127) - (127) 100 321 Decrease/(increase) in debtors 99 - 99 (208) (619) (Decrease)/increase in creditors (1,620) - (1,620) (169) 795 -------- -------- ------- -------- -------- Net cash (outflow)/ inflow from operating activities (665) (964) (1,629) (583) 718 ======== ======== ======= ======== ======== 7. Analysis of net funds Audited at Cash Other Unaudited at 31 December flows movements 30 June 2003 2004 £'000 £'000 £'000 £'000 Cash at bank and in hand 2,627 10,177 (10) 12,794 Debt due within one year (220) - - (220) Debt due after more than one year (770) 110 - (660) ------- ------- ------- -------- Net funds 1,637 10,287 (10) 11,914 ======= ======= ======= ======== As at 30 June 2004, included within cash at bank and in hand is an amount of £466,000 (31 December 2003: £807,000) held on trust on behalf of third parties. 8. Acquisitions On 18 March 2004, the company acquired the entire issued share capital of G2 Limited for a consideration of £19,298,000 plus acquisition costs of £352,000 (total £19,650,000). The consideration was satisfied by a cash payment of £7,251,000 and the issue of 25,632,490 ordinary shares at an issue price of 47p each. The book values and fair values of the net assets of G2 Limited immediately prior to acquisition were as follows: Unaudited Book value and fair value £'000 Fixed assets 349 Current assets excluding cash 5,914 Cash 930 Corporation tax (575) Creditors due within one year (2,601) Minority interests (125) --------- Total net assets 3,892 Total consideration 19,650 --------- Goodwill 15,758 --------- The total consideration comprises: £'000 Cash 7,251 Issue of ordinary shares 12,047 Acquisition expenses 352 --------- 19,650 --------- The acquisition has been accounted for using the acquisition method of accounting and the goodwill of £15,758,000 arising on consolidation has been capitalised and is being amortised over a period of 10 years. In addition, since the acquisition of G2 Limited, cash consideration of £6,000 has been paid to increase the group's shareholding in Transacsys plc by acquiring some of the minority shareholdings. 9. Other information This Interim Report was approved by the Board of Directors on 13 September 2004. A copy of the Interim Report will be sent to all shareholders and will also be available from the company's registered office at Caxton House, 2 Farringdon Road, London EC1M 3HN. This information is provided by RNS The company news service from the London Stock Exchange

Companies

Andrada Mining Limited NPV (ATM)
UK 100
FTSE quotes by TradingView

Latest directors dealings

All directors dealings today