Final Results

Braemar Seascope Group PLC 04 May 2006 For immediate release 4 May 2006 Results - Year ended 28 February 2006 Braemar Seascope Group plc (the 'Group'), a leading provider of shipping services, today announced full year unaudited results for the year ended 28 February 2006. HIGHLIGHTS •Revenue up to £68.5m (2005: £45.2m) •Pre-tax profit up 27% to £10.3m (2005: £8.1m) •Basic EPS up 26% to 37.03p (2005: 29.50p) •Operating cash flow up 25% to £10.7m (2005: £8.6m) •Final dividend 11.5p per share (up 15%), full year 18.0p (2005: 16.00p) up 12.5% •DV Howells acquired in March 2006, extending our service range Commenting on the results and outlook, Sir Graham Hearne, Chairman, said: 'Shipbroking has continued to flourish in favourable markets and our business has benefited from high freight rates and vessel values as well as increased transaction volumes ' 'The demand for seaborne trade continues to grow driven by the demand for the long-range transportation of raw materials, oil, gas and manufactured products. The Group is well-placed to benefit from the increased activity in all sectors. We also expect the contribution from our non-broking businesses to increase in the coming year. The new financial year has started well with a good level of business concluded already, both for this year and future years.' For further information, contact: Braemar Seascope Group plc Alan Marsh Tel 020 7535 2650 James Kidwell Tel 020 7535 2881 Aquila Financial Peter Reilly Tel 020 7202 2601 Charles Stanley Securities Philip Davies Tel 020 7953 2000 Notes to editors: Through its subsidiaries Braemar Seascope Group plc's services provided comprise: Braemar Seascope Specialised shipbroking and consultancy services to Limited, Braemar international ship owners and charterers in the sale & Seascope Pty purchase, tanker, offshore, container and dry bulk (Australia), markets. www.braemarseascope.com DV Howells Limited Pollution response service provider primarily in the UK www.dvhowells.co.uk Cory Brothers Shipping Liner and port ship agency services within the UK. Agency Limited www.cory.co.uk Wavespec Limited Marine engineering and naval architecture consultants to the shipping and offshore markets. www.wavespec.com PRELIMINARY ANNOUNCEMENT - YEAR ENDED 28 FEBRUARY 2006 CHAIRMAN'S STATEMENT I am delighted to report another year of record profits for the Group and on behalf of the Board I would like to thank the staff throughout the Group for their hard work and commitment during the year. Their effort and skill has contributed greatly to these results. Revenue for the year increased to £68.5m (2005: £45.2m) and profit before tax was £10.3m compared with £8.1m in the prior year. Earnings per share grew by 26% to 37.03 pence (2005: 29.50 pence). The good performance was also reflected in the net cash generated from operating activities which increased to £10.7m (2005: £8.6m) contributing to the improvement in net funds which ended the year at £13.6m (2005: £6.5m). Shipbroking has continued to flourish in favourable markets and our business has benefited from high freight rates and vessel values as well as increased transaction volumes. Our new Australian business has integrated well within the Group and we have used this as a platform to set up a new bunker trading operation during the year. We are encouraged by the growth we are seeing in certain of our broking and shipping service areas which we have worked hard to develop in recent years. We believe this growth will stand the Group in good stead in the future. The non-broking segments of the Group have begun to show they are capable of a meaningful financial contribution to the Group's overall result. Cory Brothers improved its performance significantly in the UK ship agency, forwarding and logistics market and has added two bolt-on acquisitions in the year to expand its operations. Wavespec is now seeing the benefit of its market leading position in technical design and supervisory work for LNG vessel construction. In March 2006 we added a new services arm to the Group through the acquisition of D V Howells, the UK based pollution response business. We expect that its marine business will be capable of significant growth within the Group. The acquisition is another step in our overall strategy of building a broadly-based shipping services Group. Iain Shaw will be retiring from the Company at the forthcoming AGM having been a director since the company's inception. He has made an outstanding contribution to the Group over the years for which the Board wish to record their deep appreciation. The Board is recommending a final dividend of 11.5 pence per ordinary share, which together with the 6.5 pence interim dividend takes the total dividend for the year to 18.0 pence (2005: 16.0 pence), a rise of 12.5%. Outlook The demand for seaborne trade continues to grow driven by the demand for the long-range transportation of raw materials, oil, gas and manufactured products. The Group is well-placed to benefit from the increased activity in all sectors. We also expect the contribution from our non-broking businesses to increase in the coming year. The new financial year has started well with a good level of business concluded already, both for this year and future years. Sir Graham Hearne 4 May 2006 CHIEF EXECUTIVE'S OPERATIONAL AND FINANCIAL REVIEW The size and scope of our business has increased significantly over the last few years. An overview of the operations and composition of the Group by business segment is shown in the table below: Segment Trading names Number of Business employees Locations Shipbroking Braemar Seascope 189 UK head office in London and an office in Aberdeen; Shanghai and Beijing; Melbourne, Perth and Sydney; Singapore; Delhi and Mumbai (joint venture offices). Ship agency, Cory Brothers, forwarding Morrisons, and Planetwide 120 16 offices in Logistics the UK, mainly in ports of which Tilbury, Felixstowe and Southampton are the main offices. Technical shipping support Wavespec 17 Office in Malden Essex. Site offices in the major shipyards in Korea and Japan Bunker Braemar Seascope 2 Melbourne, trading Australia Pollution response services D V Howells 27 7 offices in the (acquired March 2006) UK. The segments form a complementary grouping of businesses operating separately within the shipping industry. Together they extend the range of advice and services we are able to provide for our clients and increasingly we are able to act in a wide-ranging consulting capacity because of the breadth of our services. We believe this is an important feature of the future of the business and we will continue to seek opportunities to add value in related areas where we can. The new financial year has begun well with significant business concluded already. We currently have in excess of US$30 million of shipbroking revenues deliverable within the current year. A segmental commentary on the operating activities during the year is set out below. Shipbroking Shipbroking activities are undertaken by Braemar Seascope with revenues in 2005/ 6 increasing to £39.7m (2005: £32.4m) and operating profits of £9.0m (2005: £8.9m). The tanker freight market began the financial year in a relatively benign state, however the second half of the year was significantly influenced by the after effects of the hurricane season in the United States. The initial impact on U.S. refining capacity resulted in a surge of demand for imported products, especially gasoline. The damage to offshore crude oil production facilities in the Gulf of Mexico has still not been fully repaired, and less than half of the sub-sea pipeline system has so far been restored. The consequent demand for crude oil, imported from more geographically remote supply sources, supported a strong tanker market throughout the winter months. In spite of high oil prices, and a steady increase in the cost of bunker fuel, shipowners enjoyed healthy earnings. Modern Very Large Crude Carriers averaged around $90,000 per day over the 4th quarter of 2005 and 1st quarter of 2006, and over the same period a medium size products carrier averaged around $25,000 per day. Looking ahead over 2006, oil prices are at record levels and are likely to remain high, as long as tension exists over Iran's nuclear ambitions. Problems with supplies from Nigeria, due to local insurrection, and growing antipathy between the governments of the USA and Venezuela, which accounts for some 15 per cent of American crude oil imports, suggest that the United States will continue to rely on long haul crude oil imports. In spite of the 'wake up call' to the US refining sector, there are no plans for early expansion of capacity there. Although the tanker market is currently experiencing a predictable seasonal lull, there is every reason to believe that owners of all types of tanker can look forward to healthy returns. Specialised products chartering, comprising chemicals, gas, small tankers and vegetable oils, enjoyed a year of high activity and good growth. The gas and chemicals businesses are based on contracts with major charterers. Shipment volumes and freight rates have increased year-on-year and the signs are that the upward trend will continue in the coming year. Changes in regulations and controls within the chemicals and vegetable oils sectors can only further tighten available tonnage. The Dry bulk market was volatile over the course of the financial year. The benchmark Baltic Dry Index (BDI) was 4,663 on 1 March 2005 falling to a low of 1,747 on 3 August 2005 and recovering to 2,680 at 28 February 2006, overall averaging 3,020 (2004/5: 4,396). It currently stands at 2,378. At the start of the year demand for iron ore was high though this fell off through the first half and freight rates reduced as the fleet grew with increases in the supply of tonnage and port congestion eased. The addition of our Australian offices has greatly increased our Dry market coverage and during the year we opened a new Dry Bulk office in Singapore as some operators have relocated to benefit from the local tax environment for shipping. Over the coming year demand is expected to increase - Chinese GDP is expected to grow by at least 8 per cent during 2006 - though this may be offset by an increase in the supply of vessels, particularly in the Capesize fleet where tonnage is expected to grow by some 12 per cent in deadweight terms over 2006. However scrapping of older vessels in next few years is likely and may serve to restore a balance to the fleet. Our sale and purchase team is engaged in second hand, demolition and newbuilding business. Second hand activity prospered in markets which have seen sustained investment activity for more than two years. The business has grown year-on-year benefiting from the continuing high volume of transactions and a shift in the mix towards higher value transactions. Substantial capital was raised in the public markets for investment in shipping and we were involved in a number of large vessel purchases for newly quoted clients. Activity levels across most types and sizes of ship have remained high even though vessel prices have come down in some sectors since the highs at the beginning of the financial year. Newbuilding income increased over the year - it is recognised in line with the contractual phasing of payments by the ship owner to the shipyard, and therefore mainly reflects the activity of previous years. The addition of new contracted business during the year maintained the forward order book with the benefit to earnings accruing over the next four years. There has been a high level of activity in the offshore market this year both in the North Sea and worldwide, with exploration activity increasing due to the outlook for oil prices. Charter rates firmed over the year and are expected to remain high for the foreseeable future. Transaction volumes improved year-on-year and the forward book of business has also been built significantly. Container market rates began the year strongly but weakened sharply in the latter half of 2005, finding a level of stability in the first quarter of 2006. Global container volume growth was in the region of 10% in 2005 driven by strong global economic growth. However, newbuilding tonnage under construction will represent a high proportion of the existing fleet size and will continue to be so for the next few years. Our team, held through a joint venture, performed well in both chartering and sale and purchase in this volatile market. Ship agency, forwarding and logistics Ship agency, forwarding and logistics is undertaken by Cory Brothers. Revenues increased to £15.9m (2005: £8.5m) and operating profits were £0.6m (2005: £(1.2) m loss). A much stronger performance from shipping service provider, Cory Brothers, has been achieved through growth in all sectors. The new income streams identified in 2005 in Logistics performed very strongly whilst there was continued significant growth in both General Forwarding, Project Forwarding and Liner services. Performance in Ship Agency was also higher due to increased port calls which is a key driver of revenue. In July 2005 Cory acquired the business of Geo Morrison & Co (Leith) Limited which trades as Morrison Shipping and Morrison Tours for a cash consideration of up to £525,000. Morrison is based in Leith, Scotland and acts as Ship's Agent, Project Forwarder and provides shore excursions for Cruise operators. These long-term business relationships with the Cruise operators complement those of Cory Brothers which should enable further development elsewhere in the UK. In November 2005 Cory acquired Planetwide Group Limited for a cash consideration of up to £766,000. Planetwide is a Freight Forwarding business with strong relationships in the Australia, New Zealand and Nigerian markets. Its business involves warehousing, European trailer transport, air freight, containerisation to deep-sea destinations and undertakes packing and all export and import documentation as per its clients' needs. This expertise combines well with the growing Cory Brothers Forwarding and Logistics business centred in Felixstowe. Subsequent to the end of the financial year Cory Brothers formed Gorman Cory Shipping Agency Limited, in which it has a 41% interest, with Gorman Shipping, a Mersey based company providing ship agency services and handling more than 750 vessel calls per year. The three transactions are natural additions to Cory Brothers' existing business and build on the client base and range of services the company can offer. Technical shipping support Wavespec's revenues increased to £5.2m (2005: £4.3m) and operating profits were £0.3m (2005: £0.1m). Wavespec consolidated its position as the pre-eminent LNG carrier design and construction specialists having been awarded contracts to act as Charterers' Representatives in projects for Qatar and Sakhalin. The Qatari contract involves overseeing the design review and construction of, potentially, up to 100 LNG Carriers in three yards in Korea. For the most part these vessels represent the cutting edge of LNG carrier design taking vessels up to 250,000 cubic metres in size. Previously, LNG carriers had not exceeded 155,000 cubic metres. These vessels are also the first LNG carriers to be fitted with slow speed diesel propulsion and LNG gas reliquefaction plants. The Sakhalin vessels are the first generation of ice-class LNG carriers and are to carry LNG from Sakhalin Island to Japan. The company is also involved in new business connected with the development of vessels to carry Compressed Natural Gas (CNG) and in the offshore sector. As a result of these developments, and ongoing projects, Wavespec has a strong order book going forward into 2006-7. Bunker trading Revenues in this new segment were £7.7m (2005: £Nil) and operating profits were £30,000 (2005: Nil) after four months of operation. We opened a bunker trading business which is operating successfully in the Australian and Far East markets. This activity involves the purchase of bunkers from oil companies against matched sales to ship owners or operators. We expect revenues and profits from this segment to be significantly increased in the next financial year. Financial Profit before tax increased to £10.3m compared with the IFRS restated figure of £8.1m in 2005 on revenues of £68.5m (2005: £45.2m). The operating profit margin of 14.4% in 2006 compared with 17.2% in 2005. The reduction mainly reflects the inclusion of the new bunker trading business in Australia which acts as a principal for the purchase and resale of bunkers and has an inherently lower margin than the other segments together with the increased relative importance of the lower margin, but less volatile, forwarding and logistics business and higher staff and premises costs in shipbroking. The majority of the Company's shipbroking, technical services and bunker trading income is US dollar denominated and the average rate of exchange for conversion of US dollar income in the year was $1.80/£ (2005: $1.82/£) and at the year ended 28 February 2006 the rate was $1.75/£. At present the Group has cover for the 2006/7 year through forward foreign exchange contracts totalling US$21m at a blended rate of $1.76/£ plus the right to sell $US12m at $1.80/£ over the next 6 months. The tax rate on profits was 30.3% (2005: 33.2%). The tax charge in the year benefited from the tax deductibility of share option exercises based on the market value at the point of exercise. Operating cash flow of £10.7m (2005: £8.6m), calculated after corporation tax payments, increased in line with profits. The net cash balance increased over the year by £7.1m to £13.6m (2005: £6.5m). Cash expenditure for acquisitions (net of cash acquired) totalled £0.5m in respect of Morrisons and Planetwide and an estimated additional £0.5m is payable dependent on profits. In March 2006 the Group acquired the pollution response specialist, D V Howells, for a cash consideration of £550,000. The directors are proposing for approval at the AGM a final dividend of 11.5 pence per ordinary share, at a cost of £2.2m (not recognised as a liability at 28 February 2006), to be paid on 27 July 2006 to shareholders on the register at the close of business on 30 June 2006 (the ex-dividend date will be 28 June 2006). Together with the 6.5p interim dividend the Company's dividend for the year is 18.0 pence (2005: 16.0 pence) at a cost of £3.6m. The dividend is covered 2.0 times by earnings. Alan Marsh 4 May 2006 Braemar Seascope Group PLC Consolidated income statement for the year ended 28 February 2006 Notes Year ended Year ended 28 Feb 2006 28 Feb 2005 £'000 £'000 Revenue 3 68,497 45,203 Operating costs (58,607) (37,412) ------- ------- Amortisation of other intangibles (287) - Impairment of goodwill - (931) Operating costs excluding amortisation of other intangibles and impairment of goodwill (58,320) (36,481) ------- ------- ------- ------- Operating profit 3 9,890 7,791 Finance income 162 28 Finance costs (2) (53) Share of profit from joint ventures' and associates after tax 243 365 ------- ------- Profit before taxation 10,293 8,131 Taxation 4 (3,115) (2,699) ------- ------- Profit for the period attributable to equity shareholders 7,178 5,432 ------- ------- Earnings per ordinary share 6 Basic - pence 37.03 p 29.50 p Diluted - pence 36.18 p 28.59 p Braemar Seascope Group PLC Statement of recognised income and expenses for the year ended 28 February 2006 Year ended Year ended Notes 28 Feb 2006 28 Feb 2005 Restated £'000 £'000 Profit attributable to shareholders 7,178 5,432 Foreign exchange differences on retranslation of foreign operations 83 (8) Tax on items taken directly to or transferred from equity 576 40 Cash flow hedges: - Transferred to income statement in period (1,401) - - Losses deferred in equity (40) - -------- ------- Recognised income and expense for the year 8 6,396 5,464 -------- ------- First time adoption of IAS 32 & 39 1,077 - -------- ------- Total recognised income and expense 7,473 5,464 -------- ------- Braemar Seascope Group PLC Consolidated Balance sheet as at 28 February 2006 As at As at 28 Feb 06 28 Feb 05 ASSETS £'000 £'000 Non current assets Goodwill 22,480 21,652 Other intangible assets 462 215 Property, plant and equipment 5,034 4,960 Investments 1,611 1,555 Deferred tax assets 510 309 Other receivables 58 95 -------- -------- 30,155 28,786 Current assets Trade and other receivables 17,717 11,688 Financial assets - Derivative financial instruments 12 - Restricted cash - 4,434 Cash and cash equivalents 13,567 9,606 -------- -------- 31,296 25,728 -------- -------- Total assets 61,451 54,514 -------- -------- LIABILITIES Current liabilities Financial liabilities - Short term borrowings - 3,067 - Derivative financial instruments 99 - Trade and other payables 25,490 17,113 Current tax payable 2,224 1,556 Finance leases 11 31 Provisions 288 41 Client monies held as escrow agent - 4,434 -------- -------- 28,112 26,242 Non-current liabilities Deferred tax liabilities 139 65 Finance leases - 8 Provisions 343 110 -------- -------- 482 183 -------- -------- Total liabilities 28,594 26,425 -------- -------- Total assets less total liabilities 32,857 28,089 -------- -------- EQUITY Share capital 1,988 1,945 Capital redemption reserve 396 396 Share premium 8,046 7,505 Merger reserve 21,346 21,346 Shares to be issued (997) (637) Other reserves 639 196 Retained earnings 1,439 (2,662) -------- -------- Total equity 32,857 28,089 -------- -------- Braemar Seascope Group PLC Consolidated Cash flow statement for the year ended 28 February 2006 Year ended Year ended 28 Feb 06 28 Feb 05 Notes £'000 £'000 Cash flows from operating activities Cash generated from operations 7 13,769 11,044 Interest received 156 26 Interest paid (1) (52) Tax paid (3,210) (2,448) -------- -------- Net cash generated from operating activities 10,714 8,570 -------- -------- Cash flows from investing activities Dividends received from joint ventures 239 - Acquisition of subsidiaries, net of cash acquired (521) (1,026) Purchase of property, plant and equipment (387) (175) Proceeds from sale of property, plant and equipment 29 11 Purchase of investments (36) (21) Proceeds from sale of investment - 386 Other long term assets 37 8 -------- -------- Net cash used in investing activities (639) (817) -------- -------- Cash flows from financing activities Proceeds from issue of ordinary shares 535 1 Dividends paid (3,194) (2,597) Purchase of own shares (360) (572) Payment of principal under finance leases (28) (2) Other - (2) -------- -------- Net cash used in financing activities (3,047) (3,172) -------- -------- Increase in cash and cash equivalents 7,028 4,581 Cash and cash equivalents at beginning of the period 6,539 1,958 -------- -------- Cash and cash equivalents at end of the period 13,567 6,539 -------- -------- Balance sheet analysis of cash and cash equivalents Cash and cash equivalents 13,567 9,606 Short term borrowings - (3,067) -------- -------- Cash and cash equivalents at end of the period 13,567 6,539 -------- -------- Braemar Seascope Group PLC Notes to the financial statements Note 1 - General Information The Preliminary Announcement of results for the year ended 28 February 2006 is an extract from the unaudited 2006 Annual Report and Accounts and does not constitute the Group's statutory accounts of 2006 nor 2005. Statutory accounts for 2005 (reported under UK GAAP) have been delivered to the Registrar of Companies, and those for 2006 will be delivered following the company's Annual General Meeting. The auditors have reported on the 2005 accounts; their report was unqualified and did not contain statements under Sections 237(2) or (3) of the Companies Act 1985. Note 2 - Accounting policies Whilst the financial information included in this preliminary announcement has been prepared in accordance with International Financial Reporting Standards (IFRSs) adopted for use in the European Union, this announcement does not itself contain sufficient information to comply with IFRSs. The company expects to publish full accounts that comply with IFRSs on 26 May 2006. The accounting policies adopted by the Group are as set out in the Adoption of International Financial Reporting Standards as published by the Group on 19 October 2005. Note 3 - Segmental results -------------- -------------- Revenue Profit for the period --------------- -------------- 2006 2005 2006 2005 £'000 £'000 £'000 £'000 Shipbroking 39,745 32,420 9,003 8,864 Ship agency, forwarding & 15,851 8,461 568 (1,213) logistics Technical shipping support 5,202 4,322 289 140 Bunker trading 7,699 - 30 - -------- -------- -------- -------- Operating profit 68,497 45,203 9,890 7,791 -------- -------- -------- -------- Finance income (cost)- net 160 (25) Share of profit from joint ventures' and associates 243 365 -------- -------- Profit before taxation 10,293 8,131 Taxation (3,115) (2,699) -------- -------- Profit for the period attributable to shareholders 7,178 5,432 -------- -------- Note 4 - Taxation The rate of taxation applicable to the Group's profits is 30.3% (2005: 33.2%). Note 5 - Dividend The proposed final dividend of 11.5 pence per share (2005: final 10.0 pence) takes the total dividend for the year to 18.0 pence (2005: 16.0 pence). The cost of the final dividend will be £2.2m (2005: £1.9m) based on 19,555,273 shares (being the total in issue less shares held in the ESOP for which the dividend has been waived) and will be charged to equity in the 2006/7 financial year. Note 6 - Earnings per share Basic earnings per share is calculated by dividing the earnings attributable to ordinary shareholders by the weighted average number of ordinary shares outstanding during the year, excluding 321,495 ordinary shares held by the employee share trust (2005:222,500) which are treated as cancelled. For diluted earnings per share, the weighted average number of ordinary shares in issue is adjusted to assume conversion of all dilutive ordinary shares. The Group has one class of potential dilutive ordinary shares being those granted to employees where the exercise price is less than the average market price of the Company's ordinary shares during the year. 2006 2006 2006 2005 2005 2005 Earnings Weighted Per share Earnings Weighted Per share £'000s average amount £'000s average amount number of pence number of pence shares shares From continuing operations Profit for the period attributable to 7,178 19,385,615 37.03 5,432 18,412,881 29.50 shareholders Effect of dilutive share - 452,339 - - 585,077 - options -------- -------- ------ ------ ------- ------- Fully diluted earnings per 7,178 19,837,955 36.18 5,432 18,997,958 28.59 share -------- -------- ------ ------ ------- ------- Note 7 - Reconciliation of operating profit to net cash flow from operating activities 2006 2005 £'000 £'000 Profit for the period attributable to shareholders 7,178 5,432 Adjustments for: Taxation 3,115 2,699 Depreciation 339 297 Profit on sale of investment - (123) Profit on sale of property, plant and equipment (17) - Impairment of goodwill - 931 Amortisation of intangibles 287 - Share based payments 244 135 Finance income (162) (28) Finance costs 2 53 Share of profit from joint ventures' and associates (243) (365) Changes in working capital (excluding effects of acquisitions of subsidiaries) (Increase) in trade and other receivables (129) (1,416) Increase in trade and other payables 2,913 3,658 Increase/(decrease) in provisions 242 (229) -------- -------- Cash generated from operations 13,769 11,044 -------- -------- Note 8 - Statement of changes in total equity Capital Share redemption Share Merger Shares to Other Retained Total capital reserve premium reserve be issued reserves earnings equity Group £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 ------------------------------------------------------------------------------------------------------------------- At 1March 2004 1,862 396 7,505 18,302 (65) 29 (5,469) 22,560 Recognised income and expense for the year - - - - - 32 5,432 5,464 Dividends paid - - - - - - (2,625) (2,625) Issue of shares 83 - - 3,044 - - - 3,127 Purchase of shares to be issued - - - - (572) - - (572) Credit in respect of share option schemes - - - - - 135 - 135 At 28 February 2005 1,945 396 7,505 21,346 (637) 196 (2,662) 28,089 First time --------------------------------------------------------------------------------------------------- adoption of IAS 39 (net of taxation) - - - - - 981 96 1,077 --------------------------------------------------------------------------------------------------- At 1 March 2005 1,945 396 7,505 21,346 (637) 1,177 (2,566) 29,166 Recognised income and expense for the year - - - - - (782) 7,178 6,396 Dividends paid - - - - - - (3,173) (3,173) Issue of shares 43 - 541 - - - - 584 Purchase of shares to be issued - - - - (360) - - (360) Cash flow hedges Credit in respect of share option schemes - - - - - 244 - 244 --------------------------------------------------------------------------------------------------- At 28 February 2006 1,988 396 8,046 21,346 (997) 639 1,439 32,857 --------------------------------------------------------------------------------------------------- This information is provided by RNS The company news service from the London Stock Exchange

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