Interim Results
MITIE Group PLC
29 November 2004
MITIE Group PLC
INTERIM RESULTS
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2004
'I am pleased with what we have achieved. MITIE continues to
make good progress.'
Ian R Stewart, Chief Executive.
• Strong growth but margin pressure
• Share buyback programme
• 45.5% increase in dividend
• Second generation equity plan launched
• Exit from capital intensive businesses complete
FINANCIAL HIGHLIGHTS 2004 2003
Turnover £411.3m £316.3m up 30.0%
Profit before tax - pre goodwill and
exceptional items* £ 22.5m £ 18.5m up 22.1%
Profit before tax - pre exceptional
items** £ 21.1m £ 17.6m up 20.2%
Earnings per share - pre goodwill and
exceptional items* 4.6p 3.7p up 24.6%
Dividend per share 1.6p 1.1p up 45.5%
* Figures are shown before goodwill amortisation of £1.4m (2003:£0.9m) and
exceptional items of £8.4m (2003: £nil)
** Figures are shown before exceptional items of £8.4m (2003: £nil)
Notes:
MITIE: Management Incentive Through Investment Equity
ACTIVITY: MITIE, the support services company, maintains, manages and
improves buildings and infrastructure for its customers.
FOR FURTHER INFORMATION:
On 29 November 2004:
Ian Stewart, Chief Executive, MITIE Group PLC Mobile: 07979 701002
Ruby McGregor-Smith, Finance Director, MITIE Group PLC Mobile: 07979 701004
John Telling, Head of Corporate Affairs, MITIE Group PLC Mobile: 07979 701006
at UBS Investment Bank, 1 Finsbury Avenue Press Room:020 7568 8722
Switchboard: 020 7567 8000
Subsequently:
MITIE Group PLC, Head Office 0117 9708800
Chief Executive's Review
Financial results
I am pleased with what we have achieved. MITIE Group PLC ('MITIE') continues to
make good progress.
Our margins are under pressure in some disciplines but MITIE has performed well
over the six months to 30 September 2004. Growth in turnover and profit has been
achieved in line with our targets.
• Turnover was £411.3m, an increase of 30.0% over last year.
• Profit before tax (pre-goodwill and exceptional items) increased by
22.1% to £22.5m.
• Earnings per share (pre-goodwill and exceptional items) rose by 24.6%
to 4.6p.
Business change
MITIE has grown dramatically over the past 17 years and has evolved further
during the period under review. We have made a number of changes to ensure that
MITIE remains an entrepreneurial business that is focused on responding to our
customers' needs. These included moving our head office, operational management
changes and some key appointments that will enable us to provide our businesses
with the appropriate level of support as they grow. Our new corporate
development team has been tasked with developing high level customer
relationships, winning large contracts, looking at strategic acquisitions,
business planning and strategy.
Share buyback
The share buyback programme announced on 7 June 2004 has commenced. In the six
months to 30 September 2004 the Company purchased a total of 7.0m shares at an
average price of 137.64p. The highest and lowest prices paid for such MITIE
shares over the relevant period were 138p and 131p respectively. Since the
period end an additional 0.5m shares were purchased at 138p. The shares
purchased have been cancelled.
Dividend
The Board has declared an interim dividend of 1.6p per share (2003: 1.1p), an
increase of 45.5%. This dividend will be paid on 31 March 2005 to Shareholders
on the Register at the close of business on 11 March 2005. The dividend is
covered three times by our profit for the period on a pre-exceptional,
pre-goodwill basis.
Exceptional items
As the final step of the strategy to exit capital intensive businesses, MITIE
sold its entire shareholding in MITIE Generation Ltd ('Generation') to a
management buyout team on 30 September 2004 for a total consideration of £12.0m.
This sale completes our exit from the scaffolding and access market.
A freehold property was also sold in the period which resulted in a net profit
of £1.3m.
Second generation equity in Cleaning
We are very pleased that we received overwhelming shareholder approval at the
Extraordinary General Meeting held on 1 November 2004 for the second generation
equity plan which we outlined to shareholders in the Annual Report this summer.
The present management within Cleaning, who have not had a previous equity
opportunity, have now invested £600,000 in the new equity of MITIE Cleaning
Services Limited. This is a significant development for the MITIE equity model
and will allow the management team to share in the additional value they create.
Revenue visibility
We are fortunate that we continue to experience good visibility of MITIE's
forward work due to the long-term nature of the contracts within Support
Services and Property Services.
Strategic development
In the 2004 Annual Report I described the main aspects of our strategy and I
would like to report on the progress that we are making:
Bundled services
This is an area that continues to provide major opportunities for MITIE. As we
develop a national coverage for the majority of our services, we are finding
that more of our customers are contracting with us for more than one service.
Bundled services contracts are being initiated by customers wanting to benefit
from MITIE's wide range of services and achieve a more integrated solution that
offers better value.
Single services
MITIE has a relatively small market share for all of our services. This gives us
plenty of opportunity to grow. The Support Services and Building Services
divisions are both increasing market share. In particular, Security and Business
Services are producing excellent growth rates.
Start-up companies
We have started five new companies in the period. A Security company in the
South West, a Catering business in London, an Air Conditioning company in
Edinburgh, an Engineering business in the West Midlands and a national company
which is focused on providing cleaning and associated services to the transport
sector.
Sector Specific Businesses
The niche Support Services businesses, particularly in Transport and Retail,
have had a successful six months retaining existing contracts and winning new
customers.
Review of Operations
Support Services
Support Services continues to make good progress with growth across all
businesses and an encouraging increase in the number of customers wanting to use
more than one of our services. Our flexibility and ability to provide a service
that meets the exact requirements of our customers is paying dividends. Future
prospects are encouraging.
Cleaning
Cleaning has been restructured, the acquired operations have been successfully
integrated and the new management team has made a promising start. They have
picked up new work in all regions. National contracts include a new contract
with Procter & Gamble covering five sites across the country.
We have been awarded a ten year contract with West Yorkshire Police to clean all
of their buildings and we have retained our contract with the South Wales
Magistrates Courts for 11 sites. Our contract with Total Elf at their Milford
Haven Terminal has been extended.
In the South East we extended our contract with Pfizer in Sandwich and have also
won work with
Baker McKenzie, Ordnance Survey and Tarmac.
In Scotland we started the cleaning contract for the Scottish Parliament which
was secured in 2003.
Our Retail Cleaning business continues to grow and has secured additional work
with Tesco and Boots. In the Transport sector we have gained additional work
with both Transport for London and London Bus Services Ltd, and new contracts
with the Port of Dover for the cleaning of their food courts and Travel Midland
Metro in Birmingham for the cleaning of their entire tram network.
Catering
In recognition of its commitment to quality and excellence, MITIE Catering
achieved accreditation to the Hospitality Assured standard in October 2004.
Hospitality Assured is the world class standard for service and business
excellence in the UK hospitality industry.
The opening of our London Catering business has proved successful. We have
secured a contract with Le Meridien Hotel in Piccadilly for food and beverage
management including the restaurants and room service. We have won contracts at
the European headquarters of GVA Grimley in Mayfair to provide hospitality and
executive dining and also with IMS Healthcare for executive dining, hospitality
and vending.
Landscaping
The Landscaping business continues to make good progress. Our wider geographical
coverage is resulting in greater opportunities from external customers and the
business is also developing through referrals from other MITIE companies.
Landscaping has been awarded schools contracts in London and Wales and a
specialist contract for the eradication of Japanese knotweed with the London
Development Agency. We have also secured two golf course maintenance contracts.
Pest Control
Eagle Pest Control has extended the scope of its work at Heathrow Airport to
include the accommodation areas within the Terminal 5 construction site and the
92 tunnels under the terminal building. It has also added a contract with Thames
Link Trains to combine vegetation and rodent control throughout all of its
stations over a three year period. This is the first contract of its type
combining pest control and vegetation control activities using a multi-skilled
on-site work force. The bird control market is seeing buoyant market conditions
and Eagle Pest Control is working with Network Rail to develop solutions for
eradicating bird infestations on the underside of bridges.
Security
Last year's acquisitions have been fully integrated and the Security business is
performing well. We have created a national communications centre in London from
which we control the rostering and scheduling for all our contracts across the
country. We use a bespoke time management system to manage the contracts and our
2,500 security officers. In the South East we have secured new contracts with
Ealing & West London College and the London Borough of Islington. The security
market will be impacted in the next calendar year by the introduction of
licensing for all security officers. This is an issue for the entire industry.
We are well prepared for licensing and, while it may create temporary
instability in some parts of the manned guarding market, the Board expects MITIE
to realise benefits in the medium term.
Managed Services
Managed Services has had a period of consolidation. They have invested in their
infrastructure and are well placed for the opportunities that are arising in the
public sector.
The contract with the Office of the Deputy Prime Minister (ODPM) was
successfully mobilised in the first few months of the period under review and we
are now delivering a full range of support services to the ODPM staff.
We are continuing to be successful in the facilities market for PFI schools and
are currently the preferred bidder for services contracts on schools in Ealing
and Kent.
Business Services has had major wins this year including contracts with Morgan
Stanley and Societe Generale. Contract renewal has been good with a number of
important contracts having been successfully retendered including those for
Dresdner Kleinwort Wasserstein, White & Case and Linklaters.
The MITIE Docs service, which provides our clients with a broad range of
printing and scanning services, continues to grow rapidly. With the trend in the
marketplace to procure print and creative services strategically, we anticipate
continued growth.
Engineering Maintenance
The current marketplace for mechanical and electrical maintenance is buoyant
with competition being fierce and extremely active. We continue to see
increasing demand for bundled services, particularly where we have site managed
contracts. We are now increasing our national coverage in engineering
maintenance and are well placed to expand our business and improve our market
share.
We have been awarded a number of contracts which include Man Group to maintain
two trading floors which will operate 24 hours a day in London. Another new
contract is with The Department for Education & Skills for buildings in
Sheffield, Darlington, Runcorn and two sites in London, including offices for
ministers. The cleaning for these sites is also provided by MITIE.
Other new contracts are with Standard Life on a portfolio of 42 buildings in the
London area and a contract with West Coast Trains covering their entire network.
Building Services
Market conditions
Our markets are still highly competitive with margins in the engineering sector
still under pressure. There are, however, indications that levels of work in the
South East will increase over the next twelve months, but given the project lead
times in this sector we do not anticipate this will have a material impact on
our performance until the second half of the next financial year. The rest of
the UK has seen consistent levels of activity.
Engineering Services
The companies within the Engineering discipline continue to work hard to
maintain an acceptable level of profitability with margins under pressure. There
have been good levels of activity in the North West and South West, but the rest
of the country remains very competitive.
The public sector, particularly health and education, is strong with clients
increasingly looking to more efficient procurement routes, integrated supply
chains and framework agreements. A number of ProCure 21 projects, including the
development of a new National Blood Service centre in Liverpool and work through
the Medicinq consortium for Taunton & Somerset NHS Trust, are underway.
The Engineering Retail client base, which already includes Marks & Spencer,
Boots, Woolworths, BhS and Primark, has been further strengthened with the
addition of ASDA. Commercial projects for Allianz Cornhill, Legal & General and
Norwich Union continue to enhance this area of the business.
The focus on developing specialist solutions for our customers has seen ongoing
success. For example, we worked with Garden Isle Frozen Foods on the relocation
of their processing line. This project, valued in excess of £2 million, was
completed in a critical 25 day factory shutdown period.
MITIE Engineering Services is currently carrying out the mechanical and
electrical engineering installation at the major new headquarters for the Health
and Safety Executive in Bootle. This follows a year during which RoSPA
recognised our significant improvement and commitment to Health & Safety with
four awards including one gold award.
MITIE Engineering Services has now entered its second year with the BT Telereal
contract and has secured a second term under the Boots framework agreement. A
national measured term contract with Land Securities Trillium for the Department
for Works and Pensions portfolio was agreed in July for a three year period. Our
specialist social housing arm has developed strong partnering relationships with
Cheshire County Council.
Property Services
Property Services has produced a good performance in the first half of the year.
The structural changes that we have made to consolidate the management of the
discipline and to enhance business development activity have produced satisfying
results.
We have been working hard at improving our profile within the social housing
sector and have been rewarded with partnering or framework agreements with
Wandle Housing Association, Wigan Metropolitan Council, Partick Housing
Association, Warden Housing Association, Portsmouth City Council, Pavilion
Housing Association, London Borough of Brent, Bristol City Council and Fife
Special Housing. The whole life value of these contracts is in excess of £125
million.
Our London fit-out company, MITIE Interiors, has made a meaningful contribution
with contract wins for the British Red Cross, Terra Firma, Legal & General and
the BBC.
Our core Property Services businesses have secured work with North West Trains,
Royal Mail, BT Telereal and the University of Durham.
Generation
Generation performed in line with expectations until it was sold to its
management team on 30 September 2004. We wish them every success.
Outlook
MITIE is now seeing indications of strengthening market conditions that should
improve the level of opportunity for our businesses, although margins will
remain under pressure. We will maintain the focus on developing our core
services and looking for strategic acquisitions. The Board is confident that we
will have another successful year.
Summary Group Profit & Loss Account
Year to
Six months to 30 September 31 March
2004 2003 2004
(unaudited) (unaudited) (audited)
£000's £000's £000's
___________ ___________ __________
Turnover - Continuing operations 392,448 301,095 664,270
- Discontinued operations 18,892 15,226 30,243
___________ ___________ __________
411,340 316,321 694,513
________________________________________________________________________________
Operating profit (before goodwill 21,654 17,529 38,647
amortisation)
Goodwill amortisation (1,410) (885) (2,163)
________________________________________________________________________________
Operating Profit
- Continuing operations 19,196 15,656 35,355
- Discontinued operations 1,048 988 1,129
___________ ___________ __________
20,244 16,644 36,484
________________________________________________________________________________
Loss on sale excluding unamortised (3,450) - -
goodwill
Goodwill not previously amortised (1,238) - -
Goodwill previously written off to (5,013) - -
reserves
________________________________________________________________________________
Loss on sale of discontinued operations (9,701) - -
Profit on sale of tangible fixed assets 1,332 - -
from
continuing operations
___________ ___________ __________
Profit on ordinary activities before 11,875 16,644 36,484
interest
Interest receivable 888 932 1,696
___________ ___________ __________
Profit on ordinary activities before tax 12,763 17,576 38,180
Tax (6,943) (5,748) (12,293)
___________ ___________ __________
Profit on ordinary activities after tax 5,820 11,828 25,887
Minority interest (1,393) (1,621) (2,533)
___________ ___________ __________
Profit for the period 4,427 10,207 23,354
Dividend (4,885) (3,327) (7,884)
___________ ___________ __________
Retained (loss)/profit for the period (458) 6,880 15,470
Earnings per ordinary share
___________ ___________ __________
- Basic 1.4p 3.4p 7.6p
- Diluted 1.4p 3.4p 7.6p
- Basic before goodwill amortisation 1.9p 3.7p 8.3p
- Basic before goodwill amortisation and 4.6p 3.7p 8.3p
exceptional items ___________ ___________ __________
________________________________________________________________________________
Profit on ordinary activities before 22,542 18,461 40,343
taxation and goodwill amortisation and
impairment and exceptional items
________________________________________________________________________________
Summary Group Balance Sheet
At 30 September At 31 March
2004 2003 2004
(unaudited) (unaudited) (audited)
£000's £000's £000's
Fixed assets
Intangible assets 51,323 37,108 51,937
Tangible assets 27,626 40,625 40,329
___________ ___________ __________
78,949 77,733 92,266
___________ ___________ __________
Cash at bank and in hand 46,543 38,157 47,165
Current asset investments 3,954 6,344 2,391
Other current assets 170,875 143,692 158,923
Creditors - due within one year (155,670) (135,947) (157,370)
___________ ___________ __________
Net current assets 65,702 52,246 51,109
___________ ___________ __________
Total assets less current liabilities 144,651 129,979 143,375
Creditors - due after more than one year (224) (3,417) (136)
Provisions for liabilities and charges (9,830) (5,262) (7,390)
___________ ___________ __________
134,597 121,300 135,849
___________ ___________ __________
Capital and Reserves
Called up share capital 7,633 7,561 7,736
Share premium account 54,411 42,278 50,731
Capital redemption reserve 175 - -
Other reserves 693 486 554
Profit & loss account 65,142 61,690 70,212
___________ ___________ __________
Equity Shareholders' funds 128,054 112,015 129,233
Minority interest 6,543 9,285 6,616
___________ ___________ __________
134,597 121,300 135,849
___________ ___________ __________
Summary Group Cash Flow
Six months to 30 September Year to
31 March
2004 2003 2004
(unaudited) (unaudited) (audited)
£'000's £'000's £'000's
__________ __________ _________
Net cash inflow from operating 17,013 13,562 43,854
activities
Returns on investments and servicing of 929 793 1,628
finance
Tax paid (6,402) (5,630) (12,352)
Capital expenditure (6,305) (8,444) (12,664)
Acquisitions (205) (11,375) (23,689)
Disposals 8,935 - -
Equity dividends paid (4,362) (3,423) (6,825)
__________ __________ _________
Net cash inflow/(outflow) before 9,603 (14,517) (10,048)
financing
Management of liquid resources (1,563) (2,464) 1,489
Financing
Issue of share capital 1,018 235 967
Redemption of shares (9,625) - -
Cash outflow from decrease in debt (55) (57) (203)
__________ __________ _________
Decrease in cash in the period (622) (16,803) (7,795)
__________ __________ _________
Reconciliation of net cash flow to
movements in net funds:
Decrease in cash in the period (622) (16,803) (7,795)
Cash (outflow)/inflow from movement in (796) 69 (204)
debt and lease financing
Cash inflow/(outflow) from movement in 1,563 2,464 (1,489)
liquid resources __________ __________ _________
Movement in net funds/(debt) in the 145 (14,270) (9,488)
period
Opening net funds 49,311 58,799 58,799
__________ __________ _________
Closing net funds 49,456 44,529 49,311
__________ __________ _________
Reconciliation of operating profit to
operating cash flows :
Operating profit 20,244 16,644 36,484
Depreciation 5,946 6,173 11,935
Amortisation of goodwill 1,410 885 2,163
Profit on sale of tangible fixed (127) (499) (884)
assets
Increase in working capital (10,460) (9,641) (5,844)
__________ __________ _________
Net cash inflow from operating 17,013 13,562 43,854
activities __________ __________ _________
Notes
1 Basis of preparation
The Interim Financial Statements have been prepared on the basis of
accounting policies consistent with those set out in the Group's Annual
Report & Accounts for the year ended 31 March 2004 and were approved by the
Board of Directors on 26 November 2004. The accounting information
contained in the Interim Report for 2005 does not comprise a full set of
accounts within the meaning of Section 240 of the Companies Act 1985. The
interim results for the periods to 30 September 2003 and 2004 are unaudited
and unreviewed by our auditors. The financial information for the year
ended 31 March 2004 has been extracted from the Annual Report & Accounts
which received an unqualified auditors' report and has been delivered to
the Registrar of Companies.
2 Segmental analysis
PROFIT PROFIT
PROFIT BEFORE MARGIN
PROFIT BEFORE TAX, INTEREST, BEFORE TAX,
BEFORE TAX GOODWILL TAX, GOODWILL
Activity PROFIT AND AND GOODWILL AND AND
BEFORE EXCEPTIONAL EXCEPTIONAL EXCEPTIONAL EXCEPTIONAL
TURNOVER TAX ITEMS ITEMS ITEMS ITEMS
£'000 £'000 £'000 £'000 £'000 %
____________________________________________________________________
Six months to 30 September
2004
Support Services 206,631 12,396 12,396 13,360 12,860 6.5
Building Services 204,709 367 8,736 9,182 8,794 4.5
_______________________________________________________________________________________
411,340 12,763 21,132 22,542 21,654 5.5
_______________________________________________________________________________________
Six months to 30 September
2003
Support Services 159,611 10,333 10,333 10,751 10,433 6.7
Building Services 156,710 7,243 7,243 7,710 7,096 4.9
_______________________________________________________________________________________
316,321 17,576 17,576 18,461 17,529 5.8
_______________________________________________________________________________________
Included within the Support Services segment for the six months ended 30
September 2003 are amounts that relate to companies acquired in that year. These
include turnover of £7,135,000 and pre-tax profit of £406,000. Included within
the Building Services segment for the six months ended 30 September 2004 are
amounts that relate to discontinued activities. These include turnover of
£18,892,000 (2003: £15,226,000) and pre-tax profit of £917,000 (2003: £877,000).
Six months to 30 September
Turnover 2004 2004 2004 2003
CONTINUING DISCONTINUED TOTAL CONTINUING
ACTIVITIES OPERATIONS ACTIVITIES
£'000 £'000 £'000 £'000
_______________________________________________
Support Services
Cleaning 92,552 - 92,552 74,510
Catering Services 6,452 - 6,452 4,448
Landscaping 1,078 - 1,078 336
Pest Control 2,381 - 2,381 1,072
Security 24,600 - 24,600 11,175
Managed Services 45,997 - 45,997 39,018
Engineering 33,571 - 33,571 29,052
Maintenance
______________________________________________________________________
206,631 - 206,631 159,611
______________________________________________________________________
Building Services
Engineering 121,693 - 121,693 82,746
Property Services 64,124 - 64,124 58,603
Generation - 18,892 18,892 15,361
______________________________________________________________________
185,817 18,892 204,709 156,710
______________________________________________________________________
Total 392,448 18,892 411,340 316,321
______________________________________________________________________
3 Dividend
The interim dividend of 1.6p (2003: 1.1p) per Ordinary Share will be paid
on 31 March 2005 to Shareholders on the Register on 11 March 2005.
4 Earnings per share
The calculation of earnings per share is based upon the profit for the
period attributable to holders of Ordinary Shares. The weighted average
number of Ordinary Shares in issue for the period was 308,059,005 (30
September 2003 - 302,302,600, year to 31 March 2004 - 305,665,870). The
calculation of diluted earnings per share using the principles of FRS14 is
based on a weighted average number of shares, allowing for the exercise of
outstanding share options, of 308,860,305 (30 September 2003 - 302,513,600;
year to 31 March 2004 - 306,706,133).
Headline earnings per share continue to have widespread acceptance and have
beencalculated in accordance with the definition in the UK Society of
Investment Professionals statement of investment practice No.1, 'The
Definition of Headline Earnings', as follows:
Six months to 30 September
2004 2003
________________________________________________________________________________
Basic earnings per Ordinary Share 1.4p 3.4p
Amortisation of goodwill 0.5p 0.3p
Exceptional items 2.7p -
________________________________________________________________________________
Headline earnings per Ordinary Share 4.6p 3.7p
________________________________________________________________________________
5 Purchase of subsidiary undertakings
MITIE
ENGINEERING MITIE MITIE
MITIE AIR SERVICES ROOFING SECURITY MITIE
CONDITIONING (RETAIL) SERVICES (SCOTLAND) GREENCOTE
(NORTH) LTD LTD LTD LTD LTD TOTAL
£'000 £'000 £'000 £'000 £'000 £'000
________________________________________________________________________________________
Minority interest 538 460 407 39 22 1,466
________________________________________________________________________________________
Goodwill 770 588 610 46 21 2,035
________________________________________________________________________________________
Total purchase 1,308 1,048 1,017 85 43 3,501
consideration
Shares issued - MITIE 1,235 976 977 78 30 3,296
Group PLC
________________________________________________________________________________________
________________________________________________________________________________________
Cash consideration 73 72 40 7 13 205
being cash outflow in
the period
________________________________________________________________________________________
6 Disposal of subsidiary undertaking
On 30 September 2004, MITIE sold its 100% interest in the ordinary share
capital of MITIE Generation Limited. The profit after taxation up to the
date of disposal of this company was £643,000 and for the last financial
year was £737,000.
The net assets disposed and the related sale proceeds were as follows:
2004
£'000
_______________________________________________________________________________
Tangible fixed assets 14,499
Net working capital 2,343
Overdraft (8,882)
Other loans (183)
Provisions for liabilities and charges (1,274)
_______________________________________________________________________________
Net assets 6,503
Goodwill not previously amortised 1,238
Goodwill previously written off to reserves 5,013
_______________________________________________________________________________
12,754
Loss on disposal (9,701)
_______________________________________________________________________________
Total consideration 3,053
_______________________________________________________________________________
Satisfied by:
- Loan notes 2,500
- Short term loan 500
- Cash 53
_______________________________________________________________________________
3,053
_______________________________________________________________________________
Net cash inflows from sale comprised:
Cash consideration 53
Overdraft disposed 8,882
_______________________________________________________________________________
Total cash effect 8,935
_______________________________________________________________________________
7 Share capital and reserves
CALLED
UP SHARE CAPITAL PROFIT &
SHARE PREMIUM REDEMPTION REVALUATION OTHER LOSS
CAPITAL ACCOUNT RESERVE RESERVE RESERVE ACCOUNT TOTAL
£'000 £'000 £'000 £'000 £'000 £'000 £'000
_______________________________________________________________________________________________
Group
At beginning of 7,736 50,731 - (440) 994 70,212 129,233
year
Shares issued and 62 3,232 - - - - 3,294
net premium arising
in respect of
acquisitions
Shares issued and 10 448 - - - - 458
net premium arising
in connection with
exercise of share
options
Retained loss for - - - - - (458) (458)
the financial
period
Realisation of - - - 139 - - 139
property revaluation
losses
Own shares (175) - - - - (9,450) (9,625)
acquired
Transfer to capital - - 175 - - (175) -
redemption reserve
Goodwill previously - - - - - 5,013 5,013
written off included
in retained loss for
the period
_______________________________________________________________________________________________
Balance at 30 7,633 54,411 175 (301) 994 65,142 128,054
September 2004
_______________________________________________________________________________________________
Copies of this statement will be posted to all Shareholders and will be
available to the public from the Company's Head Office at 8 Monarch Court, The
Brooms, Emersons Green, Bristol, BS16 7FH.
Financial Calendar
Shares ex-dividend 09 March 2005
Record date for interim dividend 11 March 2005
Payment date for interim dividend of 1.6p per 2.5p 31 March 2005
share
Preliminary results for the year to 31 March 2005 23 May 2005
Annual General Meeting 28 July 2005
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