Final Results
Young & Co's Brewery PLC
23 May 2006
23rd May 2006
YOUNG & CO.'S BREWERY, P.L.C.
PRELIMINARY RESULTS
FOR THE 52 WEEKS TO 1 APRIL 2006
Financial highlights (52 weeks for 2006 against 53 weeks for 2005)
Turnover £123.9 million Up 3.6%
Operating profit before exceptionals £13.6 million Down 0.6%
Adjusted profit before tax £10.3 million* Up 1.8%
Profit before tax £7.6 million Down 18.3%
Adjusted earnings per share 59.65p* Up 1.8%
Basic earnings per share 40.31p Down 25.3%
Dividend per share (interim + 24.90p Up 5.3%
recommended final)
Net assets per share £12.34 Up 3.9%
* Adjusted to exclude exceptional items
Operational highlights
• Strong retail performance, with managed pub turnover up 3.2% and profit
up 6.5%, helped by food sales up 10.0%;
• Young's Bitter increases volumes by 0.6% against a market decline and
becomes UK's ninth largest standard ale brand (AC Neilsen);
• Despite total beer volumes increasing by 0.6%, wholesale profit decline
underlines the difficulties of scale and operating the current brewery site;
• Conclusion of review announced today (see separate announcement):
- Young's creates new UK force in brewing with formation of Wells &
Young's Brewing Company with Charles Wells; and
- confirms decision and advanced discussions regarding the sale of
brewery and Buckhold Road sites.
Stephen Goodyear, Chief Executive, commented:
'We have produced a resilient performance, particularly in retail, in a year of
considerable change, which included new licensing laws, our transfer to AIM as
well as the uncertainty surrounding our future brewing operations.
'Our retail business performance has started well, although we are only a short
way into the new financial year. Sales in the seven weeks to 20 May are up
10.7%, with strong like for like growth.
'After a period of considerable uncertainty, we are pleased to be bringing the
process to a successful conclusion. We look forward to the future with great
enthusiasm and confidence.'
For further information, please contact:
Young & Co.'s Brewery, P.L.C.
Stephen Goodyear Today: 020 7357 9477
Chief Executive Thereafter: 020 8875 7000
Peter Whitehead Today: 020 7357 9477
Finance Director Thereafter: 020 8875 7000
Hogarth Partnership
James Longfield / Georgina
Briscoe 020 7357 9477
Photographs are available from Hogarth on request.
YOUNG & CO.'S BREWERY, P.L.C.
PRELIMINARY RESULTS
FOR THE 52 WEEKS TO 1 APRIL 2006
Operational review
Young's produced a resilient performance in a year of considerable change, which
included new licensing laws, our transfer to AIM as well as the uncertainty
surrounding our future brewing operations, as we entered the final stages of our
brewery site review.
Turnover was up 3.6% at £123.9 million. Adjusted profit before tax was £10.3
million and adjusted earnings per share were 59.65p both up 1.8%. The financials
and trading reported today are negatively impacted by comparing 52 weeks for
this year against 53 weeks in 2005. The exceptional costs associated with the
review and related transactions in the year, together with the one-off costs of
the move to AIM, employment related matters and other property costs, amounted
to £2.6 million. This resulted in profit before tax after exceptional items of
£7.6 million, a decrease of 18.3%.
The continued improvement in underlying performance has led the Board to decide
to pay an increased final dividend, up 5.3% to 12.90p, making the total for the
year of 24.90p, up 5.3% on 2005. The final dividend will be paid on 13 July 2006
to shareholders on the register on 16 June 2006.
Since the year end, the Board has concluded its review of the future options for
the Ram Brewery site and ongoing brewing alternatives. The outcome of this
review is announced today (see separate release) and will result in the merger
of all Young's brewing activities with the brewing assets and beer brands of
Charles Wells Ltd. This new brewing company will be called the Wells & Young's
Brewing Company Ltd. The resolution of Young's future brewing operations should
facilitate the Board's ability to finalise a sale of the Ram Brewery and its
site in Buckhold Road. The Board is in advanced discussions with a potential
developer with respect to the disposal of the Wandsworth sites, however, there
is no certainty that these current discussions will result in a transaction.
Retail
A strong retail performance, in what was a very challenging year for the
industry, highlighted the quality of our retail estate and the benefits of
remaining focused on combining great pubs with high service standards, excellent
food and market leading drinks.
Retail turnover and profits were up 3.0% and 6.4% respectively and 4.5% and 4.3%
on a like for like basis, despite cost pressures once more from minimum wage,
utilities, rates and the costs arising from applying for new licences and the
inevitable administrative burden of this new system. Nonetheless these new
licensing laws, with sensible later opening hours, have had a positive impact on
trade.
The Retail business comprised 208 pubs and inns at the year end, of which 164
are freehold. This is split between 112 managed and 96 tenanted houses.
Managed houses
The managed houses showed an increase in turnover of 3.2%, while profit was up
by 6.5%. Like for like turnover and operating profit were up by 4.6% and 4.7%
respectively.
The major drive on food, with sales up 10.0%, and improved margins on both
liquor and food have helped to offset the increased costs referred to earlier.
We have targeted training and are introducing independent assessments of the
performances of our pubs. Our objective is to maintain our unique culture of
excellent service standards.
A total of £10.8 million has been invested in the managed estate on both new and
existing sites. We have acquired three riverside sites at Vauxhall, Fulham and
Battersea on 999 year leases at peppercorn rents. The Battersea site will be
completed post year end. The total investment for these three sites is likely to
be £9.6 million of which £3.8 million was made during the year under review.
These sites called Riverside in Vauxhall, Waterside in Fulham and Waterfront in
Battersea should open in June, September and October respectively. When these
developments have been completed Young's Thames side estate will start at the
Swan in Walton on Thames and stretch to the Founder's Arms by the Millennium
Bridge, taking in a total of 13 managed and tenanted pubs.
£3.3 million was invested on major refurbishments within our existing estate.
Our investment approach is very individual and tailored to the catchment area
and customer demographics of the pub. Our dual approach is either to preserve
the timeless, traditional values of the pub, as demonstrated by refurbishments
at the Victoria in Surbiton, the Nightingale in Balham and the Spread Eagle in
Camden; alternatively we seek to introduce more dramatic changes in format with
a more contemporary style to attract new customers and re-invigorate sales, as
we have done in sites such as the Queen Adelaide in Wandsworth, the Bear in
Oxshott, the Duke on the Green (formerly Duke of Cumberland) in Fulham, the
Britannia in Kensington and the Orange Tree in Richmond.
In recent years, all development activity has included investment in covered,
well lit and comfortable outside areas as we prepared for the effects of the
outright ban on smoking. We have been planning for a ban for the last two years
and support the clarity that the total ban on smoking will bring. Whilst there
may be some initial downside, the medium to long term affects will, we believe,
be positive for Youngs.
The year under review also saw the start of a four year refurbishment project on
our 12 inns. We invested £0.9 million refurbishing 19% of our 326 bedrooms, as
well as a complete refurbishment of the ground floor areas of the Bridge in
Greenford. RevPAR (average room rate multiplied by occupancy) was £37.98, a 0.6%
increase on last year.
Our ongoing review of the overall estate has resulted in four transfers from
tenanted to managed houses; the Grove in Balham, the Coopers Arms in Chelsea,
the Clock House in Peckham and in the last week of the financial year the Alma
in Wandsworth. We will also take back the Ship in Wandsworth and the Duke of
Cambridge in Battersea in the first half of the new year. In each case we have
paid or are contracted to pay compensation to the outgoing tenant and these have
been treated as exceptional operating items in the current year due to their
scale. We believe this investment will be paid back within four years.
The Rattlebone in Sherston, Wiltshire and the Bell in Staines have been
transferred to tenancy and we disposed of our leasehold interest in the Bath
Arms during the year, leaving us 112 managed houses and inns and 362 bedrooms at
the end of the year.
Tenanted houses
The tenanted houses showed an increase in turnover of 0.1%, with profit up by
5.9%. Like for like turnover and operating profit were up by 2.3% and 4.8%
respectively.
During the current year we invested £1.1 million in the estate including three
refurbishments at the Bulls Head in Barnes, the Lord Nelson in Sutton and the
Kings Arms in Wandsworth and have disposed of our leasehold interest in the Next
Door, Oxford, leaving us 96 tenanted houses at the end of the year.
In the new financial year we will be commencing a four year development program
covering the entire tenanted estate, with a major investment in outside areas to
assist with the no smoking ban and to bring all sites up to standard.
Wholesale
Despite further progress in sales and profits of our wines and spirits division
and a 4% increase in beer sales, our wholesale business recorded its smallest
profit in six years, highlighting the growing difficulties of limited scale and
operating under the inefficiencies and restrictions of the Ram Brewery site.
Beer Company
Our flagship cask ale brand Young's Bitter continued to buck the market decline
with growth of 0.6% in the last 12 months. Young's Bitter is now the ninth
largest standard ale in the UK (AC Nielsen).
Total beer volumes were also up 0.6% at 179,159 barrels, but production was down
0.8%. Our tied trade volumes accounted for 32.8% of our total own volume and
46.8% of all volumes excluding contract. Free trade volumes were up 4.6%.
The multiple pub groups and brewers saw significant growth of our drive brand
Young's Bitter, which increased 11.4% in volume, but once more the continued
market decline of Young's Light Ale held back overall volumes, with the sector
down 5.5%. As the pub sector continues to consolidate, this route to market
becomes increasingly important. The major pub groups now control a large
percentage of the market and the trading relations we have with Punch Taverns, M
&B and Enterprise Inns are essential as are the recent account wins with Laurel
Pub Company.
Take home volumes saw a strong 18.8% increase driven by national listings for
Special London Ale and St George's Ale. Special London Ale is firmly established
as the UK's number one bottle conditioned ale. We increased listings in all the
major multiples, in particular Special London Ale in Tesco, and St George's Ale
in Asda. In the independent sector Winter Warmer proved a great success in
Threshers as did St George's in Majestic and Waggle Dance in the cash and carry
Makro. Young's beers also performed exceptionally well in the expanding
Christmas gift market, which gives our brands important exposure.
Wholesale volumes increased by 15.4% and continue to be an essential route to
market through National Drinks Distributors where Young's Bitter has achieved
National Champion Ale status for the fourth year running and has been given
National Core Brand status in WaverleyTBS. Volume increases have been at the
expense of margin with increased competition from the major brewers.
Regional free trade saw a steady performance, with a small increase in volume,
but like all the other trade channels saw intense margin pressure. Nevertheless
we continue to grow quality new business across the south of England and this
remains the sector with the highest profit margins.
Export sales declined 5.5%, impacted by the effect of the weak US dollar on our
pricing. Our main brand in the US is Double Chocolate Stout, a unique product
with a growing reputation. Elsewhere, in Finland and Denmark packaging
regulation changes affected our entire portfolio causing major disruption.
Meanwhile Russia and the Ukraine are providing new opportunities.
With all the uncertainty surrounding the brewery it is to the credit of our
brewers that they are still crafting award winning ales and this year is no
exception. The Brewing Industry International Awards competition awarded gold
medals for Oatmeal Stout and for cask Ram Rod. We have now won more medals in
this competition than any other brewery in the world. In addition we won the
Tesco Autumn Challenge for a third time with Young's Ruby Star, a new bottle
conditioned beer. We have never been out of the finals since this competition
started 10 years ago.
Cockburn & Campbell
Cockburn & Campbell, our wines and spirit business, saw a 3.9% increase in
profit. This was the result of a 4.3% increase in sales led by wine sales up
7.8%. Sales to our own retail estate have expanded by 1.8% in value terms with
the refurbishments referred to earlier and the increased emphasis on food. Free
trade sales were up 10.6%.
We've extended our wine range from France, Italy, New Zealand, South Africa and
Chile. The TerraMater range from Chile has proved the greatest success;
introduced in spring of last year, its sales are double those of our previous
Chilean range. In addition we have introduced a new wine from Bodegas El Coto,
named Coto Vintage, aimed specifically at the off-trade. Several listings have
been achieved, including Sainsbury's.
Investment and finance
We invested £13.5 million in our business. Retail capital expenditure formed the
major part of this total, with £3.8 million invested in the first phase of our
new riverside developments; £4.0 million on 12 major refurbishments and £4.1
million on smaller developments. Strong operating cash flow has allowed this to
be achieved with only a modest change in net debt to £54.4 million. Gearing at
the end of the period was 38.1% and operating profit before exceptional costs
covered interest by 3.5 times.
As announced separately today we have entered into an agreement with Charles
Wells Ltd to form the Wells & Young's Brewing Company Ltd. ('Wells & Young's').
This business will incorporate Young's brewing activities and wholesale beer,
wines and spirits business together with the brewing assets and beer brands of
Charles Wells. This merger, together with a subscription for shares by Young's
in Wells & Young's at a cost of £10m, will result in Young's holding a 40% stake
in Wells & Young's, with Charles Wells Ltd owning the other 60%. Wells & Young's
will commence trading on 1 October 2006.
Outlook
Our retail business performance has started well, although we are only a short
way into the new financial year. Sales in the seven weeks to 20 May are up
10.7%, with strong like for like growth. Since the period end we have acquired
two pubs and are in negotiations on a further five tenancies.
The resolution of our future brewing activities, together with the planned sale
of the brewery site, which will unlock a substantial amount of capital over the
next few years, will enable us to make a step change in the financial
performance of the business.
Through the creation of the Wells & Young's Brewing Company, Young's remains a
vertically integrated business, with a significant interest in a modern
efficient brewing business with a strong portfolio of growing speciality ales
and lager brands. It secures the future of Young's unique beer brands and
ensures they will continue to be available in all Young's pubs.
We believe that we have secured the best overall outcome for the business,
customers, employees and shareholders. After a period of considerable
uncertainty and change, we are pleased to be bringing the process to a
successful conclusion. We look forward to the future with great enthusiasm and
confidence.
YOUNG & CO.'S BREWERY, P.L.C.
Unaudited profit and loss account
For the 52 weeks ended 1 April 2006
Restated
2006 2005
£000 £000
--------- ---------
Turnover 123,873 119,532
Net operating costs before exceptional items (110,274) (105,856)
--------------------------------- --------- ---------
Operating profit before exceptional items 13,599 13,676
Operating exceptional items (2,574) (1,114)
--------------------------------- --------- ---------
Operating profit 11,025 12,562
Non-operating exceptional items (70) 362
--------------------------------- --------- ---------
Profit on ordinary activities before interest 10,955 12,924
Net interest charge (3,873) (3,969)
Other finance income 527 364
--------------------------------- --------- ---------
Profit on ordinary activities before tax 7,609 9,319
Tax on profit on ordinary activities (2,958) (3,135)
--------------------------------- --------- ---------
Profit attributable to ordinary shareholders 4,651 6,184
Ordinary dividends on equity shares (2,808) (2,671)
--------------------------------- --------- ---------
Retained profit for the financial period 1,843 3,513
--------------------------------- --------- ---------
Pence Pence
--------------------------------- --------- ---------
Basic earnings per 50p ordinary share 40.31 53.98
--------------------------------- --------- ---------
Exceptional items 19.34 4.61
--------------------------------- --------- ---------
Adjusted earnings per 50p ordinary share 59.65 58.59
--------------------------------- --------- ---------
Diluted basic earnings per 50p ordinary share 39.33 52.91
--------------------------------- --------- ---------
The above results are all in respect of continuing operations of the company.
The comparative figures have been restated for the effects of the adoption of
FRS 17 Retirement benefits and FRS 21 Events after the balance sheet date and
the recognition of capital gains tax on ESOP allocated shares. The effect of
these changes is detailed in note (7).
YOUNG & CO.'S BREWERY, P.L.C.
Unaudited balance sheet
At 1 April 2006
Restated
2006 2005
£000 £000
--------- ---------
Fixed assets
Tangible fixed assets 217,526 212,413
Investments 42 42
--------------------------------- --------- ---------
217,568 212,455
--------------------------------- --------- ---------
Current assets and liabilities
Stocks 4,193 4,018
Debtors 6,839 6,247
Cash - 1,028
--------------------------------- --------- ---------
11,032 11,293
--------------------------------- --------- ---------
Creditors: amounts falling due within one year
Short term borrowings (283) (177)
Other creditors (19,261) (17,613)
--------------------------------- --------- ---------
(19,544) (17,790)
--------------------------------- --------- ---------
Net current liabilities (8,512) (6,497)
--------------------------------- --------- ---------
Total assets less current liabilities 209,056 205,958
Creditors: amounts falling due after more than
one year (54,140) (53,806)
Provisions for liabilities and charges (8,122) (7,325)
--------------------------------- --------- ---------
Net assets excluding retirement benefit
liability 146,794 144,827
Retirement benefit liability (4,129) (8,436)
--------------------------------- --------- ---------
Net assets 142,665 136,391
--------------------------------- --------- ---------
Capital and reserves
Called-up share capital 6,028 6,028
Share premium account 1,2960 1,319
Revaluation reserve 87,139 87,139
Capital redemption reserve 1,808 1,808
Investment in own shares (2,861) (3,267)
Profit and loss account 49,255 43,364
--------------------------------- --------- ---------
Equity shareholders' funds 142,665 136,391
--------------------------------- --------- ---------
The comparative figures have been restated for the effects of the adoption of
FRS 17 Retirement benefits and FRS 21 Events after the balance sheet date and
the recognition of capital gains tax on ESOP allocated shares. The effect of
these changes is detailed in note (7).
YOUNG & CO.'S BREWERY, P.L.C.
Unaudited cash flow statement
For the 52 weeks ended 1 April 2006
2006 2005
£000 £000
--------- ---------
Net cash inflow from operating activities 21,769 24,705
--------------------------------- --------- ---------
Interest received 8 22
Interest paid (4,021) (4,340)
--------------------------------- --------- ---------
Returns on investments and servicing of finance (4,013) (4,318)
--------------------------------- --------- ---------
Corporation tax paid (3,088) (2,983)
--------------------------------- --------- ---------
Purchases of tangible fixed assets (13,451) (15,526)
Sales of tangible fixed assets 123 4,382
--------------------------------- --------- ---------
Capital expenditure (13,328) (11,144)
--------------------------------- --------- ---------
Equity dividends paid (2,808) (2,671)
--------------------------------- --------- ---------
Cash (outflow)/inflow before financing (1,468) 3,589
--------------------------------- --------- ---------
Increase/(decrease) in loan capital 362 (3,183)
Decrease in lease finance (16) (15)
Employee benefit trust share redemptions - (368)
--------------------------------- --------- ---------
Financing 346 (3,566)
--------------------------------- --------- ---------
(Decrease)/increase in cash in period (1,122) 23
--------------------------------- --------- ---------
YOUNG & CO.'S BREWERY, P.L.C.
Unaudited reconciliation of net cash flow to movement in net debt
For the 52 weeks ended 1 April 2006
2006 2005
£000 £000
--------- ---------
(Decrease)/increase in cash in period (1,122) 23
(Increase)/decrease in debt in period (346) 3,198
--------------------------------- --------- ---------
(Increase)/decrease in net debt in period (1,468) 3,221
Opening net debt (52,955) (56,176)
--------------------------------- --------- ---------
Closing net debt (54,423) (52,955)
--------------------------------- --------- ---------
YOUNG & CO.'S BREWERY, P.L.C.
Unaudited statement of total recognised gains and losses
For the 52 weeks ended 1 April 2006
Restated
2006 2005
£000 £000
--------- ---------
Profit for the financial period 4,651 6,184
Actuarial gain/(loss) on retirement benefit
schemes 5,750 (2,656)
Deferred tax on actuarial gain/(loss) (1,725) 797
--------------------------------- --------- ---------
Total recognised gains for the financial period 8,676 4,325
Prior year adjustments (4,821) -
--------------------------------- --------- ---------
Total gains recognised since last annual report 3,855 4,325
--------------------------------- --------- ---------
YOUNG & CO.'S BREWERY, P.L.C.
Unaudited reconciliation of movements in shareholders' funds
For the 52 weeks ended 1 April 2006
Restated
2006 2005
£000 £000
--------- ---------
Profit attributable to ordinary shareholders 4,651 6,184
Dividends (2,808) (2,671)
Movement in own shares:
Employee benefit trust redemptions - (368)
Employee benefit trust allocations 406 677
Actuarial gain/(loss) on retirement benefit
schemes, net of deferred tax 4,025 (1,859)
--------------------------------- --------- ---------
Net addition to shareholders' funds 6,274 1,963
Opening shareholders' funds, as restated 136,391 134,428
--------------------------------- --------- ---------
Closing shareholders' funds 142,665 136,391
--------------------------------- --------- ---------
The comparative figures have been restated for the effects of the adoption of
FRS 17 Retirement benefits and FRS 21 Events after the balance sheet date and
the recognition of capital gains tax on ESOP allocated shares. The effect of
these changes is detailed in note (7).
Notes to the accounts
(1) Accounts
This preliminary announcement, which was approved by the board on 22 May 2006,
has been prepared using the same accounting policies as set out in the previous
annual accounts with the exception of the adoption of FRS 17 Retirement benefits
and FRS 21 Events after the balance sheet date and the recognition of capital
gains tax on ESOP allocated shares. The accounts present information about the
company as an individual undertaking.
The above financial information does not amount to full accounts within the
meaning of S.240 of the Companies Act 1985. Full accounts for the period ended 2
April 2005 have been delivered to the Registrar of Companies. The auditors'
report on those accounts was unqualified and did not contain any statement under
S.237 of the Companies Act 1985. The auditors' report on the statutory accounts
for the period ended 1 April 2006 has yet to be signed.
(2) Operating exceptional costs
Restated
2006 2005
£000 £000
--------- ---------
Transfer of company's share listing to AIM 386 -
Site review costs 335 485
Lease compensation payments to tenants 760 -
Transaction costs 141 -
Capital gains tax on ESOP allocated shares 708 629
Other employee related matters 244 -
--------------------------------- --------- ---------
2,574 1,114
--------------------------------- --------- ---------
(3) Taxation
Corporation tax has been provided on the profits for the 52 weeks to 1 April
2006 at 30% (2005: 30%).
(4) Earnings per share
Restated
2006 2005
£000 £000
--------- ---------
Profit attributable to ordinary shareholders 4,651 6,184
Operating exceptional items, after adjusting for
tax 2,157 1,114
Non-operating exceptional items, after adjusting
for tax 74 (587)
--------------------------------- --------- ---------
Adjusted earnings 6,882 6,711
--------------------------------- --------- ---------
Earnings per share are calculated by dividing the profit attributable to
ordinary shareholders by the weighted average number of ordinary shares in
issue.
The weighted average number of ordinary shares in issue, which excludes the
investment in own shares, is 11,536,993 (2005: 11,453,672).
Diluted earnings per ordinary share are calculated by adjusting basic earnings
per ordinary share to reflect the notional exercise of the weighted average
number of ordinary share options outstanding during the period. The resulting
weighted average number of ordinary shares is 11,824,854 (2005: 11,687,302).
An adjusted earnings per share figure is presented to eliminate the effect of
the operating and the non-operating exceptional items on basic earnings per
share.
(5) Ordinary dividends on equity shares
Restated
2006 2005
Pence Pence
--------- ---------
Final dividend (previous year) 12.25 11.65
Interim dividend (current year) 12.00 11.40
--------------------------------- --------- ---------
24.25 23.05
--------------------------------- --------- ---------
The trustee of the Ram Brewery Trust has waived its rights to dividends on
shares held within the Ram Brewery Trust General Fund on behalf of the executive
share option schemes.
(6) Net cash inflow from operating activities
Restated
2006 2005
£000 £000
--------- ---------
Operating profit 11,025 12,562
Depreciation 8,145 8,127
Employee benefit trust share allocations 406 677
Provision for capital gains tax on ESOP
allocated shares 708 629
Movements in working capital
Stocks (175) 203
Debtors (592) 1,650
Creditors 2,252 857
--------------------------------- --------- ---------
Net cash inflow from operating activities 21,769 24,705
--------------------------------- --------- ---------
(7) Changes in accounting policies
The company has adopted the following accounting standards in the year.
FRS 17 Retirement benefits requires changes to the accounting treatment of
defined benefit pension arrangements.
FRS 21 Events after the balance sheet date includes the requirement that
dividends be recognised when declared, not when proposed.
In addition, the company is now recognising the capital gains tax liability that
may arise on the allocated shares in the Ram Brewery Trust when they are
transferred to employees. The liability has been recognised following the
clarification of the treatment for tax purposes of certain items related to the
Ram Brewery Trust.
Comparative figures have been restated for the effects of these changes. The
change in accounting policy has had the following effect on the profit and loss
account and balance sheet.
Profit and loss account
2006 2005
£000 £000
--------- ---------
FRS 17: Reduction in service cost and finance cost
recognised in
profit and loss account, net of tax 342 358
FRS 21: Reduction in dividend charge in profit and
loss 84 59
account
FRS 17: Actuarial gain/(loss) taken to statement
of total recognised
gains and losses, net of tax 4,025 (1,859)
Capital gains tax on ESOP allocated shares (708) (629)
--------------------------------- --------- ---------
Increase/(decrease) in total recognised gains for
the financial period 3,743 (2,071)
--------------------------------- --------- ---------
Balance sheet
2005
£000
---------
Opening shareholders' funds, as previously 139,249
reported
Prior year adjustments:
FRS 17: Retirement benefit liability (5,184)
FRS 21: Change in dividend accounting policy 1,355
Capital gains tax on ESOP allocated shares (992)
--------------------------------- ---------
Opening shareholders' funds, as restated 134,428
--------------------------------- ---------
This information is provided by RNS
The company news service from the London Stock Exchange