Half Yearly Report

RNS Number : 3121T

Personal Group Holdings PLC

27 September 2010

Personal Group Holdings Plc

Interim statement for the six months to 30 June 2010

The board of directors of Personal Group Holdings Plc, specialist providers of employee benefits, insurance and consultancy, are pleased to announce the group's results as follows:

Highlights

	2010	2009	%
	£m	£m

Net insurance premiums written	9.1	8.5	+6.6

Profit before tax	4.6	4.0	+14.9


	2010	2009	%
	Pence	Pence

Earnings per share (basic & diluted)	11.1	10.2	+8.8

Dividends per share paid in period	8.5	8.3	+2.4

· Net insurance premiums written up 6.6% at £9.1m (2009: £8.5m)

· PBT up 14.9% at £4.6m (2009: £4.0m) following record new business since 2008 and the return to more traditional claims experience

· EPS at 11.1 pence per share (2009: 10.2 pence per share)

Nigel Brittle, Group Chief Executive, commented:

"Record profits achieved through the first half of 2010 reflect past and continuing record new business performances delivered by our core employee benefits and insurance activity since 2008. The return of our claims experience to traditional levels and the success of cost control measures have also played a part in this performance.

Prospects for the second half are promising as we prepare to launch some significant new client benefit programmes and our newer VGIP product offering continues to gather momentum."

Enquiries:

Personal Group Holdings Plc

Nigel Brittle, Group Chief Executive Tel: 01908 605000 ext 1926

Ken Rooney, Deputy Chairman

John Barber, Finance Director

Cenkos Securities

Stephen Keys Tel: 0207 397 8900

Bankside Consultants

Simon Rothschild Tel: 0207 367 8888

Chairman's Statement

I am pleased to report another strong performance by the group in the six months period ended 30 June 2010, resulting in the group's best first half year results ever.

Group profit before tax (PBT) was £4.6m (2009: £4.0m), an increase of 14.9%.

This growth has been generated from the strong platform created by two consecutive years of record new business in our core employee benefits and insurance activities (specifically our personal group hospital plan, convalescence plan and death benefit plan) in 2008 and 2009. This record new business has continued into 2010 with our best ever first six months in terms of new business produced from our core business: total net premiums written for the first half of 2010 increased by 6.6% to £9.1m (2009: £8.5m).

This first half performance has been achieved despite the disrupted start to the year caused by the severe weather in January and also despite the fact that we launched 11 new employee benefit programmes to host companies in the first half of 2010 compared to 14 in the same period in 2009. Consequently, the proportion of visits and services provided to existing client companies has been higher in the first half of this year although it is expected that this will be balanced during the second half with some significant new benefit programmes scheduled to be introduced to new client companies.

Following last year's first half increases in claims incurred, in the wake of product enhancements made in 2008, this period has seen claims activity returning to the levels traditionally experienced. As a result, claims incurred are down in the first half of 2010 compared to the first six months of 2009. We have also been able to demonstrate good cost control during the period contributing to overall expenses as a percentage of turnover being reduced by 4% compared to the corresponding period last year.

As I mentioned in our 2009 Annual Report, we have also been focusing efforts on growing our newer Voluntary Group Income Protection (VGIP) product. We are currently the only provider offering access to this product through worksite consultations. We have boosted our marketing activity and have developed relationships with third party partners to expand our reach into market areas where we have been less active historically - particularly companies with office - based staff in service and administration sectors. In the first half of 2010, while momentum has gathered gradually, we have increased the number of new VGIP programmes launched, and income from this product has increased 100% on the corresponding period in 2009.

Feedback from new and prospective clients continues to be positive at a time when many employers are looking closely at their budgetary commitments in relation to benefits they purchase for their staff. Consequently, the voluntary nature of Personal Group's core products together with the salary sacrifice benefits of VGIP are important positive differentiators for the group in this area. Prospects for more new VGIP programmes to be launched during the second half of the year are promising.

Our IFA and broker subsidiary Berkeley Morgan Group performed in line with our expectations and continues to make a valuable contribution to our group PBT.

Group investment income continues to be adversely affected by the low level of interest rates and was reduced to £0.1m (2009: £0.2m). Our investment properties continue to make a small contribution to our PBT.

Apart from a small loan to fund the group's employee share schemes the group has no debt and retains a very strong balance sheet. Equity at 30 June 2010 was £22.5m, which includes net cash balances (including bank deposits classified under IFRS as financial assets) of over £10.8m.

Our first dividend of 2010, of 8.5p per share, was paid in March. A second dividend of 4.25p per share was paid today and if the further dividend is paid as expected in December the total for the year will amount to 17.0p per share (2009: 16.6p per share).

The group continues to perform strongly in the current uncertain economic climate, and trading remains in line with the directors' expectations. My fellow directors and I thank all those who are associated with this performance.

Chris Curling

Chairman

24 September 2010

Consolidated income statement

		6 months ended 30 June 2010 Unaudited	6 months ended 30 June 2009 Unaudited	12 months ended 31 December 2009 Audited
	Note	£'000	£'000	£'000

Gross premiums written		9,127	8,550	17,550
Change in unearned premiums		(48)	(29)	61
		^________	^________	^________
Net premiums written		9,079	8,521	17,611
Other income:
Insurance related		3,314	3,444	6,814
Non-insurance related		581	738	1,454
Investment property		159	146	287
Investment income		119	184	238
		^________	^________	^________
Revenue		13,252	13,033	26,404
		^________	^________	^________

Claims incurred		(1,833)	(2,174)	(3,844)
Insurance operating expenses		(3,779)	(3,658)	(7,831)
Impairment of non-financial assets		-	-	(3,000)
Other expenses:
Insurance related		(2,065)	(2,256)	(4,318)
Non-insurance related		(857)	(820)	(1,679)
Investment property		(66)	(54)	(111)
Charitable donations		(40)	(40)	(80)
		^________	^________	^________
Expenses		(8,640)	(9,002)	(20,863)
		^________	^________	^________

Results of operating activities		4,612	4,031	5,541
Finance costs		(1)	(18)	(20)
		^________	^________	^________
Profit before tax		4,611	4,013	5,521
Tax		(1,307)	(960)	(2,202)
		^________	^________	^________
Profit for the period after tax		3,304	3,053	3,319
		^________	^________	^________

The profit for the period after tax is attributable to equity holders of Personal Group Holdings Plc.
Earnings per share as arising from total and continuing operations		Pence	Pence	Pence
Basic	4	11.1	10.2	11.1
Diluted	4	11.1	10.2	11.1

All operations are considered to be continuing.

Consolidated statement of comprehensive income

	6 months ended 30 June 2010 Unaudited	6 months ended 30 June 2009 Unaudited	12 months ended 31 December 2009 Audited
	£'000	£'000	£'000

Profit for the period	3,304	3,053	3,319

Other comprehensive income
Available for sale financial assets:
Valuation changes taken to equity	(13)	14	107
Reclassification to profit or loss	7	-	36

Income tax on unrealised valuation changes
taken to equity	(2)	(4)	(40)
	^______	^______	^______
Total comprehensive income for the period	3,296	3,063	3,422
	^______	^______	^______

The total comprehensive income for the period is attributable to equity holders of Personal Group Holdings Plc.

Consolidated balance sheet at 30 June 2010

		At 30 June 2010 Unaudited	At 30 June 2009 Unaudited	At 31 December 2009 Audited
	Note	£'000	£'000	£'000
ASSETS
Non-current assets Goodwill		3,000	6,000	3,000
Property, plant and equipment	5	5,434	5,494	5,421
Investment property		3,185	3,185	3,185
Financial assets		5,667	2,659	5,702
		^________	^________	^________
		17,286	17,338	17,308
		^________	^________	^________
Current assets Trade and other receivables		2,966	3,067	2,688
Cash and cash equivalents		7,761	9,265	7,300
		^________	^________	^________
		10,727	12,332	9,988
		^________	^________	^________
Total assets		28,013	29,670	27,296
		^________	^________	^________

Consolidated balance sheet at 30 June 2010

	At 30 June 2010 Unaudited	At 30 June 2009 Unaudited	At 31 December 2009 Audited
	£'000	£'000	£'000

EQUITY

Equity attributable to equity holders of
Personal Group Holdings plc
Share capital	1,503	1,503	1,503
Capital redemption reserve	24	24	24
Amounts recognised directly in equity
relating to non-current assets held for sale	(23)	(108)	(15)
Other reserve	(645)	(747)	(714)
Profit and loss account	21,661	23,122	20,940
	^________	^________	^_______
Total equity	22,520	23,794	21,738
	^________	^________	^________

LIABILITIES

Non-current liabilities
Deferred tax liabilities		199	221	189
		^________	^________	^________
Current liabilities
Provisions		129	85	120
Trade and other payables		3,768	4,285	3,825
Current tax liabilities		1,255	1,064	1,258
Borrowings	6	142	221	166
		^________	^________	^________
		5,294	5,655	5,369
		^________	^________	^________

		^________	^________	^________
Total liabilities		5,493	5,876	5,558
		^________	^________	^________

		^________	^________	^________
Total equity and liabilities		28,013	29,670	27,296
		^________	^________	^________

Consolidated statement of changes in equity for the six months ended 30 June 2010

Equity attributable to equity holders of Personal Group Holdings Plc

	Share capital	Capital redemption reserve	Non-current assets held for sale	Other reserve	Profit & loss account	Total equity
	£'000	£'000	£'000	£'000	£'000	£'000

Balance as at 1 January 2010	1,503	24	(15)	(714)	20,940	21,738
	^______	^____	^___	^____	^________	^________
Dividends	-	-	-	-	(2,537)	(2,537)
Employee share-based compensation	-	-	-	-	18	18
Proceeds of AESOP share sales	-	-	-	-	141	141
Cost of AESOP shares sold	-	-	-	205	(205)	-
Cost of AESOP shares purchased	-	-	-	(136)	-	(136)
	^______	^___	^___	^____	^________	^________
Transactions with owners	-	-	-	69	(2,583)	(2,514)
	^______	^___	^___	^____	^________	^________
Profit for the period	-	-	-	-	3,304	3,304
Other comprehensive income
Available for sale financial assets:
Current period losses	-	-	(13)	-	-	(13)
Transfer to income statement	-	-	7	-	-	7
Current tax on unrealised valuation changes taken to equity	-	-	(2)	-	-	(2)
	^______	^___	^___	^____	^________	^________
Total comprehensive income for the period	-	-	(8)	-	3,304	3,296
	^______	^___	^___	^____	^________	^________

Balance as at 30 June 2010	1,503	24	(23)	(645)	21,661	22,520
	^______	^___	^___	^____	^________	^________

Consolidated statement of changes in equity for the year ended 30 December 2009

Equity attributable to equity holders of Personal Group Holdings Plc

	Share capital	Capital redemption reserve	Non-current assets held for sale	Other reserve	Profit & loss account	Total equity
	£'000	£'000	£'000	£'000	£'000	£'000

Balance as at 1 January 2009	1,503	24	(118)	(772)	22,522	23,159
	^______	^___	^____	^____	^________	^________
Dividends	-	-	-	-	(4,948)	(4,948)
Employee share-based compensation	-	-	-	-	46	46
Proceeds of AESOP share sales	-	-	-	-	81	81
Cost of AESOP shares sold	-	-	-	80	(80)	-
Cost of AESOP shares purchased	-	-	-	(22)	-	(22)
	^______	^___	^____	^____	^________	^________
Transactions with owners	-	-	-	58	(4,901)	(4,843)
	^______	^___	^____	^____	^________	^________

Profit for the year	-	-	-	-	3,319	3,319
Other comprehensive income
Available for sale financial assets:
Current year profits	-	-	107	-	-	107
Transfer to income statement	-	-	36	-	-	36
Current tax on unrealised valuation changes taken to equity	-	-	(40)	-	-	(40)
	^______	^___	^____	^____	^________	^________
Total comprehensive income for
the year	-	-	103	-	3,319	3,422
	^______	^___	^____	^____	^________	^________

Balance as at 31 December 2009	1,503	24	(15)	(714)	20,940	21,738
	^______	^___	^____	^____	^________	^________

Consolidated statement of changes in equity for the six months ended 30 June 2009

Equity attributable to equity holders of Personal Group Holdings Plc

	Share capital	Capital redemption reserve	Non-current assets held for sale	Other reserve	Profit & loss account	Total equity
	£'000	£'000	£'000	£'000	£'000	£'000

Balance as at 1 January 2009	1,503	24	(118)	(772)	22,522	23,159
	^______	^___	^____	^____	^________	^________
Dividends	-	-	-	-	(2,473)	(2,473)
Employee share-based compensation	-	-	-	-	20	20
Proceeds of AESOP share sales	-	-	-	-	39	39
Cost of AESOP shares sold	-	-	-	39	(39)	-
Cost of AESOP shares purchased	-	-	-	(14)	-	(14)
	^______	^___	^____	^____	^________	^________
Transactions with owners	-	-	-	25	(2,453)	(2,428)
	^______	^___	^____	^____	^________	^________
Profit for the period	-	-	-	-	3,053	3,053
Other comprehensive income
Available for sale financial assets:
Current period profits	-	-	14	-	-	14
Transfer to income statement	-	-	-	-	-	-
Current tax on unrealised valuation changes taken to equity	-	-	(4)	-	-	(4)
	^______	^___	^____	^____	^________	^________
Total comprehensive income for the period	-	-	10	-	3,053	3,063
	^______	^___	^____	^____	^________	^________

Balance as at 30 June 2009	1,503	24	(108)	(747)	23,122	23,794
	^______	^___	^____	^____	^________	^________

Consolidated cash flow statement

	6 months ended 30 June 2010 Unaudited	6 months ended 30 June 2009 Unaudited	12 months ended 31 December 2009 Audited
	£'000	£'000	£'000
Operating activities
Profit after tax	3,304	3,053	3,319
Adjustments for: Depreciation	229	238	474
Goodwill impairment	-	-	3,000
(Profit)/loss on disposal of property, plant and equipment	(12)	1	(7)
Realised and unrealised net investment (gains)/losses	1	(25)	61
Interest received	(83)	(195)	(377)
Dividends received	(10)	(7)	(16)
Interest paid	1	23	25
Share-based payments	18	20	46
Taxation expense recognised in income statement	1,307	960	2,202
Changes in working capital:
Trade and other receivables	(278)	167	541
Trade and other payables	(48)	(30)	(455)
Taxes paid	(1,302)	(899)	(2,015)
	^______	^______	^______
Net cash from operating activities	3,127	3,306	6,798
	^______	^______	^______
Investing activities
Additions to property, plant and equipment	(292)	(204)	(398)
Additions to investment property	-	(26)	(26)
Proceeds from disposal of property plant and equipment	62	27	71
Purchase of own shares	(136)	(14)	(22)
Proceeds from disposal of own shares	141	39	81
Purchase of financial assets	(97)	(20)	(3,119)
Proceeds from disposal of financial assets	125	3,020	3,119
Interest received	83	195	377
Dividends received	10	7	16
	^______	^______	^______
Net cash (used in)/realised from investing activities	(104)	3,024	99
	^______	^______	^______
Financing activities
Proceeds from bank loans	136	14	22
Repayment of bank loans	(160)	(2,061)	(2,124)
Interest paid	(1)	(23)	(25)
Dividends paid	(2,537)	(2,473)	(4,948)
	^______	^______	^______
Net cash used in financing activities	(2,562)	(4,543)	(7,075)
	^______	^______	^______

Net change in cash and cash equivalents	461	1,787	(178)
Cash and cash equivalents, beginning of period	7,300	7,478	7,478
	^______	^______	^______
Cash and cash equivalents, end of period	7,761	9,265	7,300
	^______	^______	^______

Notes to the consolidated financial statements

1 General information

The principal activities of Personal Group Holdings Plc ('the company') and subsidiaries ('the group') include transacting short-term accident and health insurance and providing employee benefits related business and financial services in the UK.

The company is a public limited company incorporated and domiciled in England. The address of its registered office is John Ormond House, 899 Silbury Boulevard, Milton Keynes MK9 3XL.

The company's shares trade on the Alternative Investment Market of the London Stock Exchange.

The condensed consolidated financial statements do not include all of the information required for full annual financial statements, and should be read in conjunction with the consolidated financial statements of the group

as at and for the year ended 31 December 2009.

The financial information for the year ended 31 December 2009 set out in this interim report does not constitute statutory accounts as defined in Section 434 of the Companies Act 2006. The group's statutory financial statements for the year ended 31 December 2009 have been filed with the Registrar of Companies. The auditor's report on those financial statements was unqualified and did not contain a statement under Section 498 (2) or (3) of the Companies Act 2006.

These interim financial statements are unaudited and have not been reviewed by the group's auditors under International Standard on Review Engagements (UK and Ireland) 2410.

These consolidated interim financial statements have been approved for issue by the board of directors on

24 September 2010.

2 Accounting policies

These June 2010 interim consolidated financial statements of Personal Group Holdings Plc are for the six months ended 30 June 2010. They have been prepared in accordance with International Accounting Standard 34 Interim Financial Reporting. These financial statements have been prepared on the basis of the recognition and measurement requirements of those IFRS standards and IFRIC interpretations as adopted by the EU, issued and effective or issued and early adopted in respect of periods beginning on or after 1 January 2010. The principal accounting policies have remained unchanged from the year ended 31 December 2009.

3 Segment analysis

The group operates two trading operating segments, namely employee benefits insurance and consultancy; and financial services offered by Berkeley Morgan Group Limited (BMG) and its subsidiary undertakings.

1) Employee benefits insurance and consultancy

Personal Assurance Plc (PA), a subsidiary within the group, is an FSA regulated general insurance company and is authorised to transact accident and sickness insurance. It was established in 1984 and has been underwriting business since 1985. In 1997 Personal Group Holdings Plc (PGH) was created and became the ultimate parent undertaking of the group.

This operating segment derives the majority of its revenue from the underwriting by PA of insurance policies that have been bought by employees of host companies via bespoke benefit programmes.

Insurance related income includes insurance and reinsurance brokerage commission. Insurance brokerage commission includes that derived from voluntary group income protection plan sales.

Non-insurance related income includes income derived from the sale of benefit books, consultancy services and property rental income.

Notes to the consolidated financial statements

2) Financial services

The financial services operating segment consists exclusively of revenue generated by BMG and its subsidiary undertakings. BMG was acquired by PGH in January 2005.

Financial services revenue consists mainly of commission generated by financial advisers and commission generated from insurance underwriting agencies.

	Employee benefits £'000	Financial services £'000	Unallocated £'000	IFRS adjustments £'000	Group £'000

Operating segments

For the 6 months ended 30 June 2010
Revenue
Net premiums written Other income:	9,079	-	-	-	9,079
Insurance related	1,401	1,913	-	-	3,314
Non-insurance related	581	-	-	-	581
Investment property	-	-	159	-	159
Investment income	118	1	-	-	119
	^_______	^______	^______	^______	^________
Total revenue	11,179 ^_______	1,914 ^______	159 ^______	- ^______	13,252 ^________
Net result for period before tax	4,188	329	93	1	4,611
	^_______	^______	^______	^______	^________
Segment assets	19,353	2,475	3,185	3,000	28,013
	^_______	^______	^______	^______	^________

Notes to the consolidated financial statements

The revenue and net result generated by each of the group's operating segments are summarised as follows:

	Employee benefits £'000	Financial services £'000	Unallocated £'000	IFRS adjustments £'000	Group £'000
Operating segments

For the year ended 31 December 2009
Revenue
Net premiums written Other income:	17,611	-	-	-	17,611
Insurance related	2,522	4,292	-	-	6,814
Non-insurance related	1,454	-	-	-	1,454
Investment property	-	-	287	-	287
Investment income	232	6	-	-	238
	^_______	^_____	^_____	^_____	^_______
Total revenue	21,819 ^________	4,298 ^______	287 ^______	- ^______	26,404 ^________
Net result for year before tax	7,538	818	175	(3,010)	5,521
	^________	^______	^______	^______	^________
Segment assets	18,596	2,515	3,185	3,000	27,296
	^________	^______	^______	^______	^________

	Employee benefits £'000	Financial services £'000	Unallocated £'000	IFRS adjustments £'000	Group £'000
Operating segments

For the period ended 30 June 2009
Revenue
Net premiums written Other income:	8,521	-	-	-	8,521
Insurance related	1,178	2,266	-	-	3,444
Non-insurance related	738	-	-	-	738
Investment property	-	-	146	-	146
Investment income	180	4	-	-	184
	^_______	^_____	^_____	^_____	^_______
Total revenue	10,617 ^________	2,270 ^______	146 ^______	- ^______	13,033 ^________
Net result for year before tax	3,472	450	92	(1)	4,013
	^________	^______	^______	^______	^________
Segment assets	17,253	3,232	3,185	6,000	29,670
	^________	^______	^______	^______	^________

All income is derived from the UK.

The figures shown above for employee benefits and financial services are from the group's management accounts that are not prepared under IFRS. Unallocated amounts relate to the group's investment properties.

Notes to the consolidated financial statements

4 Earnings per share and dividends

The weighted average numbers of outstanding shares used for basic and diluted earnings per share are as follows:

	6 months ended 30 June 2010	6 months ended 30 June 2009	12 months ended 31 December 2009

Basic	29,862,662	29,817,366	29,830,021
Diluted	29,868,160	29,829,069	29,845,832

During the first six months of 2010, Personal Group Holdings Plc paid dividends of £2,556,000 to its equity shareholders (six months to 30 June 2009: £2,496,000, twelve months to 31 December 2009: £4,991,000).

This represents a payment of 8.5p per share (six months to 30 June 2009: 8.3p, twelve months to 31 December 2009: 16.6p).

In the statement of changes in equity and the cash flow statement dividends are stated net of amounts paid on treasury shares and unallocated shares held by Personal Group Trustees Limited as follows:

	6 months ended 30 June 2010	6 months ended 30 June 2009	12 months ended 31 December 2009	6 months ended 30 June 2010	6 months ended 30 June 2009	12 months ended 31 December 2009

		Pence per share		£'000	£'000	£'000
Equity dividends
Ordinary shares paid in period

March	8.50	4.15	4.15	2,556	1,248	1,248
June	-	4.15	4.15	-	1,248	1.248
September	-	-	4.15	-	^-	1,248
December	-	-	4.15	-	-	1,247
				^______	^______	^______
				2,556	2,496	4,991
Less: amounts paid on own shares				(19)	(23)	(43)
	^_____	^_____	^______	^______	^______	^______
	8.50	8.30	16.60	2,537	2,473	4,948
	^_____	^_____	^______	^______	^______	^______

Notes to the consolidated financial statements

5 Additions and disposals of property, plant and equipment

For the six months ended 30 June 2010

	Freehold land and properties £'000	Motor vehicles £'000	Computer equipment £'000	Furniture fixtures & fittings £'000	Total £'000
Cost
At 1 January 2010	5,478	817	407	2,057	8,759
Additions	-	267	16	10	293
Disposals	-	(178)	-	-	(178)
	^______	^____	^____	^______	^______
At 30 June 2010	5,478	906	423	2,067	8,874
	^______	^____	^____	^______	^______
Depreciation
At 1 January 2010	844	308	378	1,808	3,338
Provided in the period	47	108	23	51	229
Eliminated on disposals	-	(127)	-	-	(127)
	^______	^____	^____	^______	^______
At 30 June 2010	891	289	401	1,859	3,440
	^______	^____	^____	^______	^______

Net book amount at 30 June 2010	4,587	617	22	208	5,434
	^______	^____	^____	^______	^______

Net book amount at 1 January 2010	4,634	509	29	249	5,421
	^______	^____	^____	^______	^______

For the year ended 31 December 2009

	Freehold land and properties £'000	Motor vehicles £'000	Computer equipment £'000	Furniture fixtures & fittings £'000	Total £'000
Cost
At 1 January 2009	5,478	621	438	2,051	8,588
Additions	-	380	11	6	397
Disposals	-	(184)	(42)	-	(226)
	^______	^____	^____	^______	^______
At 31 December 2009	5,478	817	407	2,057	8,759
	^______	^____	^____	^______	^______
Depreciation
At 1 January 2009	749	283	385	1,615	3,032
Provided in the year	95	153	33	193	474
Eliminated on disposals	-	(128)	(40)	-	(168)
	^______	^____	^____	^______	^______
At 31 December 2009	844	308	378	1,808	3,338
	^______	^____	^____	^______	^______

Net book amount at 31 December 2009	4,634	509	29	249	5,421
	^______	^____	^____	^______	^______

Net book amount at 1 January 2009	4,729	338	53	436	5,556
	^______	^____	^____	^______	^______

Notes to the consolidated financial statements

For the six months ended 30 June 2009

	Freehold land and properties £'000	Motor vehicles £'000	Computer equipment £'000	Furniture fixtures & fittings £'000	Total £'000
Cost
At 1 January 2009	5,478	621	438	2,051	8,588
Additions	-	192	10	3	205
Disposals	-	(65)	-	-	(65)
	^______	^____	^____	^______	^______
At 30 June 2009	5,478	748	448	2,054	8,728
	^______	^____	^____	^______	^______
Depreciation
At 1 January 2009	749	283	385	1,615	3,032
Provided in the period	47	87	40	64	238
Eliminated on disposals	-	(36)	-	-	(36)
	^______	^____	^____	^______	^______
At 30 June 2009	796	334	425	1,679	3,234
	^______	^____	^____	^______	^______

Net book amount at 30 June 2009	4,682	414	23	375	5,494
	^______	^____	^____	^______	^______

Net book amount at 1 January 2009	4,729	338	53	436	5,556
	^______	^____	^____	^______	^______

6 Borrowings

At 30 June 2010 the borrowings shown in the consolidated balance sheet are in respect of the Personal Group Trustees Limited AESOP bank loan.

Financial calendar for the year ending 31 December 2010

The company announces the following dates in its financial calendar for the year ending 31 December 2010:

· Preliminary results for the year ending 31 December 2010 - March 2011

· Publication of Report and Accounts for 2010 - March 2011

· AGM - April 2011

This information is provided by RNS

The company news service from the London Stock Exchange

END

IR KKQDNABKDFCB

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Personal Group Holdings (PGH)

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