Final Results

Carclo plc 16 June 2003 Carclo plc Preliminary results for the year ended 31 March 2003 Key points • Sales from continuing operations up 3.2% to £125.7 million (2002 - £121.8 million). • The group returned to profitability, generating a profit before tax of £1.2 million (2002 - loss of £18.5 million). • The board has recommended a dividend of 1.2 pence per share (2002 - nil). Commenting on the results, George Kennedy, Chairman said: 'We commenced the year just ended with three financial objectives - to return to profitability, to significantly reduce debt and to be in a position to recommence the payment of dividends. It is pleasing to report that all three objectives have been achieved. Demand has been weaker than expected in both the UK and USA since January of this year and we continue to see a migration of manufacturers to lower cost regions. In these conditions profit progression will depend on our success in managing internal costs and our growth in low cost regions. We are winning new work in our UK and USA specialist businesses such as medical and optical plastics and automotive lighting. Our specialist wire business is gaining market share, particularly in China. The second half will benefit from strong growth in the Czech Republic and China where we will be commissioning new facilities later this year. Although economic uncertainties persist in the short term, we remain confident that our global strategy and the flow of new business will deliver positive momentum.' For further information, please contact: Carclo plc On 16 June: 020 7067 0700 Thereafter: 01924 330500 Ian Williamson, Chief Executive Chris Mawe, Finance Director Weber Shandwick Square Mile: 020 7067 0700 Richard Hews Susanne Walker Chairman's statement Overview We commenced the year just ended with three financial objectives - to return to profitability, to significantly reduce debt and to be in a position to recommence the payment of dividends. It is pleasing to report that all three objectives have been achieved. The group delivered a profit before tax of £1.2 million, a substantial recovery from the losses of £18.5 million reported last year. Debt reduced by £9.3 million, and with net surplus property proceeds of an additional £6.0 million received post the year end, pro forma debt stands at £28.9 million compared to £44.3 million at 31 March 2002. The board is recommending a final dividend for the full year of 1.2 pence per share (2002 - nil). The operating performance was mixed, reflecting the uncertain economic climates in Europe and the USA. Turnover from continuing operations increased by 3.2% to £125.7 million, however, operating profits before goodwill and exceptional costs reduced from £6.3 million to £4.4 million due to an increased pensions charge in the year of £1.3 million (2002 - nil). The operating margin was also adversely impacted by the start up losses at our new facilities in China and the Czech Republic and the slow down in demand in the USA in the second half of the year. In the year we have charged £4.7 million in exceptional costs in rationalising, closing or disposing of businesses to maintain our focus on core activities (2002 - £21.6 million). These exceptional costs are partly offset by the £3.0 million profit arising from the disposal of surplus properties (2002 - £0.6 million). Earnings per ordinary share were 5.7 pence compared to a loss per ordinary share of 35.9 pence in the prior year. Dividend Last year your board believed that shareholders would be best served by a determined focus on debt reduction to protect the overall value of the group and, accordingly, the dividend was passed. In the year just ended the group has been highly successful at reducing debt. We are therefore recommending a final dividend of 1.2 pence per ordinary share giving a total dividend for the year of 1.2 pence. The dividend is covered 4.7 times by post tax earnings. Subject to shareholder approval, dividend warrants will be posted on 11 September 2003 to shareholders on the register at close of business on 8 August 2003. The shares will be traded excluding the right to the dividend from 6 August 2003. Financial position Net debt at 31 March 2003 was £34.9 million, and reflects cash generation in the year of £9.3 million. This was ahead of our expectations and represents a gearing level of 67%. During the year we renegotiated our medium term facilities with our three principal banks on less onerous covenant terms. As part of this the $35.0 million US Private Placement 6.81% loan notes were repaid at par in order to benefit from the historically low level of bank base rates. The associated interest hedging instruments, which were taken out when the loan notes were issued, have been cancelled, giving rise to an interest credit of £1.5 million. At 31 March 2003 the group had cash and unutilised assured medium term facilities of £18.6 million. The undrawn term facilities have an average life of four years remaining. Employees The success of the group is ultimately dependent upon our employees. I always like to take the opportunity to thank them for all their hard work and in particular to welcome those employees new to Carclo in the Czech Republic and China. The board Two of our non executive directors, Peter Lee and Adam Broadbent, have stated their intention to retire from the board at the annual general meeting to be held on 4 September 2003. Peter Lee, aged 68, has been a long serving member of the board of Carclo since June 1993 following the merger with Arthur Lee & Sons plc, where he was chairman. Adam Broadbent, aged 66, joined the board of Carclo in March 1997. Adam has served as chairman of the remuneration committee since September 1998. I would like personally to thank both Peter and Adam for their contribution to the development of the group. We are currently in the process of recruiting a new non executive director. Outlook Demand has been weaker than expected in both the UK and USA since January of this year and we continue to see a migration of manufacturers to lower cost regions. In these conditions profit progression will depend on our success in managing internal costs and our growth in low cost regions. We are winning new work in our UK and USA specialist businesses such as medical and optical plastics and automotive lighting. Our specialist wire business is gaining market share, particularly in China. The second half will benefit from strong growth in the Czech Republic and China where we will be commissioning new facilities later this year. Although economic uncertainties persist in the short term, we remain confident that our global strategy and the flow of new business will deliver positive momentum. George Kennedy 16 June 2003 Chief executive's review This was a year in which we delivered what we set out to achieve - building upon our global market positions, reducing debt and returning to the dividend list following the group's return to profitability. Strategy - building a global market position Although Carclo plc is a small company in terms of stock market capitalisation, our businesses are strategically very well placed. Both Carclo Technical Plastics and ECC Card Clothing operate globally in specialised markets with few competitors of comparable global spread. Carclo Technical Plastics has successfully established operations in the Czech Republic and China modelled on our very successful USA plastics facilities. The Czech Republic facility is growing very fast, benefiting from transfers of the manufacturing operations of our UK customers to Eastern Europe. The China facility, after a slow start, is also now growing quickly and is benefiting from a similar shift of manufacturing activity from the USA to China. We are in the process of purchasing a second factory in the Czech Republic which will come into operation later this year. We have chosen to develop this global capability organically by green field start ups under our direct control. This is inevitably slower than using joint ventures or acquisitions but delivers much better long term value and critically allows us to ensure a uniform standard of quality, customer service and tight control of our proprietary technology. We have also established low cost assembly operations in Hungary in association with an established contract manufacturing company which we are using for labour intensive assembly operations, especially of automotive products, which are under our direct design control. We will be further extending this relationship in the coming year. ECC Card Clothing serves a global market. We have wholly owned sales and service companies in the major textile markets such as Turkey, India and the USA. We have developed a low cost factory in India using plant and know-how transferred from our European operations. Last year we opened a sales and service operation in China and have made significant inroads in this previously closed market. Later this year we will commission a manufacturing facility in China to support the growth of our market share in the region. Consistent with our approach, this will be a wholly owned facility. Our key technical resources reside in the UK and the USA. Despite the trading difficulties of the last two years, we have continued to invest in research and development and I am pleased with the progress. Our future lies in this technological development and its exploitation on a global basis through our world class manufacturing facilities. The key is organic growth through well directed research and development and appropriate capital investment. We believe we have a powerful and attractive business model and we need to demonstrate through the quality of our execution that we can generate superior long term returns on capital for our shareholders. Debt reduction On a pro forma basis (including the receipts from the disposal of the Joseph Sykes property) we achieved a year end debt of £28.9 million. This excellent result was achieved despite cash from operations being below our internal targets. Underlying operating profit was lower than expected in Technical Plastics and we continued to spend more on rationalisation than planned at the outset of the year. We are confident of delivering further debt reduction. Capital expenditure needs remain modest because we are equipping the new factories in the Czech Republic and China with surplus assets from the UK, profits are on an improving trend and rationalisation costs are falling. Additionally we still have surplus assets available for disposal with a book value of £4.0 million. The board is therefore confident that the dividend can be sustained from free cash flow and has recommended a final dividend of 1.2 pence per share. Operating review Carclo Technical Carclo Specialist Plastics Wire 2003 2002 2003 2002 Turnover - continuing operations £103.1m £98.4m £22.5m £23.3m Underlying operating profit £4.0m £5.8m £2.9m £1.7m Net assets £44.9m £51.0m £11.6m £11.7m Operating margin 3.9% 5.9% 12.8% 7.4% Return on capital employed 8.9% 11.3% 25.0% 14.8% Average number of employees 1,795 1,882 433 665 It was a very good year for Specialist Wire with operating margins improving from 7.4% to 12.8% despite sales decreasing by 3.5%. Overall profitability improved by 66% as the benefits of last year's rationalisation were realised. ECC Card Clothing continues to see declines in the markets of the developed world compensated by very rapid growth in China. CTP Automotive also performed well, increasing profitability and margins on flat turnover. Outsourcing initiatives and the elimination of manufacturing variances boosted operating margins from 6.0% to 8.1%. We are growing our specialist lighting range (Carclo lighting will be on show on three major super car launches due in the next twelve months) and communications is benefiting from the introduction of multiband (radio, GPS and GSM) technology in cars. These growth areas are compensating for the decline in traditional lighting products. The more mature cable controls business is also winning new contracts helped by outsourcing to lower cost assembly locations. The other CTP manufacturing operations had a difficult year. Operating margins were down from 5.8% to 2.3% on turnover 7.4% ahead at £74.7 million. Behind the margin erosion is a poor performance in the UK manufacturing operations and start up losses in the Czech Republic and China. However, even our USA operations, which started strongly, experienced slower demand in the second half which resulted in capacity being idle for a period. Overall operating margins in the USA reduced from 11.3% to 8.6%. In the USA we are seeing a drift of manufacturing activity to lower cost regions, principally China, and we are well placed to exploit this trend. In the UK, the pace of decline is much higher and some sectors of UK manufacturing have all but disappeared. In the last year our UK plastics operations have grown in a rapidly declining market. We have seen a lot of established work move out of the UK, often to our own facility in the Czech Republic, and we have won new work to backfill the UK facilities. This change in work mix has produced imbalances in our UK and, to a lesser extent, USA tooling and moulding capacity and has increased internal operating inefficiencies. Because of the learning curve effects, new work is initially less profitable than long established jobs and this is the prime reason for the decline in profitability. We continue to address the capacity issues by rationalisation wherever appropriate and we are confident that we will do better in the year ahead at managing our manufacturing variances. We are seeing good growth in our specialised medical and optical businesses. This area has been much less affected by the almost seismic shift in global manufacturing capacity. We see exciting opportunities to further expand this specialist area of Carclo Technical Plastics. Ian Williamson 16 June 2003 Finance director's review 2003 2002 £million £million Turnover (continuing) 125.7 121.8 --------- ------- Divisional operating profit 6.9 7.5 Central costs, net of pension (2.5) (1.2) --------- ------- Underlying operating profit from continuing operations 4.4 6.3 Underlying operating profit from discontinued operations 0.2 0.2 Goodwill amortised (1.0) (1.0) Non recurring items (1.7) (21.0) Interest (0.7) (3.0) --------- ------- Profit / (loss) before tax 1.2 (18.5) Taxation credit 1.7 0.2 --------- ------- Profit / (loss) attributable to ordinary shareholders 2.9 (18.3) Ordinary dividend (0.6) - --------- ------- Surplus / (deficit) for the year 2.3 (18.3) --------- ------- Divisional operating margin from continuing operations 5.5% 6.2% Basic earnings per share 5.7p (35.9)p Underlying earnings per share 8.2p 4.7p Overview The group returned to profitability last year following the prior period's £18.3 million loss. Underlying earnings per share increased by 74% to 8.2 pence and, after a dividend of £0.6 million, the group has added £2.3 million to reserves. Turnover from continuing operations increased by 3.2% to £125.7 million. However, underlying operating profit from continuing operations fell by 29.2% to £4.4 million, mainly as a result of a pension charge of £1.3 million (2002 - nil), start up losses in China and the Czech Republic of £0.6 million (2002 - nil) and a poorer performance in our tooling manufacturing activities. The USA experienced some weakness in the second half, which also impacted margins. Specialist Wire and CTP Automotive performed well increasing margins substantially following last year's rationalisation. Goodwill amortisation continues to run at prior year levels and relates to our USA plastics business and CTP Coil. During the year the group incurred net exceptional charges of £1.7 million (2002 - £21.0 million) arising from the rationalisation, closure or disposal of subsidiaries and surplus property. Interest payable has fallen sharply as a result of lower average debt and the credit arising on the cancellation of interest swaps. As a result underlying interest cover for the year is 6.7 times (2002 - 2.2 times). The group received net tax refunds of £2.2 million representing repayments in respect of losses from prior periods. As a result of prior year losses and reliefs available, there is a net taxation credit of £1.7 million for the current year (2002 - £0.2 million credit). Dividend The group reported an overall profit in the year after tax of £2.9 million. The group also generated £8.9 million of free cash flow. We have therefore proposed a final ordinary dividend in respect of the year ended 31 March 2003 of 1.2 pence per ordinary share. The dividend is covered 4.7 times by post tax earnings. Exceptional items The non recurring net exceptional charges of £1.7 million (2002 - £21.0 million) are analysed as follows: 2003 2002 £million £million --------- --------- Rationalisation of technical plastics operations 1.2 3.1 Rationalisation of specialist wire operations - 0.4 Impairment of surplus fixed assets - 0.6 Provision for diminution in value of own shares 0.1 0.5 ------- ------- Total operating exceptional charges 1.3 4.6 Disposal of subsidiary undertakings 1.1 1.8 Loss on termination of operations 2.3 8.8 Profit on disposal of surplus properties (3.0) (0.6) Goodwill impaired on the Alan group - 6.4 ------- ------- 1.7 21.0 ------- ------- Operating exceptional costs were £1.3 million, down sharply from last year's £4.6 million. In the year we closed our wire manufacturing operations in the USA and initiated the closure of our plastics manufacturing site in Hatfield. This resulted in a further charge of £2.3 million disclosed as losses relating to the termination of operations (2002 - £8.8 million). In October 2002 we disposed of Francis W. Birkett, our non ferrous foundry business, at a small discount to book value. After associated costs and the reinstatement of goodwill previously written off to reserves, this resulted in a loss of £1.1 million. We continued to dispose of our surplus property portfolio and realised gross proceeds of £2.6 million. Before the year end we had exchanged contracts on the sale of the Acre Mills site in Huddersfield for gross proceeds of £6.4 million with cash received on 3 June 2003. Including this transaction property disposals have yielded a profit, net of costs, of £3.0 million. Financing During the year, the group renegotiated its credit lines with its three principal lenders on less onerous covenant terms. Borrowing costs remain unchanged. The group now has secured assured medium term facilities of £44.6 million repayable after 2006. These facilities are secured on the assets of Carclo Technical Plastics Limited which, at 31 March 2003, represented 17% of the group's gross assets. As part of the refinancing, the group repaid at par the $35 million 6.81% unsecured loan notes raised under a private placement in 1998. The associated interest hedging instruments were cancelled resulting in an interest credit of £1.5 million. Currency risk and hedging The group matches its foreign currency borrowings with foreign currency assets including goodwill to hedge fluctuations in the reported balance sheet net assets. As a result 45% of the groups term debt at the year end was denominated in dollars and euros. Trading currency income and expenditure is matched, where possible, by securing supplies from an appropriate economic region thereby providing a natural hedge. Balance sheet amounts receivable and payable are hedged when material to secure the gross proceeds in the appropriate currency. In this way the group seeks to minimise risks associated with foreign currency fluctuations wherever possible. Net debt and gearing 2003 2002 £million £million Underlying cash flow 10.9 16.9 Interest and tax 1.1 (4.3) Capital expenditure, other than for expansion (3.1) (4.2) ------- ------- Free cash flow 8.9 8.4 Other non recurring (1.8) (1.9) Equity dividends - (5.6) ------- ------- Cash flow available for corporate activities 7.1 0.9 Capital expenditure for expansion (0.5) (4.6) Sale of businesses 1.5 3.1 Exchange movement 1.2 - ------- ------- Decrease / (increase) in debt in period 9.3 (0.6) ------- ------- A key objective in the year has been to reduce debt. It is therefore pleasing to report that net borrowings reduced by £9.3 million to £34.9 million representing gearing of 67% (2002 - 89%). Debt reduced as a result of cash from trading, sales of surplus property, taxation receipts and proceeds from business disposals. Free cash flow improved in the year by £0.5 million after making cash pension contributions of £1.9 million (2002 - £0.2 million) and absorbing a small increase in working capital of £0.2 million (2002 - £3.9 million inflow). The group also received £2.2 million in repayments from taxation (2002 - £1.3 million cash outflow). Capital expenditure represented 61% of depreciation at £3.6 million and £4.7 million was expended on business reorganisations and closures. After the year end £6.0 million net proceeds were received from the sale of the Acre Mills site formerly occupied by Joseph Sykes Brothers, bringing pro forma year end debt to £28.9 million and gearing to 56%. At the year end the group had assured facilities of £44.6 million with an average life of four years. On a pro forma basis the group has unutilised assured funds and cash of £24.6 million which is more than sufficient to fund the ongoing development of the group. Property During the year the group disposed of property with a book value of £5.2 million leaving surplus property with a book value of £4.0 million available for disposal in due course. The group has made capital gains in the period on the sale of surplus properties. These gains are being rolled over in accordance with the provisions of the income and corporation tax legislation and no tax is immediately payable. Pensions As reported last year the group has two large defined benefit pension schemes which are closed to new members. The group continues to produce its accounts under the provisions of SSAP 24. At the balance sheet date using the last actuarial valuation, the charge to the profit and loss account amounted to £1.3 million (2002 - nil) and represents the costs of accruing for benefits for the existing workforce. The actual cash contributions in respect of the pension schemes amounted to £1.7 million (2002 - nil). As required by the provisions of FRS17, the group has calculated the effect on the profit and loss account and balance sheet of applying this standard. FRS17 provides a snap shot view of the pension surplus or deficit at the balance sheet date. If implemented the overall charge to the profit and loss account would be reduced by £0.3 million. Due to the low levels of equity markets at 31 March 2003 and low bond yields increasing the value of pension liabilities, under FRS17 a deficit of £24.7 million, net of tax, would have been recorded on the balance sheet (2002 - £11.0 million). Since the year end, the group has made a £1.1 million payment to the fund in respect of the deficit calculated under the provisions of the Minimum Funding Requirement (MFR) at 23 May 2002. Our latest estimates are that a payment of no more than £1.6 million will be due in May 2004. Further payments will be made annually to eradicate the MFR deficit on the pension schemes. Christopher Mawe 16 June 2003 Consolidated profit and loss account year ended 31 March 2003 2002 £000 £000 -------- --------- Turnover Continuing operations 125,657 121,773 Discontinued operations 2,286 23,857 -------- --------- 127,943 145,630 -------- --------- Operating profit / (loss) Continuing operations - before exceptional costs and goodwill 4,444 6,273 - exceptional costs (1,309) (4,610) -------- --------- - after exceptional costs 3,135 1,663 Discontinued operations 235 249 -------- --------- 3,370 1,912 Goodwill amortisation (1,042) (1,042) Goodwill impairment - (6,354) -------- --------- Operating profit / (loss) 2,328 (5,484) Continuing operations 2,093 (5,733) Discontinued operations 235 249 -------- --------- Operating profit / (loss) 2,328 (5,484) Disposal of subsidiary undertakings (1,052) (1,795) Loss on termination of operations (2,342) (8,825) Profit on sale of properties 2,955 619 -------- --------- Profit / (loss) before interest 1,889 (15,485) Net interest payable 702 2,992 -------- --------- Profit / (loss) on ordinary activities before taxation 1,187 (18,477) Taxation credit 1,725 204 -------- --------- Profit / (loss) attributable to ordinary shareholders 2,912 (18,273) Ordinary dividends 623 - -------- --------- Surplus / (deficit) for the year 2,289 (18,273) -------- --------- Earnings per ordinary share Basic and diluted 5.7p (35.9)p Underlying 8.2p 4.7p -------- --------- Dividend per ordinary share 1.2p 0.0p -------- --------- Statement of total recognised gains and losses Year ended 31 March 2003 2002 £000 £000 -------- --------- Profit / (loss) on ordinary activities after taxation 2,912 (18,273) Exchange losses on the translation of overseas assets (607) (289) -------- --------- Total gains and losses recognised since last annual report 2,305 (18,562) -------- --------- Consolidated balance sheet as at 31 March 2003 2002 £000 £000 £000 £000 ------- ------- ------ ------- Fixed assets Intangible assets 16,981 18,023 Tangible assets 43,666 53,642 Investments 313 826 ------- ------ 60,960 72,491 Current assets Stocks 14,135 14,045 Debtors 32,723 31,256 Pensions prepayment due after more than one year 12,152 11,742 Cash at bank and in hand 10,140 17,224 ------- ------ 69,150 74,267 ------- ------ Creditors - amounts due within one year Bank loans and overdrafts 8,678 11,135 Trade and other creditors 24,215 27,791 Taxation 199 - Dividends 623 - ------- ------ 33,715 38,926 ------- ------ Net current assets 35,435 35,341 ------- ------- Total assets less current liabilities 96,395 107,832 Creditors - amounts due after more than one year 36,202 49,773 Provisions for liabilities and charges 8,161 8,351 ------- ------- Total net assets 52,032 49,708 ======= ======= Capital and reserves Called up share capital 2,594 2,594 Share premium 41,772 41,772 Revaluation reserve 950 2,246 Other reserves 1,330 1,330 Profit and loss account 5,386 1,766 ------- ------- Equity shareholders' funds 52,032 49,708 ======= ======= Cash flow statement year ended 31 March 2003 2002 £000 £000 -------- -------- Cash flow from operating activities 6,182 11,865 Returns on investments and servicing of finance (1,033) (3,030) Taxation 2,155 (1,290) Capital expenditure and financial investment (651) (5,623) Acquisitions and disposals 1,483 3,120 Equity dividends paid - (5,622) -------- -------- Cash inflow / (outflow) before use of liquid resources and funding 8,136 (580) Financing (Decrease) / increase in debt (11,924) 6,517 Capital element of finance lease rentals (551) (907) -------- -------- (Decrease) / increase in cash in period (4,339) 5,030 ======== ======== 2003 2002 £000 £000 -------- -------- Reconciliation of net cash flow to movement in net debt (Decrease) / increase in cash in period (4,339) 5,030 Cash outflow / (inflow) from (decrease) / increase in debt and lease financing 12,475 (5,610) -------- -------- Change in net debt resulting from cash flows 8,136 (580) Exchange movement 1,201 (18) -------- -------- Movement in net debt in period 9,337 (598) Net debt at beginning of period (44,269) (43,671) -------- -------- Net debt at end of period (34,932) (44,269) ======== ======== Turnover, operating profit / (loss) and net assets employed year ended 31 March 2003 2002 Turnover Operating Net assets Turnover Operating Net assets profit profit £000 £000 £000 £000 £000 £000 By class of business Continuing operations Technical plastics division 103,141 4,013 44,946 98,433 5,787 51,017 Specialist wire division 22,516 2,890 11,551 23,340 1,737 11,734 ------- ------- -------- ------- ------- ------- 125,657 6,903 56,497 121,773 7,524 62,751 Exceptional costs (1,309) (4,610) ------- ------- -------- ------- ------- ------- 125,657 5,594 56,497 121,773 2,914 62,751 Discontinued operations Technical plastics division - - - 9,898 (926) - Specialist wire division 2,286 235 - 13,959 1,175 2,047 -------- ------- Operating assets 56,497 64,798 Unallocated net liabilities (note 1) (4,465) (15,090) ------- -------- ------- ------- 127,943 52,032 145,630 49,708 ------- ------- -------- ------- ------- ------- Divisional operating profit 5,829 3,163 Central administration costs (1,190) (1,242) Pension cost - regular cost (1,269) (1,893) - credit in respect of surplus - 1,884 Goodwill amortisation (note 2) (1,042) (1,042) Goodwill impairment (note 2) - (6,354) ------- ------- Group operating profit / (loss) 2,328 (5,484) ======= ======= By geographical area Continuing operations United Kingdom 91,826 5,462 38,305 85,270 5,232 42,658 United States of America 25,223 1,939 11,639 27,523 2,625 15,896 Rest of World 8,608 (498) 6,553 8,980 (333) 4,197 ------- ------- -------- ------- ------- ------- 125,657 6,903 56,497 121,773 7,524 62,751 Exceptional costs United Kingdom (1,309) (3,869) Rest of World - (741) ------- ------- -------- ------- ------- ------- 125,657 5,594 56,497 121,773 2,914 62,751 Discontinued operations United Kingdom 2,286 235 - 23,857 249 2,047 -------- ------- Operating assets 56,497 64,798 Unallocated net liabilities (note 1) (4,465) (15,090) ------- -------- ------- ------- 127,943 52,032 145,630 49,708 ------- ------- -------- ------- ------- ------- Divisional operating profit 5,829 3,163 Central administration costs (1,190) (1,242) Pension cost -regular cost (1,269) (1,893) -credit in respect of surplus - 1,884 Goodwill amortisation (note 2) (1,042) (1,042) Goodwill impairment (note 2) - (6,354) ------- ------- Group operating profit / (loss) 2,328 (5,484) ======= ======= Geographical segment - by destination United Kingdom 55,530 68,695 Rest of Europe 30,049 31,668 Rest of World 42,364 45,267 ------- ------- 127,943 145,630 ------- ------- Notes 1.Unallocated net liabilities include interest bearing assets and liabilities, investments, taxation balances, capitalised goodwill and head office net assets. 2.Goodwill amortisation and goodwill impairment relates to continuing businesses within the technical plastics division. This information is provided by RNS The company news service from the London Stock Exchange

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