Final Results
Tribal Group PLC
25 June 2001
Tribal Group plc
Preliminary results
Tribal Group plc, the UK professional support services group, today announced
its preliminary results for the year ended 31 March 2001.
Highlights:
* Pro forma turnover increased 54% to £24.1m
* Pro forma operating profit before interest, tax, amortisation of
goodwill and employee benefit trust costs rose 68% to £4.8m
* Pro forma adjusted earnings per share up 65% to 9.9p
* Positive operating cash flow of £2.9m
* Strong balance sheet
* Listing on AIM in February 2001 raised net proceeds of £10.1m
* £7m contract win with London Underground
* 5 acquisitions during the year and 4 more completed since the year
end
* Short listed on several outsourcing contracts
Year ended 31 Year Year
March 2001 ended ended
31 March 31 March
2001 2000
Actual Pro forma Pro forma
Turnover £17.5m £24.1m £15.7m Up 54%
Operating profit before interest £3.1m £4.8m £2.9m Up 68%
and taxation
Operating margins 18.0% 20.0% 18.3%
Adjusted earnings per share 7.1p 9.9p 6.0p Up 65%
(Note: Operating profits and earnings per share are stated before goodwill
amortisation and employee benefit trust costs)
Henry Pitman, Tribal Group's Chief Executive, commented:
'We are very pleased with the results we have announced today, which
demonstrate the underlying strength of our businesses. We have firmly
established ourselves as a leading support services group, predominantly
delivering services to the UK public sector, with a particular emphasis on
education and information management.'
'We are well positioned in a buoyant and expanding sector and will continue to
grow the Group organically; by winning outsourcing contracts and by
acquisition.'
'We have had a good start to this year, with current levels of trading
significantly ahead of the corresponding period last year.'
Enquiries to:
Henry Pitman, Chief Executive, Tribal Group plc: 01386 702900
Nicholas Naylor, Granville Baird Limited: 020 7488 1212
Chairman's statement
I am delighted to report on the results of Tribal Group plc for the year to 31
March 2001. During this period, the Group has firmly established itself as a
leading professional support services group, predominantly delivering services
to the UK public sector, with a particular focus on education and information
management.
Tribal Group was listed on the Alternative Investment Market on 23 February
2001 and is now well positioned to move forward with the next stage of its
development.
Results
In the year ended 31 March 2001, our first full year of trading, the Group has
produced excellent results. Excluding amortisation of goodwill and the costs
associated with employee benefit trusts, turnover was £17.5m and operating
profit was £3.1m. Operating margins were 18 per cent. Earnings per share were
7.1p. During the year, the Group generated positive operating cash flow of £
2.9m. The operating profit of £3.1m is ahead of the £2.9m forecast contained
in our prospectus dated 23 February 2001.
In our prospectus, we provided an illustrative pro forma profit forecast based
on the assumption that all of the Group's subsidiaries had been acquired prior
to 1 April 2000. Our results today include a non-statutory pro forma
consolidated profit and loss account to aid comparison with the pro forma
profit forecast made in our prospectus. Our pro forma Group turnover was £
24.1m and pro forma operating profit was £4.8m, before goodwill amortisation
costs of £1.9m and employee benefit trust costs of £0.1m. The pro forma
operating profit of £4.8m is ahead of the £4.6m forecast set out in our
prospectus.
As stated in the prospectus, the directors are not recommending the payment of
a dividend.
Growth
There are three strands to our growth strategy. Firstly, we are looking to
increase capacity in our existing businesses and accelerate their organic
growth; this is supported by our focus on delivering the benefits of
cross-selling between the businesses and developing national coverage.
Secondly, we are now using the skills and customer reference sites across the
Group to bid for contracts that will generate high quality, recurring
revenues. Thirdly, we will continue to make strategic acquisitions that add
value to shareholders, strengthen the Group's position in its markets and
extend our services into other target areas.
The majority of the year was taken up with the implementation of the Group's
buy and build strategy. We made five first-class acquisitions which, together
with SfE, a company we acquired in March 2000, have given us the scale and
credibility to bid for larger contracts. These companies have a strong track
record and excellent growth potential. All are scaleable, profitable and
cash-generative, and leaders in their niche markets. The management teams have
committed to remain with the businesses and are incentivised with an earn-out
structure - payable in Tribal shares - dependent on the future profitability
of their companies. Since the year end, we have made four further
acquisitions.
Our people
Tribal Group is a people business and our success is due to the hard work,
professional integrity and commitment of our staff. Tribal Group promotes an
environment in which individuals are given a high degree of autonomy and where
people with ambition can build a successful business within a supportive Group
framework. We are endeavouring to become a natural career choice for
entrepreneurial and motivated individuals who may feel constrained in larger
public or private sector organisations.
A considerable strength of the Group is the depth of experienced and
entrepreneurial senior management in the subsidiary businesses. A key
component of our strategy to deliver sustained earnings per share growth for
shareholders is the incentivisation of these individuals through equity
participation.
We are delighted that, on flotation, over half of our full-time staff bought
shares in the company, and a number of managers have benefited from our
employee share option scheme. We intend to put a Save As You Earn (SAYE)
scheme in place later this year, which will give all staff the opportunity to
share in our continuing success.
I would like to put on record the thanks of myself and of the Board to all our
employees at all levels, who have accepted the challenge to become part of
this dynamic Group and who have made huge contributions during this period of
rapid growth.
Prospects
We are very well placed to take advantage of the many opportunities in our
sector and these opportunities will be enhanced as we move into new areas. We
have had a good start to the year, with current trading levels ahead of the
corresponding period last year. In addition, we are short-listed on several
outsourcing contracts and have a pipeline of high quality potential
acquisitions. Our objective is to maintain the momentum already established
throughout the coming year for the benefit of all employees and shareholders.
The Board views this year with confidence.
David M Telling
Chairman
25 June 2001
Chief Executive's review
Introduction
This has been a year of very significant development for Tribal Group with our
establishment as an emerging force in the professional support services
sector. We have now completed the first phase of our strategy: the acquisition
of companies that have given the Group the base of skills, management and
customer relationships required to bid for outsourced contracts and the
critical mass to obtain a listing on the Alternative Investment Market.
Having achieved this objective, we are now well advanced with the second
phase. This involves the acceleration of organic growth, the securing of
long-term contracts, and the completion of further acquisitions.
Organic growth - We are concentrating on strengthening the management teams in
our businesses, facilitating cross-selling between them and achieving national
coverage by making full use of the Group's network of offices.
Contract wins - We now have the credibility and reference sites necessary to
bid for long-term public sector contracts which will significantly enhance the
visibility of our earnings. We will be establishing a centralised bid team
shortly to support individual businesses tendering for such work.
Acquisitions - We will continue to make acquisitions that either strengthen
our presence in our core markets or extend our service offerings into new
areas. We will focus in particular on the education sector, where we see a
real opportunity to establish a significant presence. We have rigorous
criteria for acquisitions - companies must be leaders in their niche markets;
deliver high margins and be cash generative; and they must be scaleable and
have management teams capable of delivering future growth.
We recognise that the companies we acquire are reliant on the continuing
goodwill of their staff and management. All our acquisitions have been
structured, either through earn-outs or by continuing share ownership at
subsidiary level, to tie in senior management and to enable them to
participate in the equity of the Group. This is an approach we will continue
to adopt.
Group strategy
Our strategy is to become a leading provider of professional support services
to both the public and private sector in the UK. In the short term, our
primary focus will be on services that support the delivery of education.
However, in parallel, we will extend our service delivery across the public
sector and develop further our private sector customer base.
We are very well placed to take advantage of the significant change in the
Government's interpretation of the role of the private sector in the provision
of public services. The declaration in the 2001 Labour Party manifesto that '
where private sector providers can support public endeavour, we should use
them', confirms that the provision of services such as education and
healthcare do not have to be exclusively delivered by the public sector. This
shift of opinion is now gathering considerable momentum and offers significant
potential to those private sector companies suitably equipped to meet this
demand. The Group is actively pursuing opportunities to work in partnership
with public sector providers across all our core markets.
Our markets
Our markets in education, local government, central government and the private
sector continue to offer significant opportunities. The Group's core local
authority market - including education - is a substantial sector, employing
2.2 million people (England and Wales only - Employers' Organisation). The
signs for outsourcing to the private sector are positive, with government
departments developing a range of procurement models to involve private
contractors in the delivery of public services, particularly in education,
local government and health. Clearly, the increasing requirement for the
public sector to secure optimum value for money and quality of provision is
opening up more opportunities for external providers.
Education
The Government's education budget is now over £40bn per annum and is set to
grow by 5.6 per cent per year. Only £2.5bn is currently outsourced to the
private sector; we expect this figure to increase to over £5bn in the next
three years (Capital Strategies, 2000), of which £1.75bn will be in business
areas in which Tribal operates. In addition, the Government now expects Local
Education Authorities (LEAs) to delegate at least 90 per cent of all funding
to schools. With schools as increasingly active purchasers, there are
opportunities to provide a whole range of back-office and consultancy
services. This market is relatively undeveloped and offers significant
potential for private sector suppliers.
The Group is well positioned to take advantage of these developments. We have
enhanced our capability through the recruitment of senior staff from LEAs, the
Office for standards in education (Ofsted) and other organisations in the
education sector. The Group is currently working with over 20 local
authorities. During the year, we also became a Department for Education and
Skills (DfES) approved supplier of services to LEAs nationwide through the
Ensign consortium, and we have found that, increasingly, LEAs are proactively
looking to work in partnership with private sector providers. This market is
gathering momentum and presents very good opportunities for the Group over the
coming year.
In the schools market, we are now the leading school inspection company for
Ofsted, and deliver a range of educational support, advisory and managed
services. We are the leading provider of in-service training (INSET) to
secondary schools, delivering 30,000 training days annually to staff in 80 per
cent of secondary schools. In addition, we are delivering Information and
Communications Technology (ICT) training, through the £230m New Opportunities
Fund, to 12.5 per cent of secondary schools in England. This initiative was
developed to help equip teachers with the necessary knowledge, understanding
and skills to decide how and when to use ICT in teaching and learning. Our
provision has received grade A ratings from the Teacher Training Agency for
every aspect of its delivery.
We are now established as a leading consultancy business in the Further
Education (FE) sector, delivering management consultancy services to over 100
colleges. The formation of the 47 regional Learning and Skills Councils (LSCs)
presents new opportunities, as colleges face further change within their
sector. We are the largest provider of staff development training to FE
lecturers and support staff, delivering 15,000 training days annually. The
Group has developed a range of distance learning products for use by FE
colleges and these are accredited by nationally recognised awarding bodies.
Our property services business - offering architectural, project management
and health and safety services - is now a leading practice in the FE market,
and is increasingly taking on work in Higher Education and schools. With the
Government announcing £8bn of expenditure on capital projects in education
over the next three years, there are considerable opportunities for growth.
Finally, the Group's library and information management division is acting as
consultant to an ever increasing number of FE colleges who are seeking
assistance with the development of their library and information management
strategies.
Local government
Local authorities are under increasing pressure to improve and modernise their
services. Best Value reviews became a statutory responsibility for all local
authorities in April 2000 and many are now actively choosing to use the
private sector in the delivery of their services. New models of procurement
are being developed across the sector and a number of strategic partnership
opportunities are currently being taken forward by the Group.
Although it is early days for Tribal Group in this sector, we are seeing good
progress and a number of interesting projects are underway. For example, we
are currently developing a management development programme for Leeds City
Council, providing housing management consultancy for Milton Keynes Council
and reviewing the Asylum Seekers Service in the London Borough of Waltham
Forest.
Local authorities spend £1.3bn annually on library provision, spending which
must now be assessed by the Best Value regime. Our library and information
management division has already won its first contracts in this area - working
with the London Borough of Ealing and Manchester City Council. We are also
working on various projects such as the purchasing of electronic data with
Derbyshire Libraries and a records management programme with Brent Council.
Our library recruitment business provides temporary and permanent staff for
public library authorities. We also run library and information policy
seminars which examine key issues facing libraries, archives and museums.
Central government and the public sector
There are significant opportunities for increasing private sector involvement
in the delivery of services across central government and the public sector.
In May 2001, our information management division won a £7m two year contract
with London Underground Limited (LUL) to provide document management, computer
aided design (CAD) and reprographic services to the LUL engineering
directorate. This contract has involved the TUPE transfer of staff to Tribal
Group; we now have over 50 staff working within LUL. We expect this contract
to lead to other opportunities within the transport sector, in which we have a
strong track record and also within new industry sectors, where we have the
potential to market our expertise in CAD and reprographics as well as the
traditional skills in document management.
The Group is involved with a number of consultancy projects in central
government. One example is the research project 'Handling workforce matters in
procurement' which we are currently managing for the Department for Transport,
Local government and the Regions (DTLR).
Increasingly, there are opportunities to work on neighbourhood renewal and
community projects. We have recently supported the local community in Clapham
Park to bid successfully for a New Deal grant.
The Government has made it clear that it expects increasing private sector
involvement in the delivery of services in support of the health sector. Our
information management division is working with several health trusts,
providing consultancy services such as library and IT reviews, information
audits, development of electronic library services and library design work. We
have recently developed a patient document management software product which
has already been successfully installed for the Pinderfields and Pontefract
Hospitals NHS Trust.
Private sector
While the private sector only accounts for 20 per cent of our revenue, we have
identified significant opportunities here, particularly through our
information management division which has historically had strong
relationships in the oil, transport, pharmaceutical, accountancy and leisure
sectors. The Group has some major blue chip customers in this area including
BOC, Rank, TNT, 3M and Hays. We are finding that these customers are
increasingly looking to outsource part of their information management and IT
requirements.
Outlook
Tribal Group is well positioned in a buoyant and expanding sector. There has
never been a better opportunity to develop a professional support services
business. Our core education and public sector markets are poised for
substantial growth over the next few years and we now have the skills,
management and reputation to benefit from this favourable environment. We look
forward to this next stage of our development.
Henry Pitman
Chief Executive
25 June 2001
Pro forma Consolidated Profit and Loss Account
for the year ended 31 March 2001
Unaudited Unaudited
2001 2000
£'000 £'000
Turnover: Group operations 24,088 15,648
Cost of sales (11,422) (8,103)
-------- -------
Gross profit 12,666 7,545
Administrative expenses excluding goodwill and employee
benefit costs (7,855) (4,682)
-------- -------
Operating profit before Group interest, goodwill and
employee benefit costs 4,811 2,863
Amortisation of goodwill (1,876) (1,876)
Amortisation of shares held by employee benefit trust (75) -
Contribution to employee benefit trust (30) -
-------- -------
Operating profit 2,830 987
Group interest 11 59
-------- -------
Profit before taxation 2,841 1,046
Taxation (1,448) (886)
-------- -------
Profit / (loss) for the financial year 1,393 160
===== =====
Earnings per share
Basic 4.1p 0.5p
Diluted 4.0p 0.5p
Basic before amortisation of goodwill and employee benefit
trust costs 9.9p 6.0p
The basis of preparation is set out in Note 1.
Consolidated Profit and Loss Account
for the year ended 31 March 2001
2001 2000
£'000 £'000
Turnover (Note 3)
Continuing operations 7,431 -
Acquisitions 10,034 -
-------- -------
17,465 -
Cost of sales (8,477) -
-------- -------
Gross profit 8,988 -
Administrative expenses
Amortisation of goodwill (1,156) -
Other administrative expenses (5,907) (115)
-------- -------
Operating profit / (loss)
Continuing operations 716 (115)
Acquisitions 1,209 -
-------- -------
1,925 (115)
Net interest payable (1,226) -
-------- -------
Profit / (loss) on ordinary activities before taxation 699 (115)
Taxation (648) -
-------- -------
Profit / (loss) for the financial year 51 (115)
===== =====
Earnings per share (Note 4)
Basic 0.3p (77.3)p
Diluted 0.3p (77.3)p
Basic before amortisation of goodwill and employee benefit
trust costs 7.1p (77.3)p
Consolidated Balance Sheet
at 31 March 2001
2001 2000
£'000 £'000
Fixed assets
Intangible assets 36,235 9,172
Tangible assets 601 153
-------- -------
36,836 9,325
Current assets
Stocks 130 -
Debtors 5,872 835
Cash at bank and in hand (Note 6) 12,649 706
-------- -------
18,651 1,541
Creditors: amounts falling due after more than one year (6,069) (1,825)
Net current assets / (liabilities)
Due within one year 2,202 (284)
Cash collateralised beyond one year 10,380 -
-------- -------
12,582 (284)
-------- -------
Total assets less current liabilities 49,418 9,041
Creditors: amounts falling due after more than one year (11,353) (7,898)
-------- -------
Net assets 38,065 1,143
===== =====
Capital and reserves
Called up share capital 1,707 792
Share premium account 9,748 -
Capital reserve 9,545 466
Profit and loss account (34) (115)
Shares to be issued 17,099 -
-------- -------
Shareholders' funds (equity) 38,065 1,143
===== =====
Consolidated Cash Flow Statement
for the year ended 31 March 2001
2001 2000
£'000 £'000
Cash inflow from operating activities (Note 5) 2,937 105
Returns on investments and servicing of finance
Interest paid (1,349) -
Interest element of finance lease payments (2) -
Debt issue costs (139) -
Interest received 207 -
-------- -------
Net cash outflow from returns on investments and servicing of
finance (1,283) -
Taxation (210) -
Capital expenditure and financial investment (325) (10)
Acquisitions
Purchase of subsidiary undertakings (4,951) (2,930)
Net cash acquired with subsidiary 725 535
-------- -------
Net cash outflow before financing (3,107) (2,300)
Financing
Issue of ordinary share capital less issue costs 10,097 1,258
Proceeds from loan conversions into ordinary share capital 5,362 -
Proceeds from exercise of share warrants into ordinary share
capital 217 -
Repayments of borrowings (11,700) 200
New secured loans less issue costs 11,331 1,300
Capital element of finance lease rental payments (4) (5)
Creation of collateralised cash (10,380) -
-------- -------
4,923 2,753
-------- -------
Increase in cash in period 1,816 453
===== =====
Notes to the preliminary announcement
for the year ended 31 March 2001
1. Basis of Preparation
The financial information contained in this statement has been prepared in
accordance with the audited statutory accounts for the year ended 31 March
2001.
The unaudited pro forma consolidated profit and loss account has been included
to assist users of these financial statements in comparing the results of the
Group with the profit forecast set out in the Company's published prospectus
dated 23 February 2001. Financial information included in the prospectus and
the pro forma profit illustrates how the results would have appeared if all of
the company's subsidiaries had been acquired prior to 1 April 1999. The
financial information has been prepared by aggregating the results of each
subsidiary company for the 12 months ended 31 March 2000 and 31 March 2001
respectively. Where individual companies have accounting periods ending on
dates other than 31 March, the audited accounts have been adjusted, based on
management information, in order to present the pro forma results for each
period from 1 April.
Adjustments have also been made to the amortisation charges for goodwill and
the shares held by employee benefit trusts, interest and taxation to give an
indicative picture of the underlying Group's financial results. The
adjustments result in the pro forma consolidated profit and loss account
showing the estimate of a complete year's charge for amortisation, interest
and taxation and the relevant pro rated charge for employee benefit trusts
calculated from the date the Trust was created.
2. Opening Balances
Tribal Group plc was incorporated on 15 December 2000 and did not trade prior
to 23 February 2001 when it acquired Tribal Holdings Limited by way of a share
for share exchange.
The acquisition by the company of Tribal Holdings Limited has been accounted
for in accordance with the principles of merger accounting set out in
Financial Reporting Standard No. 6 'Acquisitions and Mergers' and schedule 4
(A) of the Companies Act 1985. This means that the consolidated accounts are
presented as if the acquisition by the Company of Tribal Holdings Limited took
place prior to 1 April 1999.
3. Segmental Information
2001 2001 2001
Consultancy Managed Total
Services Services
£'000 £'000 £'000
Turnover 15,587 1,878 17,465
Profit before taxation
Segment profit / (loss) 3,970 (210) 3,760
Amortisation of goodwill - (1,078) (33) (1,111)
element arising on
consolidation
--------- --------- ---------
2,892 (243) 2,649
Common costs (724)
--------- --------- ---------
Operating profit 1,925
Net interest (1,226)
--------- --------- ---------
Group profit before taxation 699
====== ====== ======
Net assets
Segment net assets 2,264 189 2,453
Goodwill - element arising 33,359 1,393 34,752
on consolidation
--------- --------- ---------
35,263 1,582 37,205
Unallocated assets 860
--------- --------- ---------
Total net assets 38,065
====== ====== ======
As permitted by SSAP 25 'Segmental Reporting', comparative information has not
been provided as this is the first year in which the Group has been required
to comply with that standard, and the comparative information is not readily
available.
All turnover, both by source and by destination, arises in the United Kingdom.
4. Earnings per share
(a) actual EPS
2001 2000
£'000 £'000
Basic
Earnings for year 51 (115)
Weighted average number of shares outstanding 17,702,995 148,834
Basic earnings per share 0.3 p (77.3)p
Diluted
Earnings for year 51 (115)
Weighted average number of shares in issue
including dilutive shares:
Basic weighted average number 17,702,995 148,834
Employee share options 171,298 -
Shares to be issued in respect of deferred
consideration 683,838 -
------------ ------------
Adjusted number of shares outstanding 18,558,131 148,834
------------ -----------
Diluted earnings per share 0.3 p (77.3)p
Adjusted basic before goodwill amortisation
and EBT costs
Earnings for year 51 (115)
Goodwill amortisation 1,156 -
EBT costs net of tax 58 -
------------ ------------
Adjusted earnings before goodwill amortisation
and EBT costs 1,265 (115)
------------ ------------
Weighted average number of shares in issue 17,702,995 148,834
Adjusted basic earnings per share 7.1 p (77.3)p
The adjusted basic earnings per share figure shown in the profit and loss
account is included as the directors believe that it provides a better
understanding of the underlying trading performance of the Group.
In accordance with FRS 14 the weighted average number of shares in issue in
the comparative earnings per share figures is calculated by adding the one
founder share since the company commenced trading (211 days) to the new shares
issued on 30 March 2000 following a business acquisition on that day (2 days)
divided by the accounting period (213 days).
(b) Pro forma EPS 2001 2000
£'000 £'000
Basic
Earnings 1,393 160
for year
Weighted average number of shares 34,133,521 34,133,521
outstanding
Basic earnings per 4.1p 0.5p
share
Diluted
Earnings 1,393 160
for year
Weighted average number of shares in
issue
including dilutive
shares:
Basic weighted average 34,133,521 34,133,521
number
Employee share options 171,298 -
Shares to be issued in respect of deferred 683,838 -
consideration
------------ -----------
Adjusted number of shares 34,988,657 34,133,521
outstanding
------------ -----------
Diluted earnings 4.0 p 0.5p
per share
Adjusted basic before goodwill
amortisation
and EBT costs
Earnings for 1,393 160
year
Goodwill 1,876 1,876
amortisation
EBT costs net 105 -
of tax
------------ ---------
Adjusted earnings before goodwill 3,374 2,036
amortisation and EBT costs
------------ ----------
Weighted average number of shares in 34,133,521 34,133,521
issue
Adjusted basic earnings per 9.9 p 6.0p
share
The adjusted basic earnings per share figure shown in the pro forma
consolidated profit and loss account is included as the directors believe that
it provides a better understanding of the underlying trading performance of
the Group.
5. Reconciliation of operating/(loss) to operating cash flows
2001 2000
£'000 £'000
Operating profit/(loss) 1,925 (115)
Depreciation 251 1
Amortisation of goodwill 1,156 -
Amortisation of employee benefit trust 37 -
(Increase) in debtors (2,388) -
Increase in creditors 2,006 219
(Increase) in stocks (50) -
Net cash inflow from operating activities 2,937 105
6. Analysis of Net debt
At Cash Other non-cash At end of
beginning flow changes year
of year
£'000 £'000 £'000 £'000
Cash in hand, at 706 11,943 - 12,649
bank
Overdrafts (253) 253 - -
Cash collateralised - (10,380) - (10,380)
453 1,816 - 2,269
Debt due after one (7,887) (9,831) 6,387 (11,331)
year
Debt due within one (250) - 250 -
year
Finance leases (14) 6 (28) (36)
Cash collateralised - 10,380 - 10,380
Total (7,698) 2,371 6,609 1,282
Included within cash at bank and in hand is £10,380,000 of cash collateralised
representing committed facilities that are specifically allocated to repay
loan liabilities in respect of non-convertible loan notes issued to the
previous owners of certain entities acquired. This cash is not available to
Tribal Group plc for any other use and is not sufficiently liquid to meet the
definition of cash and cash equivalents set out in FRS 1 'Cash Flow
Statements.'
7. Preliminary Announcement
A duly appointed and authorised committee of the Board of Directors approved
the preliminary announcement on 22 June 2001.
The announcement represents non statutory accounts within the meaning of
section 240 of the Companies Act 1985. The statutory Annual Accounts for the
year ended 31 March 2001, upon which an unqualified audit opinion has been
given and which did not contain a statement under section 230 of the Companies
Act 1985, will be sent to the Registrar of Companies.
It is intended that the Annual Report will be posted to shareholders on 5th
July 2001 and will be available from the Company's registered office at: 165
Queen Victoria Street, London EC4V 4DD.
25 June 2001
ENDS
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