Interim Results
Headlam Group PLC
11 September 2007
11 September 2007
Interim financial results for the six month period ended 30 June 2007
Headlam Group plc ('Headlam'), Europe's leading floorcovering distributor,
announces its interim results for the six months ended 30 June 2007.
Financial highlights
2007 2006 Change
£000 £000
Sales 259,076 245,672 +5.5%
Adjusted profit * 21,155 19,743 +7.2%
Profit from operations 20,740 19,743 +5.1%
Profit before tax 20,593 19,543 +5.4%
Basic earnings per share 16.6p 15.6p +6.4%
Interim dividend per share 5.35p 4.85p +10.3%
Key points
Sales on a like for like basis increased by 3.1% in the UK and 7.2% in
Continental Europe
Profit before amortisation of intangibles, interest and tax increased by 7.2%
2007 interim dividend increased by 10.3% from 4.85p to 5.35p
* Adjusted profit is profit before amortisation of intangibles, interest and tax
Tony Brewer, Chief Executive of Headlam, said:
'During 2007, the group has enjoyed a progressively improving sales trend and we
are well positioned entering the traditionally busy autumn selling period. The
management teams of our individual businesses in the UK and Continental Europe
are clearly focused on their product, sales and operations and we look forward
to achieving our objectives for the year.'
Enquiries:
Headlam Group plc
Tony Brewer, Chief Executive Tel: 01675 433000
Stephen Wilson, Finance Director
Chairman's Statement
Group sales for the first six months increased by 5.5% from £245.7 million to
£259.1 million including a contribution of £4.3 million from the businesses
acquired since July last year. Profit before amortisation of intangibles,
interest and tax increased by 7.2% from £19.74 million to £21.16 million.
Sales on a like for like basis increased by 3.1% in the UK and 7.2% in
Continental Europe.
Earnings and dividend
Basic earnings per share increased by 6.4% from 15.6p to 16.6p. The board is
pleased to declare an interim dividend of 5.35p per share, an increase of 10.3%
on last year's interim dividend of 4.85p per share. The dividend will be paid
on 2 January 2008 to shareholders on the register at 7 December 2007.
UK operations
With the establishment of the regional commercial business sector, the group
operates with five clearly defined business sectors. These sectors now
incorporate 50 businesses operating from 21 principal distribution centres and 7
service centres. The management teams in these businesses enjoy product, sales
and marketing autonomy whilst complying with consistent operating procedures and
strict financial reporting disciplines.
The 5 business sectors are:
Regional multi-product: these 20 regional businesses, which account for 60% of
UK sales and market and distribute a comprehensive range of residential and
commercial floorcovering, increased their sales by 2.5%.
National multi-product: due to the ongoing success of the Mercado business and
its national infrastructure, we currently have a project underway to expand its
Leeds distribution hub by 20,000 square feet to 205,000 square feet. This will
further enhance the opportunity for Mercado to develop its residential and
commercial business throughout England and Wales.
Regional commercial: this newly formed sector is growing ahead of expectations
with the benefit of the acquisitions of Concept (Midlands) in October 2006 and
3D Flooring Supplies in March 2007. Total sales of the 10 businesses grew by
26.6%. It is our intention, either through acquisition or establishing new
operations, to increase the geographical coverage of this sector.
Residential specialist: the 13 specialist businesses operating in this sector
continue to prosper with sales growing by 8.1%, principally in medium and high
quality carpet products. The recent acquisition of the trade and assets of
Plantation Rug Company during July 2007, gives the group an opportunity to
further develop sales of rugs in addition to our existing activities through
Crucial Trading and National Carpets.
Commercial specialist: the original three businesses in this sector have enjoyed
a positive first half with sales increasing by 12.7%. The sector has been
enhanced by the acquisition during April 2007 of Florprotec, a leading supplier
of floor protection products in the UK.
Fundamental to the group's strategy and policy is the ongoing development and
relationships with the leading floorcovering manufacturers of residential and
commercial products. This ensures that the group and subsequently its customers
are at the forefront of all new product development for the UK marketplace.
The group continues to maximise its market presence through 337 employed
external sales people who, during the first six months, have positioned 448,000
point of sale items into independent floorcovering retailers and flooring
contractors to support the launch of 2,165 new product ranges. This has enabled
growth through each of our product segments of carpet, residential vinyl, wood,
laminate and commercial flooring.
Investments
The new 105,000 square foot purpose built freehold facility for Wilkies in Leeds
became operational in October 2006 and this business is operating ahead of
expectations. We have now commenced construction of a new freehold facility for
MCD Wales in Bridgend which will be operational in the spring of 2008. The
group continues to assess other opportunities to re-house existing businesses,
increasing capacity in conjunction with the latest material handling capability,
to allow them to continue to develop their business and exploit market
opportunities.
Continental Europe
Our three businesses in France, Switzerland and the Netherlands have continued
their significantly improved performance from 2006 into 2007. The management
teams of these businesses have capitalised on improving marketing conditions and
each business contributed to a combined increase in sales of 7.2%. This has
resulted in operating margins improving from 2.7% to 3.6%.
Acquisitions
The three recently acquired businesses; 3D Flooring Supplies, Florprotec and
Plantation Rug Company enlarge our activities in the business sectors of
regional commercial, commercial specialist and residential specialist
respectively. Each of these acquisitions, including Concept (Midlands) acquired
in October 2006, are performing ahead of expectations. The group continues to
evaluate acquisitions in both the UK and Continental Europe. We would
anticipate making further acquisitions which enhance our market position and
contribute to an increase in profitability.
Purchase of own shares
Earlier this year, the board decided to commence a share buy-back programme to
return cash to shareholders and improve balance sheet efficiency. Further to
our announcement on 25 May 2007 regarding the introduction of a share buy-back
programme, I can report that as at 30 June 2007, the company had acquired
2,118,006 shares at an average price of £5.85 per share. Since then, a further
1,185,000 million shares have been acquired at an average price of £5.54 per
share bringing expenditure during the year to date to £18.96 million.
Adjusted profit
Profit before amortisation of intangibles, interest and tax has been calculated
as follows:
2007 2006
£000 £000
Profit for the period 14,415 13,582
Add:
Taxation 6,178 5,961
Net financing costs 147 200
Amortisation of intangibles 415 -
------- -------
Adjusted profit 21,155 19,743
------- -------
Cash flow
In keeping with our policy of providing our customers with an extensive product
offering and high levels of service, we invested a further £7.5 million in
inventory during the first six months of 2007. This was the primary reason for
cash generated from operations declining from £11.7 million last year to £6.9
million.
Cash outflows from investing activities included £2.9 million expended on
acquisitions during the first half. Included within this amount is £1.5 million
relating to the purchase of intangible assets. In line with our policy on
intangible assets, £0.4 million has been amortised through the income statement
during the first six months and the balance will be amortised in full during the
six month period to 31 December 2007.
Cash flows from financing activities include £12.4 million relating to the
purchase of shares during the first six months.
The combination of additional inventory investment, acquisition activity and the
share buy-back programme meant that net cash decreased by £22.1 million during
the first half of 2007 compared with a decrease of £3.4 million during the
equivalent period last year
Outlook
During 2007, the group has enjoyed a progressively improving sales trend and we
are well positioned entering the traditionally busy autumn selling period. The
management teams of our individual businesses in the UK and Continental Europe
are clearly focused on their product, sales and operations and we look forward
to achieving our objectives for the year.
Graham Waldron
11 September 2007
Consolidated Income Statement
Unaudited
Note Six months Six months The year
ended ended ended
30 June 30 June 31 December
2007 2006 2006
£000 £000 £000
Revenue 4 259,076 245,672 509,899
Cost of sales (179,281) (170,112) (350,506)
-------- ---------- --------- ---------
Gross profit 79,795 75,560 159,393
Distribution expenses (42,810) (40,662) (81,623)
Administrative expenses (16,245) (15,155) (33,829)
-------- ---------- --------- ---------
Operating profit 4 20,740 19,743 43,941
Financial income 6 3,214 2,270 4,926
Financial expenses 6 (3,361) (2,470) (5,309)
-------- ---------- --------- ---------
Net financing costs (147) (200) (383)
-------- ---------- --------- ---------
Profit before tax 20,593 19,543 43,558
Taxation 7 (6,178) (5,961) (13,067)
-------- ---------- --------- ---------
Profit for the period 4 14,415 13,582 30,491
-------- ---------- --------- ---------
Dividend per share 9 20.15p 18.00p 18.00p
Earnings per share
Basic 8 16.6p 15.6p 35.1p
-------- ---------- --------- ---------
Diluted 8 16.4p 15.5p 34.8p
-------- ---------- --------- ---------
Consolidated Statement of Recognised Income and Expense
Unaudited
Note Six months Six months The year
ended ended ended
30 June 30 June 31 December
2007 2006 2006
£000 £000 £000
Foreign exchange translation
differences arising on
translation of overseas operations (199) (174) (419)
Actuarial gains and losses on
defined benefit pension plans 5,028 (1,500) (173)
------ --------- ---------- ----------
Tax recognised on income and expenses
recognised directly in equity (1,776) 234 1,057
------ --------- ---------- ----------
Net income recognised directly
in equity 3,053 (1,440) 465
Profit for the period 14,415 13,582 30,491
------ --------- ---------- ----------
Total recognised income and expense 9 17,468 12,142 30,956
------ --------- ---------- ----------
Consolidated Balance Sheet
Unaudited
Note At At At
30 June 30 June 31 December
2007 2006 2006
£000 £000 £000
Non-current assets
Property, plant and equipment 86,999 78,292 85,032
Intangible assets 14,265 13,210 13,210
Deferred tax assets 6,815 8,286 9,182
------ -------- --------- ----------
108,079 99,788 107,424
------ -------- --------- ----------
Current Assets
Inventories 102,947 92,720 94,217
Trade and other receivables 93,616 86,246 91,284
Cash and cash equivalents 19,169 33,146 41,861
------ -------- --------- ----------
215,732 212,112 227,362
Non-current assets classified as
held for sale - 3,436 -
------ -------- --------- ----------
Total assets 323,811 315,336 334,786
------ -------- --------- ----------
Current liabilities
Bank overdraft (416) (333) (1,010)
Other interest-bearing loans and
borrowings - (430) (267)
Trade and other payables (155,460) (145,692) (149,422)
Employee benefits (1,484) (1,078) (1,102)
Income tax payable (11,801) (11,723) (10,184)
------ -------- --------- ----------
(169,161) (159,256) (161,985)
------ -------- --------- ----------
Non-current liabilities
Other interest-bearing loans and
borrowings - (80) -
Employee benefits (10,819) (20,766) (16,124)
Deferred tax liabilities (3,280) (1,256) (3,665)
------ -------- --------- ----------
(14,099) (22,102) (19,789)
------ -------- --------- ----------
Total liabilities (183,260) (181,358) (181,774)
------ -------- --------- ----------
Net assets 140,551 133,978 153,012
------ -------- --------- ----------
Equity attributable to equity
holders of the parent
Share capital 9 4,292 4,352 4,354
Share premium 9 53,512 53,336 53,428
Translation reserves 9 (815) (751) (616)
Retained earnings 9 83,562 77,041 95,846
------ --------- --------- ----------
Total equity 140,551 133,978 153,012
------ --------- --------- ----------
Consolidated Cash Flow Statements
Unaudited
Note Six months Six months The year
ended ended ended
30 June 30 June 1 December
2007 2006 2006
£000 £000 £000
Cash flows from operating
activities
Profit before tax for the period 20,593 19,543 43,558
Adjustments for:
Depreciation, amortisation and
impairment 2,735 2,088 4,974
Financial income (3,214) (2,270) (4,926)
Financial expense 3,361 2,470 5,309
(Profit)/loss on sale of
property, plant and equipment (14) (1) 10
Equity settled share-based
payment expenses 250 208 472
----- ---------- ---------- ----------
Operating profit before changes
in working capital and provisions 23,711 22,038 49,397
Increase in trade and other
receivables (864) (1,802) (6,810)
Increase in inventories (7,524) (1,519) (2,930)
(Decrease)/increase in trade and
other payables (8,401) (7,016) 7,987
----- ---------- ---------- ----------
Cash generated from operations 6,922 11,701 47,644
Interest paid (1,224) (904) (2,023)
Tax paid (4,845) (5,966) (11,622)
Additional contributions to
defined benefit pension plan (742) (479) (3,927)
----- ---------- ---------- ----------
Net cash from operating activities 111 4,352 30,072
----- ---------- ---------- ----------
Cash flows from investing activities
Proceeds from sale of property,
plant and equipment 144 61 1,816
Interest received 1,544 964 2,001
Acquisition of subsidiary, net of
cash acquired (2,864) - (1,369)
Acquisition of property, plant
and equipment (4,231) (5,826) (12,884)
----- ---------- ---------- ----------
Net cash from investing activities (5,407) (4,801) (10,436)
----- ---------- ---------- ----------
Cash flows from financing activities
Proceeds from the issue of share
capital 86 1,082 1,176
Payment to acquire own shares (12,392) - -
Payment of finance lease liabilities (267) (228) (497)
Dividends paid (4,218) (3,789) (15,612)
----- ---------- ---------- ----------
Net cash from financing activities (16,791) (2,935) (14,933)
----- ---------- ---------- ----------
Net (decrease)/increase in cash
and cash equivalents (22,087) (3,384) 4,703
Cash and cash equivalents at
1 January 40,851 36,193 36,193
Effect of exchange rate
fluctuations of cash held (11) 4 (45)
----- ---------- ---------- ----------
Cash and cash equivalents at end of
period 10 18,753 32,813 40,851
----- ---------- ---------- ----------
Notes to the Interim Financial Statements
Unaudited
1 ACCOUNTING POLICIES
The interim financial information has been prepared applying the accounting
policies and presentation that were applied in the preparation of the group's
published consolidated financial statements for the year ended 31 December 2006.
The comparative figures for the financial year ended 31 December 2006 are not
the group's statutory accounts for that financial year. Those accounts have been
reported on by the group's auditors and delivered to the registrar of companies.
The report of the auditors was (i) unqualified, (ii) did not include a reference
to any matters to which the auditors drew attention by way of emphasis without
qualifying their report, and (iii) did not contain a statement under section 237
(2) or (3) of the Companies Act 1985.
2 ESTIMATES
The preparation of interim financial statements requires management to make
judgements, estimates and assumptions that affect the application of accounting
policies and the reported amounts of assets and liabilities, income and expense.
Actual results may differ from these estimates.
In preparing these condensed consolidated interim financial statements, the
significant judgements made by management in applying the group's accounting
policies and key sources of estimation uncertainty were the same as those that
applied to the consolidated financial statements as at and for the year ended
31 December 2006.
3 FINANCIAL RISK MANAGEMENT
All aspects of the group's financial risk management objectives and policies are
consistent with that disclosed in the consolidated financial statements as at
and for the year ended 31 December 2006.
Notes to the Financial Statements continued
Unaudited
4 SEGMENT REPORTING
The group's activities are wholly aligned to the sales, marketing, supply and
distribution of floorcovering products. These activities are carried out from
business centres located in both the UK and Continental Europe. The group's
internal management structure and financial reporting systems treat the UK and
Continental Europe as two separate segments because of the difference in reward
arising from these two markets and this forms the basis for the geographical
presentation of the primary segment information given below.
UK Continental Europe Total
30 June 30 June 31 Dec 30 June 30 June 31 Dec 30 June 30 June 31 Dec
2007 2006 2006 2007 2006 2006 2007 2006 2006
£000 £000 £000 £000 £000 £000 £000 £000 £000
Revenue
External
sales 219,414 208,668 434,321 39,662 37,004 75,578 259,076 245,672 509,899
------- ------- ------- ------- ------- ------ ------- ------- -------
Result
Segment
result 20,451 19,201 43,670 1,408 1,017 2,044 21,859 20,218 45,714
------- ------- ------- ------- ------- ------ ------- ------- -------
Unallocated
corporate
expenses (1,119) (475) (1,773)
------- ------- ------- ------- ------- ------ ------- ------- -------
Operating
profit 20,740 19,743 43,941
Financial
income 3,214 2,270 4,926
Financial
expense (3,361) (2,470) (5,309)
Taxation (6,178) (5,961) (13,067)
------- ------- ------- ------- ------- ------ ------- ------- -------
Profit for the
period 14,415 13,582 30,491
------- ------- ------- ------- ------- ------ ------- ------- -------
Other
information
Segment
assets 282,295 270,186 293,280 34,701 33,428 32,324 316,996 303,614 325,604
Unallocated
assets 6,815 11,722 9,182
------- ------- ------- ------- ------- ------ ------- ------- -------
Consolidated
total assets 323,811 315,336 334,786
------- ------- ------- ------- ------- ------ ------- ------- -------
Segment (124,140)(116,899)(133,493)(18,499)(17,811)(17,206)(142,639)(134,710)(150,699)
liabilities
------- ------- ------- ------- ------- ------ ------- ------- -------
Unallocated
liabilities (40,621) (46,648) (31,075)
------- ------- ------- ------- ------- ------ ------- ------- -------
Consolidated
total
liabilities (183,260)(181,358)(181,774)
------- ------- ------- ------- ------- ------ ------- ------- -------
Capital
expenditure 3,908 4,184 10,882 323 1,642 2,002 4,231 5,826 12,884
Depreciation 2,009 1,759 3,610 311 329 674 2,320 2,088 4,284
Amortisation 415 - 690 - - - 415 - 690
Each segment is a continuing operation.
Unallocated assets comprise deferred tax assets and assets held for sale.
Unallocated liabilities comprise income tax, deferred tax liabilities and
employee benefits.
Management has access to information that provides details on sales and gross
margin by principal product group and across the five principal business sectors
which comprise Regional multi-product, National multi-product, Regional
commercial, Residential specialist and Commercial specialist. However, this
information is not provided as a secondary segment since the group's operations
are not managed by reference to these sub classifications and the presentation
would require an arbitrary allocation of overheads, assets and liabilities
undermining the presentation's validity and usefulness.
Notes to the Financial Statements continued
Unaudited
5 ACQUISITION OF SUBSIDIARIES
On 30 March 2007, the company acquired 3D Flooring Supplies Limited, a regional
commercial floorcovering distributor located in south Wales and south west
England, for a cash consideration of £1,377,500. On 27 April 2007, the company
acquired Florprotec Limited for a cash consideration of £1,249,600. Florprotec
is a leading supplier, throughout the UK, of floor protection products for the
construction industry and refurbishment projects.
Acquiree's
book Fair value Acquisition
values adjustments amounts
£000 £000 £000
Acquiree's net assets at the
acquisition date
Intangible assets - 1,470 1,470
Plant and machinery 293 (27) 266
Inventories 1,297 (8) 1,289
Trade and other receivables 1,664 - 1,664
Cash and cash equivalents 9 - 9
Bank overdraft (246) - (246)
Trade and other payables (1,683) - (1,683)
Income tax payable (67) - (67)
Deferred tax liabilities (4) - (4)
--------- --------- ---------
Net identifiable assets and 1,263 1,435 2,698
liabilities --------- --------- ---------
Goodwill on acquisition -
Consideration paid 2,698
Satisfied by:
Cash 2,627
Acquisition costs capitalised 71
---------
2,698
---------
No goodwill has arisen on the transactions and the intangible assets have been
attributed to the customer order books.
Notes to the Financial Statements continued
Unaudited
6 FINANCE INCOME AND EXPENSE
Six months Six months The year
ended ended ended
30 June 30 June 31 December
2007 2006 2006
£000 £000 £000
Interest income
Bank interest 1,432 984 1,823
Other - 47 124
Return on defined pension plan assets 1,782 1,239 2,979
--------- --------- ---------
Financial income 3,214 2,270 4,926
--------- --------- ---------
Interest expense
Bank loans, overdrafts and other
financial expenses (1,474) (953) (1,931)
Interest on defined benefit pension plan
obligation (1,887) (1,494) (3,342)
Finance leases and similar hire purchase
contracts - (23) (36)
--------- --------- ---------
Financial expenses (3,361) (2,470) (5,309)
--------- --------- ---------
7 TAXATION
The group's consolidated effective tax rate in respect of continuing operations
for the six months ended 30 June 2007 was 30.0% (for the six months ended
30 June 2006: 30.5%, for the year ended 31 December 2006:30.0%).
Notes to the Financial Statements continued
Unaudited
8 EARNINGS PER SHARE
The calculation of the basic and diluted earnings per share is based on the
following data:
Six months Six months The year
ended ended ended
30 June 30 June 31 December
2007 2006 2006
£000 £000 £000
Earnings
Earnings for the purposes of basic
and diluted earnings per share
being profit attributable to equity
holders of the parent 14,415 13,582 30,491
========== =========== ===========
2007 2006 2006
Number of shares
Issued ordinary shares at
1 January 87,079,521 86,512,854 86,512,854
Effect of share movement during the (241,741) 407,028 416,237
period ----------- ----------- -----------
Weighted average number of ordinary
shares for the purposes of basic
earnings per share 86,837,780 86,919,882 86,929,091
----------- ----------- -----------
Effect of diluted potential
ordinary shares:
Weighted average number of ordinary
shares at period end 86,837,780 86,919,882 86,929,091
Share options 2,209,691 1,878,034 2,046,461
Number of shares that would have
been issued at fair value (1,377,574) (1,381,753) (1,422,270)
----------- ----------- -----------
Weighted average number of ordinary
shares for the purposes of diluted
earnings per share 87,669,897 87,416,163 87,553,282
----------- ----------- -----------
Notes to the Financial Statements continued
Unaudited
9 CAPITAL AND RESERVES
Reconciliation of movement in capital and reserves
Capital
Share Share Translation redemption Retained Total
capital premium reserve reserve earnings equity
£000 £000 £000 £000 £000 £000
Balance at
1 January 2006 4,326 52,280 (577) - 79,798 135,827
Total recognised
income and
expense - - (174) - 12,316 12,142
Equity-settled
share based
payment
transactions, net
of tax - - - - 208 208
Share options
exercised by
employees 26 1,056 - - - 1,082
Deferred tax on
Schedule 23 share
options (pre
November 2002) - - - - 331 331
Dividends - - - - (15,612) (15,612)
------- -------- --------- --------- ------- -------
Balance at
30 June 2006 4,352 53,336 (751) - 77,041 133,978
Transfer between
reserves - - 380 (380) -
Total recognised
income and
expense - - (245) - 19,059 18,814
Equity-settled
share based
payment
transactions, net
of tax - - - - 264 264
Share options
exercised by
employees 2 92 - - - 94
Deferred tax on
Schedule 23 share
options (pre
November 2002) - - - - (138) (138)
------- -------- --------- --------- ------- -------
Balance at 31
December 2006 4,354 53,428 (616) - 95,846 153,012
Total recognised
income and
expense - - (199) - 17,667 17,468
Equity-settled
share based
payment
transactions, net
of tax - - - - 250 250
Cancellation of
own shares (64) - - 64 (7,627) (7,627)
Consideration for
purchase of own
shares - - - - (4,765) (4,765)
Share options
exercised by
employees 2 84 - - - 86
Deferred tax on
Schedule 23 share
options (pre
November 2002) - - - - (418) (418)
Dividends - - - - (17,455) (17,455)
------- -------- --------- --------- ------- -------
Balance at
30 June 2007 4,292 53,512 (815) 64 83,498 140,551
------- -------- --------- --------- ------- -------
Notes to the Financial Statements continued
Unaudited
9 CAPITAL AND RESERVES - continued
Purchase of own shares
Following the announcement on 25 May 2007 of the intention to initiate a share
buy-back programme, the company acquired 2,118,006 of its own shares for a total
consideration of £12.4 million. Of the shares acquired, 1,286,478, with a value
of £7.6 million, were cancelled and 831,528, with a value of £4.8 million are
held as treasury shares.
Dividends
Six months Six months The year
ended ended ended
30 June 30 June 31 December
2006
2007 2006 £000
£000 £000
Interim dividend for 2006 of 4.85p paid
2 January 2007 4,218 - -
Final dividend for 2006 of 15.30p proposed 13,237 - -
Interim dividend for 2005 of 4.40p paid
3 January 2006 - 3,789 3,789
Final dividend for 2005 of 13.60p proposed - 11,823 11,823
--------- --------- ---------
17,455 15,612 15,612
--------- --------- ---------
The final proposed dividend for 2006 of 15.30p per share was authorised by
shareholders at the Annual General Meeting on 25 May 2007. The final proposed
dividend for 2005 of 13.60p per share was authorised by shareholders at the
Annual General Meeting on 1 June 2006.
10 CASH, CASH EQUIVALENTS AND BANK OVERDRAFTS
At At At
30 June 30 June 31 December
2007 2006 2006
£000 £000 £000
Cash and cash equivalents per balance sheet 19,169 33,146 41,861
Bank overdrafts (416) (333) (1,010)
--------- -------- ---------
Cash and cash equivalents per cash flow
statements 18,753 32,813 40,851
--------- -------- ---------
Notes to the Financial Statements continued
Unaudited
11 SUBSEQUENT EVENTS
Since 30 June 2007, the company has acquired a further 1,185,000 million shares
for a total consideration of £6.56 million. Total expenditure during the year
to date is now amounts to £18.96 million.
The interim financial results for the six months ended 30 June 2007 will be
posted to shareholders on 19 September 2007 and copies will be available
from that date from the company's registered office.
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