Final Results
Walker Greenbank PLC
22 May 2003
22 May 2003
WALKER GREENBANK PLC
PRELIMINARY RESULTS FOR YEAR ENDED 31 JANUARY 2003
• Operating loss of £3.8m (2002: £6.5m loss)
• Loss after taxation of £7.4m (2002: £6.6m loss)
• Disposal of TWIL for £0.9m in January
• Post balance sheet disposal of Riverside for £2.8m cash
• £2.3m of cash generated from operating activities and debt reduced by
£0.6m, the first net cash inflow since 1999
• Further cost savings in the year and headcount reduced by 10%
• Continued strong performance of Zoffany in the US
Ian Kirkham, Chairman, Walker Greenbank PLC said:
'The aim of returning to profitability has proved to be difficult to achieve
despite significant restructuring. The decline in the market has been
unprecedented and it is difficult to predict when it is going to stabilise. We
believe that the cost savings made this year will protect the group through this
difficult period and if any upturn materialises, the group will see a
significant improvement in results. The focus will remain on cash generation,
debt reduction and disposals of non-core assets in line with our strategic plan.
This strategy will leave the group in a stronger position with the ability to
benefit from any improvement in demand or consolidation opportunities'.
Enquiries:
David Medcalf, Chief Executive
Walker Greenbank PLC Tel: 01509 225 209
John Sach, Group Finance Director
Walker Greenbank PLC Tel: 01908 658078
Richard Evans, Brewin Dolphin Tel: 0161 214 5553
Ian Seaton, Bankside Consultants Tel: 020 7444 4157
Notes to editors
Walker Greenbank PLC designs, manufactures, markets and distributes
wallcoverings, furnishing fabrics and associated products. The Zoffany and
Harlequin brands are recognised worldwide, selling a full range of these items.
The group's manufacturing base includes fabric printing at Standfast and
wallcovering manufacture at Anstey.
Chairman's Statement
Overview
The year ended 31 January 2003 has proved to be another difficult year for the
group. The cautious optimism expressed at the Interim results stage proved to be
ill founded as the UK market weakened further, resulting in a decline in
turnover across the group of 5%.
The wallcoverings sector of the market continues to be extremely challenging,
however, we believe we have gained market share in the fabric sector of the
market and it is our intention to achieve further gains using the existing
strength of our brands. Supporting this process is the ability to generate cash
and maintain liquidity and I am pleased to report that overall indebtedness has
been reduced this year by £592,000.
Despite the declining market, the operating loss, before exceptional operating
items, at £3.8 million was slightly better than the previous year. It was helped
by the reductions to our cost base made in the prior year. During the year we
have continued to reduce our cost base, leading to a further reduction in head
count of 75 people, representing 10% of the workforce. Whilst this has been a
painful and expensive process it will lead to future operational cost savings.
Strategy
The board has concluded that a revised strategic plan should be implemented in
an attempt to accelerate the returns for shareholders. We shall continue to
dispose selectively of non-core businesses and surplus assets with the intention
of further reducing indebtedness. Our ultimate goal is to focus the group on a
series of businesses which have common core competences, appropriate critical
mass and profitable business models.
Results
The operating loss for the year was £3,802,000 (2002: £6,542,000 loss as
restated after exceptional operating costs of £2,600,000) on turnover of
£58,261,000 (2002: £61,115,000). Following the strategic disposal of two of the
group's non-core businesses, Riverside and TWIL, exceptional provisions have
been made which have increased the loss before interest to £7,659,000 (2002:
£6,599,000 as restated). A provision of £3,507,000 for the impairment of the
Riverside assets forms the largest part but despite the size of this provision
the board believes, owing to the non-core nature of the business and the
considerable future capital investment that would be required for it to remain
competitive, the proceeds which were achieved represent an improvement in
shareholder value.
During the year outstanding tax issues from prior years were resolved and
resulted in a tax credit of £614,000.
As a result of these significant one off provisions the loss per share increased
from 11.69p to 13.04p.
Disposals
Riverside
On 20 May 2003, the sale of the trade and assets of Riverside was completed.
Cash consideration of £2,801,000 was received at completion resulting in an
anticipated loss on disposal of £3,507,000, including £819,000 of goodwill
previously written off to reserves. The proceeds of disposal not only reduce the
group's indebtedness significantly but also will allow the group's management to
focus on the remaining core businesses.
TWIL
On 24 January 2003, Textile Wallcoverings International Limited, part of the
group's US subsidiary, trading as TWIL, was sold for £878,000 resulting in a
loss of £204,000 after provisions and related costs. The sale of this non-core
business has now allowed local management to focus on distribution of the
group's brands in the US and also to downsize the back office function in that
business thereby enhancing future profitability. There will also be a future
cash benefit from the planned disposal of the surplus freehold premises
previously occupied by TWIL.
Balance Sheet
As referred to in the Interim Statement, one of the primary objectives of the
board in these difficult market conditions has been to reduce indebtedness. In
the year, total indebtedness was reduced by £592,000 (2002: £3,146,000 increase)
and the cash inflow from operating activities was £2,289,000 (2002: £1,436,000
outflow). Both will remain key objectives going forward, with continued tight
control being exercised over working capital. Capital expenditure will also
remain at the greatly reduced levels compared to that experienced in the
previous three years. The policy of disposing of non-core assets will be
maintained. The balance sheet also continues to be underpinned by approximately
£8,000,000 of freehold properties together with substantial other tangible and
current assets.
The results for the prior year have been restated to take account of the full
impact of adopting Financial Reporting Standard Number 17 'Retirement Benefits',
which changes the way in which the accrual for retirement benefits is
recognised. The balance sheet at 31 January 2003 includes a pension liability at
that date of £11,839,000 (2002: £3,643,000 as restated). This substantially
increased liability reflects the decline in the stock market over this period,
which has resulted in a mark down of the value of pension assets at the balance
sheet date. Clearly, subject to the same assumptions, any improvement in the
stock market in the future should result in an increase in net assets and a
reduction to the pension deficit.
During the year action was taken to limit the exposure on the defined benefit
schemes operated by the group. In June 2002, all active members of the Walker
Greenbank Pension Plan defined benefits scheme were transferred to a new defined
contribution scheme which forms part of the Abaris Holdings Limited Pension
Scheme. These changes will reduce the group's exposure going forward leaving
only deferred members and pensioners in the Walker Greenbank Pension Plan.
Dividends
In view of the financial performance no dividend will be proposed. The directors
intention is that dividends will be restored following a return to sustainable
profitability.
Transfer to AIM
On 18 March 2003 your board announced its intention to transfer the company's
entire issued share capital from the Official List of the London Stock Exchange
to trading on the Alternative Investment Market ('AIM'). Dealings commenced on
AIM on 15 April 2003.
Outlook
The aim of returning to profitability has proved to be difficult to achieve
despite significant restructuring. The decline in the market has been
unprecedented and it is difficult to predict when it is going to stabilise. We
believe that the cost savings made this year will protect the group through this
difficult period and if any upturn materialises, the group will see a
significant improvement in results. The focus will remain on cash generation,
debt reduction and disposals of non-core assets in line with our strategic plan.
This strategy will leave the group in a stronger position and with the ability
to benefit from any improvement in demand or consolidation opportunities.
Operating Review
The Brands
With strong growth in the US, Zoffany, the group's exclusive brand, managed to
improve its profit worldwide. The home market, however, still suffered a 6%
decline year on year, driven by continued weakness in the contract market for
hotel refurbishments, even after having previously extended the brand to
associated products such as furniture, paint and carpets. The full year effect
of redundancies made in the second half of the year are anticipated to
compensate for this shortfall and should result in a much greater return on
sales in the year to come.
UK sales of Harlequin, the group's mid-market brand, increased by 4% despite a
contracting market. The decision to sell through third party distributors in
Europe instead of direct to the customer, which was made at the end of the
previous year, resulted in significantly lower sales albeit from a much reduced
cost base. This and the impact of a very strong pound for much of the year,
resulted in export sales being 25% lower than in the previous year. In the
second half, a new management team was appointed and the approach on export
sales has been reviewed. The board is expecting an improvement in Harlequin's
results in the forthcoming year.
Manufacturing
Standfast maintained the same level of profitability as in the previous year.
Sales increased in the first half, but in the second half, customer de-stocking
and a general downturn in the market resulted in sales falling short of
expectations. To re-align the business to this new level of activity,
redundancies were made in the autumn, removing approximately £420,000 of
annualised costs. Despite difficulties in producing camouflage fabrics at the
start of the year, new management and new production practices enabled the
company to tender successfully for this business at the end of the year. We are
confident of securing a significant amount of additional work in this area which
will complement the existing core printing business for the furnishings market.
Although improved manufacturing margins were achieved in the Anstey wallpaper
factory, the redundancies made in the previous year proved insufficient to stem
the trading losses following another sales decline experienced in the year.
Despite the losses, a significant amount of cash was generated by the business.
Anstey will remain under close scrutiny by the board and it is well placed for
any upturn in the market.
Overseas
Both the US and Norwegian subsidiaries reported strong profit growth moving from
£399,000 in the previous year to £1,018,000 this year, after accounting for the
loss on disposal of TWIL. The Zoffany brand in the US has increased its market
share in a competitive market whilst Borge in Norway continues to strengthen its
prominent market position.
Discontinued Operations
The combined operations of Contract Fabrics and Weavestyle reported a decline in
sales of 9.5%. Despite improvements in the manufacturing margins following cost
savings arising from a reorganisation and a redundancy programme implemented at
the end of the previous year, the sales decline resulted in a return to losses
for the business.
The majority of the Weavestyle business is directed towards the consumer market
and has broadly held up with reported sales lower by 3.5%. The Contract Fabrics
business, which sells from stock for commercial applications such as office
refurbishments, suffered a decline of 14% in a very difficult market. The
non-core nature of this business coupled with the significant capital
expenditure that would be required in the near future to maintain
competitiveness together with the dependence on a small number of customers, led
your board to conclude that an early disposal of this business was very much in
the shareholders' interests. The disposal in May 2003 avoids any further
exposure to this business and the board believes that the proceeds of sale
delivers a reasonable return against asset values in the current environment.
Group Profit and Loss Account
Year ended 31 January 2003
2003 2002
restated
£000 £000
Turnover 58,261 61,115
Operating loss (3,802) (6,542)
Profit on sale of properties 175 320
Loss on disposal of operations (3,825) (140)
Amounts written off investments (207) (237)
Loss on ordinary activities before interest (7,659) (6,599)
Net interest payable (504) (528)
Other finance income 188 494
Loss on ordinary activities before taxation (7,975) (6,633)
Tax on loss on ordinary activities 614 31
Loss on ordinary activities after taxation (7,361) (6,602)
Dividends - -
Deficit for the year (7,361) (6,602)
Loss per share - Basic and diluted (13.04p) (11.69p)
Dividend per ordinary share - -
Consolidated Balance Sheet
At 31 January 2003
2003 2002
restated
£000 £000
Fixed assets
Goodwill 969 1,454
Tangible assets 17,239 21,666
Investment in own shares 602 809
18,810 23,929
Current assets
Asset held for resale 2,044 -
Stocks 11,045 15,445
Debtors 12,162 15,091
Cash at bank and in hand 496 2,234
25,747 32,770
Creditors: amounts falling due within one year (18,577) (22,734)
Net current assets 7,170 10,036
Total assets less current liabilities 25,980 33,965
Creditors: amounts falling due after more than one year (1,278) (2,445)
Provisions for liabilities and charges (121) (456)
Net assets excluding pension liability 24,581 31,064
Pension liability (11,839) (3,643)
Net assets 12,742 27,421
Capital and reserves
Share capital 590 590
Share premium account 457 457
Profit and loss account (28,812) (14,133)
Other reserves 40,507 40,507
Equity shareholders' funds 12,742 27,421
Group Cash Flow Statement
Year ended 31 January 2003
2003 2003 2002 2002
£000 £000 £000 £000
Net cash inflow/(outflow) from operating activities 2,289 (1,436)
Returns on investment and servicing of finance
Interest received 54 105
Interest paid (425) (338)
Interest element of finance lease payments (150) (256)
(521) (489)
Taxation (138) 96
Capital expenditure
Purchase of tangible fixed assets (1,208) (1,388)
Proceeds from assets held for resale - 593
Proceeds from disposal of property 175 360
Proceeds from disposal of tangible fixed assets 25 22
(1,008) (413)
Acquisitions and disposals
Acquisitions of Strines Textiles and Brushstrokes in the (307) (575)
prior year
Net proceeds from disposal of operations 81 307
(226) (268)
Equity dividends paid - (590)
Cash inflow/(outflow) before use of liquid resources and 396 (3,100)
financing
Management of liquid resources - -
Financing
Proceeds from new loans - 624
Principal repayments of finance lease obligations (1,151) (1,063)
Repayment of borrowings (1,225) (314)
(2,376) (753)
Decrease in cash (1,980) (3,853)
Statement of Total Recognised Gains and Losses
Year ended 31 January 2003
2003 2002
restated
£000 £000
Loss for the financial year (7,361) (6,602)
Actual less expected return on pension scheme assets (7,741) (5,838)
Experienced losses arising on pension scheme liabilities (577) (44)
Currency translation differences 181 (26)
Total recognised gains and losses relating to the year (15,498) (12,510)
Prior year adjustment (3,643)
Total recognised losses since the last annual report (19,141)
Reconciliation of Movements in Shareholders' Funds
Year ended 31 January 2003
2003 2002
restated
£000 £000
Loss for the financial year (7,361) (6,602)
Dividends - -
Deficit for the year (7,361) (6,602)
Other recognised gains and losses relating to the year (8,137) (5,908)
Goodwill previously set off to reserves in respect of the disposal of operations 819 -
Net reduction to shareholders' funds (14,679) (12,510)
Opening shareholders' funds
(originally £31,064,000 before deducting prior year adjustment of £3,643,000) 27,421 39,931
Closing shareholders' funds 12,742 27,421
Notes to the accounts
1 SEGMENTAL ANALYSIS
Turnover
2003 2002
(a) Classes of business £000 £000
Fabrics 35,417 34,978
Wallcoverings 19,328 23,382
Other 3,516 2,755
58,261 61,115
Non-interest bearing
Turnover Loss before taxation operating net assets
2003 2002 2003 2002 2003 2002
restated restated
(b) Geographical segments £000 £000 £000 £000 £000 £000
By origin:
United Kingdom 46,188 49,357 (8,993) (7,032) 19,236 33,819
Continental Europe 5,827 5,350 576 275 1,043 1,181
North America 6,246 6,408 442 124 163 1,429
58,261 61,115 (7,975) (6,633) 20,442 36,429
Turnover
2003 2002
£000 £000
By destination:
United Kingdom 40,335 43,011
Continental Europe 9,006 9,393
North America 8,292 8,002
Rest of the World 628 709
58,261 61,115
Non-interest bearing operating net assets are defined as tangible assets plus net current assets, but
excluding cash, borrowings, tax and dividends.
2 ANALYSIS OF OPERATING LOSS
2003 2002
restated
£000 £000
Turnover 58,261 61,115
Cost of sales (31,745) (34,949)
Gross profit 26,516 26,166
Net operating expenses:
Distribution costs (11,169) (11,172)
Administrative expenses (19,198) (21,490)
Other operating income/(costs) 49 (46)
Operating loss (3,802) (6,542)
2 ANALYSIS OF OPERATING LOSS continued
In the previous year, the operating loss included £2,600,000 of exceptional items. This comprised
£1,183,000 for the costs of closing the Strines factory and transferring the business to the
group's existing factory operated by Standfast including £480,000 of redundancy costs, £996,000 of
further redundancies in the year, of which, £247,000 was paid to a past director as compensation
for loss of office, £211,000 of professional fees in connection with the previously announced
proposed offer for the company, £95,000 of costs resulting from moving the Anstey factory and
£115,000 for the provision for vacant leasehold property.
3 PROFIT ON SALE OF PROPERTIES
An additional £175,000 was received in the year, after achieving certain conditions regarding
planning permission specified in the contract, for the disposal of the group's property in Anstey,
Leicestershire. In the previous year, the property was sold for an initial consideration of
£643,000, net of expenses, that generated an exceptional profit of £351,000. Later in that year
the property in Cowling, West Yorkshire was sold for £360,000 net of expenses with a loss on
disposal of £31,000.
There is no tax effect on these disposals.
4 LOSS ON DISPOSAL OF OPERATIONS
2003 2002
£000 £000
a) Provision for impairment on assets included in the disposal of (3,507) -
Riverside
b) Loss on disposal of TWIL (204) -
c) Loss on disposal of Warner Fabrics (14) (140)
d) Provision against deferred consideration outstanding for the disposal (100) -
of Cole & Sons
(3,825) (140)
a) On 20 May 2003, the trade and assets of the business trading as Riverside was sold for
£2,801,000. The assets held at the balance sheet date have been impaired by the anticipated loss
on disposal of £3,507,000. The loss comprises the following:
£000
Impairment of goodwill (267)
Recognition of goodwill previously set off to reserves (819)
Plant and equipment - fully impaired (615)
Additional stock provision (1,806)
(3,507)
b) On 24 January 2003, the trade and assets of Textile Wallcoverings International Limited ('
TWIL') was sold for a consideration of £878,000, of which £81,000 had been received in cash by 31
January 2003. After accounting for related costs the exceptional loss on disposal was £204,000, of
which £142,000 was provision against the recoverability of the deferred consideration. The
deferred consideration is dependent on sales by TWIL over the three year period following
completion and is payable quarterly.
c) In the previous year, the trade and certain of the assets of the business trading as Warner
Fabrics were sold. The proceeds were agreed at £453,000, of which £337,000 had been received in
cash at 31 January 2002. After accounting for related costs the exceptional loss on disposal was
£140,000. In the current year, £14,000 of this consideration has been waived.
d) A further provision of £100,000 has been made against the deferred consideration that remains
outstanding on the sale of Cole & Sons in a prior year.
There is no tax effect on the disposals in either year due to capital losses brought forward from
previous periods.
The disposal of the Riverside business has not been classed as a discontinued operation owing to
the date of completion, being more than three months since the balance sheet date.
5 AMOUNTS WRITTEN OFF INVESTMENTS
The directors believe there is likely to be a shortfall between the cost of the shares held by the
ESOP and anticipated future proceeds and have decided to recognise this shortfall with an amount
of £207,000 written off in the year (2002: £237,000).
6 OTHER FINANCE INCOME
2003 2002
£'000 £'000
Expected return on pension scheme assets 2,256 2,504
Interest on pension scheme liabilities (2,068) (2,010)
188 494
7 TAXATION
2003 2002
£000 £000
UK corporation tax (credit)/charge at 30% (2002:30%)
- current year - -
- prior years (622) -
Overseas taxation - current year 243 126
- prior years - (183)
Total current tax (379) (57)
Deferred tax - current year 11 32
- prior years (246) (6)
Total deferred tax (235) 26
Tax on loss on ordinary activities (614) (31)
The difference between the loss on ordinary activities at the corporation tax rate of 30% ruling
in the UK and the actual current tax shown above is explained below:
2003 2002
restated
£000 £000
Loss on ordinary activities before taxation (7,975) (6,633)
Loss on ordinary activities multiplied by standard rate of corporation tax (2,393) (1,990)
in the UK of 30% (2002: 30%)
Adjustments in respect to prior years (622) (183)
Expenses not deductible for tax purposes 1,178 220
Utilisation of prior year losses (52) (57)
Capital allowances in excess of depreciation 229 (27)
Losses not recognised 1,355 1,985
Other timing differences (74) (5)
Total current tax (379) (57)
8 LOSS PER SHARE
The basic loss per share and diluted loss per share are based on the loss on ordinary activities after
taxation, amounting to £7,361,000 (2002: £6,602,000 loss) and the weighted average of 56,457,016 (2002:
56,457,016) ordinary shares in issue during the year.
9 DISPOSAL OF TEXTILE WALLCOVERINGS INTERNATIONAL LIMITED ('TWIL')
On 24 January 2003, the group sold the trade and assets of the TWIL business.
£000
Proceeds from sale 878
Provision against deferred consideration (142)
Deferred proceeds (655)
Net cash inflow 81
The disposal comprised the following:
Stock 510
Debtors 278
788
Loss on disposal (204)
Accrued professional fees and severance payments 124
Provision for impairment of fixed assets 28
Deferred proceeds (655)
Net cash inflow 81
10 RECONCILIATION OF OPERATING LOSS TO NET CASH INFLOW/(OUTFLOW) FROM OPERATING ACTIVITIES
2002 2002
2003 2003 restated restated
£000 £000 £000 £000
Operating loss (3,802) (6,542)
Depreciation and amortisation 3,111 3,694
Difference between pension charge and 66 455
cash contributions
Loss on disposal of fixed assets 2 20
Decrease/(increase) in stocks 2,136 (25)
Decrease in debtors 3,253 2,009
Decrease in creditors (2,477) (1,047)
6,091 5,106
Net cash inflow/(outflow) from operating 2,289 (1,436)
activities
11 ANALYSIS OF NET DEBT
1 February Other Exchange 31 January
2002 Cash flow movements movement 2003
£000 £000 £000 £000 £000
Cash at bank and in hand 2,234 (1,886) - 148 496
Overdrafts (5,707) (94) - 47 (5,754)
(3,473) (1,980) - 195 (5,258)
Debt due within one year (1,222) 1,222 (307) - (307)
Debt due after one year (716) 3 307 1 (405)
Finance leases (2,454) 1,151 - - (1,303)
(4,392) 2,376 - 1 (2,015)
(7,865) 396 - 196 (7,273)
12 RECONCILIATION OF NET CASH FLOW TO MOVEMENT IN NET DEBT
2003 2002
£'000 £'000
Decrease in cash in the period (1,980) (3,853)
Decrease in debt and lease financing 2,376 753
Cash inflow/(outflow) from cash flows 396 (3,100)
Exchange movement 196 (46)
Movement in period 592 (3,146)
Net debt at 1 February (7,865) (4,719)
Net debt at 31 January (7,273) (7,865)
13 PENSIONS
The group operates defined benefits and defined contribution schemes in the UK for all qualifying
employees. The major scheme, Walker Greenbank Pension Plan, is of the defined benefit type and the
assets of each of the schemes are held in separate trustee administered funds. In addition, there are
defined benefit schemes for all qualifying employees of Abaris Holdings Limited and John O Borge a.s.
The pension cost relating to the UK defined benefit schemes are assessed in accordance with the advice
of an independent qualified actuary, Gissings Consultancy Services Limited, using the projected unit
method. These schemes are subject to triennial actuarial reviews with the most recent ones having been
at 6 April 2001 for both the major scheme and the Abaris Holdings Limited Pension Scheme. The John O
Borge a.s scheme was valued in accordance with the Norwegian Financial Accounting Standard for Pension
Benefits at 31 December 2002. These valuations were rolled forward to 31 January 2003 for the purposes
of FRS 17 used in the disclosure below.
The total pension cost charged in the year was £806,000 (2002: £909,000) of which the charge for the
defined benefit pension schemes amounted to £491,000 (2002: £693,000) for current service. The amount
charged for past service in the period was £nil (2002: £nil).
Financial assumptions applied when valuing the defined benefit schemes
2003 2002 2001
Valuation method Projected Unit Projected Unit Projected Unit
Discount rate 5.75% 5.75% 6.0%
Inflation rate 2.5% 2.5% 2.75%
Increase to deferred benefits during 2.5% 2.5% 2.75%
deferment
Increases to pensions in payment 2.5% 2.5% 2.75%
Salary increases 2.5% 3.0% 3.25%
Consolidated net (deficit)/surplus in the pension schemes and the expected rates of return
2003 2002 2001
Group Group Group
£000 £000 £000
Equities 8.25% 16,686 7.9% 22,788 7.9% 25,451
Bonds 4.5% 9,930 5.5% 9,383 5.5% 10,479
Cash 3.75% 1,362 4% 1,341 4% 1,498
Total market value of assets 27,978 33,512 37,428
Present value of scheme (39,817) (37,155) (35,228)
liabilities
(Deficit)/surplus in the schemes (11,839) (3,643) 2,200
The deficit of £3,643,000 in 2002 exceeds the amount previously disclosed of £2,305,000 due to an
error in the actuarial calculations relied upon when preparing the accounts.
13 PENSIONS continued
Movement in (deficit)/surplus during the period
2003 2002
£'000 £'000
(Deficit)/surplus at beginning of period (3,643) 2,200
Movement in the period:
Current service cost (491) (693)
Contributions 425 238
Other finance income 188 494
Actuarial loss (8,318) (5,882)
Deficit at end of period (11,839) (3,643)
A deferred tax asset has not been offset against this potential liability because of carried
forward tax losses that are not expected to be fully utilised in the foreseeable future.
History of experience gains and losses
2003 2002
Difference between the expected and actual return on scheme assets
Amount (£'000) (7,741) (5,838)
Percentage of scheme assets 27.7% 17.4%
Experience gains and losses on scheme liabilities
Amount (£'000) (577) (44)
Percentage of the present value of scheme liabilities 1.4% 0.1%
Total amount recognised in statement of total recognised gains and losses
Amount (£'000) (8,318) (5,882)
Percentage of present value of scheme liabilities 20.9% 15.8%
14 POST BALANCE SHEET EVENT
On 20 May 2003, the trade and assets of the group's business trading as Riverside was sold for £2,801,000
with an anticipated loss on disposal of £3,507,000 subject to final adjustments.
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