Interim Results
Quarto Group Inc
12 August 2003
THE QUARTO GROUP, Inc
RESPONSE TO TENDER OFFER AND INTERIM ANNOUNCEMENT
Quarto, the London based and listed international book publisher, today issues
its Board's considered response to J O Hambro Capital Management Ltd's ('JOHCM')
Tender Offer, dated 31 July 2003, and announces the Group's results for the six
months ended 30 June 2003:
TENDER OFFER
• Quarto's Board recommends holders of shares of common stock to take no
action in relation to the Tender Offer, which is not an offer to acquire all the
outstanding shares in Quarto.
• The Board considers that the Tender Offer is opportunistic, undervalues
Quarto (which the Board believes is a high quality, small cap stock) and, most
important of all, violates fundamental principles of the Take-over Code (which
does not apply to Quarto as a Delaware corporation) by failing to treat all
shareholders equally and by enabling JOHCM to gain control without making a
general offer.
• The Tender Offer is extraordinarily one-sided in favour of JOHCM as
against the generality of shareholders of Quarto, its terms amounting to giving
JOHCM a one-way option.
• The effective Tender Offer price of 130p (as JOHCM will retain the 2.5p
interim dividend) compares with a mid-market price at close of business
yesterday of 134.5p.
• Acceptances of the Tender Offer are irrevocable: shareholders will be
unable to accept any higher offer made during the exceptionally long offer
period.
• The Board continues to examine strategic opportunities to enhance
shareholder value, is happy to listen to JOHCM's ideas for enhancing value for
all shareholders and will report back to shareholders with any developments.
INTERIM ANNOUNCEMENT
• The 2003 Interim Results are right on budget and Quarto continues on
plan to meet market expectations for 2003 as a whole.
• In the light of Quarto's performance and of its positive prospects, an
interim dividend per share of 2.50p (2001: 2.35p), up 6.4%, is declared.
• The International Co-edition Book Publishing Division increased its
operating profit to £1.62m (2002: £1.25m) on a turnover up 9.3% at £16.4m (2002:
£15.0m), following recovery from 9/11 induced uncertainties.
• The Publishing Division generated a reduced operating profit of £0.84m
(2002: £1.60m) on a turnover down 20.8% at £13.3m (2002: £16.8m), reflecting
mainly the previously disclosed loss in July 2002 of the UK publishing services
business' largest customer but also the impact of the Iraqi war on retail
activity in the US in the second quarter, especially in comparison with the
unexpectedly benign retail environment of the first half of 2002.
• Pre-tax profit fell by 10.2% to £1.37 m and EPS by 13.2% to 4.6p.
• On a trailing 12 months basis, pre-tax profit was £4.9m (2002: £5.0m)
and EPS were 20.4p (2002: 21.6p).
• New ventures made good starts, and £2 million was invested in the
publishing services unit, to allow it to recover from the loss of its largest
client.
• Laurence F Orbach, Chairman and Chief Executive, stated 'In the first
half of 2003, our International Co-edition Book Publishing Division performed
more strongly than last year, and, despite adverse currency movements, our
profits came in right on budget, and our new ventures performed well'
With regard to prospects, Mr Orbach added 'After four years of growing profits
and increased underlying earnings per share, prospects for Quarto remain
positive. July trading across the Group was in line with expectations. Prospects
for the International Co-edition Book Publishing Division remain good. Prospects
for the Publishing Division are improving, as sales in the United States are
rebounding somewhat and, by comparison with 2002, the second half will not
suffer on account of the loss of the large publishing services customer in the
UK. The Board remains confident that, overall, 2003 will be another year of
progress.'
Notes for Editors:
Quarto's International Co-edition Book Publishing Division creates books which
are licensed to other publishers for publication internationally. It also
includes Regent and ProVision, which are Far East-based print broking and
production services businesses, serving both third parties and the Group.
Quarto's Publishing Division primarily publishes books, under imprints owned by
the Group, and art prints, mainly for their domestic markets in the US and
Australia. In addition, it includes two UK-based screen printers primarily
serving the point of sale display market, Western and AP Screen.
Although a Delaware registered corporation, Quarto's Head Office is situated in
Islington, London N7 and its shares are fully listed on the London Stock
Exchange.
Enquiries:
The Quarto Group, Inc.
Laurence F Orbach (Chairman & CEO) 020-7700 9003
Mick Mousley (Finance Director) 020-7700 9005
Bankside Consultants Limited
Charles Ponsonby 020-7444 4166
RESPONSE TO TENDER OFFER
12 August 2003
To the holders of shares of common stock and, for information only, to the
holders of shares of preferred stock
Dear shareholder:
THE TENDER OFFER FOR SHARES FROM J O HAMBRO CAPITAL MANAGEMENT LIMITED('JOHCM')
Your Board has now met, and I am writing to advise you that Quarto's Board
recommends that you take no action in relation to the Tender Offer. JOHCM's
Tender Offer is not an offer to acquire all the outstanding shares in Quarto.
The Tender Offer document is a most unusual one, in part reflecting the fact
that the shareholder protection afforded by the City Code on Takeovers and
Mergers does not apply to Quarto, as it is a Delaware corporation, even though
its shares are solely listed on London's main market.
Your Board considers that the Tender Offer is opportunistic, undervalues the
Company and, most important of all, violates fundamental principles of the
Takeover Code by failing to treat all shareholders equally, and by enabling
JOHCM to gain control without making a general offer. The Board has no intention
of frustrating any offer that reflects your Company's value, provided that it
treats all shareholders equally, and is a general offer to shareholders.
By now, you should have received, from Strand Partners Limited, its Tender
Offer, dated 31 July 2003, on behalf of JOHCM, acting on behalf of certain
investment management clients, to purchase up to 4,606,022 shares of common
stock of US$0.10 each in Quarto ('Quarto Shares'), representing 24.7% of the
Quarto Shares in issue, at 132.5p per Quarto Share.
If the Tender Offer were to be successful, JOHCM would have control of your
Company, with 51% of the Company's shares, without: (i) indicating how it
intends to enhance shareholder value for the minority shareholders; (ii)
spelling out how the Company will be managed for the benefit of all
shareholders; (iii) explaining whether it has the ability to replace the
Company's credit lines, which would be in default upon a change of control; and
(iv) paying a substantial premium for obtaining control, as is normal, while
leaving 49% of the shares in minority hands.
Why should Quarto be singled out for the Tender Offer treatment?
• Quarto Shares have generated an outstanding total return (in terms of
share price appreciation plus dividends) over five years, three years and one
year of 110%, 74% and 33%, respectively, at the closing middle market price of
Quarto Shares of 127.5p on 30 July 2003 (the day preceding the announcement of
the Tender Offer). Relative to the 123.5p price for 8 July 2003 (the day
preceding the announcement that Quarto had received an approach which, subject
to certain significant preconditions, might lead to an offer), the total return
is strong at 72%, 13% and 24%, respectively.
• Over the last five, three and one year periods, Quarto Shares have
significantly outperformed the FTSE 100, the FTSE small cap index and the media
sector.
• Three years ago, Quarto's Board conducted an extensive strategic review,
and evolved a plan, which was explained to shareholders. Quarto has been
delivering on this plan. Quarto has increased underlying profits and earnings
per share (EPS) since then, is on budget for the current year, expects further
progress in the current year (as is stated in the interim announcement for the
six months ended 30 June 2003 set out below), and has been increasing the size
of its dividends, which in 2002 totalled 5.25p per share. As explained earlier
this year, Quarto is seeking acquisitions whose scale could have a significant
impact on the Company's growth.
• Quarto continues to generate substantial amounts of cash. In addition to
paying down bank debt, and making substantial capital investments in the
business, Quarto has used the cash it generates to return money to shareholders
by way of purchasing Quarto Shares. These have been good investments, and allow
the Company, at an appropriate time, to resell the shares without incurring
substantial costs, or to provide a pool of shares available to satisfy share
option needs on an advantageous basis. The Board is already comfortable with the
level of Quarto's net debt which, again, decreased in the first half of 2003
over the same period in 2002.
• The Tender Offer price of 132.5p represents a modest 6.3 times 2002
underlying EPS of 21.1p. However, please note that the Tender Offer price
includes the interim dividend (now raised by 6.4% to 2.5p per share), giving an
effective price of 130p for each Quarto Share tendered. At 130p, the multiple is
6.2 times.
• As of 11 August 2003, the last trading day before the date of this
letter, the Tender Offer is below the mid-market price at which the Company's
shares are trading.
• The effective Tender Offer price of 130.0p capitalises the Quarto Shares
at £24.3 million, which is less than one-third of 2002 turnover of £74.7
million.
• At 130p, the premia over the 127.5p and 123.5p prices for a Quarto Share
are derisory at 2% and 5.3%, respectively, and do not provide the substantial
premium normally paid in order to gain majority control of a business, without
having to buy out the minority holdings.
• Quarto's co-edition book publishing backlists of over 5,000 titles
generate approximately two-thirds of the annual co-edition book publishing
turnover. These titles are not capitalized in Quarto's balance sheet, but have
very substantial value.
• The business model of Quarto's principal activity, co-edition book
publishing, is low-risk and proven.
• JOHCM has not indicated whether it has any plans with respect to the
holders of Quarto's preferred stock. Some shareholders of common stock also own
Quarto's preferred stock and should be aware that, if the Tender Offer were
successful, the effective value of their preferred stock might be impacted
adversely.
The Tender Offer is extraordinarily one-sided in favour of JOHCM, as against the
generality of shareholders of Quarto. Excluding the Quarto Shares controlled by
your Board, JOHCM's combined holdings give it the largest stake in Quarto.
The terms of the Tender Offer amount to giving JOHCM a one-way option. They
allow for it to be voided if not fully subscribed, scaled back, shortened from
its exceptionally long 14 week period, or lapsed, all at the discretion of
JOHCM; additionally, JOHCM is free to make market purchases of Quarto Shares
above the Tender Offer price, without being required to raise the Tender Offer
price, and can acquire any shares tendered; by contrast, tenders are irrevocable
for the whole of the 14-week Tender Offer period.
It is important for shareholders to understand that, if they tender their Quarto
Shares to JOHCM, and a higher offer should emerge during the Tender Offer
period, the benefit of the higher offer will accrue not to them, but to JOHCM.
As the Tender Offer period is so exceptionally long, there is no reason for
shareholders to react to the Tender Offer at this time, even if they decline to
follow your Board's recommendation to take no action.
Your Board recognizes that JOHCM echoes some of the Board's frustrations at not
being able to make use of the capital markets, in the way that was anticipated
when the Company went public. To that extent, it welcomes JOHCM's reminder that
your Board should increase its focus on exploring the Company's strategic
options, and is happy to listen to JOHCM's ideas for enhancing value for all
shareholders. The Board considers that Quarto is a high quality, small cap stock
with a great deal of potential.
In the light of the Tender Offer, the Board, which has always been committed to
high standards of corporate governance, will explore further all the options
available to the Company, and will report back to shareholders with any
developments.
In the meantime, especially as tenders are irrevocable in the event of a higher
offer, the Board continues to recommend holders of Quarto Shares to take no
action and to ignore the Tender Offer.
Sincerely,
Laurence F Orbach
Chairman and Chief Executive
INTERIM ANNOUNCEMENT - HALF YEAR ENDED 30 JUNE 2003
CHAIRMAN'S STATEMENT
After four years of growing profits and increased underlying earnings per share,
prospects for Quarto remain positive. In the first half of 2003, our
International Co-Edition Book Publishing Division performed more strongly than
last year, and, despite adverse currency movements, our profits came in right on
budget, and our new ventures performed well. The result is on plan, meeting the
expectations that came out of our strategic review.
Four new businesses were launched in the first half of 2003. I am pleased to
report that three have already made good starts: the first annual GraficEurope
design conference was held in Barcelona, and was enthusiastically endorsed by
participants; Eye Quarto, a new co-edition book list, concluded its first deal,
a major sale of a new title, 'The Book of Oscar Fashion: Variety's 75 years of
Glamour on the Red Carpet', to be released in October; and Qu:id Publishing,
also a new co-edition book imprint, sold its first title, 'Household Management
for Men', in a major sale to a British publisher, for publication in September.
Fair Winds, a unit of RockportRotoVision, which produced its first full list
last year, had great success with '500 Low-Carb Recipes', which featured on
several best seller lists in the United States, and was consistently one of the
bestselling titles at Amazon.com.
On a year-on-year basis, we continued to drive down debt, even after investment
in a new building and equipment, purchased for our publishing services business
in the UK. This business lost its major customer last year (as explained to
shareholders previously), as it was not able to offer a full range of services.
The new investment will help considerably, and will allow us to build up and
replace the large drop in turnover and profits from UK publishing services.
FINANCIAL REVIEW
The first half year is traditionally the weaker of the two. In 2002, it
accounted for less than 43% of annual turnover, reflecting the importance of the
Christmas trade for publishing, in particular for the co-edition business.
This half year, both turnover and costs were adversely affected by the 11%
depreciation against sterling of the US dollar (from averages of $1.45 to
$1.61), in which approximately 70% of Quarto's business is transacted.
In the first half of 2003, turnover decreased by 6.6% to £29.7 million (2002:
£31.8 million); in constant currency terms, turnover was flat. Adjusting for the
absence of the £1.9 million turnover in 2002 from Quarto's largest single
publishing services customer, which was lost in July 2002, and the currency
effect, the sales increase was approximately 6%.
In budgeting for our first half results, we were not expecting to recover these
publishing services sales without the necessary capital investment, and were
happy that sales started to grow again towards the end of the second quarter. UK
publishing services contributed pre-tax profits of £0.68 million in 2002's first
half, and these fell, in line with our expectations, to £0.19 million in the
first half of 2003.
For the six months ended 30 June 2003, on sales of £29.7 million (2002: £31.8
million) pre-tax profits declined by 10.2% to £1.37 million (2002: £1.52
million), before amortization of goodwill, and underlying earnings per share by
13.2% to 4.6p (2002: 5.3p).
Quarto also tracks its performance on a trailing 12 months' basis. For the 12
months ended 30 June 2003, turnover was £72.6 million (2002: £75.3 million), and
pre-tax profit was £4.9 million(2002: £5.0 million), on the same basis as above.
Underlying earnings per share for the 12 months were 20.4p (2002: 21.6p).
Net interest payable was covered a comfortable 4.0x (2002: 3.6 x) by operating
profit, before amortisation of goodwill. Net debt, which at 30 June is at or
near a seasonal peak, fell by £3.0m, to £24.9m from £27.9m; this was after
investing
£2m in the building and equipping of the new publishing services facility in
Chippenham. Our continued focus on the collection of receivables again drove
down days outstanding from 84 in 2002 to 79 this year.
DIVIDEND
In the light of Quarto's performance, and of its positive prospects, the Board
has declared an increased interim dividend per share of 2.50p (2002: 2.35p), up
6.4%, payable on 23 October 2003 to shareholders on the register on 26 September
2003, with an ex-dividend date of 24 September 2003.
TRADING REVIEW
International Co-edition Book Publishing Division
The International Co-edition Book Publishing Division lifted sales 9.3% to
£16.4 million from £15.0 million, helped by strong improvement in the sales of
RockportRotoVision. Divisional operating profits increased by 29%, from
£1.25 million to £1.61 million. Sales in the first half come, typically,
substantially from existing titles, rather than from new books. During the
period, we saw overall volume growth, particularly in adult books, despite the
Division's heavy exposure to the US market, and the adverse impact, on both
sales and profits, of the declining US dollar.
Quarto's co-edition book publishing business operates worldwide. It has a long
forward order book as, typically, it takes at least one year, from the time when
the concept is first sold to publishing customers, to create a new title. Most
new titles are published in the second half of the year, for the Christmas
holiday selling season, and first half sales are rarely a reliable indicator of
sales for the year as a whole. This year's strong result contrasts with the
first half of 2002, when sales for the division were adversely affected by the
uncertainties following 9/11, with purchasing decisions by publishers (our
customers), for both new titles and reprints, being deferred amid the general
nervousness.
Regent and ProVision, the Group's Far East-based print broking and production
services business, serving both third parties and the Group, continued to trade
solidly.
Publishing Division
The huge impact that the Iraq war had on retail activity in the United States in
the second quarter can hardly be exaggerated. Glued to television screens,
readers exchanged their books and hobbies for immediate updates on events. The
impact this had on our business was felt in three ways, and very quickly. First,
orders for our US publishing units tailed off; second, because the book
publishing industry accepts returns of unsold merchandise, and credits the
customers, booksellers and wholesalers paid some of their bills by returning
merchandise, further depressing net sales figures. Third, the war, and the
slowing of the US economy, weakened the dollar, our principal trading currency,
reducing our reported sales, when they are translated into sterling.
In addition, our publishing services unit did not replace the sales lost when
its largest customer withdrew its work in July last year, because we were unable
to offer a full range of services competitively. Its sales were down by 30%, and
operating profits fell by £0.51 million. Our new 50,000 square feet factory in
Chippenham, refurbished and with new equipment - representing a total investment
this year of £3 million - will be fully operational in September, and we expect
to be able to build quickly on the new capacity.
Overall, these factors contributed to our publishing division, the bulk of whose
sales are in the United States, experiencing a fall of 21% in sales, translated
into sterling, from £16.8 million to £13.3 million, and 48% in operating
profits, from
£1.60 million to £0.84 million.
The Group's businesses publish on their own account (rather than in co-edition),
and all operate principally in their domestic markets, with over two-thirds of
the division's turnover arising in the United States. The result suffers by
comparison from the good result in the first half of 2002, when business
profited from an unexpectedly benign retail environment. The Group's art
publishing businesses performed similarly to the first half of last year,
generating cash but incurring a small loss.
TENDER OFFER
Shareholders should be aware that, on 31 July 2003, Strand Partners Limited, on
behalf of J O Hambro Capital Management Limited, acting on behalf of certain
investment management clients, announced a Tender Offer to purchase up to 24.7%
of the shares of common stock of Quarto in issue, at 132.5p per share. If the
Tender Offer were to be successful, this would take the JOHCM stake to 51.0%
without the requirement to make a general offer.
Your Board has subsequently met and I have today written to shareholders to
advise that the Board recommends that holders of common stock take no action in
relation to the Tender Offer.
STRATEGY
A few years ago, following extensive review, we adopted a strategy that we have
been following faithfully. Your Board, keen to pursue growth opportunities for
the Group, resolved to continue to develop new co-edition and publishing lists,
targeted at niche customer bases, and to acquire publishing businesses in areas
in which we identified opportunities that we could not pursue in-house. At the
same time, we recognized that, in order to be able to make acquisitions, we
needed to practise good housekeeping, drive down debt, increase cash generation,
and generally improve our ability to fund acquisitions. As we explained to
shareholders, by trading our way to a better profits performance, we expected
that the market would, in time, re-rate our shares.
We have gone a long way towards achieving all of these objectives but have not
yet been able to conclude any acquisitions that would have a substantial impact
on the Company. This is not for want of trying. It's simply the recognition
that, with a low p/e rating, most significant acquisitions would be initially
earnings diluting, something that many shareholders would not thank us for. In
my letter accompanying the 2002 results, I expressed the hope that, in 2003, we
would be able to make a significant acquisition. I'm not able to report anything
so far. As usual, we are exploring a number of opportunities, but these are at
early stages.
Your Board, considering that it is now time to update the current strategy with
a further review, will be considering all strategic options for the Group in the
next couple of months.
CURRENT TRADING AND PROSPECTS
July trading across the Group was in line with expectations.
Prospects for the International Co-edition Publishing Division remain good.
Prospects for the Publishing Division are improving, as sales in the United
States are rebounding somewhat and, by comparison with 2002, the second half
will not suffer on account of the loss of the large publishing services customer
in the UK.
The Board remains confident that, overall, 2003 will be another year of
progress.
Laurence F Orbach
Chairman and Chief Executive
London, 12 August 2003
UNAUDITED PROFIT AND LOSS ACCOUNT
for the six months to June 30, 2003
Six Six
months months
ended ended
June 30, June 30, Year ended
December 31,
2003 2002 2002
£'000 £'000 £'000
Turnover 29,739 31,842 74,735
======== ======== ========
Operating profit before amortisation 1,815 2,106 6,206
of goodwill
Amortisation of goodwill (98) (75) (175)
______ ______ ______
Operating profit after amortisation of
goodwill 1,717 2,031 6,031
Net interest payable (450) (586) (1,151)
______ ______ ______
Profit on ordinary activities before 1,267 1,445 4,880
taxation
Taxation (205) (152) (497)
______ ______ ______
Profit on ordinary activities after 1,062 1,293 4,383
taxation
Minority interests (121) (199) (343)
______ ______ _______
Profit for the period 941 1,094 4,040
Dividends
Ordinary (448) (421) (942)
Preference (213) (220) (437)
______ ______ _______
Retained profit for the period 280 453 2,661
======= ======== ======
Earnings per share 4.1p 4.9p 20.1p
======== ======== =========
Underlying earnings per share 4.6p 5.3p 21.1p
======== ======== =======
UNAUDITED CONSOLIDATED BALANCE SHEET
at June 30, 2003
June 30, June 30, December 31,
2003 2002 2002
£'000 £'000 £'000
Fixed assets
Intangible assets 3,441 3,268 3,376
Tangible assets 7,688 6,017 5,875
______ _____ ______
11,129 9,285 9,251
______ _____ ______
Current assets
Stocks and work in progress 20,979 22,267 18,675
Debtors 16,499 18,152 21,519
Cash at bank and in hand 6,579 5,735 11,315
______ ______ ______
44,057 46,154 51,509
Creditors: Amounts falling due within one (18,216) (50,011) (24,576)
year
______ ______ ______
Net current assets/(liabilities) 25,841 (3,857) 26,933
______ ______ ______
Total assets less current liabilities 36,970 5,428 36,184
Creditors: Amounts falling due after
more than one year (29,486) (461) (29,056)
Provisions for liabilities and charges
Deferred taxation (1,206) (1,135) (1,235)
______ ______ ______
Net assets 6,278 3,832 5,893
======== ======== ========
Capital and reserves
Called up share capital 1,341 1,341 1,341
Reserves 2,433 (289) 2,046
______ ______ ______
Shareholders' funds 3,774 1,052 3,387
Minority interests 2,504 2,780 2,506
______ ______ ______
6,278 3,832 5,893
======== ======== ========
UNAUDITED CASH FLOW STATEMENT
for the six months to June 30, 2003
Six Six
months months Year
ended ended ended
June 30, June 30, December
2003 2002 31, 2002
£'000 £'000 £'000
Operating profit 1,717 2,031 6,031
Non-cash items 582 643 1,158
Working capital movement, net (3,895) (3,879) 1,207
______ ______ ______
Net cash (outflow)/inflow from operating
activities (1,596) (1,205) 8,396
Interest, net (449) (582) (1,048)
Dividend payments to minority shareholders (47) (850) (850)
Dividends (733) (673) (1,312)
Taxation (144) (209) (504)
Capital expenditure, net (2,366) (395) (722)
Purchase of shares (110) - (60)
Acquisitions and disposals (175) (1,444) (1,767)
______ ______ ______
Net cash (outflow)/inflow (5,620) (5,358) 2,133
Translation difference 458 1,070 1,721
Net debt at beginning of period (19,783) (23,637) (23,637)
______ ______ ______
Net debt at end of period (24,945) (27,925) (19,783)
======= ======== ========
Notes:
1. The financial information contained in this interim statement
does not constitute statutory accounts within the meaning of Section 240 of the
Companies Act 1985. The interim accounts for the six months ended June 30, 2003
and the comparative figures for the six months ended June 30, 2002 are
unaudited. The comparative figures for the year ended December 31, 2002 are
extracted from the accounts for the period which have been reported on by the
Company's auditors and delivered to the Registrar of Companies. The report of
the auditors was unqualified and did not contain a statement under Section 237
(2) or (3) of the Companies Act 1985.
2. Taxation is based on the estimated effective tax rate for the year.
3. The calculation of earnings per share is based on 17,925,400
shares (the weighted average number of issued shares, excluding those held as
treasury stock) (2002: 17,925,306 shares) and earnings, after minority interests
and preference dividends, of £728,000 (June 30, 2002: £874,000; December 31,
2002: £3,603,000). The calculation of underlying earnings per share is based on
earnings of £826,000 (June 30, 2002: £949,000; December 31, 2002: £3,778,000),
calculated as follows:
June 30, 2003 June 30, 2002 December 31,
2002
£'000 £'000 £'000
Earnings after minority
interests and preference
dividends 728 874 3,603
Amortisation of goodwill 98 75 175
______ ______ ______
826 949 3,778
======== ======== ========
FOR INFORMATION ONLY
MANAGEMENT'S PRO FORMA OPERATING FINANCIAL STATEMENTS
for the 12 months to June 30, 2003
12 months 12 months
ended ended
June 30, 2003 June 30, 2002
£'000 £'000
Turnover 72,632 75,290
----------- -----------
Operating profit 5,915 6,379
Net interest payable (1,015) (1,371)
Profit on ordinary activities before 4,900 5,008
taxation
Taxation (550) (335)
Profit on ordinary activities after taxation 4,350 4,673
Minority interests (265) (366)
----------- -----------
Profit for the period 4,085 4,307
=========== ===========
Underlying earnings per share 20.4p 21.6p
=========== ===========
This information is provided by RNS
The company news service from the London Stock Exchange
Tuesday, 14th May 2024
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