Financial Express (Holdings) Limited (“we”, “our”, “us” and derivatives) are committed to protecting and respecting your privacy. This Privacy Policy, together with our Terms of Use, sets out the basis on which any personal data that we collect from you, or that you provide to us, will be processed by us relating to your use of any of the below websites (“sites”).

  • FEAnalytics.com
  • FEInvest.net
  • FETransmission.com
  • Investegate.co.uk
  • Trustnet.hk
  • Trustnetoffshore.com
  • Trustnetmiddleeast.com

For the purposes of the Data Protection Act 1998, the data controller is Trustnet Limited of 2nd Floor, Golden House, 30 Great Pulteney Street, London, W1F 9NN. Our nominated representative for the purpose of this Act is Kirsty Witter.

WHAT INFORMATION DO WE COLLECT ABOUT YOU?

We collect information about you when you register with us or use any of our websites / services. Part of the registration process may include entering personal details & details of your investments.

We may collect information about your computer, including where available your operating system, browser version, domain name and IP address and details of the website that you came from, in order to improve this site.

You confirm that all information you supply is accurate.

COOKIES

In order to provide personalised services to and analyse site traffic, we may use a cookie file which is stored on your browser or the hard drive of your computer. Some of the cookies we use are essential for the sites to operate and may be used to deliver you different content, depending on the type of investor you are.

You can block cookies by activating the setting on your browser which allows you to refuse the setting of all or some cookies. However, if you use your browser settings to block all cookies (including essential cookies) you may not be able to access all or part of our sites. Unless you have adjusted your browser setting so that it will refuse cookies, our system will issue cookies as soon as you visit our sites.

HOW WE USE INFORMATION

We store and use information you provide as follows:

  • to present content effectively;
  • to provide you with information, products or services that you request from us or which may interest you, tailored to your specific interests, where you have consented to be contacted for such purposes;
  • to carry out our obligations arising from any contracts between you and us;
  • to enable you to participate in interactive features of our service, when you choose to do so;
  • to notify you about changes to our service;
  • to improve our content by tracking group information that describes the habits, usage, patterns and demographics of our customers.

We may also send you emails to provide information and keep you up to date with developments on our sites. It is our policy to have instructions on how to unsubscribe so that you will not receive any future e-mails. You can change your e-mail address at any time.

In order to provide support on the usage of our tools, our support team need access to all information provided in relation to the tool.

We will not disclose your name, email address or postal address or any data that could identify you to any third party without first receiving your permission.

However, you agree that we may disclose to any regulatory authority to which we are subject and to any investment exchange on which we may deal or to its related clearing house (or to investigators, inspectors or agents appointed by them), or to any person empowered to require such information by or under any legal enactment, any information they may request or require relating to you, or if relevant, any of your clients.

You agree that we may pass on information obtained under Money Laundering legislation as we consider necessary to comply with reporting requirements under such legislation.

ACCESS TO YOUR INFORMATION AND CORRECTION

We want to ensure that the personal information we hold about you is accurate and up to date. You may ask us to correct or remove information that is inaccurate.

You have the right under data protection legislation to access information held about you. If you wish to receive a copy of any personal information we hold, please write to us at 3rd Floor, Hollywood House, Church Street East, Woking, GU21 6HJ. Any access request may be subject to a fee of £10 to meet our costs in providing you with details of the information we hold about you.

WHERE WE STORE YOUR PERSONAL DATA

The data that we collect from you may be transferred to, and stored at, a destination outside the European Economic Area (“EEA”). It may be processed by staff operating outside the EEA who work for us or for one of our suppliers. Such staff may be engaged in, amongst other things, the provision of support services. By submitting your personal data, you agree to this transfer, storing and processing. We will take all steps reasonably necessary, including the use of encryption, to ensure that your data is treated securely and in accordance with this privacy policy.

Unfortunately, the transmission of information via the internet is not completely secure. Although we will do our best to protect your personal data, we cannot guarantee the security of your data transmitted to our sites; any transmission is at your own risk. You will not hold us responsible for any breach of security unless we have been negligent or in wilful default.

CHANGES TO OUR PRIVACY POLICY

Any changes we make to our privacy policy in the future will be posted on this page and, where appropriate, notified to you by e-mail.

OTHER WEBSITES

Our sites contain links to other websites. If you follow a link to any of these websites, please note that these websites have their own privacy policies and that we do not accept any responsibility or liability for these policies. Please check these policies before you submit any personal data to these websites.

CONTACT

If you want more information or have any questions or comments relating to our privacy policy please email publishing@financialexpress.net in the first instance.

 Information  X 
Enter a valid email address

Maclellan Group (MLG)

  Print      Mail a friend

Tuesday 26 March, 2002

Maclellan Group

Final Results

Maclellan Group PLC
26 March 2002



                              MacLellan Group plc

    Preliminary announcement of results for the year ended 31 December 2001

                              CHAIRMAN'S STATEMENT


I am pleased to report that the Group has continued to make excellent progress
during 2001. The Group's profit before exceptional items, goodwill amortisation
and taxation for the 12 month period ending 31 December 2001 increased to £2.7
million (£1.8 million for the 15 month period ending 31 December 2000) on
turnover of £124.3 million (2000: £101.4 million). Comparable headline earnings
per share increased by 27% to 4.7 pence (2000: 3.7 pence). Year end gearing
reduced to 8% (2000: 27%) and interest was covered 11 times by operating profits
(2000: 5 times). No dividend is proposed.

Operational Review

We continue to be a highly regarded provider of integrated services to customers
in the retail, commercial, industrial and PFI market sectors. The Group secured
a number of major contract wins during 2001 in all its key market sectors.

The amount of new work won in the retail and PFI market sectors was particularly
notable. The Group renewed its contract at Bluewater Shopping Centre in Kent for
a further 3 year period in October 2001 and now provides integrated services at
a growing number of retail sites including Bluewater's sister site, Touchwood,
at Solihull in the West Midlands, the Cribbs Causeway site in Bristol, the Old
Brewery site in Romford, Whiteleys in Bayswater, West Quay in Southampton,
Centre Court in Wimbledon and Marina Court in Brighton.

The £100 million, seven year STEPS contract with Mapeley Limited which started
on 1 April 2001 was the largest contract ever won by the Group. The Board
considers that the successful mobilisation and operation of this contract was
one of the major achievements of 2001 since it involved the provision of a wide
range of services to 345 separate Inland Revenue and Customs & Excise sites. We
were, therefore, particularly pleased to receive the 2001 Premises and
Facilities Management public sector service award for services undertaken at the
Inland Revenue's Castle Meadow site in Nottingham.

The Group's financial performance during 2001 was underpinned by very strong
cash generation. Net borrowings (including finance leases) reduced by £3.3
million during the year to £1.8 million at 31 December 2001 despite the fact
that the Group spent £4.2 million on acquisitions (net of disposals) during the
year. This performance resulted from management at all levels being actively
involved in reviewing and improving working capital procedures and controls.


Acquisitions and Disposals

As set out in detail in my 10 September 2001 Interim Report to shareholders, we
completed the disposal of Jordan Engineering UK Limited and Jordan Fabrications
Limited to Booth Industries Group PLC on 9 July 2001 and acquired Ramoneur
Cleaning and Support Services Limited on 8 August 2001. Ramoneur has made an
excellent contribution to the Group's profits since joining us and its
integration into the Group is now complete.



Strategy

MacLellan Group plc is today the result of five separate acquisitions which have
all been completed since July 1998. The Group has developed a distinctive,
individual culture during this time and has a strong and expanding management
team.



The Board has consistently pursued a strategy of increasing the Group's presence
in the outsourced business services market. Our 2001 results show that the
execution of this strategy is on course to deliver positive long term benefits
to shareholders. We continue to see many opportunities to further develop the
Group both organically and by the addition of selective earnings enhancing
acquisitions.



In order to implement this strategy in a cost effective, timely and efficient
manner, we are asking shareholders to approve resolutions at the Annual General
Meeting on 22 April 2002 to increase the Company's authorised ordinary share
capital and to permit the Directors to issue up to the new authorised amount
without having to revert to shareholders for further authority.



Outlook

We have already won a number of new 3 year contracts in the first quarter of
2002 with a cumulative annual value of approximately £4 million, including
contracts with the National Audit Office, the Department of Health and Nokia.
The pipeline of potential new work continues to grow and our order book is at
its highest ever level. We are confident that 2002 will be another successful
year.





A L R Morton
Chairman

26 March 2002





GROUP PROFIT AND LOSS ACCOUNT

for the year ended 31 December 2001

                                  Year ended 31 December 2001              Fifteen months ended 31 December 2000
                                    Before        Goodwill &               Before goodwill &   Goodwill &
                                goodwill &       exceptional                     exceptional  exceptional
                               exceptional             items                                        items
                                     items                                             items
                                                                     Total                                         Total
                                      £000              £000          £000              £000         £000           £000

        Turnover

Continuing operations
Existing operations                 96,727                 -        96,727            75,832            -         75,832
Acquisitions                         8,350                 -         8,350                 -            -              -
                              ------------      ------------  ------------      ------------ ------------   ------------
                                   105,077                 -       105,077            75,832            -         75,832
Discontinued operations             19,246                 -        19,246            25,575            -         25,575
                              ------------      ------------  ------------      ------------ ------------   ------------
                                   124,323                 -       124,323           101,407            -        101,407

Cost of sales                    (111,419)                 -     (111,419)          (89,915)            -       (89,915)

                              ------------      ------------  ------------      ------------ ------------   ------------

Gross profit                        12,904                 -        12,904            11,492            -         11,492

Administrative expenses
Goodwill amortisation                    -             (727)         (727)                 -        (513)          (513)
Other                              (9,879)                 -       (9,879)           (9,260)        (205)        (9,465)
                              ------------      ------------  ------------      ------------ ------------   ------------
                                   (9,879)             (727)      (10,606)           (9,260)        (718)        (9,978)

Operating profit
Continuing operations
Existing operations                  2,314             (651)         1,663             2,127        (718)          1,409
Acquisitions                           419              (76)           343                 -            -              -
                              ------------      ------------  ------------      ------------ ------------   ------------
                                     2,733             (727)         2,006             2,127        (718)          1,409
Discontinued operations                292                 -           292               105            -            105
                              ------------      ------------  ------------      ------------ ------------   ------------
                                     3,025             (727)         2,298             2,232        (718)          1,514

Exceptional items
Loss on disposal of                      -           (2,200)       (2,200)                 -            -              -
discontinued operations
Less utilisation of prior                -             2,200         2,200                 -            -              -
period provision
Goodwill previously written              -                 -             -                 -      (1,790)        (1,790)
off
Provision for loss on sale               -                 -             -                 -      (2,200)        (2,200)
of businesses
                               -----------      ------------    ----------      ------------ ------------     ----------
                                         -                 -             -                 -      (3,990)        (3,990)

Interest                             (283)                 -         (283)             (445)            -          (445)

                              ------------      ------------    ----------      ------------ ------------      ---------
Profit/(loss) on ordinary            2,742             (727)         2,015             1,787      (4,708)        (2,921)
activities before taxation
                              ------------      ------------                    ------------ ------------     ----------

Taxation                                                              (79)                                         (110)
                                                                 ---------                                    ----------
Profit/(loss) on ordinary                                            1,936                                       (3,031)
activities after taxation
                                                                ----------                                     ---------
Earnings per share

Headline basis -                                                      4.7p                                          3.7p

undiluted
                                                                 ---------                                     ---------
diluted                                                               4.5p                                          3.5p
                                                                 ---------                                   -----------
FRS 3 basis -                                                         3.6p                                        (6.7p)

undiluted
                                                                ----------                                    ----------
diluted                                                               3.4p                                        (6.4p)
                                                                     =====                                         =====

The above figures are stated on an historical cost basis and are the total
recognised gains and losses for the period.



CONSOLIDATED BALANCE SHEET

at 31 December 2001
                                                                                        31 December     31 December 2000
                                                                                               2001
                                                                                               £000                 £000
Fixed assets
Intangible assets                                                                            15,428               12,734
Tangible assets                                                                               3,769                4,077
Investments                                                                                   2,850                  225
                                                                                       ------------         ------------
                                                                                             22,047               17,036
Current assets                                                                         ------------         ------------
Stocks                                                                                          386                3,857
Debtors                                                                                      22,714               29,745
Cash at bank and in hand                                                                      3,771                  603
                                                                                       ------------         ------------
                                                                                             26,871               34,205
Creditors: Amounts falling due within one year                                          -----------         ------------
Borrowings                                                                                  (2,321)              (5,614)
Other creditors                                                                            (21,297)             (24,363)
                                                                                       ------------         ------------
                                                                                           (23,618)             (29,977)
                                                                                       ------------         ------------
Net current assets                                                                            3,253                4,228
                                                                                       ------------         ------------
Total assets less current liabilities                                                        25,300               21,264
Creditors: Amounts falling due after more than one year
Borrowings                                                                                  (3,253)                 (99)

Provision for liabilities and charges                                                             -              (2,200)
                                                                                       ------------         ------------
Net assets                                                                                   22,047               18,965
                                                                                       ------------         ------------
Shareholders' funds
Ordinary shares                                                                               2,771                2,674
Convertible preference shares                                                                   500                  500
Share premium account                                                                        18,405               17,349
Other reserves                                                                                  204                  204
Profit and loss account                                                                         167              (1,762)
                                                                                       ------------         ------------
Total shareholders' funds                                                                    22,047               18,965
                                                                                       ------------         ------------


Analysis of shareholders' funds
Equity                                                                                     20,047                 16,965
Non-equity                                                                                  2,000                  2,000
                                                                                     ------------           ------------
Total shareholders' funds                                                                  22,047                 18,965
                                                                                          =======                =======






GROUP STATEMENT OF CASH FLOWS

for the year ended 31 December 2001
                                                                                 Year ended 31        15 months ended 31
                                                                                      December                  December

                                                                                          2001                      2000
                                                                   Note                   £000                      £000

Net cash inflow/(outflow) from operating activities                 A                    9,630                     (594)

Returns on investments and servicing of finance
Interest received                                                                           13                         -
Interest paid                                                                            (317)                     (418)
Interest element of finance lease payments                                                (26)                      (87)
                                                                                  ------------              ------------
                                                                                         (330)                     (505)

Taxation                                                                                 (162)                        43

Capital expenditure and financial investment
Payments to acquire tangible fixed assets                                              (2,227)                     (578)
Receipts from disposal of tangible fixed assets                                          1,416                       467
Proceeds from redemption of shares in unquoted company                                      50                        50
                                                                                  ------------              ------------
                                                                                         (761)                      (61)

Acquisitions and disposals                                          E
Purchase of subsidiary undertakings                                                    (3,369)                  (14,282)
Cash balances of businesses acquired                                                     (509)                   (1,590)
Additional consideration on acquisitions made in prior period                              (5)                       (8)
Disposal of business of subsidiary undertaking                                           (306)                         -
                                                                                  ------------              ------------
                                                                                       (4,189)                  (15,880)
                                                                                  ------------              ------------
Net cash inflow/(outflow) before financing                                               4,188                  (16,997)

Financing
Ordinary shares issued                                                                     258                    14,970
Expenses incurred in issue of ordinary shares                                                -                     (640)
Loans due within one year:
- increases in term debt                                                                 1,090                         -
- repayments in period                                                                   (400)                     (548)
Loans due after one year:
- increases in term debt                                                                 3,163                         -
- repayments in period                                                                       -                   (1,250)
Capital element of finance lease and hire purchase payments                              (162)                     (297)
                                                                                  ------------              ------------
Net cash inflow from financing                                                           3,949                    12,235
                                                                                  ------------              ------------
Increase/(decrease) in cash in the period                           C                    8,137                   (4,762)
                                                                                       =======                   =======






NOTES TO THE GROUP STATEMENT OF CASH FLOWS

for the year ended 31 December 2001
                                                                                  Year ended             15 months ended

                                                                                 31 December                 31 December

                                                                                        2001                        2000
                                                                                        £000                        £000
 A. RECONCILIATION OF OPERATING PROFIT TO NET

CASH INFLOW/(OUTFLOW) FROM OPERATING ACTIVITIES
Operating Activities
Operating profit                                                                       2,298                       1,514
Amortisation                                                                             755                         576
Depreciation                                                                           1,213                       1,186
Profit on disposal of tangible fixed assets                                            (106)                         (4)
Exchange differences                                                                     (5)                           -
Decrease/(increase) in stocks                                                            361                     (1,954)
Decrease/(increase) in debtors                                                         3,927                     (4,584)
Increase in creditors                                                                  1,187                       2,672
                                                                                ------------                ------------
Net cash inflow/(outflow) from operating activities                                    9,630                       (594)
                                                                                     =======                     =======

 B. RECONCILIATION OF NET CASH FLOW TO MOVEMENT IN NET DEBT

                                                                                          £000                      £000
Increase/(decrease) in cash in the period                                                8,137                   (4,762)
Net cash flow from changes in debt                                                     (3,691)                     2,095
Issue of loan notes                                                                      (981)                         -
New finance leases and hire purchase agreements                                          (184)                         -
Loans and finance lease obligations acquired with purchase of business                    (11)                     (361)
Finance lease obligations of business sold                                                  37                         -
                                                                                  ------------              ------------
Movement in net debt in the period                                                       3,307                   (3,028)
Net debt at beginning of period                                                        (5,110)                   (2,082)
                                                                                  ------------              ------------
Net debt at end of period                                                              (1,803)                   (5,110)
                                                                                       =======                   =======

 C. ANALYSIS OF CHANGES IN NET DEBT DURING THE PERIOD
                                               At            Cash          Other non-     Acquired                At
                                 31 December 2000            flow        cash changes         debt       31 December
                                                                                                                2001
                                             £000            £000                £000         £000              £000

    Cash at bank and in hand                  603           3,168                   -            -             3,771
    Overdrafts                            (4,969)           4,969                   -            -                 -
                                     ------------    ------------        ------------ ------------      ------------
                                          (4,366)           8,137                   -            -             3,771
                                     ------------    ------------        ------------ ------------      ------------
    Debt due within one year                (400)           (690)               (981)            -           (2,071)
    Debt due after one year                     -         (3,163)                   -            -           (3,163)
    Finance leases and hire purchase        (344)             162               (184)           26             (340)
    agreements
                                     ------------    ------------        ------------ ------------      ------------
                                            (744)         (3,691)             (1,165)           26           (5,574)
                                     ------------    ------------        ------------ ------------      ------------
                                                                                   
                                          (5,110)           4,446             (1,165)           26           (1,803)
                                     ------------    ------------        ------------ ------------      ------------



 D. MAJOR NON-CASH TRANSACTIONS

During the year the Group entered into finance lease arrangements in respect of
assets with a total capital value of £184,000.

Part of the consideration for the acquisition and disposal of subsidiary
undertakings comprised shares and loan notes. Further details are set out in
note E below.



 E. ACQUISITIONS AND DISPOSALS

On 8 August 2001 the Group acquired the entire issued share capital of Norman
White (City) Limited and its subsidiary undertakings. The acquisition has been
accounted for using acquisition accounting principles. The net assets of the
businesses acquired have been adjusted to bring accounting policies into line
with those adopted by the Group and to state these at their provisional fair
values to recognise obsolete tangible fixed assets and stocks, recoverability of
debtors and certain onerous contractual commitments. The summary of net assets
acquired is as follows:-


                                                 Net assets on    Alignment of       Fair value       Fair value
                                                   acquisition      accounting      adjustments         acquired
                                                                      policies
                                                          £000            £000             £000             £000

Tangible fixed assets                                    1,057           (345)            (100)              612
Stocks                                                     147               -             (95)               52
Debtors                                                  4,093               -            (213)            3,880
Taxation                                                    23               -             (24)              (1)
Creditors                                              (2,419)               -            (192)          (2,611)
Lease obligations                                         (11)               -                -             (11)
Net debt                                                 (509)               -                -            (509)
                                                  ------------    ------------     ------------     ------------
                                                         2,381           (345)            (624)            1,412
                                                  ------------    ------------     ------------
Goodwill                                                                                                   3,833
                                                                                                    ------------
Consideration                                                                                              5,245

                                                                                                         =======
Satisfied by:-
Shares issued                                                                                                895
Unsecured loan notes                                                                                         981
Cash paid                                                                                                  3,114
Acquisition expenses                                                                                         255
                                                                                                    ------------
                                                                                                           5,245
                                                                                                         =======

The acquired businesses have been integrated into the existing businesses of the
Group and, consequently, it is not practicable to separately identify the cash
flows, cost of funds or capital expenditure of the acquired businesses. The
results of these businesses in the period prior to acquisition showed turnover
of £19.5 million, operating profit before fair value adjustments of £373,000, a
profit after interest but before fair value adjustments and taxation of
£321,000. There was no taxation charge in the period. In the year to 30
September 2000 the businesses recorded a profit after taxation of £191,000.
There were no other recognised gains or losses in the period prior to
acquisition.

The Company incurred further costs of £5,000 relating to prior year
acquisitions; this has been adjusted through goodwill. There have been no
changes to the fair values previously reported.

The disposal of Jordan Engineering UK Limited and Jordan Fabrications Limited
was completed on 9 July 2001. The summary of net assets sold is as follows:

                                                                                                          £000

Intangible fixed assets                                                                                    389
Tangible fixed assets                                                                                      806
Stocks                                                                                                   3,162
Debtors                                                                                                  7,035
Creditors                                                                                              (6,927)
Lease obligations                                                                                         (37)
                                                                                                  ------------
                                                                                                         4,428
Loss on disposal                                                                                       (2,200)
                                                                                                  ------------
                                                                                                         2,228
                                                                                                       =======
Proceeds:
Shares in Booth Industries Group PLC                                                                       961
Convertible loan stock                                                                                   1,600
Unsecured loan stock                                                                                       114
Costs of disposal                                                                                        (447)
                                                                                                  ------------
                                                                                                         2,228
                                                                                                       =======

The consideration for the sale has been calculated by reference to the net
trading assets at completion which were formally agreed by the parties on 14
March 2002. The shares were issued by the Purchaser on 9 July 2001 and the
convertible and unsecured loan stock were issued on 19 March 2002. The loan
stock may be converted or redeemed at any time between the second and fifth
anniversaries of issue.



NOTES

 1. SEGMENTAL ANALYSIS

                                                              Continuing                                           2001
                                                           Existing      Acquisitions      Discontinued           Total
                                                               £000              £000              £000            £000

Turnover                                                     96,727             8,350            19,246         124,323
Cost of sales
- normal                                                   (87,877)           (6,339)          (17,203)       (111,419)
                                                       ------------      ------------      ------------    ------------
Gross profit                                                  8,850             2,011             2,043          12,904

Administrative expenses
- normal                                                    (6,536)           (1,592)           (1,751)         (9,879)
- goodwill                                                    (651)              (76)                 -           (727)
- exceptional                                                     -                 -                 -               -
                                                       ------------      ------------      ------------    ------------
Operating profit                                              1,663               343               292           2,298
                                                       ------------      ------------      ------------    ------------

                                                              Continuing                                           2000
                                                           Existing      Acquisitions      Discontinued           Total
                                                               £000              £000              £000            £000
Turnover                                                     75,832                 -            25,575         101,407
Cost of sales
- normal                                                   (68,069)                 -          (21,846)        (89,915)
                                                       ------------      ------------      ------------    ------------

Gross profit                                                  7,763                 -             3,729          11,492
Administrative expenses
- normal                                                    (5,636)                 -           (3,624)         (9,260)
- goodwill                                                    (513)                 -                 -           (513)
- exceptional                                                 (205)                 -                 -           (205)
                                                       ------------      ------------      ------------    ------------
Operating profit                                              1,409                 -               105           1,514
                                                       ------------      ------------      ------------    ------------



                                                                     Year ended 31 December     Fifteen months ended 31
                                                                                       2001               December 2000
                                                                                       £000                        £000
Geographical market analysis by origin:                                             119,533                      97,590

UK                                                                                    4,790                       3,817
Europe
                                                                                -----------                 -----------
                                                                                    124,323                     101,407
                                                                                     ======                     =======
Geographical market analysis by destination:
UK                                                                                  119,220                      97,071
Europe                                                                                5,103                       4,336
                                                                                -----------                 -----------
                                                                                    124,323                     101,407
                                                                                     ======                      ======

The Group's main activities in the provision of integrated specialist facilities
management services comprise one business segment. The segmental analysis
previously disclosed is no longer appropriate. Further analysis of operating
profit and net operating assets by geographical area is not provided as the
Directors are of the opinion that such disclosure would be prejudicial to the
interests of the trading companies within the Group.



2     RECONCILIATION OF MOVEMENTS IN SHAREHOLDERS' FUNDS

for the year ended 31 December 2001
                                                              Year ended                 Fifteen months ended

                                                           31 December 2001                31 December 2000
                                                       Group           Company                   Group           Company
                                                        £000              £000                    £000              £000

Profit/(loss) for the financial period                1,936                 76                 (3,031)           (2,111)
New ordinary shares issued including premium          1,153              1,153                  14,440            14,440
(net of expenses)
Movement in ordinary shares to be issued                  -                  -                   (110)             (110)

Goodwill previously written off to reserves:
- in respect of company to be sold                        -                  -                   1,790                 -

Currency adjustments                                     (7)                 8                       -                 -
                                                 -----------       -----------             -----------       -----------
Net increase in shareholders' funds                    3,082             1,237                  13,089            12,219

Opening shareholders' funds                           18,965            19,127                   5,876             6,908
                                                 -----------       -----------             -----------       -----------
Closing shareholders' funds                           22,047            20,364                  18,965            19,127
                                                 -----------       -----------             -----------       -----------

Analysed:

Equity                                                20,047            18,364                  16,965            17,127

Non-equity                                             2,000             2,000                   2,000             2,000
                                                 -----------       -----------             -----------       -----------
                                                      22,047            20,364                  18,965            19,127
                                                 -----------       -----------             -----------       -----------


3.     EARNINGS PER SHARE

The earnings per share calculation has been based on the weighted average number
of shares in issue during the period of 54,091,574 (undiluted) and 56,733,679
(fully diluted) (2000: 45,326,056 and 47,608,846 respectively). The FRS3 basis
has been calculated on the profit attributable to ordinary shareholders of
£1,936,000 (2000: loss £3,031,000). The headline basis has been calculated on
£2,557,000 (2000: £1,673,000), being the attributable profits as adjusted for
exceptional items of £nil (2000: £4,195,000), profit on disposal of tangible
fixed assets of £106,000 (2000: £4,000) and goodwill amortisation of £727,000
(2000: £513,000); this basis has been reported as the Directors believe it is a
more realistic measure of underlying performance.

The calculations of earning per share can be reconciled as follows:

                                                          Undiluted                       Diluted
                                                        2001            2000             2001          2000
                                                       pence           pence            pence         pence

Headline basis                                           4.7             3.7              4.5           3.5
Effect of
- exceptional items                                        -           (9.3)                -         (8.8)
- profit on disposal of tangible fixed                   0.2               -              0.2             -
assets
- goodwill amortization                                (1.3)           (1.1)            (1.3)         (1.1)
                                                   ---------       ---------        ---------     ---------
FRS3 basis                                               3.6           (6.7)              3.4         (6.4)
                                                   ---------       ---------        ---------     ---------

Fully diluted earnings per share has been calculated on profits and shares in
issue which have been adjusted to take account of future issues of ordinary
shares in respect of the convertible preference shares and options issued under
the Company's share option and share save schemes.



4.     FINANCIAL INFORMATION

The financial information set out above does not constitute statutory accounts
as defined in Section 240 of the Companies Act 1985. The financial information
for the year ended 31 December 2001 has been extracted from the statutory
accounts on which the auditors have issued an unqualified audit report and which
will be delivered to the Registrar of Companies in due course.

The financial information for the fifteen months ended 31 December 2000 has been
extracted from the statutory accounts for that period which have been delivered
to the Registrar of Companies and on which the auditors issued an unqualified
audit report.



5.     ANNOUNCEMENT

Copies of this announcement are available from the registered office of the
company: Enterprise House, Chamber Court, Castle Street, Worcester WR1 3AD.





Enquiries:

John R Foley

Chief Executive

MacLellan Group plc

Tel: 01905 744400

Mobile: 07785 333480



Trevor Bass

Tel: 0207 950 2854



                      This information is provided by RNS
            The company news service from the London Stock Exchange