Interim Results
Taylor Woodrow PLC
31 August 2003
Embargoed: 07.00 hrs 1 September 2003
TAYLOR WOODROW plc INTERIM RESULTS STATEMENT
(for the six months to 30 June 2003)
Delivering on promises
• Recommended offer of 230p per share for Wilson Connolly plc announced
today (see separate announcement)
o Earnings enhancing in first full year
o Provides scale economies at 10,000 completions per annum
o Excellent geographic fit resulting in £25 million synergy benefit
o 25.8% hard irrevocable undertakings from the Wilson Connolly
directors and the Wilson family
o Share buy back deferred
Interim Results Highlights
• Turnover up 7% at £1,057.5 million (2002: £984.3 million)
• Operating profit up 15% at £140.7 million (2002: £122.4 million)
• Housing operating profit up 23% at £133.1 million (2002: £108.3
million)
• Profit before tax up 20% at £130.1 million (2002: £108.1 million)
• Basic earnings per share up 20% to 15.3 pence (2002: 12.7 pence)
• Interim dividend up 9% to 2.4 pence per share
• Operational savings of £9 million delivered this half and remain on
track to deliver £21 million in the full year
• St Katharine's Docks Estate and K2 now being actively marketed for
disposal in 2004
Norman Askew, Chairman of Taylor Woodrow, said today:
'Following the refocusing of the UK business last year, we start the next phase
of our development with confidence for the full year.'
Iain Napier, Chief Executive of Taylor Woodrow, subsequently commented:
'We have continued to perform strongly during the first six months of the year
enabling us to deliver another excellent set of financial results and we look
forward to a strong performance for the full year.'
ends
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High resolution photographs are available to the media free of charge at
www.newscast.co.uk, +44 (0)20 7608 1000
A presentation to analysts and investors will be made at, UBS Investment Bank, 1
Finsbury Avenue, London at 10:00 hrs.
This presentation will be broadcast live on taylorwoodrow.com.
The slides presented to the analysts and investors are also available on
taylorwoodrow.com.
For further information, please contact
Ian Morris 0121 600 8520 / 07816 518 767
Taylor Woodrow Corporate Communications
Jonathan Murrin 0121 600 8521 / 07816 518 718
Taylor Woodrow Investor Relations
Scott Fulton 020 7269 7130 / 07788 144 993
Peter Otero 020 7269 7121 / 07979 537 408
Financial Dynamics
Operating and Financial Review
Financial results
Group turnover for the six months ending 30 June 2003 was £1,057.5 million.
Operating profit rose to £140.7 million (2002: £122.4 million), up 15 per cent,
with operating margins rising to 13.3 per cent (2002: 12.4 per cent).
Profit before tax rose 20 per cent to £130.1 million (2002: £108.1 million).
Basic earnings per share rose 20% to 15.3 pence (2002: 12.7 pence). Annualised
return on average capital employed pre goodwill increased to 19.2 per cent
(2002: 18.4 per cent).
During the six months to June 2003, there was a net outflow of cash from
operating activities of £98.2 million compared to an inflow in the first half of
2002 of £68.8 million. This reflects increased investment in land and work in
progress during the first half of the year in both North America and the United
Kingdom.
At 30 June 2003, total shareholders' funds were £1,488.1 million (2002: £1,389.4
million), equivalent to 268.8 pence per share. Net debt was £402.2 million
(2002: £239.6 million). At the half year, net gearing was 27.0 per cent (2002
17.2 per cent).
Total Housing
H1 '03 H1 '02 FY '02
Turnover £m 846.4 726.6 1,751.8
Average Selling Price £k 187.8 184.2 192.8
Average Capital Employed * £m 1,316.9 1,142.6 1,177.5
Operating Profit ** £m 133.1 108.3 255.4
Return on Average Capital Employed * % 20.2 19.0 21.7
Operating Margin (%) ** % 15.7 14.9 14.6
* before average goodwill of £238.0 million (H1 '02: £243.8 million; FY '02:
£244.2 million)
** before goodwill amortisation of £6.7 million (H1 '02:£6.4 million; FY '02:
£13.1 million) and exceptional items of £nil(H1 '02:£nil; FY '02: £10.4 million)
Our housing businesses in the United Kingdom, North America, Spain and Gibraltar
all had a strong first half of the year. Worldwide housing completions grew to
3,860 from 3,592 primarily due to the contribution from the Journey Homes
business that we acquired in August 2002.
UK Housing
H1 '03 H1 '02 FY '02
Turnover £m 492.3 483.9 1,181.7
Average Selling Price £k 187.1 175.7 181.9
Average Capital Employed * £m 942.3 821.6 844.2
Operating Profit ** £m 77.6 68.9 177.6
Return on Average Capital Employed * % 16.5 16.8 21.0
Operating Margin ** % 15.8 14.2 15.0
Home Completions 2,336 2,537 6,238
* before average goodwill of £230.9 million (H1 '02: £243.8 million; FY '02:
£240.6 million)
** before goodwill amortisation of £6.4 million (H1 '02: £6.4 million; FY '02:
£12.9 million) and
exceptional items of £nil (H1 '02:£nil; FY '02: £10.4 million)
The UK housing division, which accounts for 53 per cent of Group operating
profit before goodwill amortisation, reported good growth in operating profits
in the half year. The average sales price increased by 6 per cent to £187,000
(2002: £176,000). Volumes were 8 per cent lower than in the first half of 2002
as a consequence of beginning the period with fewer open sites but operating
margins grew by 1.6% to 15.8% due to the rise in selling prices and our costs
reducing in line with our forecasts. During the first half of this year we
successfully opened a net 19 sites with a further net 13 sites predicted to open
in the second half of the year, which should ensure the delivery of volumes in
the full year similar to that of 2002.
During the period, the Group changed its accounting treatment for professional
fees associated with land development; such costs, consistent with other
development costs, are now included in stocks and, where related to land
options, amortised over the life of the option. The effect of this change is to
increase UK housing profit for the six months to 30 June 2003 by £3.3 million.
At 30 June 2003 the UK Housing land bank consisted of 21,323 owned or controlled
plots with outline planning permission, representing some 3.2 years' supply. In
addition to this there is a strategic land portfolio which should give rise to a
potential further 61,800 plots.
Our UK forward order book stood at £379 million at 30 June 2003. We are
currently experiencing reasonable levels of visitors and reservations.
North America Housing
H1 '03 H1 '02 FY '02
Turnover £m 326.0 220.4 521.8
Average Selling Price £k 188.4 215.8 235.9
Average Capital Employed * £m 344.6 296.0 306.7
Operating Profit ** £m 45.3 35.1 66.2
Return on Average Capital Employed * % 26.3 23.7 21.6
Operating Margin ** % 13.9 15.9 12.7
Home Completions 1,386 902 1,839
* before average goodwill of £7.1 million (H1 '02: £Nil; FY '02: £3.6 million)
** before goodwill amortisation of £0.3 million (H1 '02: £Nil; FY'02: £0.2
million)
Our Florida operations have continued to perform well although we have
experienced a modest slowdown in the Naples market. All other markets across the
state remain healthy, and we remain confident in our expectations for the full
year. In the first half of 2003, our Florida operation completed 210 homes
(2002: 118) at an average selling price of £315,000 (2002: £445,000).
In Toronto, our results continue to exceed our expectations. Demand for our
products remains strong, although we are seeing the high-rise market return to
more normal levels of demand after several years of exceptional growth.
Completions in the first half of 2003 were 658 homes (2002: 656) at an average
selling price of £120,000 (2002: £95,000).
Our business in California has been performing very strongly this year as we
repositioned to the mid market. This was reflected in average selling prices in
California falling 23% to £523,000 (2002: £675,000). New projects have been
opened in both Southern and Northern California and have been performing
extremely well. Completions in the first half of 2003 were 158 homes (2002:
111).
The Texas business increased its contribution in the first half as the Austin
market picked up and the Houston market remained strong. Completions in the
first half of 2003 were 27 (2002: 17) at an average selling price of £268,000
(2002: £280,000).
Our Arizona business, which we acquired in August 2002, achieved 333 home
completions and has already exceeded our original expectations. Average selling
prices for the first half of the year were £78,600. Presently, we are extending
our product range in Arizona into the mid market with seven new communities
opening in the second half of the year
The North American land bank, with planning permission, now contains 13,717 lots
compared to 14,954 lots at the end of 2002, which reflects a healthy 2.1 year
supply. The decrease in the land bank has primarily arisen due to several bulk
sales of lots from the Arizona business, which is being repositioned into the
mid market.
At 30 June 2003, the North American forward order book stood at £421 million, up
29% on last year which positions us very well for the second half of the year.
Spain and Gibraltar Housing
H1 '03 H1 '02 FY '02
Turnover £m 28.1 22.3 48.3
Average Selling Price £k 195.6 139.2 154.0
Average Capital Employed £m 30.0 25.7 27.3
Operating Profit £m 10.2 4.4 11.6
Return on Average Capital Employed % 68.0 34.2 42.5
Operating Margin % 36.3 19.7 24.0
Home Completions 138 153 293
Our business in Spain and Gibraltar continues to report excellent results with
first half operating profits growing from £4.4 million to £10.2 million.
Continued demand for our product from UK buyers, assisted by the opening of a
new community in Alicante has contributed to the significant earnings growth so
far this year.
Commercial Property
H1 '03 H1 '02 FY '02
Average Capital Employed £m 97.8 86.8 94.8
Operating Profit * £m 5.3 8.6 4.6
Return on Average Capital Employed % 10.8 19.8 4.9
Operating Margin * % 17.2 13.4 5.3
* before exceptional items of £Nil (H1 '02: £Nil; FY '02: £1million )
As previously forecast at our last year end our commercial property business
continues to operate at much reduced levels due to market conditions. During the
first half of the year, there were only a few commercial transactions.
Investment Property
H1 '03 H1 '02 FY '02
Average Capital Employed £m 155.3 228.3 196.4
Operating Profit £m 3.7 6.6 11.1
Return on Average Capital Employed % 4.8 5.8 5.7
At the half year the balance sheet valuation of investment properties fell by £4
million compared to the year end value due to the transfer into stock of our
Canadian investment property assets which we now intend to redevelop.
The St Katharine's Docks Estate, along with the K2 development property at the
corner of the estate is now being actively marketed for disposal in 2004.
Construction
H1 '03 H1 '02 FY '02
Operating Profit * £m 5.3 5.3 11.7
Operating Margin * % 3.1 3.0 3.2
Profit before tax £m 14.0 8.1 21.1
* before exceptional items of £Nil (H1 '02: £Nil; FY '02: £0.6 million)
Our Construction business has successfully grown its order book, which at 30
June 2003 stood at £749 million, up 26 per cent on last year. During the year we
have seen growth in our facilities management business, in general UK
contracting and also in the amount of work performed supporting our house
building projects which now stands at 23% of total Construction turnover.
Operating profit remained flat at £5.3 million, but profit before tax rose to
£14.0 million from £8.1 million last year, due partly to profits on disposal of
PFI equity stakes as part of our continued re-investment plan in new PFI
opportunities.
It was especially pleasing to win Major Contractor of the Year at Building
Magazine's awards in April 2003. Our success reflected our progressive approach
to continuous improvement through innovation, partnering and supply chain
management.
Outlook
Whilst the UK Housing market has retreated from last year's unusually strong
position, it remains attractive. In the first half we were operating from fewer
sites than in the first half of last year, but we remain confident that we will
be able to deliver a strong performance in the full year.
In North America and Spain our businesses are extremely well placed to continue
the strong operating profit growth experienced in the first half of this year.
Shareholder Information
The Board has declared an interim dividend of 2.4 pence per share (2002: 2.2
pence per share), an increase of 9 per cent. This dividend will be paid on 3rd
November 2003 to shareholders on the register at close of business on 26th
September 2003.
The company offers a Dividend Re-Investment Plan which provides shareholders
with a facility to use their cash dividends to purchase Taylor Woodrow plc
shares in the market. Details will be sent to ordinary shareholders with the
2003 interim results on 11th September 2003. Copies of the 2003 Interim report
and accounts will also be available from that date on the Company's website
taylorwoodrow.com and from the registered office at 2 Princes Way, Solihull,
West Midlands, B91 3ES.
Taylor Woodrow plc Interim report 2003
Summary Group profit and loss account
for the six months to 30 June 2003
Before Six months Six months
goodwill Goodwill to 30 June to 30 June Year to
amortisation amortisation 2003 2002 31 December
(unaudited) (unaudited) 2002
Notes £m £m £m £m £m
Continuing operations
Turnover: Group and share of joint 1,060.2 - 1,060.2 988.3 2,215.8
ventures
Less: share of joint (2.7) - (2.7) (4.0) (7.2)
ventures' turnover
Group turnover 1 1,057.5 - 1,057.5 984.3 2,208.6
Group operating profit 1-2 147.4 (6.7) 140.7 122.4 257.7
Share of operating profit in joint ventures 1.1 - 1.1 1.8 2.0
148.5 (6.7) 141.8 124.2 259.7
Profit on disposal of investments and 6.1 1.6 8.1
properties
Profit on ordinary activities before 147.9 125.8 267.8
interest
Interest receivable 1.8 2.4 4.5
Interest payable: Group (18.6) (18.3) (35.9)
Joint (1.0) (1.8) (3.3)
ventures
(19.6) (20.1) (39.2)
Profit on ordinary activities before 130.1 108.1 233.1
taxation
Tax on profit on ordinary activities 4 (46.8) (37.8) (76.9)
Profit on ordinary activities after 83.3 70.3 156.2
taxation
Minority equity interests (0.2) (0.4) (1.1)
Profit for the period 83.1 69.9 155.1
Dividends paid and proposed (13.0) (12.2) (40.6)
Profit retained 70.1 57.7 114.5
Basic earnings per share 5 15.3p 12.7p 28.2p
Diluted earnings per share 5 15.2p 12.7p 28.1p
Adjusted basic earnings per share 5 15.3p 12.7p 29.8p
Taylor Woodrow plc Interim report 2003
Group statement of total recognised gains and losses
for the six months to 30 June 2003
Six months Six months
to 30 June to 30 June Year to
2003 2002 31 December
(unaudited) (unaudited) 2002
£m £m £m
Profit for the period 83.1 69.9 155.1
Unrealised deficit on revaluation of properties - - (20.7)
Revaluation reversed on properties transferred to (1.1) (19.2) (19.8)
stocks
Tax on realised revaluation surplus - (1.0) (1.0)
82.0 49.7 113.6
Currency translation differences on foreign currency 11.5 (5.8) (25.0)
net investments
Total recognised gains and losses relating to the 93.5 43.9 88.6
period
Taylor Woodrow plc Interim report 2003
Group balance sheet
As at 30 June 2003
30 June 30 June
2003 2002 31 December
(unaudited) (unaudited) 2002
£m £m £m
Fixed assets
Intangible assets
Goodwill 234.5 240.5 241.4
Tangible assets
Investment properties 179.7 228.5 183.9
Other 19.2 38.3 21.1
Investments
Joint ventures
Share of gross assets (30 June 2002, £35.4m;
31 December 2002, £27.2m) 0.9
Share of gross liabilities (30 June 2002, £35.0m;
31 December 2002, £27.2m) (0.9)
- 0.4 -
Other 3.4 - 3.2
436.8 507.7 449.6
Current assets
Stocks 1,876.2 1,577.7 1,707.0
Debtors 264.7 215.1 212.5
Current asset investments 15.4 4.1 12.6
Cash at bank and in hand 147.0 207.9 180.6
2,303.3 2,004.8 2,112.7
Creditors: amounts falling due within one year (674.6) (650.8) (632.3)
Net current assets 1,628.7 1,354.0 1,480.4
Total assets less current liabilities 2,065.5 1,861.7 1,930.0
Creditors: amounts falling due after one year (546.2) (445.6) (497.4)
Provisions for liabilities and charges (31.1) (26.5) (26.7)
1,488.2 1,389.6 1,405.9
Represented by:
Capital and reserves - equity
Called up ordinary share capital 138.4 138.1 138.2
Share premium account 592.3 591.5 591.2
Revaluation reserve 63.3 102.1 63.4
Capital redemption reserve 21.5 21.5 21.5
Profit and loss account 672.6 536.2 591.6
Shareholders' funds 1,488.1 1,389.4 1,405.9
Minority interests in equity of subsidiary 0.1 0.2 -
undertakings
1,488.2 1,389.6 1,405.9
Taylor Woodrow plc Interim report 2003
Summary Group cash flow statement
for the six months to 30 June 2003
Six months Six months
to 30 June to 30 June Year to
2003 2002 31 December
(unaudited) (unaudited) 2002
£m £m £m
Group operating profit 140.7 122.4 257.7
Depreciation and amortisation 9.3 10.5 20.3
Increase in stocks (159.5) (137.0) (253.6)
Increase in debtors (56.5) (8.9) (20.9)
(Decrease)/increase in creditors (41.6) 80.1 140.6
Exchange adjustments 9.4 1.7 3.3
Net cash (outflow)/inflow from operating activities (98.2) 68.8 147.4
Returns on investments and servicing of finance (25.1) (9.7) (17.9)
Taxation (34.0) (37.3) (74.5)
Capital expenditure and financial investment 1.3 35.5 61.5
Acquisitions and disposals - - (29.7)
Equity dividends paid - - (37.8)
Net cash (outflow)/inflow before use of liquid resources and (156.0) 57.3 49.0
financing
Cash inflow/(outflow) from decrease/(increase) in liquid 54.7 (44.1) (69.3)
resources
Net cash inflow from financing 118.8 35.7 32.6
Increase in cash in the period 17.5 48.9 12.3
Movement in net debt
Increase in cash in the period 17.5 48.9 12.3
Cash inflow from increase in debt (117.1) (34.2) (30.9)
Cash (inflow)/outflow from (decrease)/increase in liquid (54.7) 44.1 69.3
resources
(Increase)/decrease in net debt resulting from cash flows (154.3) 58.8 50.7
Exchange/other non-cash changes in net debt (0.1) (0.8) (0.9)
(Increase)/decrease in net debt in the period (154.4) 58.0 49.8
Net debt at the beginning of the period (247.8) (297.6) (297.6)
Net debt at the end of the period (402.2) (239.6) (247.8)
Taylor Woodrow plc Interim report 2003
Notes to the interim financial statements
1. Segmental analysis
Group turnover Group operating profit Capital
(by origin) (by origin) employed
Six months to 30 June Six months to 30 June 30 June 31 December
2003 2002 2003 2002 2003 2002
£m £m £m £m £m £m
By activity
Housing 846.4 726.6 133.1 108.3 1,408.4 1,225.4
Property development and investment 38.3 78.3 9.0 15.2 271.7 234.5
Construction 172.8 179.4 5.3 5.3 (24.2) (47.6)
1,057.5 984.3 147.4 128.8 1,655.9 1,412.3
Goodwill amortisation/goodwill - (6.7) (6.4) 234.5 241.4
housing
140.7 122.4 1,890.4 1,653.7
By market
North America 330.3 242.5 46.6 36.1 363.7 337.8
Rest of the World 52.0 48.3 16.1 13.1 24.1 7.2
Total overseas 382.3 290.8 62.7 49.2 387.8 345.0
United Kingdom 675.2 693.5 84.7 79.6 1,268.1 1,067.3
1,057.5 984.3 147.4 128.8 1,655.9 1,412.3
Goodwill amortisation/goodwill (6.7) (6.4) 234.5 241.4
140.7 122.4 1,890.4 1,653.7
Net debt (402.2) (247.8)
Minority interests (0.1) -
Equity shareholders' funds 1,488.1 1,405.9
Turnover by origin represents sales to third parties and is not materially
different from turnover to third parties by destination.
Operating profit for construction excludes its share of the construction joint
ventures and interest. Profit before taxation for construction for the six
months to 30 June 2003 is £14.0m (2002: £8.1m) including these items.
The charge for goodwill amortisation of £6.7m (2002: £6.4m) is in respect of
United Kingdom £6.4m (2002: £6.4m) and North America £0.3m (2002: £nil).
Goodwill of £234.5m ( 31 December 2002: £241.4m) is in respect of United Kingdom
£227.6m (31 December 2002: £234.1m) and North America £6.9m (31 December 2002:
£7.3m).
2. Exceptional items
Operating profit for the year to 31 December 2002 was stated after deduction of
exceptional administrative expenses of £12.0m (six months to 30 June 2003 and
2002: £nil) for restructuring in the United Kingdom, mainly redundancies and
office relocations. There was no material difference between the tax rates on
ordinary activities and exceptional items.
3. Basis of preparation of the interim financial statements
The interim financial statements have been prepared on a basis which is
consistent with the accounting policies adopted for the year to 31 December
2002. In accordance with our stated accounting policy, investment properties are
valued annually and were last valued at 31 December 2002. Investment properties
will next be valued at 31 December 2003.
The interim financial statements were approved by the board of directors on 1
September 2003.
These interim financial statements do not constitute statutory accounts.
Comparative figures for the year to 31 December 2002 have been extracted from
the latest published accounts on which the report of the auditors was
unqualified and did not contain a statement made under section 237(2) or section
237(3) of the Companies Act 1985. The 2002 annual accounts have been delivered
to the Registrar of Companies.
4. Tax on profit on ordinary activities
Six months Six months Year to
to 30 June to 30 June 31 December
2003 2002 2002
£m £m £m
United Kingdom tax
Corporation tax 22.8 23.8 44.0
Deferred tax 0.8 (0.8) 8.1
Joint ventures - - 0.7
Overseas tax
Current tax 16.6 11.4 17.5
Deferred tax 6.6 3.4 6.6
46.8 37.8 76.9
United Kingdom corporation tax has been charged at 30% (2002: 30%). The
effective rate is higher than this due to higher rates of tax on overseas
profits and the amortisation of goodwill and fair value adjustments being
disallowable for tax.
5. Earnings per share
Six months Six months Year to
to 30 June to 30 June 31 December
2003 2002 2002
£m £m £m
Earnings per share have been calculated by dividing: 83.1 69.9 155.1
Profit for the period
by the weighted average number of shares for basic earnings per 544.6m 549.8m 549.3m
share
weighted average of dilutive options 2.4m 2.4m 2.8m
weighted average of dilutive awards under the Group Executive 0.1m 0.4m 0.3m
Bonus Plan
weighted average of dilutive awards under the Cash Bonus 0.3m - -
Deferral Plan
for diluted earnings per share 547.4m 552.6m 552.4m
Adjusted basic earnings per share adjusts profit for period as
follows:
add: exceptional restructuring costs (net of tax effect) - - 8.4
for adjusted basic earnings per share 83.1 69.9 163.5
6. Post Balance Sheet Event
On 1 September 2003, the Group announced a recommended offer to acquire the entire issued share capital of
Wilson Connolly plc. The Group offered 0.132 shares and 200p in cash for each ordinary share issued and to be
issued in Wilson Connolly plc. As at 1 September 2003 Wilson Connolly plc had 208.6 million ordinary shares in
issue and options outstanding over 2.8 million ordinary shares.
Taylor Woodrow plc Interim report 2003
Independent review report
to Taylor Woodrow plc
Introduction
We have been instructed by the company to review the financial information for
the six months ended 30 June 2003 which comprises the summary Group profit and
loss account, the Group statement of total recognised gains and losses, the
Group balance sheet, the summary Group cash flow statement, and related notes 1
to 6. We have read the other information contained in the interim report and
considered whether it contains any apparent misstatements or material
inconsistencies with the financial information.
This report is made solely to the company in accordance with Bulletin 1999/4
issued by the Auditing Practices Board. Our work has been undertaken so that we
might state to the company those matters we are required to state to them in an
independent review report and for no other purpose. To the fullest extent
permitted by law, we do not accept or assume responsibility to anyone other than
the company, for our review work, for this report, or for the conclusions we
have formed.
Directors' responsibilities
The interim report, including the financial information contained therein, is
the responsibility of, and has been approved by, the directors. The directors
are responsible for preparing the interim report in accordance with the Listing
Rules of the Financial Services Authority which require that the accounting
policies and presentation applied to the interim figures are consistent with
those applied in preparing the preceding annual accounts except where any
changes, and the reasons for them, are disclosed.
Review work performed
We conducted our review in accordance with the guidance contained in Bulletin
1999/4 issued by the Auditing Practices Board for use in the United Kingdom. A
review consists principally of making enquiries of group management and applying
analytical procedures to the financial information and underlying financial data
and, based thereon, assessing whether the accounting policies and presentation
have been consistently applied unless otherwise disclosed. A review excludes
audit procedures such as tests of controls and verification of assets,
liabilities and transactions. It is substantially less in scope than an audit
performed in accordance with United Kingdom auditing standards and therefore
provides a lower level of assurance than an audit. Accordingly, we do not
express an audit opinion on the financial information.
Review conclusion
On the basis of our review we are not aware of any material modifications that
should be made to the financial information as presented for the six months
ended 30 June 2003.
Deloitte & Touche LLP
Chartered Accountants
London
1 September 2003
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