Final Results
Spectris PLC
11 March 2003
Date: Embargoed until 7.00am, Tuesday 11 March 2003
Contact: Hans Nilsson, Chief Executive Tel: 020 7269 7291
Spectris plc
Richard Mountain
Financial Dynamics Tel: 020 7269 7291
2002 PRELIMINARY RESULTS
Spectris plc, the precision instrumentation and controls company, announces
preliminary results for the year ended 31 December 2002.
£m 2002 2001
Sales 490.1 543.1
Operating profit 50.7 60.7
Profit before tax 42.5 50.4
Earnings per share 28.1p 33.8p
Dividend 12.75p 12.25p
Unless otherwise stated, all profit and earnings per share figures exclude
exceptional items and goodwill amortisation
Earnings per share for 2001 has been restated following adoption of FRS 19,
Deferred Taxation (see Note 4)
Highlights:
* Robust trading performance: year-on-year second half profits up
* Strong operating cash generation
* Successful PANalytical acquisition
* Gross margins maintained
* Year-on-year overhead cost savings of £13m
* Dividend increased by 4%
Commenting on the results, Hans Nilsson, Chief Executive, said:
'Although 2002 was a difficult year, the sustainability of the demand drivers in our markets, together with
improvements in our companies' competitive positions, delivered a robust performance and we expect to see an
improvement in performance in 2003.'
CHAIRMAN'S STATEMENT
2002 provided a particularly difficult trading environment for industrial companies as the optimism and therefore
robust investment intentions of early 2001 gave way to extreme caution. Spectris results reflected this deterioration
in the business climate, resulting in weak demand in the first quarter. The remainder of the year saw an improvement,
with strong orders in the fourth quarter accompanied by the seasonal trends experienced in previous years. This
resulted in an improved order book going into 2003.
Sales at £490.1m showed a 10% reduction overall. This was predominantly a consequence of a halving of shipments to
customers in those industries particularly exposed to the technology collapse such as those involved in the
production of optical fibre and semiconductors. Another contributing factor was weak sales to other customers in
North America. Detailed analysis of the results by sector and geography is in the executive reports which follow,
showing that most of our businesses without this technology exposure held their position or, in some cases, showed
creditable growth.
Earnings per share, at 28.1p compared with 33.8p in the prior year, were helped by carefully targeted cost controls
and a significantly lower tax rate. Although operating profits in the continuing businesses, excluding PANalytical,
fell, this was not at the expense of gross margins which were maintained.
The acquisition of PANalytical from Philips during the second half of the year provided us with another world leader
in our area of strategic focus. The integration process has progressed well, and the business has settled into the
Spectris culture, producing a contribution in line with our expectations in the first four months of our ownership.
The company's historically strong record on cash generation was maintained, producing operating cash flow at 105% of
operating profits. Debt was £177.5m at the year end and interest cover, at 5.7x, improved compared with the prior
year.
A final dividend of 8.85p (2001: 8.5p), making a total dividend of 12.75p (2001: 12.25p), an increase of 4%, is
proposed by the Board. The final dividend will be paid on 13 June 2003 to shareholders on the register on 16 May 2003.
Managers and employees across the company have had to respond to some very difficult challenges. The commitment of
people at all levels is recognised and I should like to thank them for their support and contribution.
Board changes
Since the interim review, Professor Leo Murray, Head of the Cranfield School of Management, joined the Board in
January this year. In addition, Dr. Peter Watson, Chairman of AEA Technology, who has served for six years, will be
standing down at the AGM. Spectris has been fortunate over the years in having non-executive directors who have been
involved and, when necessary, critical but at all times focused on the business issues and the prosperity of the
company. I should like to thank Peter for his part in the development of Spectris and to welcome Leo to the challenge
of continuing the tradition.
Outlook
Looking forward, it seems likely that a difficult economic background will prevail for some time. However, Spectris,
with its wide spread of customers and markets, leading positions in highly specialised areas, profitable and cash
generative businesses and determined management is better placed than many. In addition, pension funding is not a
material issue, with the company having a net pension liability of £9m.
In both last year's statement and in the interim announcement, I drew shareholders' attention to the extent to which
a recovery in US industrial confidence appeared to us to be a key element in developing stronger demand but this
remains fragile. We believe that, in the absence of further major economic shocks, the company will, aided by a full
year contribution from PANalytical, make progress in 2003.
CHIEF EXECUTIVE'S REVIEW
After a slow start to the year, demand recovered in the second quarter. Including PANalytical, sales in the second
half were up 4% year on year and profit improved by 18%. Excluding PANalytical, sales in the second half were down
compared with the prior year but profits improved by 4%. Benefiting from relative stability, Spectris companies were
able to focus on improving their competitive positions, sales coverage, and differentiation through innovative
products and processes. One of the most noticeable trends of the year was the accelerated migration of manufacturing
by our customers to lower-cost countries. Although demand for Spectris products declined in North America, this was
partly compensated by increasing investment by customers in Asia, most notably in China.
Operating Review
Sustainable demand drivers
The Spectris business model again proved its value in tough market conditions. The company supplies products which
help customers to improve the efficiency of their production processes and the main driver for demand is the
requirement to produce high quality products quickly, yet at the lowest possible unit cost. Although the economic
situation has led to capital expenditure being restrained over the past year, our strategy of providing products
which require little capital outlay but bring rapid payback for our customers has served us well. The decision in
many end markets to upgrade existing processes rather than invest in new manufacturing facilities benefits Spectris,
as the vast majority of our sales come from upgrades rather than new capacity.
Solid demand for our products from the pulp and paper, transportation and pharmaceutical industries was supported by
the introduction of new products and applications for customers in these sectors. This offset the effects of weaker
end user demand. Technology markets continued to be soft, in particular the semiconductor and telecommunications
sectors, although these now comprise less than 7% of Spectris sales. The other non-technology markets fell slightly
but showed modest growth in the second half.
Benefits from manufacturing migration
The migration of manufacturing to lower-cost economies such as China, Central Europe and Mexico continues to bring
benefits to Spectris as customers invest in instrumentation to ensure standards meet, if not exceed, those in
established manufacturing economies elsewhere. As domestic businesses expand to meet demand and foreign companies
establish new manufacturing facilities, these markets are growing rapidly. The benefits this increase in demand
brings to Spectris outweigh the loss of sales in traditional areas and have not been at the expense of lower gross
margins. Early recognition of the importance of these regions has enabled Spectris to establish an effective
presence, particularly in China where the company has a number of sales offices in addition to HBM's manufacturing
facility for load cells for the weighing industry. The importance of China to Spectris is evidenced by the number of
staff employed in the region, which had risen to nearly 600 by the end of 2002. Sales to Asia Pacific comprised 11%
of total sales in 1998; this rose to 20% in 2002, of which an increasing amount come from China, where a deliberate
strategy to migrate from indirect to direct sales channels is showing results. Sales coverage in the developing
economies of Central Europe (the former Eastern Europe countries) and Mexico has also been increased to take
advantage of the opportunities in these regions. The geographical balance of Spectris sales has shifted from North
America, where it accounted for 50% in 1999 but today accounts for 31% of sales, towards Europe and Asia Pacific,
where sales have increased from 34% to 46% and 12% to 20% respectively.
Positive environmental trends
Increased regulatory requirements are driving demand for our instrumentation and control products. Tougher
environmental legislation requires pollution from harmful emissions and noise to be reduced. Companies such as Bruel
& Kjaer Sound & Vibration, Malvern Instruments and Fusion UV Systems supply equipment to monitor noise, reduce
vehicle emissions and eliminate the use of solvents in coatings respectively. Increasing safety regulations are also
providing opportunities for Particle Measuring Systems and Malvern in the production of pharmaceutical products. The
recycling of paper is another environmental trend from which BTG is benefiting.
Operating costs down, gross margins maintained
In addition to the significant initiatives commenced in 2001, actions to contain operating costs continued throughout
the year. Headcount was down 3% in the year, excluding PANalytical and China, where it increased as a result of the
continuing expansion of HBM's manufacturing activities. The year-on-year cost savings were approximately £13m and
gross margins were maintained. A global purchasing function has now been established in China with the aim of further
reducing material costs for the group. Initiatives to reduce cycle times in general, and inventory specifically, led
to strong cash generation with operating cash conversion of 105%. In addition, costs were reduced by £1.4m due to the
reversal of long-term bonus accruals.
During the year the disposal of three non-core businesses was completed. These comprised Fairey Industrial Ceramics,
the BTG coating systems product line and Luxtron (save for a 19.9% residual holding). Total cash proceeds from these
disposals were £1.8 million, net of expenses.
Sector Performance
Electronic controls performed relatively well given a year of weak market conditions. Sales were down slightly from
£119.8m to £117.6m with profit marginally down from £13.4m to £13.0m.
Performance was supported by innovative new products introduced by all four companies, including an auto-configurable
2D bar code scanner from Microscan and Linux development kits from Arcom. Proactive material cost management, in
particular, but not exclusively, from Red Lion Controls helped and HBM's continued transfer of production to China
also made an impact. Demand improved in the second half of the year, due in the most part to product and market
initiatives launched earlier.
In-line instrumentation reported sales down from £193.8m to £172.7m with operating profit down from £21.2m to £18.6m.
BTG performed exceptionally well despite its pulp and paper customers facing weak demand. This performance was due to
new products and sales initiatives, particularly in Asia. Beta LaserMike, whose largest market is in
telecommunications cable manufacture, had a difficult year. Measures were taken to reduce costs and to re-orient the
company to other markets, supported by a small product line acquisition.
In the other companies, sales were down marginally due to a weak first quarter. The impact on operating profit was
contained with timely cost control measures, of which the majority had been implemented towards the end of 2001.
Year-on-year performance declined slightly at Loma, NDC Infrared Engineering and Servomex but improved at Ircon and
Bruel & Kjaer Vibro.
Process technology saw sales of £160.7m, excluding PANalytical, down from £196.0m, and an operating profit of £15.8m
compared to £23.1m. The fall in sales was due to the sector's exposure to telecommunications (Fusion to a large
extent and Bruel & Kjaer Sound & Vibration to a lesser degree) and the semiconductor clean room market served by
Particle Measuring Systems. Underlying demand strengthened in the second half, particularly in Asia. The profit
impact was mitigated both through gross and operating margin improvements at Bruel & Kjaer and continued cost control
across the other companies. Particle Measuring Systems maintained a respectable operating margin despite weak
semiconductor demand and improved its offering to the pharmaceutical market. Malvern had an excellent year,
substantially due to the launch of differentiated new products. Fusion made good progress in applying its expertise
to develop applications for other markets such as automotive.
Acquisition of PANalytical
The acquisition of PANalytical (formerly the X-ray instrumentation business of Royal Philips Electronics) was
concluded in September 2002. The cost was £96.1m. Sales for the four months were £32.6m with an operating profit of
£4.1m. This acquisition increases the group's exposure to the laboratory and quality control sector and is a good fit
with the Spectris operating model. The integration process has progressed well.
Near-term operating emphasis
In all Spectris companies there is a permanent focus on sales and marketing effectiveness, differentiation through
innovation, cycle time reductions and cash generation. However, there are three areas of particular emphasis in the
near term:
Sales coverage: with the anticipated continuation of our customers' manufacturing base shifting to lower cost
regions, our direct sales and applications engineering presence will be extended to take advantage of these
opportunities.
After sales, service and consumables: we are increasing our focus on after sales, improving customer relationships
and account penetration, which will lead to improved long-term stability of demand.
Material cost: as manufacturing increasingly moves to cheaper areas, so are many of our current and potential
suppliers. Initiatives are under way to align our procurement processes to take advantage of these trends.
Summary
Spectris companies have managed to improve their relative positions in their respective markets. Management
initiatives, together with the sustainable demand drivers in our industry, put us in a strong position to benefit
when the macro-environment improves and confidence returns.
- ENDS -
A table of results is attached.
The company will broadcast the meeting with analysts in a live Webcast commencing at 09:30 AM on the company's
website at www.spectris.com
Copies of this notice are available to the public from the registered office: Station Road, Egham, Surrey TW20 9NP
and on the company's website at www.spectris.com
CONSOLIDATED PROFIT AND LOSS ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2002
Continuing Operations
Notes Existing Acquisitions Ongoing Businesses sold Total Total
Businesses Operations
2002 2002 2002 2002 2002 2001
(restated)
£m £m £m £m £m £m
1 Turnover 451.0 32.6 483.6 6.5 490.1 543.1
Cost of sales (184.2) (15.3) (199.5) (3.0) (202.5) (233.7)
--------- --------- --------- --------- --------- ---------
Gross profit 266.8 17.3 284.1 3.5 287.6 309.4
Operating costs (219.4) (13.2) (232.6) (4.3) (236.9) (268.0)
--------- --------- --------- --------- --------- ---------
Operating profit 47.4 4.1 51.5 (0.8) 50.7 60.7
before goodwill
amortisation and
exceptional items
Goodwill (7.4) (1.3) (8.7) - (8.7) (6.1)
amortisation
2 Exceptional items 2.3 - 2.3 - 2.3 (13.2)
--------- --------- --------- --------- --------- ---------
42.3 2.8 45.1 (0.8) 44.3 41.4
Operating profit
Profit/(loss) on sale or (12.9) (12.9) 19.8
termination of business
--------- ---------
1 Profit on ordinary activities 31.4 61.2
before interest
Other finance income 0.7 0.8
Net interest payable (8.9) (11.1)
--------- ---------
Profit on ordinary activities 23.2 50.9
before taxation
3 Taxation (7.9) (9.3)
--------- ---------
Profit for the financial year 15.3 41.6
Dividends (15.3) (13.3)
--------- ---------
Retained profit - 28.3
--------- ---------
4 Basic earnings per share (p) 13.4 38.0
4 Fully diluted earnings per 13.3 37.7
share (p)
4 Normalised earnings per share 28.1 33.8
(p)
Dividends per ordinary equity 12.75 12.25
share (p)
CONSOLIDATED STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES
For the year ended 31 December 2002 2001
(restated)
£m £m
Profit for the financial year 15.3 41.6
Foreign exchange adjustments 7.0 1.6
Tax attributable to foreign exchange adjustments (0.3) -
Actuarial loss arising on pension schemes (14.8) (5.9)
Tax attributable to actuarial loss 4.7 1.7
--------- ---------
Total recognised gains and losses relating to the financial year 11.9 39.0
Prior year adjustment in respect of FRS 19 (1.8) -
Prior year adjustment in respect of FRS 17 - 8.2
--------- ---------
Total recognised gains and losses since the last annual report 10.1 47.2
===== =====
The 2001 comparative figures have been restated following the adoption of FRS 19, Deferred Taxation, in 2002.
There is no material difference between the reported profit and historical cost profit.
GROUP BALANCE SHEET AS AT 31 DECEMBER 2002
2002 2001
(restated)
£m £m
Fixed assets
Intangible assets 213.6 136.6
Tangible fixed assets 89.1 83.2
Other investments 15.9 13.8
--------- ---------
318.6 233.6
--------- ---------
Current assets
Stocks 80.9 74.2
Debtors 149.7 133.2
Cash at bank 36.9 36.7
--------- ---------
267.5 244.1
--------- ---------
Creditors: due within one year
Short term borrowing (69.2) (12.3)
Other creditors (138.6) (124.9)
--------- ---------
(207.8) (137.2)
--------- ---------
Net current assets 59.7 106.9
--------- ---------
Total assets less current liabilities 378.3 340.5
--------- ---------
Creditors: due after more than one year
Medium and long term borrowing (145.2) (155.9)
Other creditors (3.1) (1.4)
--------- ---------
(148.3) (157.3)
--------- ---------
Provisions for liabilities and charges (32.3) (40.3)
--------- ---------
Net assets excluding pension assets/(liabilities) 197.7 142.9
Pension assets - 3.0
Pension liabilities (9.0) (2.1)
--------- ---------
Net assets 188.7 143.8
===== =====
Called up share capital 6.2 5.6
Share premium account 226.3 185.4
Merger reserve 3.1 3.1
Capital redemption reserve 0.3 0.3
Profit and loss account (47.2) (50.6)
--------- ---------
Equity shareholders' funds 188.7 143.8
===== =====
The 2001 comparative figures have been restated following the adoption of FRS 19, Deferred Taxation, in 2002.
CONSOLIDATED CASH FLOW STATEMENT
For the year ended 31 December
Notes 2002 2001
£m £m
5 Net cash inflow from operating activities 54.4 58.0
Returns on investments and servicing of finance
Interest received 1.7 2.6
Interest paid (10.4) (14.0)
(8.7) (11.4)
--------- ---------
Taxation paid (4.5) (12.8)
Capital expenditure and financial investment
Purchase of tangible fixed assets (19.9) (29.8)
Sale of tangible fixed assets 4.0 1.4
Purchase of fixed asset investments (2.1) (4.3)
--------- ---------
(18.0) (32.7)
--------- ---------
Acquisitions and disposals
Acquisition of subsidiary undertakings (101.8) (5.4)
Bank overdraft acquired with subsidiary undertakings 3.1 (0.1)
Proceeds from the sale of subsidiary undertakings 1.8 28.6
(Cash)/bank overdraft disposed with subsidiary undertakings (0.2) (0.2)
Proceeds from the disposal of investments - 8.2
--------- ---------
(97.1) 31.1
--------- ---------
Equity dividends paid (14.0) (11.5)
--------- ---------
Cash inflow/(outflow) before financing (87.9) 20.7
--------- ---------
Financing
Issue of shares 41.5 0.4
Repayment of loans (51.1) (28.4)
New loans 97.1 -
--------- ---------
87.5 (28.0)
--------- ---------
6 Decrease in cash in the year (0.4) (7.3)
===== =====
NOTES TO THE ACCOUNTS
1. SEGMENTAL ANALYSES
a) Analysis by class of business
Turnover Profit before interest and tax Net assets
2002 2001 2002 2001 2002 2001
(restated) (restated)
£m £m £m £m £m £m
Continuing operations:
Electronic controls 117.6 119.8 13.0 13.4 53.0 35.0
In-line instrumentation 172.7 193.8 18.6 21.2 66.8 46.5
Process technology 193.3 196.0 19.9 23.1 46.7 59.6
--------- --------- --------- --------- --------- ---------
Total ongoing operations 483.6 509.6 51.5 57.7 166.5 141.1
Businesses sold 6.5 33.5 (0.8) 3.0 5.9 11.2
--------- --------- --------- --------- --------- ---------
Total continuing operations 490.1 543.1 50.7 60.7 172.4 152.3
Goodwill amortisation (8.7) (6.1)
Operating exceptional items 2.3 (13.2)
Profit/(loss) on sale of (12.9) 19.8
business
Net debt (177.5) (131.5)
Intangible assets 213.6 136.6
Net pension (liability)/asset (9.0) 0.9
Other (10.8) (14.5)
--------- --------- --------- --------- --------- ---------
Total 490.1 543.1 31.4 61.2 188.7 143.8
===== ===== ===== ===== ===== =====
b) Analysis of turnover by geographical destination
2002 2001
(restated)
£m £m
UK 32.3 36.2
Continental Europe 188.1 191.9
North America 147.7 172.1
Japan 31.0 36.8
China 24.6 19.1
Rest of Asia Pacific 45.6 39.5
Rest of the world 14.3 14.0
--------- ---------
483.6 509.6
Businesses sold or to be sold 6.5 33.5
--------- ---------
490.1 543.1
===== =====
As of 1 January 2002, the reporting sectors changed. The operating businesses are now grouped as follows:
Electronic controls: Arcom Control Systems, HBM, Microscan, Red Lion Controls.
In-line instrumentation: Beta LaserMike, Bruel & Kjaer Vibro, BTG, Ircon, Loma Systems, NDC Infrared Engineering,
Servomex.
Process technology: Bruel & Kjaer Sound & Vibration, Fusion UV Systems, Malvern Instruments, Particle Measuring
Systems and PANalytical, the new business acquired.
Comparative information has been restated as appropriate.
The loss on sale of businesses in 2002 arises as follows:
- Loss of £1.9m on disposal of Fairey Industrial Ceramics.
- Loss of £11.1m on disposal of Luxtron Corporation.
- Profit of £0.1m on disposal of BTG Coating Systems.
All of the above businesses were previously reported in Businesses sold or to be sold.
2. EXCEPTIONAL ITEMS
2002 2001
The operating exceptional items comprise: £m £m
Release of fair value provisions no longer required 1.3 -
Compensation from patent infringement case 1.0 -
Legal Costs - (1.2)
Redundancy and restructuring costs in existing businesses - (12.0)
--------- ---------
2.3 (13.2)
===== =====
3. TAXATION
The effective tax rate, excluding operating exceptional items, profit on sale of businesses and goodwill
amortisation, was 24.4% (2001 restated: 26.5%).
4. EARNINGS PER SHARE
The calculation of basic earnings per share of 13.4p (2001 restated: 38.0p) is based on the group profit of £15.3m
(2001 restated: £41.6m) and on the weighted average number of ordinary shares in issue during the year of 114.4
million (2001: 109.4 million).
Earnings per share before exceptional items and goodwill amortisation is calculated as follows:
Earnings Earnings per share
2002 2001 2002 2001
(restated) (restated)
£m £m pence Pence
Basic earnings and 15.3 41.6 13.4 38.0
earnings per share
Basic earnings and
earnings per share
attributable to:
Goodwill amortisation 8.7 6.1 7.6 5.6
Operating exceptional (2.3) 13.2 (2.0) 12.1
items
(Profit)/loss on sale 12.9 (19.8) 11.3 (18.1)
or termination of
business
Tax credit on operating (0.5) (2.9) (0.5) (2.7)
exceptional items
Tax release on profit (2.0) (1.2) (1.7) (1.1)
on sale of businesses
--------- --------- --------- ---------
Earnings and earnings 32.1 37.0 28.1 33.8
per share before
exceptional items and
goodwill amortisation
===== ===== ===== =====
Earnings per share before exceptional items and goodwill amortisation is presented to show more clearly the
underlying performance of the group.
The calculation of diluted earnings per share of 13.3 p (2001 restated: 37.7p) is based on the group profit of £
15.3m (2001 restated: £41.6m) and on the diluted weighted average number of 5p ordinary shares in issue during the
year of 114.7 million (2001: 110.2 million).
The basic weighted average number of ordinary shares in issue is reconciled to the diluted weighted average number
of shares in issue in the following table:
Weighted average number of 5p ordinary shares
2002 2001
million million
Basic weighted average number of 5p 114.4 109.4
ordinary shares in issue
Weighted average number of dilutive 0.8 3.2
5p ordinary shares under option
Weighted average number of 5p
ordinary shares that would have
been issued at average market value from (0.5) (2.4)
proceeds of dilutive share options
--------- ---------
Diluted weighted average number of 114.7 110.2
5p ordinary shares
===== =====
5. RECONCILIATION OF OPERATING PROFIT TO NET CASH INFLOW FROM OPERATING ACTIVITIES
2002 2001
(restated)
£m £m
Operating profit 44.3 41.4
Depreciation of tangible fixed assets 13.9 13.6
Amortisation of intangible assets 8.7 6.1
Profit/(loss) on sale of tangible fixed assets (0.6) 0.4
Decrease/(increase) in stocks 5.6 (7.7)
Decrease in debtors 7.0 15.2
Decrease in creditors (9.9) (17.2)
(Decrease)/increase in provisions (14.6) 6.2
--------- ---------
Net cash inflow from continuing operating activities 54.4 58.0
===== =====
6. RECONCILIATION OF NET CASH FLOW TO MOVEMENT IN NET DEBT
2002 2001
£m £m
Decrease in cash in the year (0.4) (7.3)
Cash effect of change in debt (46.0) 28.4
--------- ---------
Change in net debt resulting from cash flows (46.4) 21.1
Other non-cash items:
Exchange movements 0.4 1.0
Amortisation of issue costs - (0.1)
--------- ---------
Movement in net debt in the year (46.0) 22.0
Net debt as at 1 January 2002 (131.5) (153.5)
--------- ---------
Net debt as at 31 December 2002 (177.5) (131.5)
===== =====
7. ANALYSIS OF CHANGES IN NET DEBT
Cash at bank Short term loans and overdraft Long term loans Total
£m £m £m £m
As at 1 January 2002 36.7 (12.3) (155.9) (131.5)
Cash flow (0.4) (59.2) 13.2 (46.4)
Exchange movements 0.6 2.3 (2.5) 0.4
--------- --------- --------- ---------
As at 31 December 2002 36.9 (69.2) (145.2) (177.5)
===== ===== ===== =====
8. COMPANY INFORMATION
The financial information set out above does not constitute the company's statutory accounts for the years ended
31 December 2002 or 2001 but is derived from those accounts. Statutory accounts for 2001 have been delivered to the
Registrar of Companies. The auditors have reported on those accounts; their report was unqualified and did not
contain statements under section 237(2) or (3) of the Companies Act 1985. The statutory accounts for 2002 will be
delivered following the company's annual general meeting.
9. ANNUAL REPORT
Copies of the annual report, which will be posted to shareholders on 2 April 2003, may be obtained from the
registered office at Station Road, Egham, Surrey TW20 9NP.
This information is provided by RNS
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