Interim Results
Parity Group PLC
25 September 2002
25 September 2002
PARITY GROUP PLC
INTERIM RESULTS FOR THE SIX MONTHS TO 30 JUNE 2002
Parity Group plc, the international IT services group, announces its results for
the six months to 30 June 2002 which are in line with the July trading update.
Group Summary
• Group turnover : £99.0m (2001: £130.4m)
• Group pre tax loss : £0.1m (2001: £1.4m profit)*
• Basic loss per share : 0.17p (2001: 1.44p earnings per share)*
• Interim dividend of 0.2p
• Delays in expenditure in IT still the key feature of the market
• Impact of recession offset by early cost reduction actions in 2001
• Business units making real progress in implementing the strategy set
in 2001, with growing long term order books
• But general market recovery not yet in sight
* excluding exceptional items (2001 only) and goodwill amortisation
Divisional Highlights
Business Solutions
• Profit for period of £1.0m, mainland Europe profitable
• Overheads reduced by 21%
• 45% increase in order book
Training
• Results reported separately for first time
• Revenues held flat despite market contraction of 15% - 17%
• Fourth outsourcing win this year will assist expansion in mainland
Europe
Resourcing Solutions
• 13 Preferred Supplier Agreements won in UK and mainland Europe in 2002
to date
• Further cost reductions made in UK and mainland Europe
• Rated no. 1 or 2 supplier by top 10 clients, demonstrating quality of
service and client relationships
Parity US
• New Head of Operations appointed
• Focus on expanding Solutions business
• Tight cost controls continuing into the second half
Commenting on the results, Ian Miller, Chief Executive said 'In common with
others in the industry we are seeing clients delay expenditure on projects and
training. There is little sign of improvement as yet and the Board remains
cautious about short term prospects. Since we issued our July trading update we
have seen a further deterioration in public training revenues and more
aggressive pressure on prices in Resourcing Solutions and the US than
previously experienced. Accordingly, in the absence of clients giving the
go-ahead to projects currently on hold and no improvement in market conditions,
the Board's view is that the second half results before restructuring costs will
be below those of the first half.'
Bill Cockburn said 'Despite the unprecedented challenges facing the sector in
general and the considerable uncertainties looking forward, the Board is
convinced that the current strategy is valid and that Parity has the capability
and customer relationships to restore sustainable profitability when market
conditions improve.'
- End -
For further information:
Parity Group plc Financial Dynamics
Bill Cockburn, Chairman Giles Sanderson
Ian Miller, Chief Executive Harriet Keen
Alison Leyshon, Finance Director
Telephone : 020 7776 0800 Telephone : 020 7831 3113
INTERIM STATEMENT
In the trading update released on 26 July 2002, the Board reported that market
conditions in the first half of the year had remained difficult and that the
Group had not been immune to these.
Financial Performance
The Group's overall performance for the six months ended 30 June 2002 was in
line with the indications set out in the trading update. Group turnover was
£99.0 million (2001: £130.4 million) giving rise to a small loss before tax and
goodwill amortisation of £0.1 million (2001: £1.4 million profit before
exceptional items). The loss per share before goodwill amortisation was 0.17p
(2001: earnings per share of 1.44p before exceptional items).
Restructuring
The delay in a market recovery which was expected early in the second half of
this year has led us to further examine our business processes and the
associated cost base. In the trading update we announced that a further cost
reduction programme had been implemented in Resourcing Solutions in early July.
This programme has now been extended across the Group and in total, is expected
to give rise to an exceptional restructuring charge in the second half of the
year of approximately £2.5 million, delivering savings of at least £3.5 million
on an annualised basis. The programme is aimed at improving profitability in
current market conditions and focuses on optimising the use of UK property
across the Group, improving staff utilisation rates and streamlining support
functions. Not all actions will give rise to a permanent reduction in the
ongoing cost base as some costs will need to be replaced as revenues increase.
No restructuring charges were incurred in the first half of the year.
Dividend
In light of the ongoing recession in the IT industry in 2002 and the impact that
this has had on share prices in the sector, the Board has reviewed its dividend
policy. The dividend had been held constant since 1999 when the Group reported
a record profit before tax of £21.3 million. Since that time Parity has gone
through a period of significant sector and market change which has seen a
decline in earnings and share price performance. Maintaining this dividend
legacy has resulted in the payout ratio and the yield materially exceeding the
sector average. The Board has therefore decided to amend its dividend policy to
bring the dividend yield back in line with the sector and accordingly has
declared an interim dividend of 0.2 pence per share. The dividend will be paid
on 6 November 2002 to all shareholders on the register at the close of business
on 4 October 2002.
Update on Discussions
The Group announced in July that it was in discussions with a third party about
the possible creation of a joint venture in staffing and the possible
acquisition of other businesses from the same third party. Following detailed
due diligence and negotiations, the Group has decided to terminate these
discussions, as not being in the interest of Parity's shareholders.
Cash Flow
The focus on managing working capital to maximise cash collections has continued
in 2002, giving rise to a net inflow from working capital of £0.1 million (2001:
£1.3 million outflow). The cash outflow from exceptional items provided for in
2001 was £0.9 million, resulting in a net cash outflow from operating
activities, including exceptional costs, of £0.5 million (2001: £0.4 million
inflow). Capital expenditure has been strictly controlled with a net cash
saving of £1.0 million compared to 2001.
After repayment of loan notes of £4.0 million, the Group had a net cash outflow
in the period of £4.5 million (2001: £0.5 million inflow). Net debt increased
by £0.6 million from 31 December 2001 to £13.3 million, leaving headroom of £4.7
million against the Group's committed facility. In addition the Group has £9.4
million of overdraft facilities. Based on the Group's current forecasts the
headroom under the committed facility is sufficient for the Group's foreseeable
requirements. We provide regular updates to our principal bankers who are
supportive of the Group's strategy.
Divisional Performance
Turnover (£m) Profit(£m) % RoS
Six months ended
30 June 2002 2001 2002 2001 2002 2001
Business Solutions
- United Kingdom 14.3 17.5 0.97 0.61 6.8 3.5
- Mainland Europe 3.0 2.9 0.06 (0.61) 2.0 (21.0)
17.3 20.4 1.03 - 6.0 -
Training 13.5 13.6 0.21 1.23 1.5 9.1
Resourcing Solutions
- United Kingdom 38.0 51.4 0.38 2.13 1.0 4.1
- Mainland Europe 17.1 23.8 (0.37) (0.59) (2.2) (2.5)
55.1 75.2 0.01 1.54 - 2.0
Parity US 13.1 21.2 0.42 1.46 3.2 6.9
Operating total before
central costs 99.0 130.4 1.67 4.23 1.7 3.2
Central costs (1.50) (2.40)
Interest (net) (0.30) (0.41)
Before goodwill and
exceptional items (0.13) 1.42
Goodwill amortisation (0.69) (0.68)
Exceptional items - (2.21)
Parity Group plc 99.0 130.4 (0.82) (1.47)
Operating Review
Business Solutions
Business Solutions revenues at £17.3 million declined by 15% compared to the
first half of 2001 (2001: £20.4 million) but only by 5% compared to the second
half of 2001 in an increasingly difficult market. Profit for the period was
£1.0 million compared to a breakeven position in the first half of 2001.
In the UK revenues decreased by 18% to £14.3 million (2001: £17.5 million).
Profit before interest and tax increased by 60% to £1.0 million (2001: £0.6m
before exceptional items). Margins were improved by increasing the utilisation
of permanent staff as a result of a combination of a headcount reduction in 2001
and a reduction in the use of contractors. In addition, overheads have been
reduced by 21% half year on half year following the 2001 restructuring,
reinforced by cutbacks in discretionary expenditure.
Our continued focus on winning larger, longer-term contracts with our key
accounts led to a 45% increase in our order book at the period end. As
mentioned in the trading update this focus has given rise to a significant
increase in bid costs as a result of the longer selling cycle necessarily
associated with these contracts. Of the total cost of £1.3 million disclosed in
the trading update, £0.8 million related to Business Solutions with the balance
relating to Training. Win rates on bids increased but there is competitive
pressure on prices. The time taken for clients to make decisions on bids has
lengthened, thereby delaying project start dates.
Whilst our Solutions business in mainland Europe remains relatively small it has
managed to grow revenues by 3% compared to the same period last year. Most
importantly, it remained profitable throughout the period, delivering a profit
of £0.1 million compared to a loss of £0.6 million in the first half of last
year.
Training
For the first time we have reported the results for our Training business unit
separately from those of Business Solutions in recognition of the importance of
this division within the Group and its growing reputation within the UK training
market. Parity Training is one of four finalists for Computing magazine's 2002
Training Company of the Year award.
Following a change in the management of this business in June 2001 we have been
focussing on expanding our work with our blue chip client base by offering value
adding propositions from basic administration of training bookings, through to
full outsourcing services for both technical and management training needs, and
the creation of integrated learning solutions tailored to meet our clients'
specific requirements. This focus is providing us with a more stable
longer-term revenue stream. The benefit of these outsourcing contracts takes
time to feed through to results, as training booked previously with third party
suppliers has to be transitioned. We have now won a fourth outsourcing
agreement, further details of which will be announced in early October, which
takes total annual Training outsourcing revenues to £10.0 million per annum
under framework agreements for the next three years. The latest contract win is
particularly important as it will assist with the expansion of training
activities in mainland Europe.
The focus on these value added offerings has helped to minimise the impact of
the fall in spending on public training courses. Total Training revenues for
the period of £13.5 million were marginally ahead of the second half of 2001 and
broadly flat compared to the first half of 2001 (2001: £13.6 million) despite a
contraction in the market of between 15% - 17%. However, profitability (2002:
£0.2 million, 2001: £1.2 million) has been adversely impacted by the sales and
infrastructure costs invested in winning the new outsourcing contracts, the full
benefit of which will not be experienced until 2003. In addition, the change in
business mix has resulted in a reduced level of utilisation of our public
training centres which represent the largest fixed cost for this business unit.
The restructuring actions that we are currently taking are aimed at right-sizing
our public training capacity to realign demand with cost whilst ensuring that
our local geographical footprint, which we believe is a key buying factor for
our clients, is maintained.
Resourcing Solutions
Our Resourcing Solutions business has been significantly affected by market
conditions, reporting revenues for the period of £55.1 million, a 27% decrease
compared to the first half of 2001 (2001: £75.2 million). Whilst the business
unit as a whole broke even in the period, (2001: £1.5 million profit) mainland
Europe returned to a loss making position towards the end of the first half as
numbers on billing fell below the reduced breakeven position established at the
end of 2001. In July Resourcing Solutions reduced overheads by a further £1.5
million per annum. Overheads are now 32% lower in mainland Europe and 22% lower
in the UK compared to 2001.
We have continued to focus on winning Preferred Supplier Agreements (PSAs) with
our blue chip clients which should provide us with a more secure revenue stream
once levels of demand improve. Resourcing Solutions has won 13 PSAs across the
UK and mainland Europe to-date in 2002, including GlaxoSmithKline, BT Ignite
Europe, EDS Europe, O2 and Unisys, with our win rate improving to approximately
1 in 3. Whilst PSAs have been common in the UK for some time, they are only now
being adopted in mainland Europe and we are well positioned to assist our
customers with this transition.
We have seen the volume of contractor requirements drop approximately 12% in the
period against an estimated market decline of 40% . We have been focusing on
improving our market share with our key clients and Resourcing Solutions is now
rated number one or two by its Top 10 customers based on contractor numbers and
independent customer feedback. This is our best position with our customers in
a decade. This improvement has been assisted by the investment in new
technology that we made last year which enables us to match candidates and
clients more efficiently and effectively. We have also improved our contract or
extension rates from 64% to 67% in the UK and from 58% to 62% in mainland
Europe.
There has been acute pressure on margins from the market and from the increasing
proportion of revenues generated from PSA business. Whilst we have seen our
average selling price fall by 4% this compares to a market decline of 8%. Our
deliberate focus on selling highly skilled contractors who can command higher
prices has reduced the impact of price cuts on our business.
The permanent market has been impacted severely by the technology slowdown, but
has made a small contribution, albeit on lower volume.
We have continued to develop our Human Capital Management (HCM) offerings and in
the first half sold a solution to the NHS which we believe is replicable and
which should start to deliver increased revenues towards the end of the year.
In addition to generating revenues in their own right, these offerings, together
branded as businessgenetix, act as a differentiating factor which we have
successfully used to win a number of the PSAs in the first half of the year.
Parity US
Our US business delivered revenues of £13.1 million in the first half, a
reduction of 17% compared to the second half of 2001 and 38% compared to the
same period last year. Profit has fallen by 73% to £0.4 million (2001: £1.5
million). Market conditions in the staffing sector in the US have been similar
to those in the UK, with pressure on margins and a decreased number of
requirements as clients delay or cancel projects. In addition, the business has
been severely impacted by the loss of contractors in a number of key clients who
have been reducing costs.
We have continued to focus on expanding our Solutions business with encouraging
results although this is a longer selling cycle. We have recently appointed a
new Head of Operations for the US business who has considerable solutions
selling and delivery experience and who we believe will be able to accelerate
the growth in this area.
Despite the marked decline in revenues, tight control of costs has allowed the
US business to remain profitable in the period and this focus is continuing in
the second half.
Outlook and Prospects
In common with others in the industry we are seeing clients delay expenditure on
projects and training. There is little sign of improvement as yet and the Board
remains cautious about short term prospects. Since we issued our July trading
update we have seen a further deterioration in public training revenues and more
aggressive pressure on prices in Resourcing Solutions and the US than previously
experienced. Accordingly, in the absence of clients giving the go-ahead to
projects currently on hold and no improvement in market conditions, the Board's
view is that the second half results before restructuring costs will be below
those of the first half.
Whilst market recovery is not expected in the short term the Board remains
convinced that the strategic actions we have been taking in each of the business
units that have allowed us to outperform the market will put us in a strong
position when conditions improve.
Group Profit and Loss Account
Six months Six months
ended ended Year ended
30 June 30 June 31 December
2002 2001 2001
£'000 £'000 £'000
Notes (unaudited) (unaudited) (audited)
TURNOVER 98,958 130,367 246,930
Operating costs before goodwill amortisation and
exceptional items (98,784) (128,530) (242,789)
Goodwill amortisation (692) (676) (1,369)
Exceptional items 4 - (2,215) (5,157)
Operating costs (99,476) (131,421) (249,315)
OPERATING LOSS (518) (1,054) (2,385)
Net interest payable (302) (414) (880)
(Loss)/profit on ordinary activities before
taxation, goodwill amortisation and exceptional
items (128) 1,423 3,261
Goodwill amortisation (692) (676) (1,369)
Exceptional items 4 - (2,215) (5,157)
LOSS ON ORDINARY
ACTIVITIES BEFORE TAXATION (820) (1,468) (3,265)
Taxation (charge)/credit on ordinary activities 5 (133) 745 171
LOSS ON ORDINARY
ACTIVITIES AFTER TAXATION (953) (723) (3,094)
Dividends (303) (1,405) (3,778)
RETAINED LOSS FOR
THE FINANCIAL PERIOD (1,256) (2,128) (6,872)
LOSS PER ORDINARY SHARE
-Basic (0.63p) (0.48p) (2.05p)
-Diluted (0.63p) (0.48p) (2.03p)
(LOSS)/EARNINGS PER SHARE BEFORE GOODWILL
AMORTISATION AND EXCEPTIONAL ITEMS
-Basic (0.17p) 1.44p 1.71p
-Diluted (0.17p) 1.43p 1.68p
The difference between recognised gains and losses reported in the profit and
loss account and the total recognised gains and losses for the period amounts to
£65,000 of exchange losses (2001 half year: £107,000 of exchange gains, 2001
full year: £46,000 of exchange losses) which have been taken directly to
reserves.
Group Balance Sheet
30 June 30 June 31 December
2002 2001 2001
£'000 £'000 £'000
(unaudited) (unaudited) (audited)
FIXED ASSETS
Intangible assets 23,688 25,074 24,380
Tangible assets 5,599 5,982 6,589
Investments 5,867 5,138 5,867
35,154 36,194 36,836
CURRENT ASSETS
Debtors 48,276 59,215 45,733
Cash at bank and in hand 3,282 4,710 5,948
51,558 63,925 51,681
CREDITORS: amounts falling due
within one year
Variable rate loan notes payable (28) (4,764) (4,014)
Other creditors (37,627) (53,701) (33,307)
(37,655) (58,465) (37,321)
NET CURRENT ASSETS 13,903 5,460 14,360
TOTAL ASSETS LESS CURRENT LIABILITIES 49,057 41,654 51,196
CREDITORS: amounts falling due after more than
1 year (12,000) - (12,000)
PROVISIONS FOR LIABILITIES AND CHARGES (1,773) (218) (2,620)
NET ASSETS 35,284 41,436 36,576
CAPITAL AND RESERVES
Called up share capital 7,698 7,690 7,694
Shares to be issued - 6 -
Capital redemption reserve 50 50 50
Share premium account 3,729 3,670 3,701
Other reserves 35,320 35,308 35,320
Profit and loss account (11,513) (5,288) (10,189)
EQUITY SHAREHOLDERS' FUNDS 35,284 41,436 36,576
Group Cash Flow Statement
30 June 30 June 31 December
2002 2001 2001
£'000 £'000 £'000
(unaudited) (unaudited) (audited)
NET CASH INFLOW FROM OPERATING ACTIVITIES BEFORE
EXCEPTIONAL ITEMS 396 1,657 10,067
EXCEPTIONAL ITEMS (877) (1,311) (1,182)
NET CASH/(OUTFLOW)/INFLOW FROM OPERATING
ACTIVITIES (481) 346 8,885
RETURN ON INVESTMENTS AND SERVICING OF FINANCE
Interest received 76 52 54
Interest paid (426) (392) (833)
NET CASH OUTFLOW FROM RETURN ON
INVESTMENTS AND SERVICING OF FINANCE (350) (340) (779)
TAXATION RECEIVED/(PAID) 390 (3,635) (4,607)
CAPITAL EXPENDITURE AND FINANCIAL INVESTMENT
Purchase of tangible fixed assets (168) (1,145) (3,230)
Sale of tangible fixed assets 22 40 92
Purchase of other investments - (729)
NET CASH OUTFLOW FROM CAPITAL
EXPENDITURE AND FINANCIAL INVESTMENT (146) (1,105) (3,867)
ACQUISITIONS AND DISPOSALS
Purchase of subsidiary undertakings - (1,846) (1,921)
Net overdraft acquired with subsidiary - (575) (575)
NET CASH OUTFLOW FROM ACQUISITIONS
AND DISPOSALS - (2,421) (2,496)
EQUITY DIVIDENDS PAID - - (3,760)
NET CASH OUTFLOW BEFORE FINANCING (587) (7,155) (6,624)
FINANCING
Issue of Ordinary shares 29 163 199
Repayment of loan notes (3,986) - (750)
Increase/(decrease) in borrowings - 7,492 8,492
NET CASH (OUTFLOW)/INFLOW FROM FINANCING (3,957) 7,655 7,941
(DECREASE)/INCREASE IN CASH IN THE PERIO (4,544) 500 1,317
Reconciliation of net cash flow to movement in net debt
Six months
ended
30 June
2002
£'000
Decrease in cash in the period (4,544)
Decrease in borrowings under variable rate credit facilities 3,986
Exchange movements (80)
Movement in net debt in the period (638)
Net debt at 1 January 2002 (12,674)
Net debt at 30 June 2002 (13,312)
Analysis of net debt
Six months
At ended
1 January Cash Exchange 30 June
2002 Flow movements 2002
£'000 £'000 £'000 £'000
Cash at bank and in hand 5,948 (2,644) (22) 3,282
Overdrafts (2,608) (1,900) (58) (4,566)
3,340 (4,544) (80) (1,284)
Variable rate credit facilities (12,000) - - (12,000)
Variable rate loan notes (4,014) 3,986 - (28)
NET DEBT (12,674) (558) (80) (13,312)
Reconciliation of operating (loss)/profit to net cash flow
Six months Six months Year
ended ended ended
30 June 30 June 31 December
2002 2001 2001
(unaudited) (unaudited) (audited)
£'000) £'000 £'000
Operating (loss)/profit before exceptional (518) 1,161 2,772
items
Depreciation of tangible fixed assets 1,190 1,298 2,908
Amortisation of intangible fixed assets 692 676 1,369
(Profit)/loss on disposal of tangible fixed assets (9) (16) 37
Increase/(decrease) in working capital 133 (1,348) 711
(Decrease)/increase in provisions (1,092) (114) 2,270
NET CASH INFLOW FROM OPERATING ACTIVITIES 396 1,657 10,067
Reconciliation of Movements in Shareholders' Funds
Six months Six months
ended ended Year ended
30 June 30 June 31 December
2002 2001 2001
£'000 £'000 £'000
(unaudited) (unaudited) (audited)
Loss on ordinary activities after taxation (953) (723) (3,094)
Dividends (303) (1,405) (3,778)
Retained losses (1,256) (2,128) (6,872)
Other recognised (losses)/gains (65) 107 (46)
Share options exercised - 44 63
Shares issued to QUEST 29 118 137
Shares issued to vendors - 8 (9)
Shares to be issued to vendors - (16) -
Net decrease in shareholders' funds (1,292) (1,867) (6,727)
Equity Shareholders' funds at start of period 35,576 43,303 43,303
Equity Shareholders' funds at end of period 35,284 41,436 36,576
Notes to the Accounts
1. The information contained in this interim statement does not constitute
statutory accounts as defined in section 240 of the Companies Act 1985.
2. The financial information above and the notes thereto, for the six
months ended 30 June 2002 has not been audited but has been reviewed by
PricewaterhouseCoopers and their report is set out below. The financial
information 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, which have
been delivered to the Registrar of Companies. The auditors' report on these
accounts was unqualified and did not contain a statement under section 237 of
the Companies Act 1985.
3. The interim dividend will be paid on 6 November 2002 to all
Shareholders on the register at the close of business on 4 October 2002.
4. The tax charge for the period has been calculated based on the forecast
Group effective tax rate, before goodwill amortisation, for the year as a whole
and is stated after a deferred tax charge of £73,000 and a charge in respect of
prior periods of £154,000.
5. The calculation of the loss per Ordinary share is based on a loss after
taxation and goodwill amortisation of £953,000 (30 June 2001: £723,000 loss, 31
December 2001: £3,094,000 loss). The calculation of (loss)/earnings per share
before goodwill amortisation and exceptional items is based on a loss after
taxation of £261,000 (30 June 2001: £2,168,000 profit, 31 December 2001:
£2,574,000 profit).
Supplementary basic and diluted EPS have been calculated to exclude the
effect of goodwill amortisation and exceptional items. The adjusted numbers
have been provided in order that the effects of goodwill amortisation and
exceptional items on reported earnings can be fully appreciated.
The weighted average number of Ordinary shares used in the calculation
of the basic and diluted (loss)/earnings per share are as follows:
Six months Six months Year
2002 2001 2001
average average average
number number number
i) Basic weighted average number of shares
Shares in issue 153,887,214 153,553,661 153,691,485
Adjustment for shares held by ESOP (2,756,238) (2,756,238) (2,756,238)
151,130,976 150,797,423 150,935,247
ii) Diluted weighted average number of shares
Shares in issue 153,887,214 153,553,661 153,691,485
Adjustment for options 28,452 324,360 1,785,392
Adjustment for shares held by ESOP (2,756,238) (2,756,238) (2,756,238)
151,159,428 151,121,783 152,720,639
The number of Ordinary shares in issue at 30 June 2002, was 153,969,570
(30 June 2001: 153,805,404, 31 December 2001:153,882,905).
Independent review report to Parity Group plc
Introduction
We have been instructed by the company to review the financial information which
comprises the profit and loss account, the balance sheet, the cash flow
statement, the reconciliation of movements in shareholders' funds and the
related notes. We have read the other information contained in the interim
report and considered whether it contains any apparent misstatements or material
inconsistencies with the financial information.
Directors' responsibilities
The interim report, including the financial information contained therein, is
the responsibility of, and has been approved by the directors. The directors are
responsible for preparing the interim report in accordance with the Listing
Rules of the Financial Services Authority which require that the accounting
policies and presentation applied to the interim figures should be consistent
with those applied in preparing the preceding annual accounts except where any
changes, and the reasons for them, are disclosed.
Review work performed
We conducted our review in accordance with guidance contained in Bulletin 1999/4
issued by the Auditing Practices Board for use in the United Kingdom. A review
consists principally of making enquiries of group management and applying
analytical procedures to the financial information and underlying financial data
and, based thereon, assessing whether the accounting policies and presentation
have been consistently applied unless otherwise disclosed. A review excludes
audit procedures such as tests of controls and verification of assets,
liabilities and transactions. It is substantially less in scope than an audit
performed in accordance with United Kingdom Auditing Standards and therefore
provides a lower level of assurance than an audit. Accordingly we do not express
an audit opinion on the financial information.
Review conclusion
On the basis of our review we are not aware of any material modifications that
should be made to the financial information as presented for the six months
ended 30 June 2002.
PricewaterhouseCoopers
Chartered Accountants
1 Embankment Place
London
WC2N 6RH
25 September 2002
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