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Vislink PLC (VLK)

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Monday 25 March, 2002

Vislink PLC

Final Results

Vislink PLC
25 March 2002


                                  Vislink plc

            Preliminary results for the year ended December 31, 2001

                               Key announcements


  • The Group increased sales from continuing operations by 25.9% to £75.87
    million (2000- £60.25 million)
  • Operating profit from continuing operations before exceptional inventory
    write down and goodwill amortisation, increased by 25.1% to £3.48 million
    (2000 - £2.78 million)
  • Cash generation of £2.46 million reduced gearing at December 31, 2001 to
    28.9% (2000 - 35.3%)

  • The Group ended 2001 with a strong outstanding order book of £20.78
    million, up from £17.57 million in 2000.

  • Earnings per share increased to 2.78 pence (2000 - 2.74 pence) before
    goodwill and all exceptional items

Commenting on the preliminary announcement, Bob Morton, Chairman of Vislink plc
said:

'The investments made in research and development, together with the benefits to
come from the rationalisation of the Broadcast Division, augur well for the
future.

The Group has made a good start to the year with order intake ahead of the same
period last year and, with a strong order book, the Board considers the
prospects for the year ahead to be encouraging.'


                                      - Ends -





For further information on March 25, 2002, please contact:

Ian Scott-Gall                                                     01488 685 500

Chief Executive, Vislink plc

James Trumper                                                      01488 685 500

Finance Director, Vislink plc                                      020 7950 2898

Trevor Bass
Fleet Financial Communications Limited




Chairman's Statement

Introduction

Although 2001 evolved into a very challenging year, the Board is pleased to
report that the Group has grown its Broadcast business outside of the domestic
UK market, and its Video Division in the Marine sector, against the background
of a lengthening order cycle and a general economic slowdown.

Strategic Review

The Group continues to focus on developing its share of global markets and has
reduced its dependence on UK and European markets.

In creating that focus we have been carrying out a strategic review of the
Broadcast businesses. The results of the review have been that


  • In the UK, we have transferred the production and development functions of
    Multipoint Communications (Multipoint) into Advent Communications (Advent)
    and they now trade together under the name Vislink Communications Ltd,
    whilst maintaining their brand identities

  • In the US, we have transferred the domestic US business of our smaller
    Connecticut based company, RF Technology, Inc, into Microwave Radio
    Communications, Inc (MRC) and their international sales into Continental
    Microwave Limited (CML)

  • The rationalisation is expected to be completed by the end of this year
    and to reduce overheads by £0.80 million, on an annualised basis

  • The pace of change from analogue products will continue to accelerate as
    more customers switch to digital systems and we introduce common product
    platforms. Recognising this, an in depth assessment of both the likely
    future demand for existing analogue products and the inventories of the
    businesses being transferred into Advent and MRC, resulted in an exceptional
    inventory write down of £2.23 million

  • Our product development and engineering development programmes remain
    firmly directed towards launching more digital systems into the market.

Financial results for the year

The Group has increased sales from continuing operations by 25.9% to £75.87
million (2000 - £60.25 million).

Operating profit, from continuing operations before the exceptional inventory
write down and goodwill amortisation, increased by 25.1% to £3.48 million (2000
- £2.78 million).

The Group has made a net loss for the year before taxation of £0.81 million
(2000 - £1.01 million profit) after providing and charging for


  • The results of the strategic review of the Broadcast division, which led
    to an exceptional charge of £2.23 million in respect of the inventories
    affected by the change in technology and business rationalisations

  • Goodwill amortisation of £1.20 million (2000 - £0.79 million), being a
    full year's charge for Advent and MRC

  • Income from discontinued activities of £0.03 million (2000 - £0.03
    million)

  • Non operating exceptional credits of £0.12 million (2000 - £0.55 million
    charge)

  • Net interest costs of £1.01 million (2000 - £0.46 million) which reflect
    the full year costs of loans taken out to make the MRC acquisition

Cash of £2.46 million was generated during the year which has reduced the
Group's net debt at December 31, 2001 to £9.50 million (2000 - £11.85 million)
and its gearing to 28.9% (2000 - 35.3%).

The year finished with a strong outstanding order book of £20.78 million, up
from £17.57 million in 2000.

Dividend

In the light of the overall net loss for the year, the Board has reviewed the
level of the dividend and considers it appropriate in the circumstances to
recommend the payment of a reduced dividend of 0.1 pence, compared with last
year's 0.4 pence dividend. The dividend, subject to shareholder approval, will
be paid on July 26, 2002 to shareholders on the register at July 5, 2002.

Earnings per share

Earnings per share before goodwill and all exceptional items increased to 2.78
pence (2000 - 2.74 pence).

The loss per share after exceptional items and goodwill was 0.72 pence per share
(2000 - 0.79 pence earnings per share).

Operational review of the year

In the Broadcast Division, the results for the year include full year
contributions from the acquisitions of Advent and MRC, made on April 18 and July
28, 2000, respectively.

In the USA, MRC has maintained its sales whilst achieving good margins on its
digital ready studio to transmitter microwave radio products. Sales in the USA
now represent 41.4% of the Broadcast Division's turnover.

Both Advent and CML have contributed to increased sales into Asia and other
areas, largely the Middle East, which have risen to £19.34 million (2000 -
£10.68 million) and now account for 31.7% of the Broadcast Division's sales. UK
business has been disappointing as the opportunities for terrestrial digital TV
become less likely to materialise in the short term. This has contributed to a
decline in UK sales to £6.30 million (2000 - £8.19 million), which now represent
only 10.3% of the Broadcast Division's sales.

In the Video Division, Hernis, our Norwegian based manufacturer of high quality
CCTV systems for the marine and hazardous markets, has had an excellent year,
achieving 25.6% sales growth and 13% profit growth. Hernis has continued its
product development for integrated camera systems, particularly for the cruise
liner market.

In Active Imaging, the development of the multi media server system for Internet
video transmission has been completed, with lower development costs this year of
£0.36 million (2000 - £0.54 million) and the first production units have now
been shipped to customers.

Employees

On behalf of the Board, I would like to thank all our employees for their
support and dedication in meeting and dealing with the many challenges which
arose during the year.





Strategy and Prospects

The Broadcast Division should during 2002, continue to benefit from market
growth outside of the UK and European markets. In particular, the prospects in
the South American, Middle East and West African markets remain strong.
Furthermore MRC with its significant market US share will benefit from the
ongoing momentum of the US digital TV rollout.

In the Video Division, Hernis continues to grow its business and has an
encouraging order book. American Auto Matrix, the US building controls business,
has started to ship new products into the access control sector of its markets.
The Division is also looking for increased sales of its video image capture and
transmission products during this year.

The investments made in research and development, together with the benefits to
come from the rationalisation of the Broadcast Division, augur well for the
future.

The Group has made a good start to the year with the order intake ahead of the
same period last year, and, with a strong order book, the Board considers the
prospects for the year ahead to be encouraging.





ALR Morton

Chairman



March 25, 2002



Group Profit and Loss Account

for the year ended December 31, 2001
                                              Before  Exceptional                    Before  Exceptional

                                 Note    Exceptional        Items        Total  Exceptional        Items        Total

                                               Items     (note 2)         2001        Items     (note 2)         2000

                                                2001         2001                      2000         2000
                                               £'000        £'000        £'000        £'000        £'000        £'000
Turnover
Continuing operations                         75,869            -       75,869       60,248            -       60,248
Discontinued operations                          560            -          560          797            -          797
                                        ------------ ------------ ------------ ------------ ------------ ------------
                                   1          76,429            -       76,429       61,045            -       61,045
                                        ------------ ------------ ------------ ------------ ------------ ------------
Operating profit

Continuing operations before
exceptional inventory write
down and goodwill amortisation                 3,725        (242)        3,483        3,326        (542)        2,784

Exceptional inventory write                        -      (2,227)      (2,227)            -            -            -
down
                                        ------------ ------------ ------------ ------------ ------------ ------------
Continuing operations before                   3,725      (2,469)        1,256        3,326        (542)        2,784
goodwill amortisation
Goodwill amortisation                        (1,199)            -      (1,199)        (796)            -        (796)
                                        ------------ ------------ ------------ ------------ ------------ ------------
Continuing operations                          2,526      (2,469)           57        2,530        (542)        1,988
Discontinued operations                           33            -           33           30            -           30
                                        ------------ ------------ ------------ ------------ ------------ ------------
                                   1           2,559      (2,469)           90        2,560        (542)        2,018

Profit on disposal of              2               -           15           15            -            -            -
businesses

Profit on disposal of freehold     2               -          100          100            -            -            -
land

Costs associated with change of                    -            -            -            -        (549)        (549)
domicile
                                        ------------ ------------ ------------ ------------ ------------ ------------
Profit on ordinary activities                  2,559      (2,354)          205        2,560      (1,091)        1,469
before interest

Interest receivable                              214            -          214          605            -          605
Interest payable                             (1,226)            -      (1,226)      (1,067)            -      (1,067)
                                        ------------ ------------ ------------ ------------ ------------ ------------
(Loss) profit on ordinary                      1,547      (2,354)        (807)        2,098      (1,091)        1,007
activities before taxation

Tax on (loss) profit on            3              76            -           76        (245)            -        (245)
ordinary activities
                                        ------------ ------------ ------------ ------------ ------------ ------------
(Loss) profit for the financial                1,623      (2,354)        (731)        1,853      (1,091)          762
year
Dividends                          4           (101)            -        (101)        (405)            -        (405)
                                        ------------ ------------ ------------ ------------ ------------ ------------
Transfer (from) to reserves                    1,522      (2,354)        (832)        1,448      (1,091)          357
                                              ======       ======       ======       ======       ======       ======

Basic (loss) earnings per share    5           1.60p      (2.32)p      (0.72)p        1.92p      (1.13)p        0.79p
                                        ------------ ------------ ------------ ------------ ------------ ------------
Diluted (loss) earnings per        5           1.60p      (2.32)p      (0.72)p        1.89p      (1.11)p        0.78p
share
                                        ------------ ------------ ------------ ------------ ------------ ------------
Basic earnings per share
excluding goodwill amortisation    5           2.78p      (2.32)p        0.46p        2.74p      (1.13)p        1.61p
                                        ------------ ------------ ------------ ------------ ------------ ------------
Dividend per share                                                       0.10p                                  0.40p
                                        ------------ ------------ ------------ ------------ ------------ ------------

Statement of retained profits
                                                                         2001                                    2000
                                                                        £'000                                   £'000

Profit and loss account brought                                         2,729                                   2,018
forward
Arising in the financial year                                           (832)                                     357
Foreign exchange                                                          337                                     354
                                                                 ------------                            ------------
Profit and loss account carried                                         2,234                                   2,729
forward
                                                                 ------------                            ------------



Statement of Total Recognised Gains and Losses

for the year ended December 31, 2001
                                                                             2001             2000
                                                                            £'000            £'000

(Loss) profit for the financial year                                        (731)              762
Translation difference on foreign currency net investments                    337              354
                                                                     ------------     ------------
                                                                            (394)            1,116
                                                                           ======           ======

Reconciliation of Movements in Shareholders' Funds

for the year ended December 31, 2001
                                                                             2001             2000
                                                                            £'000            £'000

(Loss) profit for the financial year                                        (731)              762
Dividends                                                                   (101)            (405)
                                                                     ------------     ------------
                                                                            (832)              357

Value of share issues in year                                                   -            5,375
Change in value of shares to be issued                                      (222)              438
Translation difference on foreign currency net investments                    337              354
                                                                     ------------     ------------
                                                                            (717)            6,524

Opening equity shareholders' funds                                         33,596           27,072
                                                                     ------------     ------------
Closing equity shareholders' funds                                         32,879           33,596
                                                                           ======           ======

Balance Sheet

as at December 31, 2001
                                                                          Group                    Company
                                                                        2001         2000         2001         2000
                                                                       £'000        £'000        £'000        £'000
Fixed assets
Intangible assets                                                     21,965       23,466            -            -
Tangible assets                                                        6,032        6,372           21            -
Investments                                                               15           19       25,393       27,266
                                                                ------------ ------------ ------------ ------------
                                                                      28,012       29,857       25,414       27,266
                                                                ------------ ------------ ------------ ------------






Current assets
Stocks                                                                13,217       17,120            -            -
Debtors                                                               18,183       18,101        1,458          750
Cash at bank and in hand                                               3,450        3,450        1,171        1,750
                                                                ------------ ------------ ------------ ------------
                                                                      34,850       38,671        2,629        2,500
                                                                ------------ ------------ ------------ ------------

Creditors - amounts due within one year                               18,828       21,120        6,356        4,196
                                                                ------------ ------------ ------------ ------------

Net current assets (liabilities)                                      16,022       17,551      (3,727)      (1,696)
                                                                ------------ ------------ ------------ ------------

Total assets less current liabilities                                 44,034       47,408       21,687       25,570

Creditors - amounts due after more than one year                      10,697       12,956       13,268       15,422
Provisions for liabilities and charges                                   458          856            -            -
                                                                ------------ ------------ ------------ ------------
Net Assets                                                            32,879       33,596        8,419       10,148
                                                                      ======       ======       ======       ======

Capital and reserves
Called up share capital                                                2,534        2,534        2,534        2,534
Shares to be issued                                                      216          438          216          438
Merger reserve                                                        27,895       27,895            -            -
Profit and loss account                                                2,234        2,729        5,669        7,176
                                                                ------------ ------------ ------------ ------------
Equity shareholders' funds                                            32,879       33,596        8,419       10,148
                                                                      ======       ======       ======       ======





Group Cash Flow Statement

for the year ended December 31, 2001
                                                                      Notes                  2001              2000
                                                                                            £'000             £'000

Net cash inflow from operating activities                               6                   4,651               676
                                                                                     ------------      ------------
Returns on investments and servicing of finance
Interest received                                                                             214               739
Interest paid                                                                             (1,633)             (646)
                                                                                     ------------      ------------
                                                                                          (1,419)                93
                                                                                     ------------      ------------

Taxation paid                                                                                (17)             (105)
                                                                                     ------------      ------------
Capital expenditure
Purchase of tangible fixed assets                                                           (839)           (1,650)
Proceeds from sale of tangible assets                                                         277                35
                                                                                     ------------      ------------
                                                                                            (562)           (1,615)
                                                                                     ------------      ------------
Acquisitions and disposals
Purchase of subsidiary undertakings                                                             -          (27,050)
Net debt acquired with subsidiary                                                               -             (401)
Costs of change of domicile                                                                     -             (549)
Proceeds from sale of businesses                                                              215               350
                                                                                     ------------      ------------
                                                                                              215          (27,650)
                                                                                     ------------      ------------

Equity dividends paid                                                                       (405)             (275)
                                                                                     ------------      ------------

                                                                                     ------------      ------------
Net cash inflow (outflow) before financing                                                  2,463          (28,876)
                                                                                     ------------      ------------
Financing
Issue of ordinary share capital                                                                 -             4,988
New long term loans                                                                             -            11,637
Repayment of bank loans                                                                   (2,243)             (507)
Finance lease repayments                                                                    (104)             (287)
                                                                                     ------------      ------------
                                                                                          (2,347)            15,831
                                                                                     ------------      ------------
                                                                                     ------------      ------------
Increase (decrease) in cash                                                                   116          (13,045)
                                                                                           ======            ======



Reconciliation in Net Cash Flow to Movement in Net Debt
                                                                                             2001              2000
                                                                                            £'000             £'000
Increase (decrease) in cash                                                                   116          (13,045)
Cash inflow from increase in loans                                                              -          (11,637)
Repayment of bank loans                                                                     2,243               507
Finance lease payments                                                                        104               287
                                                                                     ------------      ------------
Change in net debt cash resulting from cash flows                                           2,463          (23,888)

Effect of foreign exchange changes                                                          (120)              (41)
                                                                                     ------------      ------------
Movement in net cash (debt)                                                                 2,343          (23,929)
Opening net (debt) cash                                                                  (11,847)            12,082
                                                                                     ------------      ------------
Closing net (debt)                                                      6                 (9,504)          (11,847)
                                                                                           ======            ======



1.     Segmental Analysis
                                         Turnover                Operating Profit               Net Assets
                                        Total         Total         Total         Total         Total         Total
                                         2001          2000          2001          2000          2001          2000
                                        £'000         £'000         £'000         £'000         £'000         £'000
By division:
Broadcast                              60,993        46,222         3,835         3,458        14,943        18,451
Video Technology                       14,876        14,026           868           947         6,946         5,915
Central                                     -             -         (978)       (1,079)        10,990         9,230
                                 ------------  ------------  ------------  ------------  ------------  ------------
                                       75,869        60,248         3,725         3,326        32,879        33,596
Other exceptional costs (note 2)            -             -         (242)         (542)             -             -
                                 ------------  ------------  ------------  ------------  ------------  ------------
                                       75,869        60,248         3,483         2,784        32,879        33,596
Exceptional inventory write                 -             -       (2,227)             -             -             -
down (note 2)
Goodwill amortisation                       -             -       (1,199)         (796)             -             -
                                 ------------  ------------  ------------  ------------  ------------  ------------
Continuing operations                  75,869        60,248            57         1,988        32,879        33,596

Discontinued operations                   560           797            33            30             -             -
                                 ------------  ------------  ------------  ------------  ------------  ------------
Total                                  76,429        61,045            90         2,018        32,879        33,596
                                       ======        ======        ======        ======        ======        ======


Net assets within Central includes group debt, capitalised goodwill and
dividends.

The exceptional inventory write down and other exceptional costs can be
allocated as £1,918,000 (2000 - £nil) to the Broadcast Division and £551,000
(2000 - £542,000) to the Video Technology Division.

Goodwill amortisation in the continuing operations is in respect of Advent
Communications Limited, Multipoint Communications Limited and in the business of
Microwave Radio Communications all of which are within the Broadcast Division.

The discontinued operations relate to the Video Technology Division.

Turnover Analysis
                        Broadcast             Video Technology       Discontinued Operations            Total
                        2001         2000         2001         2000         2001         2000         2001         2000
                       £'000        £'000        £'000        £'000        £'000        £'000        £'000        £'000
By market:
UK & Ireland           6,302        8,191        2,655        3,471          551          774        9,508       12,436
Rest of Europe         6,660        9,311        3,393        2,648            9           12       10,062       11,971
North America         25,256       11,304        5,327        5,423            -            -       30,583       16,727
Asia                  11,744        5,756        2,426        2,111            -           11       14,170        7,878
Africa                 3,430        6,733            -           15            -            -        3,430        6,748
Other                  7,601        4,927        1,075          358            -            -        8,676        5,285
                ------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------
                      60,993       46,222       14,876       14,026          560          797       76,429       61,045
                      ======       ======       ======       ======       ======       ======       ======       ======

By origin:
UK & Ireland          35,266       33,622        2,890        3,983          560          797       38,716       38,402
Rest of Europe             -            -        7,549        5,838            -            -        7,549        5,838
North America         25,727       12,600        4,437        4,205            -            -       30,164       16,805
                ------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------
                      60,993       46,222       14,876       14,026          560          797       76,429       61,045
                      ======       ======       ======       ======       ======       ======       ======       ======





Net Assets Analysis
                                                                                            Total
                                                                                          2001                 2000
                                                                                         £'000                £'000
By market:
United Kingdom & Ireland                                                                21,308               23,239
Rest of Europe                                                                           2,695                2,516
North America                                                                            8,876                7,841
                                                                                  ------------         ------------
                                                                                        32,879               33,596
                                                                                        ======               ======



2.     Exceptional items

a) Operating exceptional items
                                                                                          2001                 2000
                                                                                         £'000                £'000

Exceptional development costs                                                            (355)                (542)
Redundancy costs                                                                         (313)                    -
Exceptional credits relating to fair value provisions                                      426                    -
                                                                                  ------------         ------------
                                                                                         (242)                (542)
Exceptional inventory write down                                                       (2,227)                    -
                                                                                  ------------         ------------
                                                                                       (2,469)                (542)
                                                                                        ======               ======

In the year ended December 31, 2001 the Group has made an exceptional provision
of £2,227,000 against inventory held in the Broadcast Division following an in
depth review of the product lines and the likely future requirements for
existing analogue products as more customers switch to digital technology, and
the associated future service requirements. In addition, the review of inventory
included redundant product lines resulting from the move to common platforms as
a result of the further integration of the operating companies. The redundancy
costs have also been incurred as part of the integration process.

The exceptional credits are in respect of the release of customer and supplier
related provisions made at Microwave Radio Communications as part of the fair
value adjustments on acquisition. These matters have now been resolved and the
amount shown is the net release of provisions no longer required. The
exceptional development costs were incurred by Active Imaging in completing the
development of the Active Imaging Multi Media Server product, which commenced in
2000.

b) Non-operating exceptional items
                                                                                          2001                 2000
                                                                                         £'000                £'000

Change of domicile expenses                                                                  -                (549)
Profit on disposal of freehold land in continuing business                                 100                    -
Profit on disposal of business                                                             110                    -
Provision against leased properties associated with businesses previously                 (95)                    -
disposed of
                                                                                  ------------         ------------
                                                                                           115                (549)
                                                                                        ======               ======





On July 27, 2001 the business assets of Codepoint Systems were sold for
£215,000. The net book value of the assets sold, together with associated costs
of disposal were £105,000. On December 21, 2001 the Group disposed of freehold
land with a net book value of £90,000 for £190,000.



3.     Taxation
                                                                                          2001                 2000
                                                                                         £'000                £'000

UK Corporation tax at 30% (2000 - 30%)                                                       -                    -
Adjustment in respect of prior years                                                     (229)                    -
Overseas taxation                                                                          153                  245
                                                                                  ------------         ------------
                                                                                          (76)                  245
                                                                                        ======               ======




The tax credit of £76,000 is after the utilisation of group losses available for
the period of £313,000 (2000: £310,000).



4.     Dividends
                                                                                          2001                 2000
                                                                                         £'000                £'000

Final - 0.10p per share (2000 - 0.40p per share)                                           101                  405
                                                                                        ======               ======



5.     Earnings per Ordinary Share

Earnings per ordinary share is calculated by reference to a weighted average of
101,377,000 (2000 - 96,643,000) ordinary shares in issue through out the year
and on the loss after tax of £731,000 (2000 - £762,000 profit). Diluted earnings
per share are after taking account of a further 310,000 (2000 - 1,491,000)
shares being the dilutive effect of share options.

Earnings per share before goodwill and exceptional items excludes after tax
amounts relating to goodwill of £1,199,000 (2000: £796,000) and exceptional
items of £2,354,000 (2000: £1,091,000).

At the date of issue of the report the total number of shares in issue were
101,377,000.
                                                                       Basic      Diluted        Basic      Diluted
                                                                        2001         2001         2000         2000
                                                                       £'000        £'000        £'000        £'000

Basic and diluted (loss) earnings per share                          (0.72)p      (0.72)p        0.79p        0.78p
Adjustments:
Goodwill                                                               1.18p        1.18p        0.82p        0.81p
Exceptional items                                                      2.32p        2.32p        1.13p        1.11p
                                                                ------------ ------------ ------------ ------------
Earnings per share before goodwill and exceptional items              2.78 p        2.78p       2.74 p       2.70 p
                                                                      ======       ======       ======       ======



6.     Notes to the Statement of Cash Flows

(a)     Reconciliation of operating profit to net cash inflow from operating
activities
                                                                                            Total             Total
                                                                                             2001              2000
                                                                                            £'000             £'000

Operating profit                                                                               90             2,018
Depreciation                                                                                1,084               920
Amortisation of goodwill                                                                    1,199               796
Provision against investments                                                                   4                 -
(Profit) loss on sale of fixed assets                                                        (29)                 1
Decrease (increase) in stocks                                                               4,016           (2,013)
Decrease (increase) in debtors                                                                 39           (4,495)
(Decrease) increase in creditors                                                          (1,259)             3,915
(Decrease) in provisions                                                                    (493)             (466)
                                                                                     ------------      ------------
Net cash inflow from operating activities                                                   4,651               676
                                                                                           ======            ======




(b)     Analysis of net debt
                                   At January 1        Cash Flow     Other non-cash      Exchange    At December 31
                                                                          movements                            2001
                                           2001                                         Movements
                                          £'000            £'000              £'000         £'000             £'000

Cash at bank and in hand                  3,450              116                  -         (116)             3,450
Loans                                  (15,185)            2,243                  -           (4)          (12,946)
Finance leases                            (112)              104                  -             -               (8)
                                   ------------     ------------       ------------  ------------      ------------
                                       (11,847)            2,463                  -         (120)           (9,504)
                                         ======           ======             ======        ======            ======



7.     Directors Responsibilities

The financial information for the year ended December 31, 2001 has been
extracted from the full accounts of the Group which contain an unqualified audit
report and will be filed, in due course, with Companies House. 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.

8.     Report and Accounts

Copies of the Report and Accounts will be sent to shareholders in due course and
will then be available from the registered office at Marlborough House, Charnham
Lane, Hungerford, Berkshire, RG17 0EY.



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