Final Results

Fuller,Smith&Turner PLC 28 May 2004 FRIDAY 28 MAY 2004 PRESS RELEASE FULLER SMITH & TURNER P.L.C. Preliminary results for the year ended 27 March 2004 Financial Highlights • Turnover up 2% to £140.3 million (2003: £137.6 million) • Profit before tax up 13% to £19.2 million (2003: £17.0 million) • Normalised profit before tax(1) up 3% to £16.9 million (2003: £16.4 million) • Basic earnings per share(2) up 26% to 60.63p (2003: 48.04p) • Normalised earnings per share(3) up 9% to 49.84p (2003: 45.59p) • Final dividend per share(2) increased 7% to 12.21p (2003: 11.37p) • Net assets per share(2) up 7% to £6.95 (2003: £6.52) Corporate Progress • Beer Company profits up 14% with volumes up 2% • Mixed results in Managed Pubs & Bars: City was weak with LFL sales down 5%; food sales up 11% • Tenanted estate profits up 5% • Hotel occupancy lower but comparable room rates maintained • Encouraging signs for the City and Hotels towards the end of the year • "Managed Pub Company of the Year" at the 2004 Publican Awards (1) Pre-tax profits after interest before exceptional profits on disposal of £2.4 million (2003: £0.6 million). (2) Calculated on the £1 'A' ordinary share. (3) Calculated using pre-exceptional earnings of £11.3 million (2003: £11.0 million) and the same weighted average number of shares as for the basic earnings per share. Commenting on the results, Anthony Fuller, Chairman, said: "I am delighted to report that the Company increased normalised earnings per share by 9%. The Directors will be recommending an increase in the final dividend of 7%, in line with our progressive dividend policy, which has delivered growth of 39% over the past five years. This has been a year of further investment across Fuller's Inns and the Brewery as we continue to add value to our premium quality assets and first class brands. We have seen an encouraging uplift in sales from our refurbished managed pubs and bars in the year and believe that we are now starting to emerge from a trading downturn in the City. The performance of our Hotels Division improved in the final quarter of the year and this has been sustained into the new financial year. The Beer Company and Tenanted Inns generate excellent cash flows and we are confident that both divisions will continue to deliver steady growth. We will continue to invest in and grow our business, as well as reviewing acquisition opportunities which would enhance shareholder returns. We are confident that the prospects for Fuller's are good and we are pleased that one of our core strengths is the breadth and balance of our business." - Ends - For further information, please contact: Fuller Smith & Turner P.L.C. Press Office 020 8996 2175/2198/2048 Mobile 07748 657854 E-mail: pr@fullers.co.uk Michael Turner, Chief Executive - Press 020 8996 2048 Paul Clarke, Finance Director - Analysts 020 8996 2048 Merlin 020 7653 6620 Paul Downes 07900 244 888 (mobile) Rebecca Penney 07950 419 408 (mobile) Notes to Editors Photographs for the media are available at NewsCast Online - www.newscast.co.uk Tel. 020 7608 1000 Copies of this statement, the Annual Report and results presentation will be available on the Company's web site, www.fullers.co.uk Attached: Chairman's Statement Financial Highlights Unaudited Group Profit and Loss Account Unaudited Group Balance Sheet Unaudited Group Cash Flow Statement Other Unaudited Group Primary Statements Notes to the Financial Statement FULLER SMITH & TURNER P.L.C. PRELIMINARY RESULTS FOR THE YEAR ENDED 27 MARCH 2004 CHAIRMAN'S STATEMENT Whatever You Do, Take Pride I am delighted to report that the Company increased normalised earnings per share by 9%. Fuller's continues to deliver good results at a time when there remain a number of challenges in our sector. We believe that our performance during the period demonstrates the success of our strategy, which focuses on long-term returns and high quality earnings. Overall, pre-tax profits are up 13% to £19.2 million (2003: £17.0 million) on a 2% increase in turnover to £140.3 million (2003: £137.6 million). On a normalised basis, stripping out the effects of exceptional profits on disposal of properties, profits are up 3% to £16.9 million (2003: £16.4 million). Basic earnings per share increased 26% to 60.63p (2003: 48.04p), partly reflecting the impact of a 6% reduction in the weighted average number of shares following a series of share buybacks, predominantly in the latter half of the previous financial year. On a normalised basis, earnings per share increased 9% to 49.84p (2003: 45.59p). Tax has been provided for at an effective rate for the year of 32.5% (2003: 32.5%) on normalised profits. The majority of the exceptional profits did not carry a tax charge owing to the availability of rollover relief. Earnings before interest, tax, depreciation and amortisation (EBITDA) increased by 3% to £27.7 million compared to £27.0 million last year. Total capital expenditure for the year was £18.3 million (2003: £12.0 million). This includes £8.1 million on acquisitions and new projects, in particular the 55-bedroom Red Lion Hotel in Hillingdon. There has also been significant investment in the Brewery, increasing size and capacity to meet demand. Property sales generated net cash proceeds of £5.9 million (2003: £1.6 million), which have been re-invested in the business, and profits of £2.4 million (2003: £0.6 million). In the first six months of the financial year, we bought back 75,000 £1 'A' ordinary shares and 2,531,000 unquoted 10p 'B' ordinary shares. The average price paid was £5.48 (for every £1 nominal of share capital), which compares favourably with our reported net assets per share of £6.95. There were no further buybacks in the second half of the year. The cumulative buybacks to date have increased normalised earnings per share and net assets per share by 12% and 4% respectively. We will be seeking to renew the current authority to buy back 'A' ordinary shares at the forthcoming Annual General Meeting. In line with the Company's progressive dividend policy, which has delivered growth of 39% over the past five years, the Directors will be recommending an increase in the final dividend of 7% to 12.21p per 'A' and 'C' £1 ordinary share and 1.221p per 'B' 10p ordinary share. This brings the total dividend for the year to 17.31p per 'A' and 'C' £1 ordinary share and 1.731p per 'B' 10p ordinary share, an overall increase of 7%. The final dividend will be paid on Monday 12 July 2004 to shareholders on the Share Register as at Friday 11 June 2004. Fuller's Inns Fuller's Inns had a mixed year. Our tenanted estate and food-led managed pubs performed well, with the latter benefiting from a good summer and further investment in the estate. This, however, was offset by what continued to be a difficult trading environment in the City and Hotels. We have been encouraged by an improvement in trading in the Hotels Division in the final quarter of the year and evidence that confidence is returning to the City. Turnover for the year was £97.0 million (2003: £97.0 million) and profits were £15.3 million (2003: £16.0 million). This included an additional £0.4 million spent on property repairs, in line with our expectations, as we continued to invest in maintaining the high quality of our estate. Cash generation remains strong with EBITDA of £22.3 million (2003: £22.7 million). Managed Pubs and Bars We were delighted to be named Managed Pub Company of the Year at the 2004 Publican Awards in recognition of our achievements of providing quality cask ale, food, wine and exceptional customer service. The strategy for our managed estate remains to acquire and develop high quality assets that present excellent opportunities for cask ale, food and wine. Our pricing strategy is underpinned by the strength and quality of our offering, in particular our focus on freshly prepared food and premium products, thereby avoiding the significant discounting evident across our industry. During the year, acquisitions, investments and training have focused on growing the quality of and contribution from food sales. This is reflected in an 11% increase in food turnover and contributed to a 10% increase in wine sales. Turnover is up 1% with uninvested like-for-like sales down 2%, mainly as a result of a 5% decline in like-for-like sales in City pubs and bars, where we continued to experience difficult trading conditions. Our like-for-like numbers, prepared on a consistent basis year on year, are based on properties that have been trading for the whole of the year being reported and the previous year and have had less than £50,000 invested in either period. In 2004 73% of our managed estate was represented in our like-for-like comparison. During the year, we opened four new pubs in excellent locations and properties, namely The Mill at Elstead, Surrey; The Telegraph in the City of London; the Jolly Farmer in Worplesdon, Surrey, and the Bell in Outwood, Surrey, at a total cost of £5.5 million. Other than The Telegraph, these are all freehold properties. There are currently 116 managed pubs in our estate, including two recent transfers from Tenanted Inns. We continue to invest in maintaining the high quality of our estate and significantly increased our capital investment programme in the year just ended. We completed 13 major projects in 2004, compared to eight in 2003, with a total spend of £3.4 million. The investment programme resulted in 68 weeks closure time, compared to 20 in 2003, and an additional £0.3 million project repair costs (£1.0 million in total compared to £0.7 million last year). More than a third of these projects, however, were carried out in the fourth quarter of the year just ended and, therefore, the positive impact will not be seen until the current financial year. We have been delighted with the performance of the redeveloped sites, which have shown a 28% increase in turnover since re-opening. In the current year, we plan to undertake a further 26 major refurbishment projects and spend a total of £5.4 million on the managed estate. We expect a third of this to be expensed as repairs, which will be an increase of £0.8 million on 2004. We are investing in a number of our City outlets, including the Fine Line bars. The Northcote Road Fine Line was the first to be refurbished - it was completed shortly after the year-end and is trading strongly. The Telegraph in the City of London, which opened in July 2003, is exceeding our expectations. Tenanted Inns The tenanted estate had another good year. Overall profits increased by 5% on turnover up 2% in the year. This reflects a further improvement in the quality of the estate. During the year we completed 17 external redecoration schemes and eight internal redecorations. The average turnover and profit per house increased by 5% and 8% respectively. The Tenanted estate benefits from the interesting and varied wines sourced by our Wines Division and wine sales were up 16% in the year. We are extremely pleased that the Tenanted Division was also a finalist in the 2004 Publican Awards and a number of individual pubs and tenants continue to be recognised by regional CAMRA Groups as the best in their area. The total number of tenanted pubs is currently 114 with 49 pubs now converted to the 10-year lease. We have always stated that there is a role for both the 10-year lease and the traditional three-year tenancy in the estate and anticipate that there will be a balance between both types of agreement. Fuller's Hotels Despite the challenging conditions in the hotels market, our strategy remains focused on quality and maintaining the premium position of our hotels, which we believe will deliver benefits in the medium-term. Although occupancy for the year declined by 6% and RevPar was down 5%, average room rates increased from £67.81 to £68.97. We also saw a significant improvement on the first half of the year, when occupancy and RevPar were down 10%. In July 2003, we sold the Pilgrim's Rest in Ashford, for £2.2 million, reflecting our strategy of providing a consistent level of accommodation across the estate. The proceeds from the sale have been re-invested in the new 55-bedroom hotel at the Red Lion in Hillingdon, West London, which I am delighted to say opened, ahead of schedule, on 17 May 2004. This historic 16th Century coaching inn has made a superb addition to the Fuller's Hotels estate. The new hotel at the Red Lion brings the total number in the estate to eight, of which seven are less than 10 years old. In December, we entered into an agreement with Tesco Stores Limited giving them the option to acquire the site of the 105-bedroom Master Brewer Hotel in Hillingdon for a total cash consideration of £18.5m. The option agreement remains open until December 2006 and in the meantime the Master Brewer continues to trade profitably. The Internet continues to be a very valuable booking source to Fuller's Hotels, with our own website www.fullershotels.com now generating encouraging commission-free revenue. The Fuller's Beer Company The Fuller's Beer Company demonstrated another successful year of growth with profits up 14% to £7.8 million (2003: £6.8 million). The strength of our brands and exceptional quality of our beers continued to drive demand with a 4% increase in turnover to £65.5 million (2003: £62.7 million) and EBITDA up 13% to £9.2 million (2003: £8.1 million). Total own beer volumes were up 2% to 195,000 barrels (2003: 191,000), driven by a 9% increase in the off-trade. This included a significant improvement in export volumes, now up 4%, reversing a decline in the first half of the year. Our total free on-trade volumes were up 4% resulting from growth in the popularity of the Fuller's brands. Sales to the free trade now represent over 85% (2003: 84%) of the total own beer volumes. London Pride performed well in the year and is now the leading premium ale in the country, supported by an innovative and extensive marketing campaign. It further increased its market share, reflected by cask ale volumes up 1%, canned volumes up 13% and bottled volumes up 23%. The Rugby World Cup provided an excellent opportunity to promote our flagship beer, including extensive TV, cinema, press and poster advertising. For the second year running, London Pride has been voted the country's most desired cask ale, according to the Publican Newspaper's Desert Island Survey. We continued to support our other brands with an Autumn Cask Beer Festival in our tied estate and selected free trade outlets featuring Organic Honey Dew, London Porter and 1845 (a silver medal winner at this year's CAMRA Great British Beer Festival). We have also brought back some much loved brands such as India Pale Ale, as part of our guest ale programme that offers a good range of interesting cask ales for our retail estate and selected free trade outlets. The Fuller's Wine Division showed excellent growth in the year with total wine volumes up 5% and a 21% increase in profits. We have invested further in the Brewery, with the second phase of the fermentation and maturation tank extension completed at a total cost of £1.4 million, which has increased capacity by 25% to 260,000 barrels. In addition, we are in the process of adding to the Brewery site through two acquisitions totalling £2.7 million, one completed last April and the other due to be completed this June, which will increase the area by 11%. Excluding these acquisitions, total capital expenditure in the Brewery this year was £3.2 million (2003: £2.2 million). Prospects This has been a year of further investment across Fuller's Inns and the Brewery as we continue to add value to our premium quality assets and first class brands, though not at the expense of product quality or service. We have seen an encouraging uplift in sales from our refurbished managed pubs and bars in the year and believe that we are now starting to emerge from a trading downturn in the City. The increased capital investment planned for the current financial year will be a key driver of future growth. The performance of our Hotels Division improved in the final quarter and this has been sustained into the new financial year. The Red Lion Hotel in Hillingdon opened this month ahead of schedule. Our hotel estate now comprises 513 rooms, most of which are less than 10 years old. We believe our policy of avoiding short-term discounting has provided a strong platform for the future. The Beer Company and Tenanted Inns generate excellent cash flows and we are confident that both divisions will continue to deliver steady growth. We will continue to invest in and grow our business, as well as reviewing acquisition opportunities which would enhance shareholder returns. We are confident that the prospects for Fuller's are good and we are pleased that one of our core strengths is the breadth and balance of our business. A.G.F. Fuller, CBE Chairman 28 May 2004 FULLER SMITH & TURNER P.L.C. FINANCIAL HIGHLIGHTS FOR THE 52 WEEKS ENDED 27 MARCH 2004 52 weeks to 52 weeks to 27 March 29 March Change 2004 2003 2004/2003 £000 £000 ___________________________________ ____________ ____________ ____________ Turnover 140,322 137,643 1.9% Profit before tax 19,227 17,004 13.1% Normalised profits(1) 16,858 16,420 2.7% EBITDA(2) 27,744 26,950 2.9% Basic earnings per share(3) 60.63p 48.04p 26.2% Normalised earnings per share(4) 49.84p 45.59p 9.3% Dividend per share(3) 17.31p 16.12p 7.4% Net assets per share(3) £6.95 £6.52 6.6% Gearing ratio 10.7% 14.5% N/A ___________________________________ ____________ ____________ ____________ (1) Pre-tax profits after interest before non-operating exceptional profits on disposal of £2.4 million (2003: £0.6 million). (2) Earnings before interest, tax, depreciation and amortisation. (3) Calculated on the £1 'A' ordinary share. (4) Calculated using pre-exceptional earnings of £11.3 million (2003: £11.0 million) and the same weighted average number of shares as for the basic earnings per share. FULLER SMITH & TURNER P.L.C. UNAUDITED GROUP PROFIT AND LOSS ACCOUNT FOR THE 52 WEEKS ENDED 27 MARCH 2004 52 weeks to 52 weeks to 27 March 29 March 2004 2003 £000 £000 TURNOVER 140,322 137,643 Operating costs (121,524) (119,264) --------------- --------------- OPERATING PROFIT 18,798 18,379 Non-operating exceptional profits 2,369 584 Interest payable (net) (1,940) (1,959) --------------- --------------- PROFIT ON ORDINARY ACTIVITIES BEFORE TAXATION 19,227 17,004 Taxation (5,408) (5,326) --------------- --------------- PROFIT ON ORDINARY ACTIVITIES AFTER TAXATION 13,819 11,678 Preference dividends (120) (120) --------------- --------------- ATTRIBUTABLE TO EQUITY SHAREHOLDERS 13,699 11,558 Ordinary dividends (3,904) (3,694) --------------- --------------- RETAINED PROFIT FOR THE FINANCIAL YEAR 9,795 7,864 =============== =============== EARNINGS PER SHARE Per £1 'A' ordinary share or unquoted £1 'C'ordinary share Basic 60.63p 48.04p Diluted 60.35p 47.92p Normalised 49.84p 45.59p Per unquoted 10p 'B' ordinary share Basic 6.06p 4.80p Diluted 6.04p 4.79p Normalised 4.98p 4.56p FULLER SMITH & TURNER P.L.C. UNAUDITED GROUP BALANCE SHEET 27 MARCH 2004 At At 27 March 29 March 2004 2003 £000 £000 TANGIBLE FIXED ASSETS 196,511 190,707 FIXED ASSET INVESTMENTS 244 411 --------------- --------------- 196,755 191,118 --------------- --------------- CURRENT ASSETS Stocks 4,269 3,840 Debtors 11,462 10,528 Investments 6,064 635 Cash, at bank and in hand 3,909 4,403 --------------- --------------- 25,704 19,406 CREDITORS: amounts falling due within one year 30,964 27,962 --------------- --------------- NET CURRENT LIABILITIES (5,260) (8,556) --------------- --------------- TOTAL ASSETS LESS CURRENT LIABILITIES 191,495 182,562 CREDITORS: amounts falling due after more than one year Debenture stock 26,995 26,985 PROVISION FOR LIABILITIES AND CHARGES 4,734 4,422 --------------- --------------- 159,766 151,155 =============== =============== CAPITAL AND RESERVES Called up share capital: Equity 22,748 22,921 Non equity 1,600 1,600 Share premium account 3,820 3,350 Revaluation reserve 28,993 28,303 Capital redemption reserve 2,902 2,574 Profit and loss account 99,703 92,407 --------------- --------------- TOTAL SHAREHOLDERS' FUNDS 159,766 151,155 =============== =============== FULLER SMITH & TURNER P.L.C. UNAUDITED GROUP CASH FLOW STATEMENT FOR THE 52 WEEKS ENDED 27 MARCH 2004 52 weeks to 52 weeks to 27 March 29 March 2004 2003 £000 £000 NET CASH INFLOW FROM OPERATING ACTIVITIES 29,228 28,597 --------------- --------------- RETURNS ON INVESTMENT AND SERVICING OF FINANCE Preference dividends paid (120) (120) Interest received 233 216 Interest paid (2,164) (2,091) --------------- --------------- (2,051) (1,995) TAXATION Corporation tax paid (4,953) (4,354) CAPITAL EXPENDITURE AND FINANCIAL INVESTMENT Payments to acquire tangible fixed assets (17,235) (11,973) Payments to acquire fixed asset investments (137) - Receipts from sales of tangible fixed assets 5,866 1,595 --------------- --------------- (11,506) (10,378) EQUITY DIVIDENDS PAID (3,736) (3,801) --------------- --------------- TOTAL NET CASH INFLOW BEFORE THE USE OF LIQUID RESOURCES AND FINANCING 6,982 8,069 MANAGEMENT OF LIQUID RESOURCES* (5,429) 1,415 FINANCING Issue of equity shares 625 278 Repurchase of equity shares (2,672) (10,634) --------------- --------------- (2,047) (10,356) --------------- --------------- MOVEMENT IN CASH IN THE YEAR (494) (872) =============== =============== * Management of liquid resources is the movement in cash on short-term deposit at financial institutions. FULLER SMITH & TURNER P.L.C. UNAUDITED GROUP CASH FLOW STATEMENT (CONTINUED) FOR THE 52 WEEKS ENDED 27 MARCH 2004 52 weeks to 52 weeks to RECONCILIATION OF OPERATING PROFIT TO NET 27 March 29 March CASH INFLOW FROM OPERATING ACTIVITIES 2004 2003 £000 £000 Operating profit 18,798 18,379 Depreciation 8,886 8,521 Loss on disposal of tangible fixed assets 60 50 --------------- -------------- EARNINGS BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION 27,744 26,950 (INCREASE)/DECREASE IN WORKING CAPITAL Stocks (429) (2) Debtors (904) 890 Creditors 2,817 759 --------------- -------------- NET CASH INFLOW FROM OPERATING ACTIVITIES 29,228 28,597 =============== ============== FULLER SMITH & TURNER P.L.C. OTHER UNAUDITED GROUP PRIMARY STATEMENTS FOR THE 52 WEEKS ENDED 27 MARCH 2004 GROUP STATEMENT OF RECOGNISED GAINS AND LOSSES There are no gains or losses in the current or prior year other than those reported in the profit and loss account on page 7. 52 weeks to 52 weeks to 27 March 29 March 2004 2003 GROUP HISTORICAL COST PROFITS AND LOSSES £000 £000 Reported profit on ordinary activities before taxation 19,227 17,004 Realisation of property revaluation movements of previous years (690) 491 --------------- --------------- Historical cost profit on ordinary activities before taxation 18,537 17,495 --------------- --------------- Historical cost profit for the year retained after taxation 9,105 8,355 =============== =============== RECONCILIATION OF NET CASH FLOW TO MOVEMENT IN NET DEBT Movement in cash in the year (494) (872) Cash outflow/(inflow) from the movement in liquid resources 5,429 (1,415) Amortisation of issue costs (10) (11) --------------- --------------- Movement in net debt in the year 4,925 (2,298) Net debt at the beginning of the year (21,947) (19,649) --------------- --------------- Net debt at the end of the year (17,022) (21,947) =============== =============== RECONCILIATION OF MOVEMENTS IN SHAREHOLDERS' FUNDS Shareholders' funds brought forward 151,155 154,517 Profit on ordinary activities after taxation 13,819 11,678 Dividends - preference (120) (120) - ordinary (3,904) (3,694) New share capital subscribed 625 278 Shares repurchased and cancelled (1,809) (11,504) --------------- --------------- Net movement in shareholders' funds 8,611 (3,362) --------------- --------------- Shareholders' funds at the end of the year 159,766 151,155 =============== =============== Shareholders' funds comprise: Equity interests 158,166 149,555 Non-equity interests 1,600 1,600 --------------- --------------- 159,766 151,155 =============== =============== Non-equity interests reflect the cost of non-redeemable cumulative preference shares. FULLER SMITH & TURNER P.L.C. NOTES TO THE FINANCIAL STATEMENTS FOR THE 52 WEEKS ENDED 27 MARCH 2004 1. PRELIMINARY STATEMENT This statement does not constitute full financial statements as defined by S.240 of the Companies Act 1985. Full financial statements for the year ended 29 March 2003, including an unqualified auditors' report, have been delivered to the Registrar of Companies. The unaudited financial information in this statement has been prepared in accordance with applicable accounting standards. The accounting policies used have been applied consistently and are described in full in the statutory financial statements for the year ended 27 March 2004, which will be mailed to shareholders on or before Monday 14 June 2004 and delivered to the Registrar of Companies. The financial statements will also be available from the Company's registered office: Griffin Brewery, Chiswick, London W4 2QB from that date. 2. SEGMENTAL ANALYSIS 52 weeks to 27 March 2004 Fuller's Inns Beer Company Total £000 £000 £000 TOTAL SALES 97,047 65,462 162,509 Inter-segment sales - (22,187) (22,187) ----------- ----------- ----------- Sales to third parties 97,047 43,275 140,322 ----------- ----------- ----------- SEGMENTAL PROFIT 15,300 7,773 23,073 ----------- ----------- Net central costs (4,275) ----------- Operating profit 18,798 Non-operating exceptional profits 2,369 Interest payable (net) (1,940) ----------- Profit on ordinary activities before taxation 19,227 ----------- ASSETS EMPLOYED ----------- ----------- ----------- Segmental assets 166,841 18,995 185,836 ----------- ----------- Unallocated net liabilities* (26,070) ----------- Total net assets 159,766 ----------- * Unallocated net liabilities represent the net of dividends, debentures, corporation tax, cash at bank and assets held under central management. 52 weeks to 29 March 2003 Fuller's Inns Beer Company Total £000 £000 £000 TOTAL SALES 96,972 62,695 159,667 Inter-segment sales - (22,024) (22,024) ----------- ----------- ----------- Sales to third parties 96,972 40,671 137,643 ----------- ----------- ----------- SEGMENTAL PROFIT 16,010 6,840 22,850 ----------- ----------- Net central costs (4,471) ----------- Operating profit 18,379 Non-operating exceptional profits 584 Interest payable (net) (1,959) ----------- Profit on ordinary activities before taxation 17,004 ----------- ASSETS EMPLOYED ----------- ----------- ----------- Segmental assets 164,197 18,585 182,782 ----------- ----------- Unallocated net liabilities* (31,627) ----------- Total net assets 151,155 ----------- * Unallocated net liabilities represent the net of dividends, debentures, corporation tax, cash at bank and assets held under central management. 3. TAXATION Corporation tax and deferred tax has been provided as follows: 2004 2003 Tax on normalised profits £000 £000 Current tax 5,018 4,649 Deferred tax 458 684 --------------- --------------- Total tax on normalised profits 5,476 5,333 --------------- --------------- Tax on exceptional items Current tax charge 78 - Deferred tax credit (146) (7) --------------- --------------- Total tax on exceptional profits (68) (7) --------------- --------------- --------------- --------------- Total tax charge 5,408 5,326 --------------- --------------- Effective rate on normalised profits 32.5% 32.5% Normalised profits are profits after interest before exceptional operating and non-operating costs/profits. The majority of exceptional items do not carry a tax charge owing to the availability of rollover relief. 4. ORDINARY DIVIDENDS 2004 2003 pence pence Interim - paid 5.10 4.75 Final - proposed 12.21 11.37 --------------- --------------- 17.31 16.12 --------------- --------------- The pence figures above are for the £1 'A' ordinary shares and unquoted £1 'C' ordinary shares. The unquoted 10p 'B' shares carry dividend rights of 1/10 of those applicable to the £1 'A' ordinary shares. 5. EARNINGS PER SHARE 2004 2003 £000 £000 Profit attributable to equity shareholders 13,699 11,558 Non-operating exceptional items net of tax (2,437) (591) --------------- --------------- Normalised earnings attributable to equity shareholders 11,262 10,967 --------------- --------------- Weighted average share capital 22,595,000 24,057,000 Dilutive outstanding options 106,000 64,000 --------------- --------------- Adjusted weighted average share capital 22,701,000 24,121,000 --------------- --------------- £1 'A' ordinary shares or unquoted £1 'C' ordinary shares Basic earnings per share 60.63p 48.04p Diluted earnings per share 60.35p 47.92p Normalised earnings per share 49.84p 45.59p Unquoted 10p 'B' ordinary shares Basic earnings per share 6.06p 4.80p Diluted earnings per share 6.04p 4.79p Normalised earnings per share 4.98p 4.56p The calculation is based on earnings (after deducting preference dividends) and on the weighted average ordinary share capital. Normalised earnings exclude all post-tax exceptional non-operating profits. This information is provided by RNS The company news service from the London Stock Exchange

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