Final Results
Fisher (James) & Sons PLC
04 March 2003
James Fisher and Sons plc ('James Fisher' or the 'Company')
announces record full year results
James Fisher, the marine service provider, today announces record results for
the year ended 31 December 2002.
Highlights
• Turnover up 5.2% at £71.1m (2001: £67.6m)
• Group operating profit up 16% at £13.5m (2001: £11.6m)
• Pre tax profit up 20.3% at £9.7m (2001: £8.1m)
• Earnings per share up 31.9% at 21.11p (2001: 16.01p)
• Final dividend up 15% at 3.74p,
• Expansion of marine support services will benefit 2003 results:
• Acquisition of Rumic Limited, a specialist submersible operator
• Acquisition of Scan Tech, a Norwegian based, services and rental
company, complementing James Fisher's existing Aberdeen operations
• Acquisition of Ocean Fleets adding strength to our relationship with
the MoD
• Elimination of losses from Fisher Cavalier
Commenting on the outlook, Chairman, Tim Harris said:
'2002 was a good year for James Fisher both in terms of financial performance
and in establishing the company as a marine service provider.
Our Marine Service Division is set well to become the leading and most
profitable in the company, through organic growth and the acquisitions we have
made.'
For further information
James Fisher and Sons plc Binns & Co PR
Tim Harris, Chairman Keeley Clarke - 07967 816525
Angus Buchanan, Chief Executive Paul McManus - 07980 541893
Mike Shields, Finance Director
Tel: 020 7338 5808
Chairman's Statement - March 2003
Overview
I am pleased to be able to report that 2002 was a good year for James Fisher in
terms of both its financial performance and the development of its business:-
• the financial results were excellent with strong growth in both operating
and pre tax profit, which was fully reflected in the cash generated by the
group; and
• we have made considerable progress in establishing the group as a marine
service provider, a transition that has been substantially accelerated by
our recent acquisitions.
Turnover grew by 5.2% to £71.1m (2001 - £67.6m)
Group operating profit grew by 16.0% to £13.5m (2001 - £11.6m)
Pre tax profit grew by 20.3% to £9.7m (2001 - £8.1m)
Basic earnings per ordinary share 31.9% to 21.11p (2001 - 16.01p)
Proposed final dividend 15.0% to 3.74p (2001 - 3.25p)
The total cash flow from operations for the year, a consistently strong feature
in recent years, was £13.1m which enabled the financial gearing to be reduced
from 82.3% at 1 January 2002 to 58.1% at 31 December 2002.
Your Board is recommending a final dividend of 3.74p per share, giving a total
for the year of 5.94p (2001 5.21p per share) - an increase of 14.0%. The
dividend is covered 3.5 times.
Tankships
Tankships had a weaker year than 2001 primarily because of a softer spot market.
Although over 80% of the clean petroleum products we carry annually are under
term contracts, mainly with the oil majors, the remainder are subject to the
spot market which in 2002 was around 15% lower than in the previous year.
However, Tankships has developed close, long-standing relationships with its oil
major customers and we see this coastal logistic service fitting well within our
core competence as a marine service provider. Accordingly, we have continued our
fleet modernisation programme during the year. We have taken a ten-year
bareboat charter for mt Pembroke Fisher (14,204 dwt built 1997), sold Oarsman
(2,547 dwt built 1980) and redelivered Anchorman (6,417 dwt built 1993).
Although the average age of our fleet is younger than our main competitors, we
need to continue our renewal programme in 2003, particularly with regard to our
older 3,000 tonne vessels. With the benefit of the new tonnage tax, we expect
to achieve this by taking on more bareboat charters avoiding the need to commit
new capital.
Cable Ships
The excellent financial result reflects the contribution from our three cable
layers which were all on charter for almost the full twelve months. Oceanic
Princess (delivered May 2001) and Oceanic Pearl (delivered December 2001) are on
five-year charters to it International Telecom, a subsidiary of General Dynamics
in the USA. Nexus is now in lay-up having completed, in December, nine
profitable years on charter to Global Marine Systems Limited and its
predecessors. Her contribution to 2002 profits was some £2.4m and her costs
while in lay-up are forecast at £100,000 per month of which £30,000 are cash
costs, the remainder being mainly depreciation. We are currently exploring a
number of possible alternative uses for the vessel or an outright trade sale.
Marine Support Services
The contribution from our marine support services division in the year was £4.0
million, including the contribution from AWSR, significantly higher than in 2001
despite a minimal contribution from the recent acquisitions of Rumic (October
2002) and Ocean Fleets (November 2002). Accordingly we look forward to a far
greater profit from this division in 2003 when we will have the benefit of a
full year contribution from these two acquisitions and from Scan Tech, the
acquisition of which was completed in January 2003. The three acquired
businesses generated an annualised profit before tax in excess of £1.5 million
in 2002.
James Fisher's core competence as a marine service provider is the practical
application of its engineering and operational expertise to the marine and
related industries. We provide a service to our Customers to which the ownership
of ships is incidental. This role of marine service provider is well
illustrated by our relationship with British Nuclear Fuels plc (BNFL) for whom
we provide a high quality ship management and design service. The seven ships
concerned are owned by BNFL and its subsidiary Pacific Nuclear Transport Limited
rather than ourselves.
We also work closely with the Ministry of Defence (MoD) and it is one of our
strategic objectives to strengthen our business relationship with them. We have
a long-term charter of RFA Oakleaf, a product tanker, to the Ministry of Defence
/Royal Fleet Auxiliary and manage a stores and logistics facility for the Royal
Air Force at Sealand. In June 2002, AWSR Holdings Limited, a joint venture in
which we have a 25% share, concluded a long-term contract for the supply of six
RoRo ships for use in Strategic Sealift service until December 2024. Three of
the vessels were delivered by the year end and the remainder are expected by the
end of April 2003.
Our Aberdeen operation had a satisfactory year despite generally weaker
conditions in the British sector of the North Sea. Our hydro digger tool has
now established itself and its improved profitability offset a weaker result
from the rental and supply of equipment to the offshore industry.
Acquisitions
The expansion of our marine support services division remains a primary
strategic objective for the group. The potential returns are excellent, the
earnings from the services industry are more reliable and non-cyclical and we
have demonstrated the ability to achieve them. We also believe the
opportunities for expansion in the provision of such services in the marine and
related industries, of which the Ministry of Defence's activities form a
critical part, to be many and varied.
Rumic Limited
We completed the acquisition of the entire issued share capital of the Cumbria
based marine services company Rumic Limited on 22 October. Rumic has unique
skills in the use of remotely operated vehicles (ROVs) and submersibles. Under
a long-term contract with the Royal Navy, it manages, maintains and operates the
UK Submarine Rescue, including a round-the-clock response team in Glasgow. The
company also provides a range of services to the nuclear decommissioning
industry and highly trained, specialist personnel for a number of marine based
industries including oil services, subsea contractors and cable layers.
The initial consideration for Rumic of £3,500,000 was satisfied as to
£3,100,000 in cash and £400,000 by the issue of 280,702 new ordinary shares.
Deferred consideration of up to £500,000 is payable depending on the aggregate
profits of Rumic over two years. The net assets of Rumic at 30 June 2002 were
£1.9m of which £1.3m was cash. Rumic's audited pre-tax profit for the year
ended 30 June 2002 was £573,000.
The owner and founder, Roger Chapman, remains with the company as managing
director. Rumic is based close to James Fisher's headquarters in
Barrow-in-Furness. We believe that the acquisition will help us to develop
further ties with the Ministry of Defence as well as generate more work for
BNFL.
Scan Tech Holdings A/S
We completed the acquisition of Stavanger based marine services company Scan
Tech Holdings for a cash consideration of NOK100m (£8.9 million), on 6 January
2003. The pre tax profit was £1.3 million for the year ended 31 December 2002.
Scan Tech complements James Fisher's existing Underwater Engineering Services
(UES) business in Aberdeen, extending the product range to supply rental
equipment and engineering support to oil companies and their contractors in the
Norwegian and UK sectors of the North Sea. Scan Tech specialises in
containerised steam units, compressors, air dryers and winches. The company is
a clear market leader in Norway and has a wide spread of oil companies, rig
owners and drilling operators as customers. Scan Tech's operation is very
similar to that of James Fisher UES in Aberdeen and the joint businesses will
have synergies in their products, development and clients. Scan Tech has
facilities in Stavanger and Bergen. The Scan Tech owner, managing director and
founder, Mr Bjorn Erik Bjornsen, has become the managing director of the
combined businesses of UES and Scan Tech in Aberdeen and Stavanger which, in
future, will trade under the Scan Tech name.
Ocean Fleets
In addition James Fisher acquired, on 19 November 2002 from the administrator,
the business and certain assets of Ocean Fleets Limited for £74,000 in cash,
including satisfaction of lease obligations. Ocean Fleets undertakes enabling
contracts for the MoD and Defence contractors and quality assurance for oil
majors. It also operates a leased workshop inside the security perimeter of the
Royal Navy dockyard in Plymouth. Ocean Fleets will be merged into James Fisher
Rumic Limited which already works closely with the Ministry of Defence.
Our cash flow is strong and we expect to make further acquisitions with advice
from our corporate finance advisors EC Hambro Rabben & Partners.
Elimination of losses from dsv Fisher Cavalier
Until January 2003, we owned a share of the diving support vessel, Fisher
Cavalier, through a 51% joint venture with Cammell Laird which has been in
receivership since 2001. We experienced a number of contractual problems with
the vessel during 2002 which twice resulted in her arrest. These were finally
resolved with the contract for her sale in December 2002. The total capital
loss of £794,000 on the vessel was higher than originally anticipated because of
the decline in the US dollar at the end of the year and a delay in the delivery
of the ship until the end of January 2003. The elimination of the £866,000
operating loss and £111,000 interest charge incurred in 2002 will have a
significantly beneficial effect on the 2003 result with all losses being
provided for in the 2002 accounts.
Directors and Staff
In 2002 we have had a settled management team with Angus Buchanan as Chief
Executive, Ian Serjent as Marine and Technical Services Director, Michael
Shields as Group Finance Director and myself as Executive Chairman. There were
no changes to the Board after Anthony Cooke joined Sir David Hardy and Terry
Moore as a Non-executive Director in January 2002.
I am pleased that recently we have been able to recruit two young and high
calibre Managers, Nick Henry (41) from P&O who becomes Managing Director of
James Fisher Tankships Limited and John Hudson (43) from BAe Systems who becomes
Technical Director, James Fisher (Shipping Services) Limited. They will
strengthen our management depth and enable us to expand on a sound managerial
base.
I would also like to recognise and thank all of our employees for their hard
work and contribution during the year. Our markets have not always been easy
and we have had to make a number of hard choices. The good results are a true
reflection of the skill, effort and loyalty of everybody at James Fisher and
would not have been possible without them.
Current trading and outlook
Over the last two years, the group has been able to achieve strong growth in
operating and pre tax profits and an excellent cash flow performance. The
current year, which will benefit from the elimination of the annual revenue
losses of approximately £1 million associated with the Fisher Cavalier, has been
characterised by strong trading across all of our divisions to date.
Obviously the challenge in 2003 will be greater with the loss of contribution
from Nexus and her temporary lay-up costs. However the Oceanic Princess and the
Oceanic Pearl have a secure income stream from their long term contracts.
Tankships has begun to benefit from stronger spot rates and the trading
performance for the start of the year has been in line with the directors'
expectations.
The marine support services division, which will benefit from the recent
acquisitions, has started the year strongly. We intend our marine support
services division, which is our least capital intensive activity, to become the
largest and most profitable business in the group, providing good quality and
reliable earnings and cash flow.
Our aim is simple - to be the UK's leading provider of marine services; this
will enable James Fisher to continue its exceptional and proven cash generating
ability and earnings growth in the coming years.
GROUP PROFIT AND LOSS ACCOUNT
2002 2001
Continuing Discontinued Continuing Discontinued
operations operations Total operations operations Total
£000 £000 £000 £000 £000 £000
Turnover: group and share of joint 72,112 210 72,322 65,425 2,965 68,390
ventures
less share of joint ventures (1,133) (78) (1,211) - (823) (823)
70,979 132 71,111 65,425 2,142 67,567
ongoing 70,063 - 70,063 65,425 - 65,425
discontinued - 132 132 - 2,142 2,142
acquisitions 916 - 916 - - -
Group turnover 70,979 132 71,111 65,425 2,142 67,567
Cost of sales (53,114) (155) (53,269) (48,965) (2,948) (51,913)
Gross profit 17,865 (23) 17,842 16,460 (806) 15,654
Administrative expenses (4,324) - (4,324) (4,005) - (4,005)
Group operating profit/(loss)
ongoing 13,403 - 13,403 12,455 - 12,455
discontinued - (23) (23) - (806) (806)
acquisitions 138 - 138 - - -
13,541 (23) 13,518 12,455 (806) 11,649
Share of operating profit/(loss) in 568 (866) (298) - (1,943) (1,943)
joint ventures
Total operating profit: group and 14,109 (889) 13,220 12,455 (2,749) 9,706
share of joint ventures
Loss on sale of ships (327) (8) (335) - (390) (390)
Provision for termination of - (794) (794) - - -
business
Port closure - - - - 885 885
13,782 (1,691) 12,091 12,455 (2,254) 10,201
Net interest payable (before exchange (2,763) (111) (2,874) (1,945) (179) (2,124)
gain)
Exchange gain on loan conversion 501 - 501 - - -
(2,262) (111) (2,373) (1,945) (179) (2,124)
Profit/(loss) on ordinary activities 11,520 (1,802) 9,718 10,510 (2,433) 8,077
before taxation
Taxation 343 (25) 318 (178) (258) (436)
Profit/(loss) on ordinary activities 11,863 (1,827) 10,036 10,332 (2,691) 7,641
after taxation
Dividends
Non equity (4) - (4) (4) - (4)
Equity (2,832) - (2,832) (2,480) - (2,480)
(2,836) - (2,836) (2,484) - (2,484)
Retained profit for the year 9,027 (1,827) 7,200 7,848 (2,691) 5,157
pence pence
Basic earnings per ordinary share 21.11 16.01
Diluted earnings per ordinary share 20.93 15.91
Ordinary dividends paid or payable:
Interim 2.20 1.96
Final 3.74 3.25
5.94 5.21
STATEMENT OF RECOGNISED GAINS AND LOSSES
There are no recognised gains or losses in either year other than the profit for
that financial year.
GROUP BALANCE SHEET
at 31 December
2002 2001
£000 £000
Fixed assets
Intangible assets - goodwill 2,721 617
Tangible assets 126,109 137,827
Investments 2,397 1,795
131,227 140,239
Current assets
Stocks 1,115 695
Debtors 14,918 15,725
Cash and short-term deposits 4,904 6,825
20,937 23,245
Creditors: amounts falling due within one year
Trade and other (15,854) (18,763)
Bank loans (8,614) (11,952)
(24,468) (30,715)
Net current liabilities (3,531) (7,470)
Total assets less current liabilities 127,696 132,769
Creditors: amounts falling due after more than one year
Trade and other (500) (5)
Bank loans (44,358) (56,531)
(44,858) (56,536)
Provisions for liabilities and charges (147) (1,298)
Net assets 82,691 74,935
Capital and reserves
Called up share capital 12,238 12,168
Share premium account 23,380 23,050
Profit and loss account 47,073 39,717
Shareholders' funds 82,691 74,935
CASH FLOW STATEMENT
Year ended 31 December
2002 2001
£000 £000
Net cash inflow from
operating activities 24,712 18,829
Returns on investments and servicing of finance (2,548) (3,097)
Taxation (542) 119
Capital expenditure and financial investment (2,653) (25,879)
Acquisitions and disposals (3,310) (2,592)
Equity dividends paid (2,570) (2,370)
Cash inflow/(outflow) before management
of liquid resources and financing 13,089 (14,990)
Management of liquid resources - 1,389
Financing (15,010) 15,901
(Decrease)/increase in cash in the year (1,921) 2,300
Reconciliation of net cash flow to
movement in net debt
(Decrease)/increase in cash in the year (1,921) 2,300
Cash outflow/(inflow) from (decrease)/increase in debt 15,010 (15,901)
Cash inflow from decrease in liquid resources - (1,389)
Movement in net debt in the year 13,089 (14,990)
Exchange differences 501 -
Net debt at 1 January (61,658) (46,668)
Net debt at 31 December (48,068) (61,658)
NOTES
1 Financial information
The financial information set out above does not comprise the company's
statutory accounts. Statutory accounts for the previous financial year
ended 31 December 2001 have been delivered to the Registrar of Companies.
The auditors' report on those accounts was unqualified and did not contain
any statement under section 237(2) or (3) of the Companies Act 1985.
The auditors have given an unqualified opinion on the accounts for the year
ended 31 December 2002 which will be delivered to the Registrar of
Companies following the annual general meeting.
The financial information above has been prepared on the basis of the
accounting policies set out in the group's statutory accounts for the year
ended 31 December 2001, except that the group's financial statements for
the current year has adopted FRS 18 'Accounting Policies' and FRS 19
'Deferred Tax'. Adoption of FRS 18 and FRS 19 has not required any revision
to the financial statements in either the current or prior years.
2 Segmental analysis
Geographical market supplied
2002 2001
£000 % £000 %
Turnover
Continuing operations
Tankships
United Kingdom and the Republic of Ireland 41,451 58 40,657 60
Continental Europe 4,577 7 6,615 10
46,028 65 47,272 70
Cable ships
United Kingdom and the Republic of Ireland 5,005 7 5,422 8
Americas 11,838 17 4,715 7
16,843 24 10,137 15
Marine support services
United Kingdom and the Republic of Ireland 6,960 10 7,697 12
Continental Europe 432 - 248 -
Americas 637 1 7 -
Africa 79 - 29 -
Middle East - - 35 -
8,108 11 8,016 12
Discontinued operations
Shipping operations
United Kingdom and the Republic of Ireland 132 - 2,140 3
Port operations
United Kingdom and the Republic of Ireland - - 2 -
132 - 2,142 3
Group turnover 71,111 100 67,567 100
Turnover and profit on ordinary activities before taxation
2002 2001
Turnover Profit Turnover Profit
Group £000 £000 £000 £000
Continuing operations
Tankships 46,028 6,150 47,272 7,759
Cable ships 16,843 8,260 10,137 5,521
Marine support services 8,108 3,455 8,016 3,180
70,979 17,865 65,425 16,460
Share of operating profit in joint venture - 568 - -
Loss on sale of ships - (327) - -
70,979 18,106 65,425 16,460
Discontinued operations
Shipping operations:
Segment operating loss 132 (23) 2,140 (713)
Loss on sale of ships - (8) - (123)
Provision for loss on disposal - - - (267)
Share of operating loss in joint venture - (866) - (1,943)
Share of provision for loss on disposal - (464) - -
Provision for termination of business - (330) - -
Port operations:
Segment operating loss - - 2 (93)
Release of port closure provision - - - 989
Profit on sale of fixed assets - - - 2,597
Amounts written off fixed asset investment - - - (2,701)
132 (1,691) 2,142 (2,254)
71,111 16,415 67,567 14,206
Common costs (4,324) (4,005)
Net interest payable (before exchange gain) (2,874) (2,124)
Exchange gain on loan conversion 501 -
(2,373) (2,124)
9,718 8,077
Net operating assets
2002 2001
£000 £000
Continuing operations
Tankships 67,923 71,024
Cable ships 55,833 59,876
Marine support services 7,806 6,723
Discontinued operations
Shipping operations - 320
131,562 137,943
The net operating assets are reconciled to shareholders' funds as follows:
Net operating assets 131,562 137,943
Group share of joint venture 344 -
Loans to joint venture 1,997 1,071
Loan from joint venture (944) -
Own shares held under trust 896 638
Net borrowings (48,068) (61,658)
Corporation tax (653) (227)
Deferred tax (147) (1,298)
Deferred consideration (500) -
Dividends payable (1,796) (1,534)
82,691 74,935
3 Group operating profit
Group operating profit is stated after charging depreciation of tangible
fixed assets of £9,818,000 (2001 £8,695,000) and amortisation of goodwill
of £58,000 (2001 £38,000).
4 Tax on profit on ordinary activities
2002 2001
£000 £000
The tax (credit)/charge is made up as follows:
Current tax:
UK tonnage tax 30 33
UK corporation tax 524 266
554 299
Tax underprovided in previous years 277 122
Group current tax 831 421
Share of joint venture's current tax 30 15
Total current tax 861 436
Deferred tax:
Group deferred tax (1,179) -
Tax on profit on ordinary activities (318) 436
5 Cash flow statement
(a) Reconciliation of operating profit to net cash inflow from operating
activities
2002 2001
£000 £000
Group operating profit 13,518 11,649
Depreciation and refit amortisation 9,818 8,695
Amortisation of goodwill 58 38
(Increase)/decrease in stocks (255) 159
Decrease/(increase) in debtors 1,650 (3,713)
(Decrease)/increase in creditors (303) 1,890
Profit on sale of tangible fixed assets (44) (100)
Share based compensation 156 89
Increase in provisions 114 122
Net cash inflow from operating activities 24,712 18,829
(b) Returns on investments and servicing of finance
2002 2001
£000 £000
Interest received 470 462
Interest paid (3,014) (3,555)
Preference dividend paid (4) (4)
Net cash outflow (2,548) (3,097)
(c) Taxation
2002 2001
£000 £000
Corporation tax paid (651) (133)
Corporation tax received 109 252
Net cash (outflow)/inflow (542) 119
(d) Capital expenditure and financial investment
2002 2001
£000 £000
Purchase less sales of own shares by ESOP (258) (638)
Purchase of fixed asset investment - (3,858)
Purchase of tangible fixed assets (3,133) (24,937)
Sale of tangible fixed assets 738 3,554
Net cash outflow (2,653) (25,879)
(e) Acquisitions and disposals
2002 2001
£000 £000
Net cash acquired with subsidiary undertaking 1,768 -
Purchase of subsidiary undertaking (3,275) -
Loans to joint venture (2,722) (2,256)
Loan from joint venture 944 -
Purchase of interest in joint venture (25) -
Cost associated with discontinued port operations - (336)
Net cash outflow (3,310) (2,592)
(f) Management of liquid resources
2002 2001
£000 £000
Short-term investments - 1,389
(g) Financing
2002 2001
£000 £000
New secured loans 1,912 26,513
Repayment of secured loans (16,922) (10,612)
Net cash (outflow)/inflow (15,010) 15,901
(h) Reconciliation of net debt
1 January Cash Exchange 31 December
2002 Flow Transfer Movement 2002
£000 £000 £000 £000 £000
Cash in hand, at bank 6,825 (1,921) - - 4,904
Debt due after one year (56,531) 4,000 7,672 501 (44,358)
Debt due within one year (11,952) 11,010 (7,672) - (8,614)
(68,483) 15,010 - 501 (52,972)
Net debt (61,658) 13,089 - 501 (48,068)
6 Earnings per ordinary share
The calculations of earnings per ordinary share are based on the following
profits and numbers of shares.
Basic Diluted
2002 2001 2002 2001
£000 £000 £000 £000
Profit for the financial year 10,036 7,641 10,036 7,641
Preference dividends (4) (4) (4) (4)
10,032 7,637 10,032 7,637
Weighted average number of shares (excluding the shares owned by James
Fisher and Sons Public Limited Company Share Trust):
2002 2001
Number of Number of
shares shares
For basic earnings per ordinary share 47,516,302 47,692,921
Exercise of share options 405,968 321,138
For diluted earnings per ordinary share 47,922,270 48,014,059
7 Dividends paid and proposed
The directors are recommending a final ordinary dividend of 3.74p per
ordinary share which will be payable on 9 May 2003 to ordinary shareholders
on the Register on 22 April 2003, making a total for the year of 5.94p per
share. This compares with a final dividend for 2001 of 3.25p per share and
a total distribution for 2001 of 5.21p per share.
The dividend warrants will be posted on Thursday 8 May 2003 by first class
mail.
2002 2001
£000 £000
Rates of dividend paid and proposed
amount absorbed thereby:
Equity:
Ordinary interim paid of 2.20p per share 1,062 946
(2001 1.96p per share)
Ordinary final proposed of 3.74p per share 1,816 1,570
(2001 3.25p per share)
Non equity:
3.5% Preference paid (2001 3.5%) 4 4
Less dividends on own shares (46) (36)
2,836 2,484
The ordinary dividends are based upon the following number of ordinary
issued shares:
2002 2001
No. No.
Interim 48,270,098 48,270,098
Final 48,550,800 48,270,098
8 The AGM will be held at 12.00 noon on Friday 2 May 2003 at the Abbey House
Hotel, Abbey Road, Barrow-in-Furness, Cumbria.
9 Report and Accounts will be posted to members on 31 March 2003. Copies
will be made available to members of the public at Fisher House, PO Box 4,
Barrow-in-Furness, Cumbria, LA14 1HR.
10 This preliminary statement was approved by the Board of Directors on 3rd
March 2003.
This information is provided by RNS
The company news service from the London Stock Exchange
Wednesday, 15th May 2024
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